<SEC-DOCUMENT>0001193125-25-326780.txt : 20251219
<SEC-HEADER>0001193125-25-326780.hdr.sgml : 20251219
<ACCEPTANCE-DATETIME>20251219160212
ACCESSION NUMBER:		0001193125-25-326780
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		53
FILED AS OF DATE:		20251219
DATE AS OF CHANGE:		20251219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aktis Oncology, Inc.
		CENTRAL INDEX KEY:			0002035832
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				852584233
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-292283
		FILM NUMBER:		251587443

	BUSINESS ADDRESS:	
		STREET 1:		17 DRYDOCK AVENUE
		STREET 2:		SUITE #17-401
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		978-237-4380

	MAIL ADDRESS:	
		STREET 1:		17 DRYDOCK AVENUE
		STREET 2:		SUITE #17-401
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>d875386ds1.htm
<DESCRIPTION>S-1
<TEXT>
<HTML><HEAD>
<TITLE>S-1</TITLE>
</HEAD>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>As filed with the Securities and Exchange Commission on December 19, 2025. </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><B>Registration No.&nbsp;333-&#8194;&#8194;&#8194;&#8194;&#8194; </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:17pt; font-family:arial" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:17pt; font-family:arial" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:17pt; font-family:arial" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:17pt; font-family:arial" ALIGN="center"><B>REGISTRATION STATEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="center"><B><I>UNDER</I></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="center"><B><I>THE SECURITIES ACT OF 1933</I></B> </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:23pt; font-family:arial" ALIGN="center"><B>Aktis Oncology, Inc.</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>(Exact name of
registrant as specified in its charter) </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>2834</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">85-2584233</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="center"><B>Incorporation or organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center"><B>(Primary Standard Industrial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="center"><B>Classification Code Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>17 Drydock Avenue, Suite <FONT STYLE="white-space:nowrap">17-401</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Boston, Massachusetts 02210 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>(617) <FONT
STYLE="white-space:nowrap">461-4023</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code, of registrant&#8217;s
principal executive offices) </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Matthew Roden, PhD </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>President and Chief
Executive Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Aktis Oncology, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>17 Drydock Avenue, Suite <FONT STYLE="white-space:nowrap">17-401</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Boston, Massachusetts 02210 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Telephone: (617) <FONT
STYLE="white-space:nowrap">461-4023</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service)
</B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B><I></I></B><B></B><B><I>Copies to: </I></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Siavosh Salimi</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>William A. Magioncalda</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Paul Hastings
LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>The MetLife Building</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>200 Park
Avenue</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>New York, New York 10166</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:arial" ALIGN="center"><B>(212) <FONT
STYLE="white-space:nowrap">318-6000</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Deanna L. Kirkpatrick</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Yasin Keshvargar</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Davis Polk&nbsp;&amp; Wardwell
LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>450 Lexington Avenue</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>New York, New
York 10017</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:arial" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">450-4000</FONT></B></P></TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>Approximate date of commencement of proposed sale to the public: </B>As soon as practicable after this Registration Statement is declared effective.<B>
</B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial">If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933,
check the following box.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial">If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial">If this form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial">If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial">Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">Large&nbsp;accelerate&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated</FONT> filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9746;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9746;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging growth company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9746;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial">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&nbsp;7(a)(2)(B) of the Securities Act.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a
further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT COLOR="#8b3f4e"><B>The information in this prospectus is not complete and may be changed. These securities may
not be sold until the registration statement filed with Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities nor does it seek an offer to buy these securities in any jurisdiction where
the offer or sale is not permitted. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><FONT COLOR="#8b3f4e"><B>Subject to
completion, dated December 19, 2025 </B></FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B>Preliminary prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:arial" ALIGN="center"><B><I>&#8195;&#8195;&#8195;&#8195;shares </I></B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875386g01h01.jpg" ALT="LOGO" STYLE="width:2.77778in;height:1.16349in;">
 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:arial" ALIGN="center"><B><I>Common stock </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This is
an initial public offering of shares of common stock by Aktis Oncology, Inc. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are offering&#8195;&#8195;&#8195;&#8195;shares of our common stock. The initial
public offering price is expected to be between $ &#8195;&#8195;&#8195;&#8195; and $ &#8195;&#8195;&#8195;&#8195;per share. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Prior to this offering, there has been
no public market for our common stock. We have applied to list our common stock on the Nasdaq Global Market under the trading symbol &#8220;AKTS,&#8221; and this offering is contingent upon the listing of our common stock on the Nasdaq Global
Market. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are an &#8220;emerging growth company&#8221; and a &#8220;smaller reporting company&#8221; as defined under the U.S. federal securities laws and, as
such, will be subject to reduced public company reporting requirements for this prospectus and future filings. See &#8220;Prospectus summary&#8212;Implications of being an emerging growth company and a smaller reporting company.&#8221; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Investing in our common stock involves a high degree of risk. See &#8220;<A HREF="#toc875386_2">Risk factors</A>&#8221; beginning on page&nbsp;18 to read about
factors you should consider before buying shares of our common stock. </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities, or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Per&nbsp;share</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


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<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Initial public offering price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">$</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">$</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Underwriting discounts and commissions<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">$</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">$</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Proceeds before expenses, to Aktis Oncology, Inc.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">$</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">$</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">See the section titled &#8220;Underwriting&#8221; for additional information regarding underwriting compensation. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Following the completion of this offering, we will have two classes of common stock: common stock and Class A common stock. We are offering voting common stock in this
offering, and unless otherwise noted, all references in this prospectus to our &#8220;common stock&#8221; refers to our voting common stock. The common stock and Class A common stock will be economically equivalent to each other. The rights of the
holders of our common stock and Class A common stock will be identical, except with respect to voting and conversion. Each share of common stock will be entitled to one vote and will not be convertible into any other class of our share capital. The
shares of Class A common stock will not have associated voting rights, except as otherwise expressly provided in our amended and restated certificate of incorporation and as may be required by law. Each share of non-voting Class A common stock may
be converted at any time into one share of common stock at the option of its holder, subject to the beneficial ownership limitations provided for in our amended and restated certificate of incorporation. See &#8220;Description of capital
stock&#8212;Common stock&#8221; for more information on the rights of the holders of our common stock and Class A common stock. The non-voting Class A common stock will not be listed for trading on any securities exchange. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to &#8195;&#8195;&#8195;&#8195;additional shares of
common stock from us at the initial public offering price less the underwriting discount. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The underwriters expect to deliver the shares against payment in New York,
New York on &#8195;&#8195;&#8195;&#8195;, 2026. </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:16pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:16pt">
<TD VALIGN="top"><B>J.P.&nbsp;Morgan</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BofA&nbsp;Securities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Leerink&nbsp;Partners</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>TD&nbsp;Cowen</B></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B>Prospectus dated &#8195;, 2026 </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc"></A>Table of contents </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_1">Prospectus summary</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_2">Risk factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_3">Special note regarding forward-looking statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_4">Market and industry data</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_5">Use of proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_6">Dividend policy</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_7">Capitalization</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_8">Dilution</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">115</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_9">Management&#8217;s discussion and analysis of financial condition and results of operations</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_10">Business </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_11">Management</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">187</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_12">Executive and director compensation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">198</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_13">Certain relationships and related party transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">219</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_14">Principal stockholders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">224</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_15">Description of capital stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">227</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_16">Shares eligible for future sale</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">234</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_17">Certain material U.S. federal income tax consequences to <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">237</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_18">Underwriting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">242</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_19">Legal matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">254</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_20">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">254</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_21">Where you can find more information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">255</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#toc875386_22">Index to consolidated financial statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-1</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Neither we nor the underwriters have authorized anyone to provide any information or to make any representations other than those
contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may provide you. We and the underwriters are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information contained in this prospectus or in
any applicable free writing prospectus is accurate only as of its date regardless of its time of delivery or of any sale of our common stock. Our business, financial condition, results of operations and prospects may have changed since that date.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For investors outside of the United States: neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution
of this prospectus in any jurisdiction where action for that purpose is required, other than the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any
restrictions relating to, the offering of the shares of common stock and the distribution of this prospectus outside of the United States. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We own, have applied for
or have rights to use one or more registered and common law trademarks, service marks and/or trade names in connection with our business in the United States, which may be used throughout this prospectus. This prospectus also includes trademarks,
tradenames, and service marks of third-parties </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
which are the property of their respective owners. Our use or display of third-parties&#8217; trademarks, service marks, tradenames or products in this prospectus and our other public filings is
not intended to, and does not imply a relationship with, or endorsement or sponsorship by us. Solely for convenience, the trademarks and service marks in this prospectus are referred to without the symbols <SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> and <SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent
under applicable law, their rights thereto. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus includes statistical and other industry and market data that we obtained from industry publications and
research, surveys and studies conducted by third parties. Although we believe that the information from these third-party publications, research and studies included in this prospectus is reliable, and we are responsible for the accuracy of such
information, neither we nor the underwriters have independently verified the accuracy or completeness of this information. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_1"></A>Prospectus summary </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>This summary highlights, and is qualified in its entirety by, information contained elsewhere in this prospectus. This summary does not contain all of the information
you should consider before investing in our common stock. You should read this entire prospectus carefully, especially the sections titled &#8220;Risk factors,&#8221; &#8220;Business,&#8221; &#8220;Special note regarding forward-looking
statements,&#8221; and &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8221; and our consolidated financial statements and the related notes appearing elsewhere in this prospectus, before making an
investment decision. As used in this prospectus, unless the context otherwise requires, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;the Company,&#8221; &#8220;Aktis&#8221; and &#8220;Aktis Oncology&#8221; refer to
Aktis Oncology, Inc. </I></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Overview </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are a clinical-stage oncology
company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations, including those not addressed by existing platform technologies. The field of targeted radiopharmaceuticals is currently led by
two marketed products that illustrated transformative survival outcomes and quality of life benefits can be conferred by delivering radioisotopes to solid tumors. These leading products, which target prostate specific membrane antigen or <FONT
STYLE="white-space:nowrap">somatostatin-2</FONT> receptor, are each currently approved in only one tumor type yet have seen considerable commercial uptake and have become fundamental pillars of cancer treatment. Despite these advances, we believe
that the field of radiopharmaceuticals is still in its infancy, with many emerging companies still primarily focused on these same two targets. In contrast, we see a significant opportunity to broaden the cancer patient populations benefiting from
targeted radiopharmaceuticals by developing next-generation technologies that expand the scope of tumor targets for which it is possible to safely deliver a powerful payload of an alpha-emitting radioisotope. To ensure patient demand is reliably
met, we are also establishing efficient <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> supply, with a combination of critical internal capabilities paired with established external vendors. Through these
efforts, we seek to maximize clinical utility across multiple indications in multiple tumor types, and to expand the commercial uptake of radiopharmaceuticals beyond the traditional nuclear medicine setting and into the more expansive clinical
oncology setting. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have built a proprietary miniprotein radioconjugate platform that aims to safely confer breakthrough efficacy to a broad range of patient
populations. Our miniprotein radioconjugates are designed to selectively deliver the tumor-killing properties of radioisotopes to targeted tumors with high tumor penetration and prolonged retention, while being rapidly cleared from normal organs and
tissues to minimize systemic radiation exposure. Our miniproteins have demonstrated the ability to potently bind to tumor targets outside the scope of current delivery technologies such as peptide-based radioconjugates. Although our proprietary
miniprotein radioconjugate approach is novel, and as such has risks and the potential for significant challenges, we are leveraging the capabilities of our platform technology, together with our expertise and
<FONT STYLE="white-space:nowrap">know-how</FONT> in radiopharmaceutical development, supply chain and manufacturing, to address these challenges with the aim of advancing a deep pipeline of programs against a broad range of tumor targets that have
not been successfully targeted with radiopharmaceuticals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our platform capabilities have generated a pipeline of several novel product candidates. Our most advanced
program is a radiopharmaceutical targeting <FONT STYLE="white-space:nowrap">Nectin-4.</FONT> It is a miniprotein radioconjugate with multi-indication potential across multiple tumor types, in clinical development for the treatment of locally
advanced or metastatic urothelial cancer, or UC, and multiple other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing solid tumor types. The learnings from the optimization of our <FONT STYLE="white-space:nowrap">Nectin-4</FONT> program,
the first miniprotein radioconjugate ever advanced into human investigational studies, are being applied to benefit the development of our robust pipeline of several other unpartnered miniprotein radioconjugate programs, which are designed to
address other clinically-validated targets. Our second program has recently advanced to human clinical imaging, targeting B7-H3, a clinically-</P>
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validated target expressed in several tumor types, including lung, prostate, breast, and several other cancers, exemplifying our ability to leverage the learnings from our Nectin-4 program. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our lead product candidate,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> contains a miniprotein, <FONT STYLE="white-space:nowrap">AKY-1189,</FONT> that specifically
binds to <FONT STYLE="white-space:nowrap">Nectin-4,</FONT> and is conjugated via chelation to <FONT STYLE="white-space:nowrap">actinium-225,</FONT> <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac is an alpha-emitting radioisotope payload that when conjugated to a prostate specific membrane antigen, or PSMA, binding peptide, has been shown to confer increased anticancer activity in the
post-chemotherapy setting of metastatic castration-resistant prostate cancer compared to an identical PSMA binding peptide with beta-emitting Lutetium-177, or <SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu.
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> is a surface protein found on a wide variety of tumors and has very limited expression in normal adult tissues. Nectin-4 is also the target of Padcev, an antibody-drug conjugate, or ADC, approved
worldwide for the treatment of locally advanced or metastatic UC, which had worldwide sales of $1.9 billion in 2024, and estimated peak sales of up to $7.0 billion. Despite the commercial success of Padcev, its impact beyond UC has been limited
likely due to the need to develop a companion diagnostic for tissue testing when utilizing an ADC. In contrast, we intend to use imaging radioisotopes conjugated to <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to select patients most likely to
benefit from therapeutic treatment with [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189. We believe the commercial impact of Padcev validates Nectin-4 as an anticancer target in UC and that significant unmet medical need
exists for our lead product candidate in post-Padcev UC. Additionally, we see potential to treat several non-UC Nectin-4-expressing tumor types such as breast cancers and lung cancers; however, our lead product has not yet been approved for sale,
and if approved may not achieve the same level of commercial success as Padcev. We believe that the therapeutic potential of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> across multiple tumor types is supported by our preclinical studies and data collected by a
third-party physician in South Africa pursuant to Section 21 of the Medicines and Related Substances Act, or MRSA, which demonstrated the ability of radiolabeled <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to specifically localize to <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors and rapidly clear from normal organs and tissues. In April 2025, the U.S. Food and Drug Administration, the FDA, cleared our Investigation New Drug, or IND, application for [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for the treatment of locally advanced or metastatic UC and other
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. We have commenced a multi-site Phase 1b clinical trial in the United States and anticipate preliminary results from the Part-1 dose escalation portion of this trial in the first
quarter of 2027. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To overcome the manufacturing challenges and supply chain reliability issues that have historically hindered the development and commercialization
of radiopharmaceuticals, we are focused on investing in manufacturing and ensuring supply chain continuity and reliability. We have built significant internal capabilities, including subject matter expertise for our product manufacturing processes
and a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> radiopharmaceutical development suite. Additionally, we have partnered with multiple domestic and
international isotope suppliers that provides us priority access to <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, and with multiple contract manufacturers for the production of our drug product, which collectively are designed to
create redundancies across all components of our supply chain. We are also establishing our own current good manufacturing practice, or cGMP, facility to enhance flexibility, increase control, and establish a hybrid internal and external clinical
supply chain. We believe our team&#8217;s expertise and experience in the development of radiopharmaceuticals will allow us to address the challenges presented by the half-life of radioactive isotopes and establish an efficient supply chain from
production to patient administration. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that radiopharmaceuticals represent one of the most promising modalities for the treatment of solid tumors.
Approved radiopharmaceuticals have demonstrated the ability to overcome the challenges of conventional cancer treatments and provide patients with targeted therapies that have superior efficacy and better tolerability. Although [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 has not received FDA approval required for commercial sales, we believe our approach is validated by, and builds upon, the clinical and commercial success of current
radiopharmaceuticals and that our approach has the potential to further transform the cancer treatment paradigm for large patient populations. </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Clinical validation of targeted radiopharmaceuticals.</I> Approved beta-emitting radiopharmaceuticals Pluvicto and
Lutathera, have demonstrated statistically significant and clinically meaningful overall survival, progression-free survival and quality of life benefits in global registrational clinical trials. Early-stage clinical trials have also demonstrated
that the use of alpha-emitting <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac radioconjugates can deliver more profound anticancer activity than beta-emitting <SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu conjugates in
similar patient populations, and in patients whose disease has progressed on prior beta-emitting targeted therapies. These promising early clinical data have led to the advancement of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac-based
radioconjugates to pivotal clinical trials, though none yet have filed for approval by the FDA. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Commercial validation of approved radiopharmaceuticals.</I> Pluvicto achieved a first full year of sales of
approximately $1&nbsp;billion, representing the strongest oncology commercial launch since Ibrance in 2015, which demonstrates the patient impact potential and rapid adoption of radiopharmaceuticals into clinical practice. The estimated global peak
sales for Pluvicto are greater than $4&nbsp;billion in prostate cancer alone. The global radiopharmaceuticals market is one of the fastest growing categories among anticancer medicines and is projected to grow to over $26 billion in sales by 2032.
The therapeutic segment of this market is estimated to achieve a total addressable market of $25&nbsp;billion to $60&nbsp;billion post-2030. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Strategic validation of radiopharmaceuticals.</I> The commercial success of radiopharmaceuticals, paired with
significant increases in investment in innovative approaches, has led to significant value creation through partnering and acquisitions. Aggregate transaction values over the last 10 years are approximately $33&nbsp;billion. Several large
multinational biopharmaceutical oncology leaders have also been significantly investing in radiopharmaceutical operations globally. We believe that the continued capital investment and expansion of operations and the advancement of supply chain
capabilities represent recognition of the significant medical and commercial opportunity for radiopharmaceuticals. </P></TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our proprietary
miniprotein radioconjugate platform </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We created our proprietary miniprotein radioconjugate platform to build on the successes of currently available
radiopharmaceuticals and enable the discovery of next-generation precision radiopharmaceuticals. We are leveraging our platform to discover and develop radiopharmaceutical therapies that deliver the tumor-killing properties of radioisotopes to
targeted tumors with high tumor penetration and prolonged retention, with the goal of enhancing the safety and tolerability profile by rapidly clearing from normal organs and tissues to minimize systemic radiation exposure. Our miniprotein
radioconjugates are designed for use with either imaging isotopes to select patients expressing the target, or therapeutic isotopes to treat tumors. The radioconjugates are formed by a chelation reaction to bind the isotopes to DOTA, which is
covalently linked to the tumor-targeting miniprotein. This approach will enable clinicians to first visualize and verify target tumor engagement using an imaging radioisotope, thereby identifying the patients who are most likely to benefit from our
therapy. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our platform has enabled us to engineer potent, precision miniprotein-based radioconjugates that bind to the surface targets on tumor cells to localize
radioisotope payloads. Miniproteins are polypeptides of less than one hundred amino acids that are amenable to biologic and medicinal chemistry optimization methods. We are prioritizing miniprotein binders of 40 to 70 amino acids in length, which
are classified as biologics from a regulatory perspective providing a twelve-year exclusivity period for approved products. Miniproteins have differentiated and highly attractive properties as radioconjugates based on their antibody-like ability to
potently and selectively bind to a highly diverse set of tumor targets, while having the pharmacologic profile of small peptides to enable high tumor penetration and rapid clearance from the body. We believe that miniproteins have many of the
advantages of larger biologics like antibodies, as well as advantages of the smallest binders like peptides, without the limitations specific to either class. In particular, based on our </P>
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preclinical studies, we believe miniproteins have the following beneficial characteristics for use in radiopharmaceuticals: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enhanced anticancer activity. </I>Tumor killing is achieved through delivery of absorbed radiation dose, which is
enhanced by high tumor penetration, high binding affinity for tumor targets, and prolonged retention of drug in the tumor.<I> </I> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Improved tumor penetration as compared to larger biologics.</I> Due to their small diameters, miniproteins can achieve
high tumor penetration. In contrast, antibodies are unable to rapidly penetrate tumors to the same extent due to their much larger size. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>High affinity for tumor targets.</I> Increased affinity is associated with higher tumor uptake. We have reproducibly
generated <FONT STYLE="white-space:nowrap">sub-nanomolar</FONT> affinity miniprotein binders to specific tumor targets. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Internalization into tumor cells and prolonged tumor retention</I>. Our miniprotein radioconjugates are internalized
into cancer cells, which we believe drives prolonged retention time in tumors. In a clinical imaging assessment, <FONT STYLE="white-space:nowrap">AKY-1189</FONT> was measured for two days following administration and robust tumor retention was
observed through the duration of the assessment. In preclinical studies in animals with significantly faster plasma clearance than humans, we measured out to three days following administration and observed robust retention of AKY-1189 in the tumor
for the duration of the study. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enhanced clearance, selectivity and kidney exposure. </I> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Rapid clearance from the body to minimize toxicities.</I> The most common dose-limiting toxicity for targeted
radiopharmaceuticals is hematologic and bone marrow toxicity. To lower the risk of radiation exposure to bone marrow, we have designed our product candidates to have a short plasma half-life in order to be rapidly cleared through the kidney. Rapid
clearance of the radioisotope payload from the body minimizes the exposure to radiation of normal organs and tissues, such as the blood, bone marrow and skin. Unlike antibodies or other large biologic radioconjugates that take days to weeks to be
eliminated from circulation, miniproteins are typically eliminated from circulation within hours, thereby minimizing systemic exposure and potentially increasing the therapeutic index of our miniproteins relative to other radiopharmaceutical
constructs. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>High selectivity.</I> Miniproteins, like antibodies, can target specific isoforms or variants of closely related protein
targets and differentiate among them, resulting in higher selectivity as compared to peptides. Our product candidates have demonstrated high selectivity for their tumor targets using a well-established cell-surface array assay. We believe this
selectivity will reduce the risk of <FONT STYLE="white-space:nowrap">off-target</FONT> binding and radioactive exposure to normal organs and tissues. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Reduced kidney exposure through molecular engineering.</I> The kidney is not only the organ that clears miniproteins
from the body but it also plays the physiologic role in reabsorbing renally-cleared peptides and proteins to reclaim nutrients. We have developed proprietary capabilities and expertise to engineer our product candidates to minimize their renal
reabsorption. Based on data to date, we do not expect either of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 to require renal protection strategies, such as <FONT STYLE="white-space:nowrap">pre-treatment</FONT> with amino acids that are required for peptide-based radiopharmaceuticals
targeting <FONT STYLE="white-space:nowrap">somatostatin-2</FONT> receptor, or SSTR2, such as Lutathera. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Broader number of addressable targets as compared to peptides.</I> Miniproteins, like antibodies, bind to targets with
high affinity, which enables highly selective and potent binding to targets through protein-protein intermolecular contacts. This allows miniproteins to bind to many, diverse protein targets, whether or not the protein target has a cleft or other
structural feature commonly required for peptide binders. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enables rapid advancement to development candidates.</I> We utilize proprietary yeast surface display techniques that
enable us to efficiently screen greater than five billion miniprotein variants and select the most promising candidates for advancement. Furthermore, unlike larger biologics, we couple biological <I>in vitro</I> evolution with medicinal chemistry.
Medicinal chemistry utilizes solid phase peptide synthesis, which enables the rapid synthesis of miniproteins with site-specific modifications, including the incorporation of unnatural amino acids, to efficiently optimize our drug candidates to have
beneficial characteristics likely to confer a strong clinical profile. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enables rapid advancement into
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-in-human</FONT></FONT> evaluation.</I> Unlike larger biologics, which require time-consuming and expensive recombinant manufacture by cells in culture, miniproteins allow for
efficient chemical synthesis using solid phase peptide synthesis and rapid and cost-effective <FONT STYLE="white-space:nowrap">scale-up.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Lack of manufacturing constraints</I>. For each clinically-administered dose, only microgram quantities of our
miniprotein are anticipated to be required. The microdose quantities allow for small gram-scale batches of our miniprotein to be efficiently produced at contract manufacturers to enable development through <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">first-in-human</FONT></FONT> studies in contrast to other approved peptide drugs that require kilogram-scale batches. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We strengthen our miniprotein discovery workflow by incorporating artificial intelligence, or AI, technologies. We use various AI tools to help us select the best
radiopharmaceutical biological targets, generate miniprotein libraries based on naturally evolved protein domains, design new miniprotein structures <I>de novo</I> using generative AI, and support our optimization efforts using machine learning
models that are trained on our proprietary data. We can uniquely couple these state-of-the-art AI approaches with our wet-lab capabilities and our acquired expertise in discovery and optimization of miniprotein binders. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Manufacturing and supply </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Manufacturing challenges and ensuring supply
chain continuity and reliability have historically hindered the development and commercialization of radiopharmaceuticals. To overcome these challenges, we have established manufacturing and supply chain capabilities that are designed to be reliable
and capital efficient with the ability to scale to meet global commercial demand for large cancer patient populations. Our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> supply chain capabilities are
orchestrated by our seasoned radiopharmaceutical development and manufacturing team that has experience advancing radiopharmaceutical programs from preclinical to commercialization. We have a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> radiopharmaceutical development suite to apply our proprietary insights into process, formulation, and product development for preclinical, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-in-human,</FONT></FONT> clinical trial, and commercial manufacturing and supply. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we
have multiple domestic and international isotope supply agreements spanning therapeutic and diagnostic uses, including agreements with NorthStar Medical Technologies, LLC, TerraPower Isotopes, LLC and Niowave, Inc., among others, with priority
access to <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have partnered with leading contract manufacturing organizations to facilitate reliable and
efficient supply, including <FONT STYLE="white-space:nowrap">co-located</FONT> drug product manufacturing with <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac and <SUP STYLE="font-size:75%; vertical-align:top">64</SUP>Cu production to
reduce costs, improve product turnaround time, and ease supply logistics, for our proprietary targeted miniprotein radiopharmaceutical precursors and products. Leveraging this network of partners, we are currently manufacturing drug product for our
clinical trial. Additionally, we are building an internal cGMP radiopharmaceutical facility to enhance flexibility, increase control, and establish a hybrid internal and external clinical supply chain of our product candidates. We expect our
manufacturing facility to be fully operational in the second half of 2026. As we grow our organization, we are continuing to evaluate options for internal commercial manufacturing to complement our network of commercial contract manufacturers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our pipeline </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are
leveraging our proprietary miniprotein radioconjugate platform to discover and develop a deep pipeline of targeted radiopharmaceutical programs to address unmet needs in prevalent solid tumors. Our most advanced program, [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> is targeting <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing solid tumors, including
locally advanced or metastatic UC, breast cancer, NSCLC, colorectal cancer and cervical cancer. Our second most advanced program, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, is targeting B7-H3 expressing solid tumors,
such as prostate lung and other solid tumors. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875386g15g15.jpg" ALT="LOGO" STYLE="width:6.3335in;height:1.87566in;">
 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Beyond
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, we have a robust
discovery pipeline of several unpartnered miniprotein radioconjugate programs in the discovery phase that focus on clinically-validated targets. Our learnings from the optimization of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> are being applied to benefit the development of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-2519</FONT>
and subsequent programs. We retain exclusive, worldwide development and commercialization rights to all our current product candidates and discovery programs. We also have a discovery collaboration with Eli Lilly and Company, or Eli Lilly, to
generate novel anticancer radiopharmaceuticals against targets beyond the scope of our unpartnered pipeline programs. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>[<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> targeting <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our lead product candidate,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> was generated using our miniprotein radioconjugate platform and is designed to deliver <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, a highly potent alpha-emitting radioisotope, to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. <FONT STYLE="white-space:nowrap">Nectin-4</FONT> is a cell surface protein
found on a wide variety of tumors and has very limited expression in normal adult tissues. <FONT STYLE="white-space:nowrap">Nectin-4</FONT> is also the target of enfortumab vedotin, or Padcev, an approved ADC for the treatment of locally advanced
and metastatic UC. Although Padcev has validated <FONT STYLE="white-space:nowrap">Nectin-4</FONT> as an oncology target, there has been limited clinical development activity to design other therapeutics targeting other
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, which may be due to the need to develop a companion diagnostic for tissue testing when utilizing an ADC. In contrast, we intend to use imaging radioisotopes conjugated to <FONT
STYLE="white-space:nowrap">AKY-1189</FONT> to readily select patients most likely to benefit from therapeutic treatment with
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe <FONT
STYLE="white-space:nowrap">AKY-1189,</FONT> when conjugated to a radioisotope, has the potential to treat UC as well as other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors by selectively delivering cytotoxic radioisotopes such
as <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors to kill the tumor. <FONT STYLE="white-space:nowrap">AKY-1189&#8217;s</FONT> short plasma half-life is designed to
limit its radiation exposure to sensitive organs like bone marrow. We have also specifically designed <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to minimize reabsorption by the kidneys to avoid potential toxicity concerns associated with
renally-cleared radiopharmaceuticals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In our preclinical studies, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> has demonstrated antitumor activity and increased overall survival in animals inoculated with <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing cancer cell xenografts. It also
demonstrated a </P>
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compelling biodistribution profile, with low absorbed doses observed outside of the tumor, which supports
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189&#8217;s</FONT></FONT> potential to widen the therapeutic window. Furthermore, the Section 21 data included
clinical imaging and dosimetry data from radioactive imaging radioisotope conjugates of <FONT STYLE="white-space:nowrap">AKY-1189,</FONT> [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-1189 and [<SUP
STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-1189, which enabled assessment of tumor uptake and retention in 15 patients with solid tumors known to have high <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression, including UC,
breast cancer, NSCLC, colorectal cancer and cervical cancer. In this assessment, <FONT STYLE="white-space:nowrap">AKY-1189</FONT> was observed to specifically localize and be retained in all tumor types examined, while being rapidly cleared from
normal organs and tissues, including the kidney. AKY-1189 was generally <FONT STYLE="white-space:nowrap">well-tolerated</FONT> with no adverse events observed. In this assessment, we also observed tumor uptake and retention at levels we expect to be
sufficient to drive efficacious responses, based on similar measurements to those of leading marketed radiopharmaceuticals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have commenced a multi-site Phase 1b
clinical trial in the United States for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for the treatment of locally advanced or metastatic UC
and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors and anticipate preliminary results from the Part-1 dose escalation portion of this trial in the first quarter of 2027. An imaging radioisotope is being used to directly
assess tumor binding by <FONT STYLE="white-space:nowrap">AKY-1189</FONT> and identify patients most likely to respond to
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> with the aim of delivering early clinical therapeutic signals across multiple <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor types. Patients determined to be Nectin-4 positive will move to the [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 dose-escalation portion of the trial. That phase
of the study will investigate increasing doses of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189. Following completion of each dose level, safety of the drug will be assessed by a safety review committee and, if deemed safe,
enrollment of the next higher dose level will commence. In December 2025, we completed the first dose level and have commenced enrollment of the next dose level. Upon completion of the dose escalation portion, a dose expansion portion will be
conducted in patients with locally advanced or metastatic UC and other Nectin-4 expressing tumors. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I></I></B><I>[</I><B><I><SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 targeting B7-H3 expressing tumors </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our second product candidate, [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, is designed to deliver <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac to B7-H3 (CD276) expressing tumors, including prostate, lung and other solid tumors. B7-H3 is a
cell-surface protein that is highly expressed in many types of solid tumors, while having limited expression in normal tissues. We estimate that approximately 90% of all metastatic castration-resistant prostate cancers and approximately 75% of all
lung cancers express B7-H3, while also being expressed on other solid tumors like breast cancers. High expression of B7-H3 has been associated with poor overall survival outcomes and lack of responsiveness to anti-PD-1 therapeutics in several tumor
types. B7-H3 has attracted substantial clinical development efforts across different modalities, including ADCs, with several late-stage ADCs demonstrating preliminary efficacy signals and acceptable safety profiles. Regarding the potential for
B7-H3 as a target in prostate cancer, we believe B7-H3 to be differentiated from PSMA for imaging and treatment due to its high tumor expression and limited expression in normal organs and tissues, such as kidneys and salivary glands. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In our preclinical studies, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 has demonstrated robust antitumor activity and increased overall
survival in mice inoculated with B7-H3 expressing cancer cell xenografts. It also demonstrated a compelling biodistribution profile, with low absorbed doses observed outside of the tumor. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">[<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-2519 and [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-2519 uptake in tumors and
normal tissue biodistribution is currently being assessed in patients with various B7-H3 expressing solid tumors. To date, each of [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-2519 and [<SUP
STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-2519 has demonstrated robust tumor uptake with low uptake in normal tissues and a differentiated biodistribution profile, showcasing rapid clearance from normal organs and tissues,
including kidneys. We expect the results of the imaging and dosimetry assessment in patients with various tumor types to </P>
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be reported in mid-2026. We plan to file an IND with the FDA in the first half of 2026 and, if cleared by the FDA, initiate a multi-site Phase 1b clinical trial in the second half of 2026. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Eli Lilly collaboration </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2024, we entered into a discovery
collaboration with Eli Lilly to leverage our proprietary miniprotein radioconjugate platform to generate novel anticancer radiopharmaceuticals against targets beyond the scope of our unpartnered pipeline programs. We received a $60.0&nbsp;million
upfront cash payment in addition to an equity investment and are eligible to receive up to an additional $1.2&nbsp;billion upon achievement of preclinical, clinical, regulatory, and commercial milestones, as well as tiered royalties. We are
responsible for program discovery of a defined set of targets selected by Eli Lilly through initial human imaging studies and Eli Lilly is responsible for worldwide clinical development and commercialization from Phase 1 clinical trials onward. We
retain worldwide rights to our proprietary pipeline programs, including our lead <FONT STYLE="white-space:nowrap">Nectin-4</FONT> targeting program. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Our
strategy </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We were founded to improve outcomes for cancer patients by pioneering a new class of targeted radiopharmaceuticals to unlock the benefit of the
modality for prevalent tumor types that have historically been beyond the reach of radiopharmaceuticals. We are leveraging our proprietary miniprotein radioconjugate platform to discover and develop product candidates that are designed to safely
confer breakthrough efficacy and maximize the therapeutic effect of radiopharmaceuticals for broad patient populations with significant unmet needs. Our strategy to achieve this is to: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Advance [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> clinical development across multiple tumor types. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Advance [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 into clinical studies for B7-H3 expressing
tumors. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Expand our pipeline of product candidates by leveraging our proprietary miniprotein radioconjugate platform capabilities.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Maximize the potential of our platform technology with Eli Lilly and future collaboration partners. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Continue building a fully capable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> supply chain through vertical integration and key established partners. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Expand radiopharmaceutical utilization in the clinical oncology setting. </P></TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our team </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have assembled an experienced management team with deep
expertise in drug development, approval, and commercialization, with members of our management being involved in the approval and commercialization of 14 currently marketed FDA-approved products. Our team is led by executives who have significant
experience in company-building in the biopharmaceutical industry and a shared vision to build a leading radiopharmaceutical company. The experience of our President and Chief Executive Officer, Matthew Roden, PhD, in the biopharmaceutical industry
includes leadership positions in corporate strategy and business development at Bristol Myers Squibb, and senior equity research coverage of the biotechnology sector at J.P. Morgan and UBS. He also serves as an Entrepreneur Partner at MPM BioImpact
and on the Boards of Directors of other biotechnology companies. Our Chief Financial Officer, Kyle D. Kuvalanka, brings over 20 years of experience as a senior leader in the biopharmaceutical industry, having served in executive leadership roles at
ROME Therapeutics, Syros Pharmaceuticals, Blueprint Medicines and Goldfinch Bio. Paul L. Feldman, PhD, our Chief Scientific Officer, was </P>
</div></div>

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<div style ="BORDER-BOTTOM:1px solid #000000;BORDER-LEFT:1px solid #000000;BORDER-RIGHT:1px solid #000000;BORDER-TOP:1px solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
<FONT STYLE="white-space:nowrap">Co-founder</FONT> and Chief Executive Officer of Phoundry Pharmaceuticals and, upon its acquisition by Intarcia Therapeutics, served as Head of Discovery and
Translational Medicine at Intarcia. In his previous roles at GlaxoSmithKline, he was directly involved in the discovery of five approved drugs. Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD, our Chief Operating Officer, previously
served as Head of Strategy and Operations for the Research and Early Development organization at Bristol Myers Squibb. Akos Czibere, MD, PhD, our Chief Medical Officer, has extensive experience in clinical development, most recently serving as
Therapeutic Area Development Head of Hematology-Oncology at Pfizer. Dr.&nbsp;Czibere has been directly involved in the approval of six oncology drugs, including Elrexfio and Talzenna. Tyler Benedum, PhD, our Chief Technical Officer, previously
served as Vice President of Chemistry, Manufacturing, and Controls Development at Avid Radiopharmaceuticals, a wholly-owned subsidiary of Eli Lilly, where he oversaw global commercial and clinical trial radiopharmaceutical manufacturing and played a
key role in developing and advancing Amyvid and Tauvid through marketing authorization approval and commercialization. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our company was <FONT
STYLE="white-space:nowrap">co-founded</FONT> by Todd Foley, a Managing Director at MPM BioImpact, who is currently Chair of our Board of Directors; Patrick Baeuerle, PhD, an MPM BioImpact Advisor, and currently a member of our Scientific Advisory
Board; and Brian Goodman, PhD, a Partner at Vida Ventures. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have raised approximately $346&nbsp;million from a syndicate of leading life sciences institutional
investors, including MPM BioImpact, Vida Ventures, EcoR1 Capital, and Blue Owl Capital. Prospective investors should not rely on the investment decisions of our existing investors, as these investors may have different risk tolerances and strategies
and have purchased their shares in prior offerings at prices lower than the anticipated public offering price in this offering. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks associated with our
business </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our business is subject to numerous risks that you should be aware of before making an investment decision. These risks are described more fully in the
&#8220;Risk factors&#8221; section of this prospectus immediately following this prospectus summary and include, among others: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">We have incurred significant losses since our inception, have no products approved for sale, and we expect to incur losses
for the foreseeable future. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Our limited operating history may make it difficult for you to evaluate our prospects and likelihood of success.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Even if this offering is successful, we will require additional funding to finance operations. If we are unable to raise
capital when needed, or on acceptable terms, we would be forced to delay, reduce, or eliminate our research and product candidate development programs. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">We are early in our development efforts. If we are unable to develop, and commercialize, any of our current or future
product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or if we experience significant delays in doing so, our business will be materially harmed. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Our business is highly dependent on our lead product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> for the treatment of <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. We must complete clinical trials before we can seek regulatory
approval and begin commercialization of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> If we are unable to obtain regulatory approval for, and
successfully commercialize, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> our business may be materially harmed, and such failure may affect
our other current or future product candidates. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Preclinical and clinical development is a lengthy and expensive process with uncertain timelines and uncertain outcomes. If
preclinical studies or clinical trials of a product candidate are prolonged or delayed, we may be unable to obtain required regulatory approvals, and therefore be unable to commercialize [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any indication or any of our other current or future product candidates on a timely basis or at all. </P></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">9 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Our approach to the discovery and development of product candidates using our miniprotein radioconjugate platform
represents a novel approach to radiation therapy, which may create significant and potentially unpredictable challenges for us. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Our product candidates may cause adverse events, undesirable side effects or have other properties that could halt their
preclinical or clinical development, prevent, delay, or cause the withdrawal of their regulatory approval, limit their commercial potential, or result in significant negative consequences, including death of patients. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Results of preclinical studies, dosimetry assessments, and early-stage clinical trials may not be predictive of the results
of future preclinical studies or clinical trials. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Interim, topline, or preliminary data from our preclinical studies and clinical trials that we announce or publish from
time to time may change as more patient data becomes available or as we make changes to our manufacturing processes and are subject to audit and verification procedures that could result in material changes in the final data. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">The commercial success of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189, or any of our other
current or future products, if approved, will depend upon public perception of radiopharmaceuticals and the degree of their market acceptance by physicians, patients, healthcare payors and others in the medical community. Even if [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189, or any other product candidates we develop receive marketing approval by the FDA or other foreign regulatory authority, they may not achieve the level of commercial acceptance and
sales experienced by approved beta-emitting therapies, Pluvicto and Lutathera. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">We face substantial competition, which may result in others discovering, developing, or commercializing products before or
more successfully than we do. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">The development and commercialization of pharmaceutical products is subject to extensive regulation, and the regulatory
approval processes of the FDA and comparable foreign authorities are lengthy, time-consuming, and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or our other current or future product candidates, on a timely basis if at all, our business will be substantially harmed. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">We intend to build and operate our own&nbsp;manufacturing facility for preclinical and clinical supply needs, which will
require significant resources, and we may fail to successfully establish and operate our facility, which could adversely affect our clinical trials and the commercial viability of our product candidates. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Our product candidates are biologics and the manufacture of our product candidates is complex. Even after our planned
manufacturing facility is operating, we will continue to rely on third parties to manufacture our product candidates. Our business could be harmed if those third parties fail to provide us with sufficient quantities of product supplies or product
candidates, or fail to do so at acceptable quality levels or prices. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">We may be unable to obtain a sufficient supply of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac or other
radioisotopes to support clinical development or manufacturing at commercial scale. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">We will rely on third parties to conduct our Phase 1b clinical trial of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and plan to rely on third parties to conduct future clinical trials. If these third parties do
not properly and successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval of or commercialize our product candidates. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">We do not own or expect to own any issued patents relating to the radioactive payload, <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, used in our product candidates, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 and [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519.
</P></TD></TR></TABLE>
</div></div>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Our success depends on our ability to obtain, maintain, enforce, defend and protect our intellectual property and our
proprietary technologies, and conduct our business without infringing, misappropriating or otherwise violating intellectual property or proprietary rights of others. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">There has been no prior public market for our common stock, and an active trading market may not develop or be sustained.
</P></TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Corporate information </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We were originally incorporated
under the laws of the State of Delaware in August 2020 under the name HotKnot Therapeutics, Inc. We changed our name to Aktis Oncology, Inc. in April 2021. Our principal executive offices are located at 17 Drydock Avenue, Suite <FONT
STYLE="white-space:nowrap">17-401,</FONT> Boston, Massachusetts 02210<B> </B>and our telephone number is (617) <FONT STYLE="white-space:nowrap">461-4023.</FONT> Our website address is <I>www.aktisoncology.com</I>. The information contained on, or
accessible through, our website is not incorporated by reference into this prospectus. We have included our website in this prospectus solely as an inactive textual reference. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Implications of being an &#8220;emerging growth company&#8221; and a &#8220;smaller reporting company&#8221; </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We qualify as an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. For so long as we
remain an emerging growth company, we may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reduced obligations with respect to financial data, including only being required to present two years of audited
consolidated financial statements, in addition to any required unaudited interim consolidated financial statements with correspondingly reduced &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8221;
disclosure in this prospectus; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">an exception from compliance with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of
2002, as amended; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reduced obligations with respect to disclosure about our executive compensation arrangements in our periodic reports, proxy
statements and registration statements; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">exemptions from the requirements of holding <FONT STYLE="white-space:nowrap">non-binding</FONT> advisory votes on executive
compensation or golden parachute arrangements; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">an exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the
communication of critical audit matters in the auditor&#8217;s report on financial statements. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may take advantage of these provisions until the
last day of the fiscal year ending after the fifth anniversary of this offering or such earlier time that we no longer qualify as an emerging growth company. We may choose to take advantage of some but not all of these reduced reporting burdens. We
will cease to qualify as an emerging growth company on the date that is the earliest of: (i)&nbsp;the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering, (ii)&nbsp;the last day of the fiscal
year in which we have more than $1.235&nbsp;billion in total annual gross revenues, (iii)&nbsp;the date on which we are deemed to be a &#8220;large accelerated filer&#8221; under the rules of the U.S. Securities and Exchange Commission, which means
the market value of our common stock that is held by <FONT STYLE="white-space:nowrap">non-affiliates</FONT> exceeds $700&nbsp;million as of the last business day of the second quarter of such year, or (iv)&nbsp;the date on which we have issued more
than $1.0&nbsp;billion of <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt over the prior three-year period. We have taken advantage of certain reduced reporting requirements in </P>
</div></div>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
this prospectus. Accordingly, the information contained herein may be different than you might obtain from other public companies in which you hold equity interests. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private
companies. 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 until such time that we either (i)&nbsp;irrevocably
elect to &#8220;opt out&#8221; of such extended transition period or (ii)&nbsp;no longer qualify as an emerging growth company, 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 this prospectus may be different than the information you may receive from other public companies in which you 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. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are also a &#8220;smaller reporting company,&#8221; meaning that the market value of our shares held by <FONT STYLE="white-space:nowrap">non-affiliates</FONT> plus
the proposed aggregate amount of gross proceeds to us as a result of this offering is less than $700&nbsp;million and our annual revenue was less than $100&nbsp;million during the most recently completed fiscal year. We may continue to be a smaller
reporting company after this offering if either (i)&nbsp;the market value of our shares held <FONT STYLE="white-space:nowrap">by&nbsp;non-affiliates&nbsp;is</FONT> less than $250&nbsp;million or (ii)&nbsp;our annual revenue was less than
$100&nbsp;million during the most recently completed fiscal year and the market value of our shares held <FONT STYLE="white-space:nowrap">by&nbsp;non-affiliates&nbsp;is</FONT> less than $700&nbsp;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 consolidated financial statements in our Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> and, similar to emerging growth companies, smaller reporting companies have reduced
disclosure obligations regarding executive compensation. We may continue to be a smaller reporting company until the end of the fiscal year following the determination that we no longer meet the requirements necessary to be considered a smaller
reporting company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>The offering </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Common stock offered by us</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&#8195;&#8195;&#8195;&#8195;shares.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Underwriters&#8217; option to purchase additional shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">We have granted the underwriters an option for a period of 30 days from the
date of this prospectus to purchase up to&nbsp;&#8195;&#8195;&#8195;&#8195; additional shares of our common stock.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Common stock to be outstanding immediately after this offering </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">&#8195;&#8195;&#8195;&#8195;shares
(or&nbsp;&#8195;&#8195;&#8195;&#8195;shares if the underwriters exercise their option to purchase additional shares in full).</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Class A common stock outstanding before this offering</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Zero shares.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Class A common stock outstanding after this offering</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Zero shares.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Use of proceeds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We estimate that our net proceeds from this offering will
be&nbsp;approximately $&#8195;&#8195;&#8195;&#8195;&nbsp;million (or approximately $&#8195;&#8195;&#8195;&#8195;&nbsp;million if the underwriters exercise their option to purchase up to&nbsp;&#8195;&#8195;&#8195;&#8195;additional shares of common
stock in full), assuming an initial public offering price of $&#8195;&#8195;&#8195;&#8195;&nbsp;per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting
discounts and commissions and estimated offering expenses payable by us.</P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">We currently intend
to use the net proceeds from this offering, together with our existing cash and cash equivalents, to &#8195;&#8195;&#8195;&#8195;and the remainder for working capital and other general corporate purposes. See the section titled &#8220;Use of
proceeds&#8221; for additional information.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Voting Rights</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Following the completion of this offering, we will have two classes of common
stock: common stock and Class A common stock. Holders of our shares of common stock &#8212;the only class of common stock being sold in this offering &#8212;will be entitled to one vote and will not be convertible into any other class of our share
capital. The shares of Class A common stock will not have associated voting rights and each share of Class A common stock will be convertible at any time following the completion of this offering, at the election of the holder, into one share of
common stock, subject to the beneficial ownership limitations provided for in our amended and restated certificate of incorporation. See &#8220;Description of capital stock&#8212;Common stock&#8221; for more information on the rights of the holders
of our common stock and Class A common stock.</P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Risk factors</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">You should read the section titled &#8220;Risk factors&#8221; beginning on
page&nbsp;18 of this prospectus for a discussion of factors you should consider carefully, together with all the other information included in this prospectus, before deciding to invest in our common stock.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial"><B>Proposed Nasdaq Global Market symbol</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">&#8220;AKTS&#8221;</P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The number of shares of our common stock to be outstanding immediately following the completion of this offering is based on
132,668,349&nbsp;shares of our common stock outstanding as of September 30, 2025, after giving effect to the automatic conversion of 129,567,500 shares of our redeemable convertible preferred stock into an aggregate of 129,567,500 shares of our
common stock immediately prior to the completion of this offering. The number of shares of our common stock to be outstanding after this offering excludes: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">20,524,896 shares of our common stock issuable upon the exercise of stock options outstanding as of September 30, 2025
pursuant to our 2020 Equity Incentive Plan, or the 2020 Plan, with a weighted-average exercise price of $1.38 per share; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">1,589,108 shares of our common stock reserved for future issuance under the 2020 Plan as of September 30, 2025, which
shares will cease to be available for issuance at the time our 2026 Equity Incentive Plan, or the 2026 Plan, becomes effective in connection with this offering; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">2,302,098 shares of our common stock issuable upon the exercise of stock options granted subsequent to September 30, 2025,
with a weighted-average exercise price of $2.83 per share; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8195;&#8195;&#8195;&#8195;shares of our common stock reserved for future issuance under the 2026 Plan, which will become
effective in connection with this offering (which includes &#8195;&#8195;&#8195;&#8195; shares of common stock underlying stock option awards that our board of directors has granted under the 2026 Plan to certain employees and our directors subject
to the effectiveness of the registration statement of which this prospectus forms a part, at an exercise price per share equal to the initial public offering price per share), as well as any automatic increases in the number of shares of common
stock reserved for future issuance under the 2026 Plan; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8195;&#8195;&#8195;&#8195;shares of our common stock reserved for future issuance under our 2026 Employee Stock Purchase
Plan, or the ESPP, which will become effective in connection with this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the ESPP. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless otherwise indicated or the context otherwise requires, all information in this prospectus, including the number of shares of common stock that will be outstanding
after this offering, reflects and assumes the following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the filing and effectiveness of our amended and restated certificate of incorporation, or Restated Charter, and the
adoption of our amended and restated bylaws, or Restated Bylaws, each of which will occur immediately prior to the completion of this offering; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the automatic conversion of all 129,567,500 outstanding shares of our redeemable convertible preferred stock into an
aggregate of 129,567,500 shares of our common stock immediately prior to the completion of this offering; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">no issuances of shares of non-voting Class A common stock immediately prior to the closing of this offering;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">no vesting or exercise of the outstanding RSUs described above subsequent to September&nbsp;30, 2025;
</P></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1px solid #000000;BORDER-LEFT:1px solid #000000;BORDER-RIGHT:1px solid #000000;BORDER-TOP:1px solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a &#8195;&#8195;&#8195;&#8195;
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">-for-&#8195;&#8195;&#8195;&#8195;stock</FONT></FONT> split of our common stock, which will become effective prior to the completion of this offering; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">no exercise by the underwriters of their option to purchase up to &#8195;&#8195;&#8195;&#8195;additional shares of our
common stock; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">no repurchases of our common stock by us subsequent to September 30, 2025. </P></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1px solid #000000;BORDER-LEFT:1px solid #000000;BORDER-RIGHT:1px solid #000000;BORDER-TOP:1px solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Summary consolidated financial data </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following tables set forth our summary consolidated financial data for the years ended December&nbsp;31, 2024 and 2023. We have derived the statement of operations
and comprehensive loss data for the years ended December&nbsp;31, 2024 and 2023 from our audited consolidated financial statements included elsewhere in this prospectus. We have derived the statement of operations and comprehensive loss data for the
nine months ended September 30, 2025 and 2024 and the balance sheet data as of September 30, 2025 from our unaudited interim condensed financial statements included elsewhere in this prospectus, which have been prepared on the same basis as the
audited financial statements. In the opinion of management, the unaudited data reflects all adjustments, consisting only of normal adjustments, necessary for a fair presentation of the financial information in those statements. You should read the
following summary consolidated financial data together with our consolidated financial statements and the related notes appearing elsewhere in this prospectus and the section of this prospectus titled &#8220;Management&#8217;s discussion and
analysis of financial condition and results of operations.&#8221; The summary financial data in this section are not intended to replace our financial statements and are qualified in their entirety by our financial statements and related notes
included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that should be expected in any future and results for the nine months ended September 30, 2025 are not necessarily indicative of the results
that should be expected for the year ending December 31, 2025. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year&nbsp;ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine&nbsp;months&nbsp;ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(in thousands, except share and per share data)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Collaboration revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,978</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Loss from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(52,050</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,309</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total other income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net Loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss per share, basic and diluted<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(16.42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12.24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(15.81</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12.19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted average shares of common stock outstanding, basic and diluted<SUP
STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,678,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,072,602</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Pro&nbsp;forma net loss per share attributable to common and Class A common stockholders, basic and diluted<SUP
STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Pro&nbsp;forma weighted average shares of common stock outstanding, basic and diluted<SUP
STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="4" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Includes $3, $143, $143 and $303 for related party transactions for the nine months ended September 30, 2025 and 2024 and the years ended December 31, 2024 and 2023, respectively. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">See Note 16 to our audited consolidated financial statements appearing elsewhere in this prospectus for further details on the calculation of basic and diluted net loss per share attributable to common stockholders and
the weighted average number of shares used in the computation of the per share amounts. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:7.5pt">The pro forma basic and diluted net loss per share for the nine months ended September 30, 2025 and the year ended
December&nbsp;31, 2024 have been computed to give effect to the automatic conversion of all outstanding shares of our redeemable convertible preferred stock into shares of </P></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1px solid #000000;BORDER-LEFT:1px solid #000000;BORDER-RIGHT:1px solid #000000;BORDER-TOP:1px solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:7.5pt">
common stock and Class A common stock as of such date. Pro forma basic and diluted net loss per share attributable to common and Class A common stockholders does not include the effect of the
shares expected to be sold in this offering. The pro forma net loss per share attributable to common stockholders for the nine months ended September 30, 2025 and the year ended December&nbsp;31, 2024 was calculated using the weighted-average number
of shares of common stock and Class A common stock outstanding as of such date, including the pro forma effect of the conversion of all outstanding shares of our redeemable convertible preferred stock and exercise of warrants into shares of our
common stock and Class A common stock, as if such conversion or exercise had occurred at the beginning of the applicable period, or their respective issuance dates, if later. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="12" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>As of September 30, 2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Actual</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Pro&nbsp;forma<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Pro&nbsp;forma&nbsp;as<BR>adjusted<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Balance Sheet Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash, cash equivalents and marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">246,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Working capital<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">222,511</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">279,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Redeemable convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">333,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(141,426</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total stockholders&#8217; (deficit) equity </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(132,393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We define working capital as current assets less current liabilities. See our consolidated financial statements and the related notes included elsewhere in this prospectus for further details regarding our current
assets and current liabilities. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The pro forma balance sheet data give effect to the automatic conversion of all outstanding shares of our redeemable convertible preferred stock into an aggregate of 129,567,500 shares of our common stock immediately
prior to the completion of this offering. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The pro forma as adjusted balance sheet data gives effect to (i)&nbsp;the pro forma adjustments described in footnote (2)&nbsp;above and (ii)&nbsp;the issuance and sale of
&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock offered in this offering at an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the
price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:3%; font-size:7.5pt; font-family:arial">The pro forma and pro forma as adjusted information discussed above is illustrative only and will change based on the actual initial public offering
price and other terms of this offering determined at pricing. A $1.00 increase or decrease in the assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195;&nbsp;per share, which is the midpoint of the price range set forth on the cover
page of this prospectus, would increase or decrease, as applicable, the pro&nbsp;forma as adjusted amount of each of cash, working capital, total assets and total stockholders&#8217; (deficit) equity by approximately
$&#8195;&#8195;&#8195;&#8195;&nbsp;million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated
offering expenses payable by us. Similarly, each increase or decrease of 1,000,000 shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase or decrease, as applicable, the pro&nbsp;forma as
adjusted amount of each of cash, working capital, total assets and total stockholders&#8217; (deficit) equity by approximately $&#8195;&#8195;&#8195;&#8195;&nbsp;million, assuming no change in the assumed initial public offering price per share and
after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. </P>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_2"></A>Risk factors </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, as well as the other
information in this prospectus, including our consolidated financial statements and the related notes appearing elsewhere in this prospectus and the sections of this prospectus titled &#8220;Special note regarding forward-looking statements&#8221;
and &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8221; before you make an investment decision. The risks described below are not the only risks that we face. The occurrence of any of the
following risks, or of additional risks and uncertainties not presently known to us or that we currently believe to be immaterial, could materially and adversely affect our business, financial condition, results of operations and prospects. As a
result, the market price of shares of our common stock could decline, and you may lose all or part of your investment in our common stock. </I></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related to
our limited operating history, financial condition and need for additional capital </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We have incurred significant losses since our inception, have no
products approved for sale, and we expect to incur losses for the foreseeable future. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Development of radiopharmaceutical product candidates is a highly
speculative undertaking and involves a substantial degree of risk. We are still in the early stages of development of our product candidates and our lead product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> is being evaluated in a Phase 1b clinical trial for locally advanced or metastatic urothelial cancer, or UC, and other Nectin-4 expressing tumors. We have no
products licensed for commercial sale and have not generated any revenue to date, and we continue to incur significant research and development and other expenses related to our ongoing operations. As such, we have incurred significant losses since
inception, and have financed our operations principally through equity financings. We expect that it will be several years, if ever, before we have a commercialized product candidate and generate revenue from sales. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our net losses for the nine months ended September 30, 2025 and 2024 were $48.6&nbsp;million and $31.9&nbsp;million, respectively. Our net losses for the years ended
December 31, 2024 and 2023 were $44.0&nbsp;million and $28.6&nbsp;million, respectively. As of September 30, 2025 and December&nbsp;31, 2024 and 2023, we had an accumulated deficit of $141.4&nbsp;million, $92.8&nbsp;million and $48.9&nbsp;million,
respectively. We anticipate that our expenses and operating losses will increase substantially as we: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">advance our lead product candidate,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, through clinical trials;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">advance our second product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 for B7-H3
expressing tumors, into clinical trials; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue to advance our miniprotein radioconjugate platform; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">acquire or <FONT STYLE="white-space:nowrap">in-license</FONT> other product candidates, targeting molecules and
technologies; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">pursue investigational new drug, or IND,-enabling preclinical studies for our other programs; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">conduct preclinical studies and clinical studies for our other product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">seek to identify additional product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue to expand partnerships with domestic and international isotope suppliers to create redundancies in our supply
chain; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">scale up our supply of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac and other radioisotopes;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">seek regulatory approval of product candidates that successfully complete clinical development; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">obtain, expand, maintain, defend, protect and enforce our intellectual property portfolio; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue to expand manufacturing capabilities through additional <FONT STYLE="white-space:nowrap">in-house</FONT>
facilities and expertise, as well as additional third party contractors to enable global commercial scale; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue to utilize third parties to manufacture our lead product candidate; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">undertake <FONT STYLE="white-space:nowrap">pre-commercial</FONT> activities to enhance commercialization prospects for any
current or future product candidates that we may seek to obtain regulatory approval for; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">ultimately establish a sales, marketing and distribution infrastructure to commercialize any products for which we may
obtain marketing approval; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">expand our operational, financial, and management systems and increase personnel, including personnel to support our
preclinical and clinical development, manufacturing and commercialization efforts; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">add operational, legal, compliance, financial and management information systems and personnel to support our research,
product development and future commercialization efforts, as well as to support our operations as a public company. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Because of the numerous risks
and uncertainties associated with the development of radiopharmaceutical therapies, we are unable to accurately predict the timing or amount of increased expenses. The size of our future net losses will depend, in part, on the rate of future growth
of our expenses and our ability to generate revenue. Our prior losses and expected future losses have had and will continue to have an adverse effect on our stockholders&#8217; equity and working capital. Even if we succeed in commercializing one or
more of our product candidates, we will continue to incur substantial research and development and other expenditures to develop, seek regulatory approval for, and market additional product candidates. We may encounter unforeseen expenses,
difficulties, complications, delays and other unknown factors that may adversely affect our business. For example, if we are required by the United States Food and Drug Administration, or FDA, or comparable foreign regulatory authorities to perform
studies or clinical trials in addition to those we currently anticipate, or if there are any delays in commencing or completing our clinical trials or the development of any product candidates, our expenses could increase and commercial revenue
could be further delayed and more uncertain, which will adversely affect our business. We may not be successful in navigating these challenges, which may adversely affect our business, results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our limited operating history may make it difficult for you to evaluate our prospects and likelihood of success. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have a limited operating history upon which you can evaluate our business and prospects. Since our inception in August 2020, we have devoted substantially all our
resources and efforts to organizing and staffing our company, business planning, raising capital, conducting discovery and research activities, filing patent applications, identifying potential product candidates, undertaking preclinical studies, <FONT
STYLE="white-space:nowrap">in-licensing</FONT> technology, building out our manufacturing facility and establishing arrangements with third parties for the supply and manufacture of our product candidates and component materials. We have commenced a
multi-site Phase 1b clinical trial in the United States to evaluate our lead product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT>
for the treatment of locally advanced or metastatic UC and other Nectin-4 expressing tumors. We have not yet demonstrated our ability to successfully complete any clinical trials, obtain regulatory approvals, manufacture a commercial scale product
supply, or arrange for a third party to do so on our behalf, or conduct sales and marketing activities necessary for successful commercialization. Additionally, we expect our financial condition and operating
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
results to continue to fluctuate significantly from period to period due to a variety of factors, many of which are beyond our control. Such factors include, among other things, the timing of,
cost of, and level of investment in, research, development, and commercialization activities, which could vary over time. Consequently, any predictions you may make about our future success or viability may not be as accurate as they could be if we
had a longer operating history. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, as a young business, we may encounter unforeseen expenses, difficulties, complications, delays and other known and
unknown factors. We will need to transition at some point from a company with a research and development focus to a company capable of supporting commercial activities. We may not be successful in such a transition. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Even if this offering is successful, we will require additional funding to finance operations. If we are unable to raise capital when needed, or on acceptable
terms, we would be forced to delay, reduce, or eliminate our research and product candidate development programs. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Developing radiopharmaceutical product
candidates, including conducting preclinical studies and clinical trials, is a very time-consuming, capital-expensive, and uncertain process that takes years to complete. We have commenced a multi-site Phase 1b clinical trial in the United States to
evaluate our lead program, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> for the treatment of locally advanced or metastatic UC and other
Nectin-4 expressing tumors. We are also evaluating multiple current product candidates in preclinical studies, including [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-2519</FONT> for the
treatment of prostate, lung and other B7-H3 expressing solid tumors. We expect our expenses to increase substantially in connection with our ongoing activities, particularly as we continue the research and development of, advance the preclinical and
clinical activities of, and seek regulatory approval for, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors from the FDA and other foreign regulatory authorities, as well as our other product candidates. In addition, if we obtain regulatory approval for [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor or our other product
candidates, we expect to incur significant commercialization expenses related to sales, marketing, manufacturing and distribution to the extent that such sales, marketing, manufacturing and distribution are not the responsibility of our
collaborators. We may also need to raise additional funds sooner if our preclinical and clinical activities take longer than expected, as a result of regulatory approvals or otherwise, or if we choose to pursue additional indications and geographies
for any of our product candidates or otherwise expand more rapidly than we presently anticipate. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Furthermore, upon the closing of this offering, we expect to incur
additional costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital when needed or on attractive terms, we
will be forced to delay, reduce, or eliminate programs, and may be unable to expand our operations or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition, results of
operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September&nbsp;30, 2025, we had $246.2 million in cash, cash equivalents and marketable securities. Based on our current business
plans, we believe that the net proceeds from this offering, together with our existing cash, cash equivalents and marketable securities, will be sufficient to fund our operating expenses and capital expenditure requirements
through&#8195;&#8195;&#8195;&#8195;. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect, requiring us to seek additional funds sooner than planned, through
public or private equity or debt financings or other sources, such as strategic collaborations. Our failure to raise capital or enter into such other arrangements when needed would have a negative impact on our financial condition and could force us
to delay, limit, reduce or terminate clinical trials, our research and development programs or other operations, or lead us to grant rights to third parties to develop and market product candidates that we would otherwise prefer to develop and
market ourselves. In addition, we may seek additional capital opportunistically due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. Attempting
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
to secure additional financing may divert our management from our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> activities. See
&#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;Liquidity and capital resources.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our future capital
requirements will depend on, and could increase significantly because of many factors including: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the scope, progress, results and costs related to the clinical development of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the scope, progress, results and costs of discovery, preclinical development and planned clinical trials for [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 for B7-H3 expressing tumors and our other future product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs, timing and outcome of regulatory review of our product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the cost of advancing and furthering our miniprotein radioconjugate platform; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs of establishing, operating and maintaining our manufacturing facility, or securing other manufacturing
arrangements for clinical-supply and commercial production; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the cost and availability of sufficient supply of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac and other
radioisotopes; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the achievement of milestones or occurrence of other developments that trigger payments by us or our collaborators under
any current or future collaboration agreements; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to establish and maintain additional collaborations on favorable terms, if at all; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the emergence of competing therapies for oncology indications and other adverse market developments; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs of preparing, filing and prosecuting patent applications, obtaining, maintaining, protecting, defending and
enforcing our intellectual property rights and defending intellectual property-related claims; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the extent to which we acquire or <FONT STYLE="white-space:nowrap">in-license</FONT> other product candidates and
technologies; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs of establishing or contracting for sales and marketing capabilities if we obtain regulatory clearances to market
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors or any other current
or future product candidates. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We cannot be certain that additional funding will be available on acceptable terms, or at all. If we are unable to
raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, scale back or discontinue the development or commercialization of our product candidates or other research and development initiatives.
Any of our current or future license agreements may also be terminated if we are unable to meet the payment or other obligations under the agreements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We have
not generated any revenue to date and may never be profitable. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our ability to become profitable depends upon our ability to generate revenue. To date, we
have not generated any revenue. We do not expect to generate significant product revenue unless or until we successfully complete clinical development and obtain regulatory approval of, and then successfully commercialize, at least one of our
product candidates. Other than [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> which is in a Phase 1b clinical trial for the treatment of
locally advanced or metastatic UC and other Nectin-4 expressing tumors, all of our product candidates are in the preclinical stages of development and will require additional preclinical studies and clinical development as well as regulatory review
and approval, substantial investment, access to sufficient commercial manufacturing capacity and significant marketing efforts before we can generate any revenue from product sales. We will face significant development risk as our
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
product candidates, including [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> advance
through clinical development. Our ability to generate revenue depends on a number of factors, including, but not limited to: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">timely completion of our preclinical studies and our current and future clinical trials, which may be significantly slower
or more costly than we currently anticipate and will depend substantially upon the performance of third-party contractors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to complete <FONT STYLE="white-space:nowrap">IND-enabling</FONT> studies and successfully submit IND
applications or comparable applications to allow us to initiate clinical trials for any other current or future product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">whether we are required by the FDA or similar foreign regulatory authorities to conduct additional clinical trials or other
studies beyond those planned to support the approval and commercialization of our product candidates or any future product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to demonstrate to the satisfaction of the FDA or similar foreign regulatory authorities the safety, potency,
purity and acceptable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">risk-to-benefit</FONT></FONT> profile of our product candidates or any future product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the prevalence, duration and severity of potential side effects or other safety issues experienced with our product
candidates or future product candidates, if any; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the timely receipt of necessary marketing approvals from the FDA or similar foreign regulatory authorities;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the willingness of physicians, operators of clinics and patients to utilize or adopt any of our product candidates or
future product candidates as potential cancer treatments; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability and the ability of third parties with whom we contract to manufacture adequate clinical and commercial supplies
of our product candidates or any future product candidates, remain in good standing with regulatory authorities and develop, validate and maintain commercially viable manufacturing processes that are compliant with current good manufacturing
practices, or cGMP; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to successfully develop a commercial strategy and thereafter commercialize our product candidates or any future
product candidates in the United States and internationally, if licensed for marketing, reimbursement, sale and distribution in such countries and territories, whether alone or in collaboration with others; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to establish, maintain, enforce, protect and defend intellectual property rights in and to our product
candidates or any future product candidates. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Many of the factors listed above are beyond our control, and could cause us to experience significant
delays or prevent us from obtaining regulatory approvals or commercialize our product candidates. Even if we are able to commercialize our product candidates, we may not achieve or maintain profitability. If we are unable to generate sufficient
revenue through the sale of our product candidates or any future product candidates, we may be unable to continue operations without continued funding. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Raising additional capital may cause dilution to our stockholders, including purchasers of common stock in this offering, restrict our operations or require us to
relinquish rights to our technologies or product candidates. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We expect our expenses to increase in connection with our planned operations. Unless and until
we can generate a substantial amount of revenue from our product candidates, we expect to finance our future cash needs through public or private equity offerings, debt financings, collaborations, licensing arrangements or other sources, or any
combination of the foregoing. In addition, we may seek additional capital due to favorable market conditions or strategic considerations, even if we believe that we have sufficient funds for our current
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">22 </P>

</DIV></Center>


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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
or future operating plans. Disruptions in the financial markets in general may make equity and debt financing more difficult to obtain and may have a material adverse effect on our ability to
meet our fundraising needs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To the extent that we raise additional capital through the sale of common stock, convertible securities or other equity securities, your
ownership interest may be diluted, and the terms of these securities could include liquidation or other preferences and anti-dilution protections that could adversely affect your rights as a common stockholder. In addition, debt financing, if
available, may result in fixed payment obligations and may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures, creating liens,
redeeming shares or declaring dividends, that could adversely impact our ability to conduct our business. In addition, securing financing could require a substantial amount of time and attention from our management and may divert a disproportionate
amount of their attention away from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> activities, which may adversely affect our management&#8217;s ability to oversee the development of our product
candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we raise additional funds through collaborations, strategic alliances, distribution or licensing arrangements with third parties, we may have to
relinquish valuable rights to our technologies, future revenue streams or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds when needed, we would be required to delay, limit,
reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves. Any additional fundraising efforts we undertake
may divert our management from their <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> activities, which may adversely affect our ability to develop and commercialize our product candidates. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related to our business and development of our product candidates </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We are early in our development efforts. If we are unable to develop, and commercialize, any of our current or future product candidates through clinical
development, obtain regulatory approval and ultimately commercialize our product candidates, or if we experience significant delays in doing so, our business will be materially harmed. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are early in our development efforts. The success of our business depends upon our ability to identify, develop, and commercialize targeted radiopharmaceuticals
across a range of oncology indications. [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> our most advanced product candidate, is in a Phase 1b
clinical trial for the treatment of locally advanced or metastatic UC and other Nectin-4 expressing tumors. Commencing clinical trials for our current or future product candidates in the United States is subject to clearance by the FDA of an IND
application and finalizing the trial design based on discussions with the FDA. In the event that the FDA requires us to complete additional preclinical studies or we are required to satisfy other FDA requests prior to commencing clinical trials, the
start of our planned future clinical trials may be delayed or we may be unsuccessful obtaining clearance to proceed into clinical development. In addition, clinical trials conducted in one country, may not be accepted by regulatory authorities in
other countries, and regulatory approval in one country does not guarantee regulatory approval in any other country. Although the FDA may accept data from clinical trials conducted outside the United States, acceptance of these data is subject to
conditions imposed by the FDA, and there can be no assurance that the FDA will accept data from trials conducted outside of the United States. If the FDA does not accept the data from any trial that we conduct outside the United States, it would
likely result in the need for additional trials, which would be costly and time-consuming and could delay or permanently halt our development of the applicable product candidates. Our ability to generate product revenues, which we do not expect will
occur for many years, if ever, will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
success of our product candidates will depend on several factors, including the following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">successful completion of clinical trials; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">23 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">effective INDs or comparable foreign applications that allow commencement of our planned clinical trials or future clinical
trials for any product candidates we may develop; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">successful completion of planned preclinical studies and initiation of clinical trials for our other product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">successful patient enrollment in, and completion, of clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the ability to successfully develop
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors and [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-2519</FONT></FONT> for any B7-H3 expressing tumors; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the ability to successfully develop additional product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to demonstrate to the satisfaction of the FDA or any comparable foreign regulatory authority that the
applicable product candidate&#8217;s risk-benefit ratio for its proposed indication is acceptable; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">timely receipt of approvals for product candidates from applicable regulatory authorities; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the extent of any required post-regulatory approval commitments to applicable regulatory authorities;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">sourcing clinical and, if approved for commercial sale, commercial supplies for the radioisotopes used to manufacture our
product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">securing reliable transport for our product candidates given that isotope stability times are limited once a molecule has
been bound; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">successfully establishing and operating our manufacturing facility; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the ability of dosimetry and imaging assessments to demonstrate sufficient tumor uptake of imaging radioisotopes conjugated
to our miniproteins; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">making and maintaining arrangements with third-party manufacturers for both clinical and commercial supplies of our product
candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">establishing sales, marketing and distribution capabilities and successfully launching commercial sales of our products, if
and when approved, whether alone or in collaboration with others; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">acceptance of our products, if and when approved, by patients, the medical community and third-party payors;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">effectively competing with other cancer therapies; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">educating medical personnel regarding the potential side effect profile of our product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">facilitating patient access to the limited number of facilities able to administer our product candidates, if approved;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">obtaining and maintaining third-party coverage and adequate reimbursement; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">maintaining a continued acceptable safety profile of our products following regulatory approval. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we do not achieve one or more of these factors in a timely manner, or at all, we could experience significant delays or be unable to successfully commercialize our
product candidates, which would materially harm our business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our business is highly dependent on our lead product candidate,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> for the treatment of <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. We must
complete clinical trials before we can seek regulatory approval and begin commercialization of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT>
If we are unable to obtain regulatory approval for, and successfully commercialize, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> our business
may be materially harmed, and such failure may affect our other current or future product candidates. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The process for obtaining marketing approval for any
product candidate, including [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> is very long and risky and there will be significant challenges for
us to address to obtain marketing approval as planned, if at all. There is no guarantee that the results obtained in our ongoing and planned clinical trials of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> will be sufficient to obtain regulatory approval. Furthermore, success in an early-stage trial
does not necessarily mean a later stage trial will be successful. In addition, because our other product candidates are based on similar technology of our lead product candidate, if [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> encounters safety or efficacy problems, manufacturing or supply interruptions, developmental delays, regulatory issues, or other problems, our development plans
and business related to other product candidates could be significantly harmed. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Preclinical and clinical development is a lengthy and expensive process with
uncertain timelines and uncertain outcomes. If preclinical studies or clinical trials of a product candidate are prolonged or delayed, we may be unable to obtain required regulatory approvals, and therefore be unable to commercialize [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 or any of our future product
candidates on a timely basis or at all. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We, and any future collaborators, 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, or EMA, 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&#8217;s clinical development and may vary among jurisdictions. We, and any future collaborators, must complete
additional preclinical 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. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For our current and future product candidates, we may not be able to file IND applications, or similar applications outside the United States, on the timelines we
expect. For example, we may experience supply or manufacturing delays or other delays with <FONT STYLE="white-space:nowrap">IND-enabling,</FONT> or equivalent foreign preclinical studies. Moreover, we cannot be sure that submission of an IND
application, or similar applications outside the United States, will result in the FDA, or comparable foreign regulatory authorities, allowing clinical trials to begin, or that, once begun, issues will not arise that suspend or terminate clinical
trials. Additionally, even if such regulatory authorities agree with the design and implementation of the clinical trials set forth in an IND application, or similar applications outside the United States, we cannot guarantee that such regulatory
authorities will not change their requirements in the future. We also cannot predict that approval of an IND application or similar application by the FDA or comparable foreign regulatory authority will result in approval of similar applications to
conduct clinical trials. These considerations also apply to new clinical trials we may submit as amendments to existing INDs or similar approvals outside the United States. We do not know whether planned clinical trials will begin on time, need to
be redesigned, enroll patients on time, or be completed on schedule, if at all. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Clinical trials can be delayed, suspended, or terminated for a variety of reasons,
including the following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delays in or failure to obtain regulatory authorization to commence a clinical trial; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delays in or failure to obtain institutional review board, or IRB, approval at each site or national competent authority
approvals including positive ethics committee opinions; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">25 </P>

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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delays in or failure to reach agreement on acceptable terms with prospective contract research organizations, or CROs, and
clinical trial sites, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs and trial sites; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">difficulty in recruiting clinical trial investigators of appropriate competencies and experience; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delays in establishing the appropriate dosage levels in clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delays in or failure to recruit and enroll suitable patients to participate in a clinical trial, as well as inclusion and
exclusion criteria and patients&#8217; prior lines of therapy and treatment; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">lower than anticipated retention rates of patients in clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">failure to have patients complete a trial or return for post-treatment <FONT STYLE="white-space:nowrap">follow-up;</FONT>
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">clinical sites deviating from trial protocol or dropping out of a clinical trial; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delays adding new investigators or clinical trial sites; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our third-party research contractors failing to comply with regulatory requirements or meet their contractual obligations
to us in a timely manner, or at all; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">changes in regulatory requirements, policies, and guidelines; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to obtain sufficient radioactive supplies, and to manufacture and deliver sufficient quantities of a product
candidate for use in clinical trials; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the quality or stability of a product candidate falling below acceptable standards; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">changes in the treatment landscape for our target indications in oncology that may make any of our current or future
product candidates no longer relevant; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">third-party actions claiming infringement by our product candidates in clinical trials outside the United States and
obtaining injunctions interfering with our progress; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">business interruptions resulting from <FONT STYLE="white-space:nowrap">geo-political</FONT> actions, including war and
terrorism, natural disasters including earthquakes, typhoons, floods, and wildfires, or disease. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Moreover, clinical trials must be conducted in
accordance with the FDA and comparable foreign regulatory authorities&#8217; legal requirements, regulations, and guidelines, and are subject to oversight by regulatory authorities and IRBs or ethics committees at the medical institutions where the
clinical trials are conducted. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Safety or tolerability concerns could cause us or regulatory authorities, as applicable, to suspend or terminate a clinical trial if
it is found that the participants are being exposed to unacceptable health risks, undesirable side effects, or other unfavorable characteristics of the product candidate, or if such undesirable effects or risks are found to be caused by a chemically
or mechanistically similar therapeutic or therapeutic candidate. We could encounter delays if a clinical trial is suspended or terminated by us, by the IRBs or ethics committees of the institutions in which such trials are being conducted, by the
data review committee or data safety monitoring board for such trial or by the FDA, or comparable foreign regulatory authorities. Such authorities may impose such a suspension or termination due to a number of factors, including failure to conduct
the clinical trial in accordance with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or trial site by the FDA or comparable foreign regulatory authorities resulting in the imposition of a clinical
hold, unforeseen safety issues or adverse side effects, failure to demonstrate a benefit from using a product, changes in governmental regulations or administrative actions, or lack of adequate funding to continue the clinical trial. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In 2001, the FDA launched Project Optimus as an initiative to reform the dose optimization and dose selection paradigm
in oncology drug development with the goal of advancing an oncology dose-finding and dose optimization paradigm that emphasizes dose selections that maximize efficacy as well as safety and tolerability. In support of this initiative, the FDA may
request sponsors of oncology product candidates to conduct dose optimization studies before permitting sponsors to initiate a pivotal study. In early 2023, the FDA issued a draft guidance intended to assist sponsors in identifying the optimal
dosages for these products during clinical development and prior to applying for approval for a new indication and usage as well as another draft guidance intended to provide recommendations to sponsors of anticancer drugs or biological products on
considerations for designing trials intended to support accelerated approval. In August 2004, the FDA issued final guidance on Project Optimus providing that radiopharmaceuticals are within the scope of Project Optimus. If we are required to conduct
dose optimizing studies, such studies may delay our product development activities. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we or our collaborators are slow or unable to adapt to changes in existing
requirements or the adoption of new requirements or policies governing clinical trials, our development plans may be impacted. For example, in December 2022, with the passage of Food and Drug Omnibus Reform Act, or FDORA, Congress required sponsors
to develop and submit a diversity action plan for each Phase 3 clinical trial or any other &#8220;pivotal study&#8221; of a new drug or biological product. These plans are meant to encourage the enrollment of more diverse patient populations in
late-stage clinical trials of FDA-regulated products. In June 2024, as mandated by FDORA, the FDA issued draft guidance outlining the general requirements for Diversity Action Plans, or DAPs. Unlike most guidance documents issued by the FDA, the DAP
guidance when finalized will have the force of law because FDORA specifically dictates that the form and manner for submission of DAPs are specified in FDA guidance. On January 27, 2025, in response to an Executive Order issued on January 21, 2025,
on Diversity, Equity and Inclusion programs, the FDA removed this draft guidance from its website. This action raises questions about the applicability of statutory obligations to submit DAPs and the agency&#8217;s current thinking on best practices
for clinical development. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Furthermore, even if we are able to complete our manufacturing facility, we will continue to rely on contract manufacturing organizations,
or CMOs, and contract development and manufacturing organization, or CDMOs, for the proper and timely manufacturing of our product candidates in accordance with cGMP requirements. We also intend to continue to rely on CROs and clinical trial sites
to ensure the proper and timely conduct of our clinical trials in compliance with good clinical practice, or GCP, requirements. While we have agreements governing their committed activities, we will have limited influence over their actual
performance. To the extent our CMOs fail to comply with cGMP or to perform their manufacturing obligations in a timely manner, or our CROs fail to enroll participants for our clinical trials, fail to conduct the study in accordance with GCP, or are
delayed for a significant time in the execution of trials, including achieving full enrollment, we may be affected by increased costs, program delays, or both, which may harm our business. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Moreover, any clinical trials that we may conduct in countries outside the United States may subject us to further delays and expenses because of increased shipment and
distribution costs, additional regulatory requirements, and the engagement of <FONT STYLE="white-space:nowrap">non-U.S.</FONT> CROs, as well as expose us to risks associated with clinical investigators who are unknown to the FDA, and different
standards of diagnosis, screening, and medical care. The FDA may decline to accept the data we obtain from these clinical studies in support of an IND aplication or a biologics license application, or BLA, in the United States, which may require us
to repeat or conduct additional preclinical studies or clinical trials that we did not anticipate in the United States, and therefore we may be unable to commercialize our current or future product candidates, on a timely basis or at all in the
United States. Foreign regulatory authorities may also decline to accept data obtained from clinical studies conducted in the United States in support of a related marketing authorization application which may lead to similar risks in countries
outside the United States. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we experience delays in the completion of, or termination of, any clinical trial, the commercial prospects of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, or our other product candidates
will be harmed, and our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
ability to generate revenue from sales of any products will be delayed. In addition, any delays in completing our clinical trials will increase our costs, slow down our development and approval
process, and jeopardize our ability to commence sales and generate revenue. Significant clinical trial delays could also allow our competitors to bring products to market before we do or shorten any periods during which we have the exclusive right
to commercialize our product candidates and impair our ability to commercialize our product candidates and may harm our business, financial condition, results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our clinical trials may fail to demonstrate substantial evidence of the safety and efficacy of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, or any of our future product candidates, which would prevent or delay or limit the
scope of regulatory approval and commercialization. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To obtain the requisite regulatory approvals to market and sell [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, or any of our future product
candidates, we must demonstrate through clinical trials that such product candidates are safe and effective for use in each targeted indication. Most product candidates that begin clinical trials are never approved by regulatory authorities for
commercialization. Unforeseen side effects could arise either during clinical development or, if such side effects are more rare, after our products have been approved by regulatory authorities and the approved product has been marketed, resulting
in the exposure of additional patients than if such side effect had arisen during a clinical trial. Furthermore, the results of our Phase 1b clinical trial may not demonstrate the clinical utility of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> any other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor, or reveal an
unacceptable safety profile. Additionally, assessments of the long-term safety of targeted alpha-emitting isotope therapies in humans have been limited, and there may be long-term effects from treatment with [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or future product candidates that we cannot predict at this time. Further,
we may be unable to establish clinical endpoints that applicable regulatory authorities would consider clinically meaningful, and a clinical trial can fail at any stage of testing. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Clinical trials that we conduct may not demonstrate the efficacy and safety necessary to obtain regulatory approval to market [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 or any of our future product
candidates. In some instances, there can be significant variability in safety or efficacy results between different clinical trials of the same product candidate due to numerous factors, including changes in trial procedures set forth in protocols,
differences in the size and type of the patient populations, changes in and adherence to the clinical trial protocols, and the rate of dropout among clinical trial participants. Additionally, our Phase&nbsp;1b clinical trial is, and we expect future
trials of our product candidates to be, open-label trials, meaning both the patient and investigator know whether the patient is receiving the investigational product candidate. Open-label clinical trials are subject to various limitations that may
exaggerate any therapeutic effect, as patients in open-label clinical trials are aware when they are receiving treatment. In addition, open-label clinical trials may be subject to an &#8220;investigator bias&#8221; where those assessing and
reviewing the physiological outcomes of the clinical trials are aware of which patients have received treatment and may interpret the information of the treated group more favorably given this knowledge. Therefore, it is possible that positive
results observed in an open-label trial would not be replicated in a controlled trial. Moreover, if unacceptable toxicities, undesirable side effects or adverse product-product interactions arise in the development of our product candidates alone or
in combination with other therapies, we could suspend or terminate or trials, or the FDA or comparable foreign regulatory authorities could order us to cease clinical trials, deny approval of the product candidate for any or all targeted indications
or require a more restrictive label. If the results of our clinical trials are inconclusive with respect to the efficacy of product candidates, if we do not meet the clinical endpoints with statistical and clinically meaningful significance, if
there are safety concerns associated with our product candidates, or if the results observed cannot be replicated, we may be delayed in obtaining regulatory approval, if at all. Additionally, any safety concerns observed in our clinical trials, or
in the clinical experience of others using our product candidates in &#8220;compassionate use&#8221; scenarios outside of the United States, or investigating similar products or modalities could impact our prospects for regulatory approval in those
and other indications. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even if the trials are successfully completed, clinical data is often susceptible to varying interpretations and
analyses, and we cannot guarantee that the FDA or comparable foreign regulatory authorities will interpret the results as we do, and more trials could be required before we submit any future BLA or comparable foreign application. We cannot guarantee
that the FDA or comparable foreign regulatory authorities will view our product candidates as having efficacy even if positive results are observed in clinical trials. Moreover, results acceptable to support approval in one jurisdiction may be
deemed inadequate by another regulatory authority to support regulatory approval in that other jurisdiction. To the extent that the results of the clinical trials are not satisfactory to the FDA or comparable foreign regulatory authorities for
support of a regulatory application, approval of our product candidates may be significantly delayed, or we may be required to expend significant additional resources, which may not be available to us, to conduct additional development work. Even if
regulatory approval is secured for a product candidate, the terms of such approval may limit the scope and use of the specific product candidate, which may also limit its commercial potential. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our approach to the discovery and development of product candidates using our miniprotein radioconjugate platform represents a novel approach to radiation therapy,
which may create significant and potentially unpredictable challenges for us. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our future success depends on leveraging our miniprotein radioconjugate
platform to successfully develop product candidates which are designed to treat advanced solid tumors, utilizing a novel approach to directed-radiation therapy. There are currently few approved radiopharmaceutical therapeutic products. In addition,
there has been limited historical clinical trial experience, generally, for the development of radiopharmaceutical therapeutics. As a result, the design and conduct of clinical trials for these product candidates is uncertain and subject to
increased risk. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">While external beam radiation as a therapy for cancers has existed for decades, oncology treatment using systemic delivery of targeted
radiopharmaceuticals in general, and alpha emitting isotopes specifically, is relatively new. Only one alpha emitting isotope therapy, Xofigo, which uses the isotope radium-223, or <SUP STYLE="font-size:75%; vertical-align:top">223</SUP>radium, has
been approved in the United States or the European Union, or EU, and only a limited number of clinical trials of products based on alpha emitting isotope therapies have commenced. Approved therapies containing beta emitting isotopes have also been
limited. As such, it is difficult to accurately predict the developmental challenges we may incur for our product candidates as they proceed through discovery or identification, preclinical studies, and clinical trials. In addition, beyond the
limited universe of patients treated with Xofigo, assessments of the long-term safety of targeted alpha emitting isotope therapies in humans have been limited, and there may be long-term effects from treatment with our product candidates that we
cannot predict at this time. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">It is difficult for us to predict the time and cost of the development of our product candidates, and we cannot predict whether the
application of our technology, or any similar or competitive technologies, will result in the identification, development, and regulatory approval of any products. There can be no assurance that any development problems we experience in the future
related to our technology or any of our research programs will not cause significant delays or unanticipated costs, or that such development problems can be solved at all. Any of these factors may prevent us from completing our preclinical studies
and clinical trials that we may initiate or commercializing any product candidates we may develop on a timely or profitable basis, if at all. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our product candidates may cause adverse events, undesirable side effects or have other properties that could
halt their preclinical or clinical development, prevent, delay, or cause the withdrawal of their regulatory approval, limit their commercial potential, or result in significant negative consequences, including death of patients. If any of our
product candidates receive marketing approval and we, or others, later discover that the product is less effective than previously believed or causes undesirable side effects that were not previously identified, our ability, or that of any potential
future collaborators, to market the product could be compromised. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As with most biological products, use of our product candidates could be associated with
undesirable side effects or adverse events which can vary in severity from minor reactions to death and in frequency from infrequent to prevalent. Undesirable side effects or unacceptable toxicities caused by our product candidates could cause us or
regulatory authorities to interrupt, delay, or halt clinical trials. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Treatment-related undesirable side effects or adverse events could also affect patient
recruitment or the ability of enrolled subjects to complete the trial, or could result in potential product liability claims. In addition, these side effects may not be appropriately or timely recognized or managed by the treating medical staff,
particularly outside of the research institutions that collaborate with us. We have, and will need to continue to, educate and train medical personnel using our product candidates to understand their side effect profiles, for our Phase 1b clinical
trial of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and any future clinical trials, and upon any commercialization of any product
candidates. Inadequate training in recognizing or managing the potential side effects of our product candidates could result in adverse events to patients, including death. Any of these occurrences may materially and adversely harm our business,
financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Clinical trials of our product candidates must be conducted in carefully defined subsets of patients who
have agreed to enter into clinical trials. Consequently, it is possible that our clinical trials, or those of any potential future collaborator, may indicate an apparent positive effect of a product candidate that is greater than the actual positive
effect, if any, or alternatively fail to identify undesirable side effects. If one or more of our product candidates receives marketing approval and we, or others, discover that it is less effective than previously believed or causes undesirable
side effects that were not previously identified, including during any long-term <FONT STYLE="white-space:nowrap">follow-up</FONT> observation period recommended or required for patients who receive treatment using our products, a number of
potentially significant negative consequences could result, including: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">regulatory authorities may withdraw approvals of such product, seize the product, or seek an injunction against its
manufacture or distribution; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we, or any future collaborators, may be required to recall the product, change the way such product is administered to
patients or conduct additional clinical trials; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">additional restrictions may be imposed on the marketing of, or the manufacturing processes for, the particular product;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">regulatory authorities may require additional warnings on the label, such as a &#8220;black box&#8221; warning or a
contraindication, or impose distribution or use restrictions; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we, or any future collaborators, may be required to create a Risk Evaluation and Mitigation Strategy, or REMS, which could
include a medication guide outlining the risks of such side effects for distribution to patients, a communication plan for healthcare providers, and/or other elements to assure safe use; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we, or any future collaborators, may be subject to fines, injunctions or the imposition of civil or criminal penalties;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we, or any future collaborators, could be sued and held liable for harm caused to patients; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the product may become less competitive; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our reputation may suffer. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any of the foregoing could prevent us from achieving or maintaining market acceptance of the particular product
candidate, if approved, and could significantly harm our business, results of operations, and prospects, and could adversely impact our financial condition, results of operations or the market price of our common shares. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Results of preclinical studies, dosimetry assessments, and early-stage clinical trials may not be predictive of the results of future preclinical studies or
clinical trials. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Success in preclinical studies does not ensure that later preclinical studies or clinical trials will be successful. Several companies in
the biotechnology industry have suffered significant setbacks in clinical trials, even after positive results in preclinical and earlier clinical trials. These setbacks have been caused by, among other things, negative preclinical findings
identified after clinical trials have already commenced and safety or efficacy observations made in clinical trials, including previously unanticipated adverse events. We cannot predict if the FDA or comparable foreign regulatory authority will
consider the data from our future preclinical studies sufficient to support approval of an IND application or similar application. In addition, preclinical data is often susceptible to varying interpretations and analyses, which could require us to
repeat or conduct additional preclinical studies. Notwithstanding any potential promising results in earlier studies, we cannot be certain that we will not face similar setbacks. In addition, the results of our preclinical animal studies, may not be
predictive of the results of outcomes in subsequent clinical trials on human subjects. Product candidates in clinical trials may fail to show the desired pharmacological properties or safety and efficacy traits despite having progressed through
preclinical studies. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The dosimetry assessments conducted using radioconjugates of our product candidates used may not be predictive of the anticancer effect or
safety profile of our product candidates and we have had limited control and input over the conduct of this assessment and the reported results. The ability of our miniproteins to localize on tumors does not ensure that our product candidates will
be successful at eradicating the tumor with an acceptable risk and safety profile, if at all. Likewise, the results of any early-stage clinical trials may not be predictive of the results of the later-stage clinical trials, which tend to enroll
substantially larger numbers of patients. The preliminary results of clinical trials with smaller sample sizes can be disproportionately influenced by various biases associated with the conduct of small clinical trials, such as the potential failure
of the smaller sample size to accurately depict the features of the broader patient population, which limits the ability to generalize the results across a broader community, thus making the clinical trial results less reliable than clinical trials
with a larger number of patients. We plan to enroll larger patient populations in later trials of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> With significantly more patients in future phases of the trial, we may not achieve statistically
significant results or the same level of statistical significance, if any, that are observed in any earlier trials. Differences in trial design between early-stage clinical trials and later-stage clinical trials make it difficult to extrapolate the
results of earlier clinical trials to later clinical trials. In addition, results in one indication may also not be predictive of results to be expected for the same product candidate in another indication. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we fail to receive positive results in preclinical studies or early-stage clinical trials, or those results are not replicated in later-stage clinical trials of any
product candidate or across indications for that product candidate, the development timeline and regulatory approval and commercialization prospects for that product candidate, and, correspondingly, our business, financial condition, results of
operations and prospects, would be harmed. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The administration of AKY-1189 to patients in South Africa pursuant to Section 21 of the Medicines and Related Substances
Act, or MRSA, as authorized by the South African Health Products Regulatory Authority, or SAPHRA, was conducted by a third-party physician. We had limited control and input with respect to the collection of the data from the patients in South Africa
conducted pursuant to Section 21 of the MRSA and the manner in which it was conducted and will have limited control with respect to the human imaging data being gathered pursuant to Section 21 of the MSRA. We have relied on the results of the
assessment to inform our development of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> and these
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
results may turn out to be incorrect or unreliable. Similarly, we will be relying on the investigator to conduct the human imaging studies in accordance with the applicable protocol, legal,
regulatory and scientific standards, and accurately report the results and correctly collect the data. If these results prove to be unreliable, the development of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> may be adversely affected. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Interim, topline, or preliminary data from
our preclinical studies and clinical trials that we announce or publish from time to time may change as more patient data becomes available or as we make changes to our manufacturing processes and are subject to audit and verification procedures
that could result in material changes in the final data. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">From time to time, we may publicly disclose interim, topline, or preliminary data from our
preclinical studies and clinical trials, which is 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
study or trial. Preliminary or interim data from clinical trials are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment continues and more patient data becomes available. 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 evaluate all data fully and carefully. Further, modifications or improvements to our manufacturing
processes for a therapy may result in changes to the characteristics or behavior of the product candidate that could cause our future product candidates to perform differently and affect the results of our ongoing clinical trials. As a result, other
current or the topline results that we report may differ from future results of the same preclinical studies or clinical trials, or different conclusions or considerations may qualify such topline results, once additional data have been received and
fully evaluated. Topline data also remain subject to audit and verification procedures that may result in the final data being materially different from the preliminary data we previously published. As a result, topline data should be viewed with
caution until the final data are available. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Adverse differences between preliminary or interim data and final data could significantly harm our business,
financial condition, results of operations and prospects. Additionally, disclosure of preliminary or interim data by us or by our competitors could result in volatility in the price of our common stock. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Further, others, including regulatory agencies, may not accept or agree with our assumptions, estimates, calculations, conclusions, or analyses or may interpret or weigh
the importance of data differently, which could impact the value of the particular program, the approvability or commercialization of the particular product candidate, and our company in general. If the interim, topline, or preliminary data that we
report differ from actual results, or if others, including regulatory authorities, disagree with the conclusions reached, our ability to obtain approval for, and commercialize, any of our current or future product candidates may be harmed, which
could harm our business, financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Due to the radioactive nature of our product candidates, once manufactured,
our product candidates will have time-limited stability, and as a result, we may encounter difficulties with fulfilment and logistics. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">[<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> is designed to provide at least four days of stability following radiolabeling, meaning that the
patient must intravenously receive our product candidate within four days of its radiolabeling. We anticipate that our future products candidates utilizing <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac would have similar, limited stable
life-span. As such, our product candidates must be manufactured on an <FONT STYLE="white-space:nowrap">as-needed</FONT> basis, and shipped almost immediately thereafter. Because our product candidates, including [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> cannot be &#8220;stock-piled&#8221; and stored for even a small number of days ahead of shipment, we
or any third-party manufacturer must be able to manufacture our product candidates on a rolling basis, and any delays, could result in an immediate and substantial impact on our ability to deliver the product candidate to patients. Any significant
delays in delivering product candidates to patients could damage our reputation and result in deviations from our clinical </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">32 </P>

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trial protocols, which in turn could affect our ability to advance the clinical development of our product candidates on a timely basis, or at all. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, once manufactured, our product candidates must be quickly and safely transported to the applicable clinical trial site. As we scale our operations and
enroll larger clinical trials, and prepare for potential commercialization, we will need to scale our shipping abilities. Labor disputes, government restrictions, work stoppages, pandemics, derailments, damage or loss events, adverse weather
conditions, other events beyond our control could interrupt or delay transportation, which could result in the loss or damage of our product candidates. Although, we carry insurance to cover material loss or damage to supplies in transit, any
insurance policy claims awarded to us may be insufficient to cover our losses or damages. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We depend on enrollment and retention of patients in our clinical
trials. If we experience delays or difficulties enrolling or retaining patients in our clinical trials, our research and development efforts and business, financial condition, results of operations and prospects could be materially adversely
affected. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Successful and timely completion of clinical trials will require that we enroll and retain a sufficient number of patient candidates. Any clinical
trials we conduct may be subject to delays for a variety of reasons, including as a result of patient enrollment taking longer than anticipated, patient withdrawal, or adverse events. These types of developments could cause us to delay the trial or
halt further development. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our clinical trials will compete with other clinical trials that are in the same therapeutic areas as our product candidates, and this
competition reduces the number and types of patients available to us, as some patients who might have opted to enroll in our trials may instead opt to enroll in a trial being conducted by one of our competitors. In addition, in the future, we may
evaluate our product candidates as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-in-line</FONT></FONT> treatments for which there are other approved treatment alternatives, which may present enrollment challenges. Because
the number of qualified clinical investigators and clinical trial sites capable of administering radiopharmaceutical therapies is limited, we expect to conduct some of our clinical trials at the same clinical trial sites that some of our competitors
use, which will reduce the number of patients who are available for our clinical trials at such clinical trial sites. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Enrollment may also depend in part on the
medical community and public&#8217;s perception of our product candidates or those of our competitors. Adverse events in our preclinical studies or clinical trials or those of our competitors or of academic researchers or other clinicians utilizing
our product candidates under &#8220;compassionate use&#8221; pathways outside the United States, or similar technologies, even if not ultimately attributable to product candidates we may discover and develop, and the resulting publicity could result
in unfavorable public perception and adversely impact our ability to enroll clinical trials. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Delays in the completion of any clinical trial of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors or our other current or future
product candidates will increase our costs, slow down the development and approval process, and delay or potentially jeopardize our ability to commence sales and generate revenue. In addition, some of the factors that cause, or lead to, a delay in
the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any other current or future product candidates. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>The commercial success of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> or any of our other current or future products, if approved, will depend upon public perception
of radiopharmaceuticals and the degree of their market acceptance by physicians, patients, healthcare payors and others in the medical community. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Adverse
events in clinical trials of our product candidates, or in clinical trials or other studies conducted by others involving similar products, which may include the same radioisotopes as our product candidates, and the resulting negative publicity, as
well as any other adverse events in the field of radiopharmaceuticals that may </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">33 </P>

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occur in the future, could result in a decrease in demand for
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any approved indication or any future product candidates that we may develop. If public
perception is influenced by claims that radiopharmaceuticals or specific therapies within radiopharmaceuticals are unsafe,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any other current or future product candidates may not be accepted by the general public or
the medical community. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In particular, the commercial success of our products, if approved, will depend upon, among other things, these products gaining and
maintaining acceptance by physicians, patients, third-party payors, and other members of the medical community as efficacious and cost-effective alternatives to competing products and treatments. Even if [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189, or any other product candidates we develop receive marketing approval by the FDA or other foreign regulatory authority, they may not achieve the level of commercial acceptance and
sales experienced by approved beta-emitting therapies, Pluvicto and Lutathera. If any of our products, once approved, do not achieve and maintain an adequate level of acceptance, we may not generate material sales or be able to successfully
commercialize it. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The degree of market acceptance of our candidates products, if approved, will depend on a number of factors, including: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to provide acceptable evidence of safety and efficacy; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the prevalence and severity of any side effects in general, and relative to other treatments; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">publicity concerning our products or competing products and treatments; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the relative convenience and ease of administration of our products and product candidates, which may require coordination
amongst multiple physicians across disciplines for administration; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">availability, relative cost and relative efficacy of alternative and competing treatments; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the ability to offer our products for sale at competitive prices; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the willingness of the target patient population to try therapies and of physicians to prescribe these products and product
candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the strength of marketing and distribution support; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the sufficiency of coverage or reimbursement by third parties. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may develop
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> and potentially future product candidates, in combination with other therapies, which exposes us
to additional risks. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may develop
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> and may develop future product candidates, for use in combination with one or more currently
approved cancer therapies. Even if any product candidate we develop was to receive marketing approval or be commercialized for use in combination with other existing therapies, we would continue to be subject to the risks that the FDA or similar
foreign regulatory authorities could revoke approval of the therapy used in combination with our product candidate or that safety, efficacy, manufacturing or supply issues could arise with these existing therapies. Combination therapies are commonly
used for the treatment of cancer, and we would be subject to similar risks if we develop any of our product candidates for use in combination with other products or for indications other than cancer. This could result in our own products being
removed from the market or being less successful commercially. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may also evaluate [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any other current or future product candidates in combination with one or more other cancer therapies that have not yet been approved for marketing by the
FDA or similar foreign </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">34 </P>

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regulatory authorities. We will not be able to market and sell
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any product candidate we develop in combination with any such unapproved cancer therapies that
do not ultimately obtain marketing approval. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If the FDA or similar foreign regulatory authorities do not approve these other products or revoke their approval of,
or if safety, efficacy, manufacturing, or supply issues arise with, the products we choose to evaluate in combination with
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any product candidate we develop, we may be unable to obtain approval of or market [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any product candidate we develop. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be
more profitable or for which there is a greater likelihood of success. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A key element of our strategy is to apply our development pipeline to address a broad
array of cancer targets and new therapeutic areas. The therapeutic discovery activities that we are conducting may not be successful in identifying product candidates that are useful in treating targets in oncology. Our research programs may be
unsuccessful in identifying potential product candidates, or our potential product candidates may be shown to have harmful side effects or may have other characteristics that may make the products unmarketable or unlikely to receive regulatory
approval. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Because we have limited financial and managerial resources, we focus on research programs, therapeutic platforms, and product candidates that we identify
for specific indications. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities. Our spending on current and future research and development programs, therapeutic
platforms, and product candidates for specific indications may not yield any commercially viable products. If we do not accurately evaluate the commercial potential or target market for a particular product candidate, we may need to relinquish
valuable rights to that product candidate through collaboration, licensing, or other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We face substantial competition, which may result in others discovering, developing, or commercializing products before or more successfully than we do.
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The development and commercialization of new radiopharmaceutical products is highly competitive. We face and will continue to face competition from third
parties that use radioisotopes and from companies focused on more traditional therapeutic modalities. Potential competitors also include academic institutions, government agencies and other public and private research organizations that conduct
research, seek patent protection, and establish collaborative arrangements for research, development, manufacturing, and commercialization of new products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We
consider our most direct competitors to be companies developing targeted alpha-based radiopharmaceuticals for the treatment of cancer. There are several companies developing targeted alpha-based radiopharmaceuticals for the treatment of cancer,
including Abdera Therapeutics, Actinium Pharmaceuticals, Inc., Alpha9 Oncology, Inc., Artbio AS, Bayer AG, Convergent Therapeutics, Fusion Pharmaceuticals Inc. (acquired by AstraZeneca), Johnson &amp; Johnson, Mariana Oncology, Inc. (acquired by
Novartis AG), Perspective Therapeutics, POINT Biopharma Global Inc. (acquired by Eli Lilly), RadioMedix, Inc., RayzeBio, Inc. (acquired by Bristol Myers Squibb) and Telix Pharmaceuticals Limited. These companies are targeting a wide range of solid
and hematologic malignancies using various alpha emitting isotopes, including <SUP STYLE="font-size:75%; vertical-align:top">223</SUP>radium, lead-212 and <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. The first and only approved alpha
particle-based therapy is Bayer&#8217;s Xofigo (<SUP STYLE="font-size:75%; vertical-align:top">223</SUP>radium) which is a salt of radium that cannot easily and robustly be attached to a targeting molecule, but naturally localizes to regions where
cancer cells are infiltrating bone. Xofigo was approved in 2013 for the treatment of prostate cancer with symptomatic bone metastases. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There are several companies
with approved beta-emitting radiopharmaceuticals, including Lantheus Holdings, Novartis, Bayer, Sirtex, Boston Scientific and Q BioMed Inc. and other companies developing beta-emitting </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">35 </P>

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radiopharmaceuticals, including POINT Biopharma Global, ITM Isotope Technologies Munich SE, <FONT STYLE="white-space:nowrap">Y-Mabs</FONT> and Telix Pharmaceuticals Limited. The beta emitting
isotopes used by these companies include iodine-131, lutetium-177, strontium-89 and yttrium-90. A recently approved beta particle-based radiopharmaceutical is Novartis&#8217; Pluvicto, which was approved by the FDA in 2022 for the treatment of
patients with metastatic prostate cancer. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our competitors will also include companies that are or will be developing other treatment methods as well as therapies
for the same indications in oncology that we are targeting. In addition to the competitors we face in developing radiopharmaceuticals, we will also face competition in the indications we expect to pursue. In order to compete effectively with these
existing therapies, we will need to demonstrate that our therapies are favorable to existing therapeutics and obtain comparable coverage and reimbursement for our product candidates. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Many of our current or future competitors have significantly greater financial resources and expertise in research and development, isotope supply chain logistics,
manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals, obtaining reimbursement for and marketing of approved products than we do. Mergers and acquisitions in the biotechnology, pharmaceutical and diagnostic
industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and
established companies. These competitors also compete with us in recruiting and retaining qualified personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to,
or necessary for, our programs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more
effective, have fewer or less severe side effects, are more convenient or are less expensive than any products that we or our collaborators may develop. Our competitors also may obtain FDA or other foreign regulatory approval for their products more
rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we or our collaborators are able to enter the market. Even if the product candidates we may develop in the future
achieve regulatory approval, they may be priced at a significant premium over competitive products if any have been approved by then, resulting in reduced competitiveness. Moreover, technological advances or products developed by our competitors may
render our technologies or product candidates we may develop in the future obsolete, less competitive, or not economical. The key competitive factors affecting the success of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and our other current and future product candidates, if approved, are likely to be their efficacy, safety, convenience, price, the level of generic competition
and the availability of reimbursement from government and other third-party payors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>The market opportunities for our product candidates may be smaller than we
anticipated or may be limited to those patients who are ineligible for or have failed prior treatments. If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise
adversely affected. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our current and future target patient populations are based on our beliefs and estimates regarding the incidence or prevalence of
certain types of cancers that may be addressable by our product candidates, which is derived from a variety of sources, including scientific literature and surveys of clinics. Our projections may prove to be incorrect and the number of potential
patients may turn out to be lower than expected. Even if we obtain significant market share for our product candidates, because the potential target populations could be small, we may never achieve profitability without obtaining regulatory approval
for additional indications, including use of our product candidates for front-line and second-line therapy. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We expect to initially seek approval of some of our
product candidates, including [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, as <FONT STYLE="white-space:nowrap">second-or</FONT> third-line therapies for patients who have failed other approved treatments.
</P>
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Subsequently, for those product candidates that prove to be sufficiently beneficial, if any, we would expect to seek approval as a second-line therapy and potentially as a front-line therapy, but
there is no guarantee that our product candidates, even if approved for third-line therapy, would be approved for second-line or front-line therapy. In addition, we may have to conduct additional clinical trials prior to gaining approval for
second-line or front-line therapy. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our company has never commercialized a product candidate and may experience delays or unexpected difficulties in obtaining
regulatory approval for our current and future product candidates. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our company has never obtained regulatory approval for, or commercialized, a product. It
is possible that the FDA may refuse to accept any or all of our planned BLAs for substantive review or may conclude after review of our data that our application is insufficient to obtain regulatory approval for any product candidates. If the FDA
does not approve any of our planned BLAs, it may require that we conduct additional costly clinical trials, preclinical studies or manufacturing validation studies before it will reconsider our applications. Depending on the extent of these or any
other <FONT STYLE="white-space:nowrap">FDA-required</FONT> studies, approval of any BLA or other application that we submit may be significantly delayed, possibly for several years, or may require us to expend more resources than we have available.
Any failure or delay in obtaining regulatory approvals would prevent us from commercializing our product candidates, generating revenues and achieving and sustaining profitability. It is also possible that additional studies, if performed and
completed, may not be considered sufficient by the FDA to approve any BLA or other application that we submit. If any of these outcomes occur, we may be forced to abandon the development of our product candidates, which would materially adversely
affect our business and could potentially cause us to cease operations. We face similar risks for our applications in foreign jurisdictions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We currently have
no marketing and sales organization and have no experience in marketing products. If we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our product candidates, if approved for
commercial sale, we may not be able to generate product revenue. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We currently have no sales, marketing or distribution capabilities and have no experience
in marketing products. We intend to develop an <FONT STYLE="white-space:nowrap">in-house</FONT> marketing organization and sales force, which will require significant capital expenditures, management resources and time. We will have to compete with
other pharmaceutical and biotechnology companies to recruit, hire, train and retain marketing and sales personnel. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we are unable to, or decide not to, establish
internal sales, marketing and distribution capabilities, we will pursue collaborative arrangements regarding the sales and marketing of our products, if licensed. However, there can be no assurance that we will be able to establish or maintain such
collaborative arrangements, or if we are able to do so, that they will have effective sales forces. Any revenue we receive will depend upon the efforts of such third parties, which may not be successful. We may have little or no control over the
marketing and sales efforts of such third parties and our revenue from product sales may be lower than if we had commercialized our product candidates ourselves. We also face competition in our search for third parties to assist us with the sales
and marketing efforts of our product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There can be no assurance that we will be able to develop <FONT STYLE="white-space:nowrap">in-house</FONT> sales
and distribution capabilities or establish or maintain relationships with third-party collaborators to commercialize any product in the United States or overseas for which we are able to obtain regulatory approval. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may become exposed to costly and damaging liability claims, either when testing [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or our other current or future product candidates in the clinic or at the commercial stage, and our product liability insurance may not cover all damages from
such claims. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are exposed to potential product liability and professional indemnity risks that are inherent in the research, development, manufacturing,
marketing, and use of pharmaceutical products. We currently have no products that </P>
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have been approved for commercial sale, the use of product candidates by us in clinical trials, and the sale of any approved products in the future, may expose us to liability claims, including
third-party claims against any of our collaboration partners, some of which we could be contractually obligated to indemnify. These claims might be made by patients that use the product, healthcare providers, pharmaceutical companies, or others
selling such products. Any claims against us, regardless of their merit, could be difficult and costly to defend and could materially adversely affect the market for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or our other current or future product candidates or any prospects for commercialization. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Although the clinical trial process is designed to identify and assess potential side effects, it is always possible that a product, even after regulatory approval, may
exhibit unforeseen side effects. If [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or future product candidates were
to cause adverse side effects during clinical trials or after approval of the product candidate, we may be exposed to substantial liabilities. Physicians and patients may not comply with any warnings that identify known potential adverse effects and
patients who should not use [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or our other current or future product candidates. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even successful defense against product liability claims would require significant financial and management resources. Regardless of the merits or eventual outcome,
liability claims may result in: decreased demand for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or future
product candidates; injury to our reputation; withdrawal of clinical trial participants; initiation of investigations by regulators; costs to defend the related litigation; a diversion of management&#8217;s time and our resources; substantial
monetary awards to trial participants or patients; product recalls, withdrawals or labeling, marketing or promotional restrictions; loss of revenue; exhaustion of any available insurance and our capital resources; the inability to commercialize any
product candidate; and a decline in our share price. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Although we maintain product liability insurance in the United States, and in other jurisdictions where we have
ongoing clinical trials, it is possible that our liabilities could exceed our insurance coverage. We intend to expand our insurance coverage to include the sale of commercial products if we obtain regulatory approval for [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or future product candidates. However, we may be unable to maintain
insurance coverage at a reasonable cost or obtain insurance coverage that will be adequate to satisfy any liability that may arise. If a successful product liability claim or series of claims is brought against us for uninsured liabilities or in
excess of insured liabilities, our assets may not be sufficient to cover such claims, and our business operations could be impaired. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We are party to multiple
license and collaboration agreements with significant payment obligations that are contingent upon the occurrence of future events, the timing and likelihood of which are difficult to predict. If we fail to comply with our obligations under these
license and collaboration agreements, we could lose rights that are important to our business. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under our license and collaboration agreements, we have
payment obligations that are contingent upon future events, such as the achievement of specified development, regulatory and commercial milestones, and in some cases, we are required to make royalty payments in connection with the sales of products
developed under those agreements. Although we could be required to make substantial milestone payments under our license and collaboration agreements, we are currently unable to estimate the timing or likelihood of achieving the milestones or making
future sales. For further discussion of our obligations under these agreements, see &#8220;Business&#8212;License and collaboration agreements.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may be
unable to meet our obligations as they become due, especially in the event that multiple milestones are achieved in a short amount of time. If we are unable to meet our obligations when due, it may result in the delay or termination of the research,
development or commercialization of the relevant product candidate, and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">38 </P>

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may result in costly litigation or arbitration that diverts management attention and resources away from our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> activities, which may adversely affect our business, financial condition, results of operations and prospects. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related to government regulation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>The development and
commercialization of pharmaceutical products is subject to extensive regulation, and the regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time-consuming, and inherently unpredictable. If we are ultimately
unable to obtain regulatory approval for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or our future product candidates, on a timely basis if
at all, our business will be substantially harmed. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Commencing clinical trials in the United States is subject to acceptance by the FDA of an IND application
and finalizing the trial design based on discussions with the FDA. Even after we receive and incorporate guidance from the FDA, the FDA could disagree that we have satisfied their requirements to commence any clinical trial or change their position
on the acceptability of our trial design or the clinical endpoints selected, which may require us to complete additional preclinical studies or clinical trials, delay the enrollment of our clinical trials, abandon our clinical development plans or
meet stricter approval conditions than we currently expect. There are equivalent processes and risks applicable to clinical trial applications in other countries, including countries in the EU. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Furthermore, we have not previously submitted a BLA to the FDA or similar marketing applications to similar foreign regulatory authorities. An BLA must include extensive
preclinical and clinical data and supporting information to establish the product candidate&#8217;s safety, purity and potency for each desired indication. The BLA must also include significant information regarding the manufacturing controls for
the product. We expect the novel nature of our product candidates to create further challenges in obtaining regulatory approval. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A BLA must be supported by
extensive clinical and preclinical data, as well as extensive information regarding pharmacology, chemistry, manufacturing and controls. Outside the United States, many comparable foreign regulatory authorities employ similar approval processes.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and any of
our current or future product candidates could fail to receive regulatory approval for many reasons, including the following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the FDA or comparable foreign regulatory authorities may disagree with the design or implementation of our clinical trials;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we may be unable to demonstrate to the satisfaction of the FDA or comparable foreign regulatory authorities that a product
candidate is safe and effective for its proposed indication; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the results of clinical trials may not meet the level of statistical significance required by the FDA or comparable foreign
regulatory authorities for approval; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we may be unable to demonstrate that the product candidate&#8217;s clinical and other benefits outweigh its safety risks;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the FDA or comparable foreign regulatory authorities may disagree with our interpretation of data from preclinical studies
or clinical trials; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the data collected from clinical trials of our product candidates may not be sufficient to support the submission of BLA or
other submission or to obtain regulatory approval in the United States or elsewhere, or regulatory authorities may not accept a submission due to, among other reasons, the content or formatting of the submission; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">39 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the FDA or comparable foreign regulatory authorities may fail to approve our manufacturing processes or facilities or those
of third-party manufacturers with whom we contract for clinical and commercial supplies; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the approval policies or regulations of the FDA or comparable foreign regulatory authorities may significantly change in a
manner rendering our clinical data insufficient for approval. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This lengthy approval process, as well as the unpredictability of clinical trial
results, may result in our failing to obtain regulatory approval to market [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any other current
or future product candidates, which would significantly harm our business, financial condition, results of operations and prospects. The FDA and comparable foreign regulatory authorities have substantial discretion in the approval process and
determining when or whether regulatory approval will be obtained for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any other current or
future product candidates. For example, regulatory authorities in various jurisdictions may have differing requirements for, interpretations of and opinions on our preclinical and clinical data. As a result, we may be required to conduct additional
preclinical studies, alter our proposed clinical trial designs, or conduct additional clinical trials to satisfy the regulatory authorities in each of the jurisdictions in which we hope to conduct clinical trials and develop and market our products,
if approved. Further, even if we believe the data collected from clinical trials of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or our other
current or future product candidates is promising, such data may not be sufficient to support approval by the FDA or any comparable foreign regulatory authority. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In
addition, even if we were to obtain approval, regulatory authorities may approve [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor or any other current or future product candidates for fewer or more limited indications than we request, may not approve the price we intend to charge for our products, may grant approval
contingent on the performance of costly post-marketing clinical trials, or may approve a product candidate with a label that does not include the labeling claims necessary or desirable for the successful commercialization of that product candidate.
Any of the foregoing scenarios could materially harm the commercial prospects for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any other
current or future product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may seek orphan drug designation for the product candidates we develop, and we may be unsuccessful or may be unable
to maintain the benefits associated with orphan drug designation, including the potential for market exclusivity. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As part of our business strategy, we may
seek orphan drug designation for the product candidates we develop, and we may be unsuccessful. Regulatory authorities in some jurisdictions, including the United States and Europe, may designate drugs and biologics for relatively small patient
populations as orphan drugs. Under the Orphan Drug Act, the FDA may designate a drug or biologic as an orphan drug if it is a drug or biologic intended to treat a rare disease or condition, which is defined as a patient population of fewer than
200,000 individuals annually in the United States, or a patient population greater than 200,000 in the United States where there is no reasonable expectation that the cost of developing the drug or biologic will be recovered from sales in the United
States. In the United States, orphan drug designation entitles a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and <FONT STYLE="white-space:nowrap">user-fee</FONT> waivers. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Similarly, in Europe, the European Commission grants orphan drug designation after receiving the opinion of the EMA Committee for Orphan Medicinal Products on an orphan
drug designation application. Orphan drug designation is intended to promote the development of drugs and biologics that are intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions affecting not
more than five in 10,000 persons in Europe and for which no satisfactory method of diagnosis, prevention or treatment has been authorized (or the product would be a significant benefit to those affected). Additionally, designation is granted for
drugs and biologics intended for the diagnosis, prevention or treatment of a life-threatening, seriously debilitating or serious and chronic condition and when, without incentives, it is unlikely that sales of the drug or
</P>
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biologic in Europe would be sufficient to justify the necessary investment in developing the drug or biologic. In Europe, orphan drug designation entitles a party to a number of incentives, such
as protocol assistance and scientific advice specifically for designated orphan medicines, and potential fee reductions depending on the status of the sponsor. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Generally, if a drug or biologic with an orphan drug designation subsequently receives the first marketing approval for the indication for which it has such designation,
the drug or biologic is entitled to a period of marketing exclusivity, which precludes the EMA, or the FDA from approving another marketing application for the same drug and for the same indication during the period of exclusivity, except in limited
circumstances. The applicable period is seven years in the United States and 10 years in Europe. The European exclusivity period can be reduced to six years if a drug or biologic no longer meets the criteria for orphan drug designation or if the
drug or biologic is sufficiently profitable such that market exclusivity is no longer justified. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even if we obtain orphan drug exclusivity for a product candidate,
that exclusivity may not effectively protect such product candidate from competition because different therapies can be approved for the same condition and the same therapies can be approved for different conditions but used <FONT
STYLE="white-space:nowrap">off-label.</FONT> Even after an orphan drug is approved, the FDA can subsequently approve the same drug for the same condition if the FDA concludes that the later drug or biologic is clinically superior in that it is shown
to be safer, more effective or makes a major contribution to patient care. In addition, a designated orphan drug may not receive orphan drug exclusivity if it is approved for a use that is broader than the indication for which it received orphan
designation. Moreover, orphan drug exclusive marketing rights in the United States may be lost if the FDA later determines that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantity of
the drug or biologic to meet the needs of patients with the rare disease or condition. Orphan drug designation neither shortens the development time or regulatory review time of a drug or biologic nor gives the drug or biologic any advantage in the
regulatory review or approval process. While we may seek orphan drug designation for applicable indications for our current and any future product candidates, we may never receive such designations. Even if we do receive such designation, there is
no guarantee that we will enjoy the benefits of that designation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may seek one or more designations or expedited programs for one or more of our product
candidates, but we might not receive such designations or be allowed to proceed on expedited program pathways, and even if we do and proceed on such expedited program pathways in the future, such designations or expedited programs may not lead to a
faster development or regulatory review or approval process, and each designation does not increase the likelihood that any of our product candidates will receive marketing approval in the United States. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may seek fast track designation for certain of our product candidates. If a drug is intended for the treatment of a serious or life-threatening condition and
nonclinical or clinical data for the drug demonstrates the potential to address an unmet medical need for such a condition, the drug sponsor may apply for fast track designation. The FDA has broad discretion whether or not to grant this designation,
so even if we believe a particular product candidate is eligible for this designation, we cannot assure you that the FDA would decide to grant it for any of our other product candidates. Even with fast track designation, we may not experience a
faster development process, review or approval compared to conventional FDA procedures. The FDA may withdraw fast track designation if it believes that the designation is no longer supported by data from our clinical development program. Fast track
designation alone does not guarantee qualification for the FDA&#8217;s priority review procedures. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may seek a breakthrough therapy designation for some of our
product candidates. A breakthrough therapy is defined as a drug that is intended, alone or in combination with one or more other drugs, to treat a serious or life threatening disease or condition, and preliminary clinical evidence indicates that the
drug may demonstrate </P>
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substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. For product
candidates that have been designated as breakthrough therapies, interaction and communication between the FDA and the sponsor of the trial can help to identify the most efficient path for clinical development while minimizing the number of patients
placed in ineffective control regimens. Product candidates designated as breakthrough therapies by the FDA may also be eligible for priority review and accelerated approval. Designation as a breakthrough therapy is within the discretion of the FDA.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Accordingly, even if we believe one of our product candidates meets the criteria for designation as a breakthrough therapy, the FDA may disagree and instead
determine not to make such designation. In any event, the receipt of a breakthrough therapy designation for a product candidate may not result in a faster development process, review or approval compared to therapies considered for approval under
conventional FDA procedures and does not assure ultimate approval by the FDA. In addition, even if one or more of our product candidates qualify as breakthrough therapies, the FDA may later decide that such product candidates no longer meet the
conditions for qualification or decide that the time period for FDA review or approval will not be shortened. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If the FDA determines that a product candidate offers
a treatment for a serious condition and, if approved, the product would provide a significant improvement in safety or effectiveness, the FDA may designate the product candidate for priority review. A priority review designation means that the goal
for the FDA to review an application is six months, rather than the standard review period of ten months. We may request priority review for our product candidates. The FDA has broad discretion with respect to whether or not to grant priority review
status to a product candidate, so even if we believe a particular product candidate is eligible for such designation or status, the FDA may decide not to grant it. Moreover, a priority review designation does not necessarily result in an expedited
regulatory review or approval process or necessarily confer any advantage with respect to approval compared to conventional FDA procedures. Receiving priority review from the FDA does not guarantee approval within the
<FONT STYLE="white-space:nowrap">six-month</FONT> review cycle or at all. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Even if [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or future product candidates obtain regulatory approval, we will be subject to ongoing obligations and continued regulatory review,
which may result in significant additional expense. Additionally, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or
future product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our
products. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If the FDA or a comparable foreign regulatory authority approves [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor or any of our other current or future product candidates, the manufacturing facilities
and processes, testing, labeling, packaging, distribution, import, export, adverse event reporting, storage, advertising, promotion, and recordkeeping for the product will be subject to extensive and ongoing regulatory requirements. These
requirements include submissions of safety and other post-marketing information and reports, registration, as well as continued compliance with cGMP and GCPs for any clinical trials that we conduct post-approval, all of which may result in
significant expense and limit our ability to commercialize such products. In addition, any regulatory approvals that we or our partners receive a product candidate may also be subject to limitations on the approved indicated uses for which the
product may be marketed or to the conditions of approval, or contain requirements for potentially costly post-marketing testing, including Phase 4 clinical trials, and surveillance to monitor the safety and efficacy of the product candidate. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Manufacturers and manufacturers&#8217; facilities are required to comply with extensive FDA and comparable foreign regulatory authority requirements, including ensuring
that quality control and manufacturing procedures conform to cGMP regulations. As such, we and our CMOs will be subject to continual review and inspections to </P>
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assess compliance with cGMP and adherence to commitments made in any approved regulatory application. Accordingly, we and others with whom we work must continue to expend time, money, and effort
in all areas of regulatory compliance, including manufacturing, quality control, and distribution. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If there are changes in the application of legislation or
regulatory policies, or if problems are discovered with a product or our manufacture of a product, or if we or one of our distributors, licensees or <FONT STYLE="white-space:nowrap">co-marketers</FONT> fails to comply with regulatory requirements,
the regulators could take various actions. These include issuing warning letters or untitled letters, imposing fines on us, imposing restrictions on the product or its manufacture, and requiring us to recall or remove the product from the market.
The regulators could also suspend any of our preclinical studies and clinical trials or suspend or withdraw our regulatory approvals, requiring us to conduct additional clinical trials, change our product labeling, or submit additional applications
for marketing authorization. If any of these events occurs, our ability to sell such product may be impaired, and we may incur substantial additional expense to comply with regulatory requirements, which could materially adversely affect our
business, financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, if we have any product candidate approved, our product labeling, advertising, and
promotion will be subject to regulatory requirements and continuing regulatory review. In the United States, the FDA and the Federal Trade Commission, or the FTC, strictly regulate the promotional claims that may be made about pharmaceutical
products to ensure that any claims about such products are consistent with regulatory approvals, not misleading or false, and adequately substantiated by clinical data. Physicians may use pharmaceutical products
<FONT STYLE="white-space:nowrap">off-label</FONT> in their professional medical judgment, as the FDA does not restrict or regulate a physician&#8217;s choice of diagnostic or treatment within the practice of medicine. However, the promotion of a
product in a manner that is false, misleading, unsubstantiated, or for unapproved, or <FONT STYLE="white-space:nowrap">off-label,</FONT> uses may result in enforcement letters, inquiries and investigations, and civil and criminal sanctions by the
FDA or the FTC. In particular, a product may not be promoted for uses that are not approved by the FDA as reflected in the product&#8217;s approved labeling. If we receive regulatory approval for a product candidate, physicians may nevertheless
prescribe it to their patients in a manner that is inconsistent with the approved label. If we are found to have promoted such <FONT STYLE="white-space:nowrap">off-label</FONT> uses, we may become subject to significant liability. The FDA and other
agencies actively enforce the laws and regulations prohibiting the promotion of <FONT STYLE="white-space:nowrap">off-label</FONT> uses, and a company that is found to have improperly promoted <FONT STYLE="white-space:nowrap">off-label</FONT> uses
may be subject to significant sanctions and may result in false claims litigation under federal and state statutes, which can lead to consent decrees, civil monetary penalties, restitution, criminal fines and imprisonment, and exclusion from
participation in Medicare, Medicaid, and other federal and state healthcare programs. The federal government has levied large civil and criminal fines against companies for alleged improper promotion and has enjoined several companies from engaging
in <FONT STYLE="white-space:nowrap">off-label</FONT> promotion. The FDA has also requested that companies enter into consent decrees or permanent injunctions under which specified promotional conduct is changed or curtailed. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Equivalent limitations and penalties are provided in the European Economic Area, or EEA, both at the supranational level and at the national level in the individual EEA
countries. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any government investigation of alleged violations of law could require us to expend significant time and resources in response and could generate
negative publicity. Any failure to comply with ongoing regulatory requirements may significantly and adversely affect our ability to commercialize and generate revenue from our products, if approved. Failure to comply with EU and EEA
countries&#8217; laws that apply to the conduct of clinical trials, manufacturing approval, marketing authorization of medicinal products and marketing of such products, both before and after grant of the marketing authorization, or with other
applicable regulatory requirements may result in administrative, civil or criminal penalties. These penalties could include delays or refusal to authorize the conduct of clinical trials, or to grant marketing authorization, product withdrawals and
recalls, product seizures, suspension, withdrawal or variation of the marketing authorization, total or partial suspension of production, distribution, manufacturing or clinical trials, operating restrictions, injunctions,
</P>
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suspension of licenses, fines and criminal penalties. If regulatory sanctions are applied or if regulatory approval is withdrawn, the value of our company and our operating results will be
adversely affected. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Moreover, the policies of the FDA and of comparable foreign regulatory authorities may change and additional government regulations may be
enacted that could prevent, limit, or delay regulatory approval of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other or future
product candidates. As an example, the regulatory landscape related to clinical trials in the EEA recently evolved. The EU Clinical Trials Regulation, or CTR, which was adopted in April 2014 and repeals the EU Clinical Trials Directive, became
applicable on January&nbsp;31, 2022. The CTR allows sponsors to make a single submission to both the competent authority and an ethics committee in each EEA country, leading to a single decision for each EEA country. The assessment procedure for the
authorization of clinical trials has been harmonized as well, including a joint assessment by all EEA countries concerned, and a separate assessment by each EEA country with respect to specific requirements related to its own territory, including
ethics rules. Each EEA country&#8217;s decision is communicated to the sponsor via the centralized EU portal. Once the clinical trial approved, clinical study development may proceed. The CTR foresees a three-year transition period. The extent to
which ongoing and new clinical trials will be governed by the CTR varies. For clinical trials in relation to which application for approval was made on the basis of the Clinical Trials Directive before January&nbsp;31, 2022, the Clinical Trials
Directive will continue to apply on a transitional basis for three years. Additionally, sponsors could choose to submit a clinical trial application under either the Clinical Trials Directive or the CTR until January&nbsp;31, 2023. Where these
trials were authorized on the basis of the Clinical Trials Directive, they will be governed by the Clinical Trials Directive until January&nbsp;31, 2025. By that date, all ongoing trials will become subject to the provisions of the CTR. The CTR will
apply to clinical trials from an earlier date if the clinical trial has already transitioned to the CTR framework. Compliance with the CTR requirements by us and our third-party service providers, such as CROs, may impact our developments plans.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">It is currently unclear to what extent the United Kingdom, or UK, will seek to align its regulations with the EU in the future. The UK regulatory framework in
relation to clinical trials is derived from existing EU legislation (as implemented into UK law, through secondary legislation). However, the Retained EU Law (Revocation and Reform) Bill published in late 2022 which is intended to remove most <FONT
STYLE="white-space:nowrap">EU-derived</FONT> legislation from the UK statute book by the end of 2023, may result in a divergence of approach between the EU and the UK. On January&nbsp;17, 2022, the UK Medicines and Healthcare products Regulatory
Agency, or MHRA, launched an eight-week consultation on reframing the UK legislation for clinical trials. The consultation closed on March&nbsp;14, 2022 and aims to streamline clinical trials approvals, enable innovation, enhance clinical trials
transparency, enable greater risk proportionality, and promote patient and public involvement in clinical trials. The outcome of the consultation will be closely watched and will determine whether the UK chooses to align with the regulation or
diverge from it to maintain regulatory flexibility. A decision by the UK not to closely align its regulations with the new approach that will be adopted in the EU may have an effect on the cost of conducting clinical trials in the UK as opposed to
other countries and/or make it harder to seek a marketing authorization in the EU for our product candidates on the basis of clinical trials conducted in the UK. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We
cannot predict the likelihood, nature, or extent of government regulation that may arise from future legislation or administrative or executive action, either in the United States or abroad. In addition, if we are slow or unable to adapt to changes
in existing requirements or the adoption of new requirements or policies, or if we are not able to maintain regulatory compliance, we may lose any regulatory approval that we may have obtained and we may not achieve or sustain profitability. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that
we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Obtaining and maintaining regulatory approval of
our product candidates in one jurisdiction does not guarantee that we will be able to obtain or maintain regulatory approval in any other jurisdiction, while a failure or delay in obtaining regulatory approval in one jurisdiction may have a negative
effect on the regulatory approval process in others. For example, even if the FDA grants marketing approval of a product candidate, similar foreign regulatory authorities must also approve the manufacturing, marketing and promotion of the product
candidate in those countries. Approval and licensure procedures vary among jurisdictions and can involve requirements and administrative review periods different from, and greater than, those in the United States, including additional preclinical
studies or clinical trials as clinical trials conducted in one jurisdiction may not be accepted by regulatory authorities in other jurisdictions. In many jurisdictions outside the United States, a product candidate must be approved for reimbursement
before it can be approved for sale in that jurisdiction. In some cases, the price that we intend to charge for our products is also subject to approval. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may also
submit marketing applications in other countries. Regulatory authorities in jurisdictions outside of the United States have requirements for approval of product candidates with which we must comply prior to marketing in those jurisdictions.
Obtaining similar foreign regulatory approvals and compliance with similar foreign regulatory requirements could result in significant delays, difficulties and costs for us and could delay or prevent the introduction of our products in certain
countries. If we fail to comply with the regulatory requirements in international markets and/or receive applicable marketing approvals, our target market will be reduced and our ability to realize the full market potential of our product candidates
will be harmed. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Disruptions at the FDA and other government agencies and foreign regulatory authorities, including those caused by funding shortages or global
health concerns could hinder their ability to hire, retain, or deploy key leadership and other personnel, or otherwise prevent new or modified drugs from being developed, approved, or commercialized in a timely manner or at all, which could
negatively impact our business. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The ability of the FDA or comparable foreign regulatory authorities to review and approve new drugs can be affected by a
variety of factors, including government budget reductions in force, and funding levels, statutory, regulatory, and policy changes, the FDA&#8217;s or comparable foreign regulatory authorities&#8217; ability to hire and retain key personnel and
accept the payment of user fees, pandemics and other public health crises, and other events that may otherwise affect the FDA&#8217;s or comparable foreign regulatory authorities&#8217; ability to perform routine functions. Average review times at
the FDA have fluctuated in recent years as a result. In addition, government funding of other government agencies that fund research and development activities is subject to the political process, which is inherently fluid and unpredictable. Recent
disruptions at the FDA and other agencies may also slow the time necessary for new drugs or modifications to approved drugs to be reviewed and/or approved by necessary regulatory authorities, which would adversely affect our business. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For example, in recent years, the U.S. government has shut down several times and certain regulatory agencies, such as the FDA, have had to furlough critical employees
and stop critical activities. In addition, the current U.S.&nbsp;presidential administration has issued certain policies and executive orders directed towards reducing the employee headcount and costs associated with U.S. administrative agencies,
including the FDA, and it remains unclear the degree to which these efforts may limit or otherwise adversely affect the FDA&#8217;s ability to conduct routine activities. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Separately, in response to the COVID-19 pandemic, the FDA postponed most inspections of domestic and foreign manufacturing facilities at various points. If any future
prolonged government shutdown occurs, or if renewed global health concerns, funding shortages or staffing limitations prevent the FDA or other regulatory authorities from conducting their regular inspections, reviews or other regulatory activities,
it could </P>
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significantly impact the ability of the FDA or other regulatory authorities to timely review and process our regulatory submissions, which could have a material adverse effect on our business,
financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We are currently, and may in the future, conduct clinical trials for product candidates outside the
United States, and the FDA and comparable foreign regulatory authorities may not accept data from such trials. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may in the future choose to conduct one or
more additional clinical trials outside the United States, including in the EU, South Africa, Australia and/or Asia. The acceptance of study data from clinical trials conducted outside the United States or another jurisdiction by the FDA or
comparable foreign regulatory authority may be subject to certain conditions or may not be accepted at all. In cases where data from foreign clinical trials are intended to serve as the basis for regulatory approval in the United States, the FDA
will generally not approve the application based on foreign data alone unless: (i)&nbsp;the data is applicable to the U.S. population and U.S. medical practice; and (ii)&nbsp;the trials were performed by clinical investigators of recognized
competence and pursuant to GCP regulations. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Additionally, the FDA&#8217;s clinical trial requirements, including sufficient size of patient populations and
statistical powering, must be met. Many foreign regulatory authorities have similar approval requirements. In addition, such foreign trials would be subject to the applicable local laws of the foreign jurisdictions where the trials are conducted.
There can be no assurance that the FDA or any comparable foreign regulatory authority will accept data from trials conducted outside of the United States or the applicable jurisdiction. If the FDA or any comparable foreign regulatory authority does
not accept such data, it would result in the need for additional trials, which could be costly and time-consuming, and which may result in product candidates that we may develop not receiving approval for commercialization in such jurisdiction. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our business operations and current and future relationships with healthcare professionals, principal investigators, consultants, vendors, customers, and
third-party payors in the United States and elsewhere are subject, directly or indirectly, to applicable anti-kickback, fraud and abuse, false claims, physician payment transparency, health information privacy and security and other healthcare laws
and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm, administrative burdens, diminished profits and future earnings. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Healthcare providers, healthcare facilities and institutions, and third-party payors in the United States and elsewhere will play a primary role in the recommendation
and prescription of any product candidates for which we obtain regulatory approval. Our future arrangements with healthcare professionals, healthcare facilities and institutions, principal investigators, consultants, customers, and third-party
payors may expose us to broadly applicable fraud and abuse and other healthcare laws and regulations, including, without limitation, the federal Anti-Kickback Statute and the federal False Claims Act, or the FCA, which may constrain the business or
financial arrangements and relationships through which we research, sell, market, and distribute any product candidates for which we obtain regulatory approval. In addition, we may be subject to physician payment transparency laws and regulation by
the federal government and by the states and foreign jurisdictions in which we conduct our business. The applicable federal, state, and foreign healthcare laws and regulations that affect our ability to operate include, but are not limited to, the
following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the federal Anti-Kickback Statute, which prohibits, among other things, persons or entities from knowingly and willfully
soliciting, offering, receiving, or providing any remuneration (including any kickback, bribe, or certain rebate), directly or indirectly, overtly or covertly, in cash or in kind, to induce or reward, or in return for, either the referral of an
individual for, or the purchase, lease, order or recommendation of, any good, facility, item or service, for which payment may be made, in whole or in part, under any U.S. federal healthcare program, such as Medicare and Medicaid. The term
&#8220;remuneration&#8221; has been broadly interpreted </P></TD></TR></TABLE>
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to include anything of value. The federal Anti-Kickback Statute has also been interpreted to apply to arrangements between pharmaceutical manufacturers on the one hand and prescribers, purchasers
and formulary managers on the other hand. There are a number of statutory exceptions and regulatory safe harbors protecting some common activities from prosecution, but the exceptions and safe harbors are drawn narrowly and require strict compliance
in order to offer protection. A person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the U.S. federal civil and criminal false claims laws, including without limitation, the civil FCA, which can be enforced
by private citizens on behalf of the U.S. federal government through civil whistleblower or qui tam actions, and the federal civil monetary penalties law which prohibit, among other things, individuals or entities from knowingly presenting, or
causing to be presented, to the U.S. federal government, claims for payment or approval that are false or fraudulent, knowingly making, using, or causing to be made or used, a false record or statement material to a false or fraudulent claim, or
from knowingly making a false statement to avoid, decrease, or conceal an obligation to pay money to the U.S. federal government. Pharmaceutical manufacturers can cause false claims to be presented to the U.S. federal government by, among other
things, engaging in impermissible marketing practices, such as the <FONT STYLE="white-space:nowrap">off-label</FONT> promotion of a drug for an indication for which it has not received FDA approval. Further, pharmaceutical manufacturers can be held
liable under the civil FCA even when they do not submit claims directly to government payors if they are deemed to &#8220;cause&#8221; the submission of false or fraudulent claims. In addition, the government may assert that a claim including items
and services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the civil FCA; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, which imposes criminal and civil
liability for, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program, or knowingly and willfully falsifying, concealing, or covering up a material fact or making any
materially false statement, in connection with the delivery of, or payment for, healthcare benefits, items, or services. Similar to the federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the healthcare fraud
statute implemented under HIPAA or specific intent to violate it in order to have committed a violation; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, or HITECH, and their
respective implementing regulations, impose obligations on certain healthcare providers, health plans and healthcare clearinghouses, known as covered entities, as well as their business associates and their subcontractors that perform certain
services involving the storage, use or disclosure of individually identifiable health information, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of individually identifiable health
information and require notification to affected individuals and regulatory authorities of certain breaches of security of individually identifiable health information. HITECH increased the civil and criminal penalties that may be imposed against
covered entities, business associates and possibly other persons and gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorney&#8217;s fees and
costs associated with pursuing federal civil actions. In addition, many state laws govern the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and may not have the same
effect, and often are not preempted by HIPAA; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the U.S. Federal Food, Drug, and Cosmetic Act, or the FDCA, which prohibits, among other things, the adulteration or
misbranding of drugs, biologics, and medical devices; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the federal and state laws that require pharmaceutical manufacturers to report certain calculated drug prices to the
government or provide certain discounts or rebates to government authorities or private entities, often as a condition of reimbursement under government healthcare programs; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the U.S. Physician Payments Sunshine Act and its implementing regulations, which requires, among other things, certain
manufacturers of drugs, devices, biologics, and medical supplies that are reimbursable under Medicare, Medicaid, or the Children&#8217;s Health Insurance Program, with specific exceptions, to report annually to the Centers for Medicare and Medicaid
Services, or CMS, information related to certain payments and other transfers of value physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors), certain other healthcare professionals (such as physician
assistants and nurse practitioners), and teaching hospitals, as well as ownership and investment interests held by such physicians and their immediate family members; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">analogous U.S. state laws and regulations, including: state anti-kickback and false claims laws, which may apply to our
business practices, including but not limited to, research, distribution, sales and marketing arrangements, and claims involving healthcare items or services reimbursed by any third-party payor, including private insurers; state laws that require
pharmaceutical companies to comply with the pharmaceutical industry&#8217;s voluntary compliance guidelines and the relevant compliance guidance promulgated by the U.S. federal government, or otherwise restrict payments that may be made to
healthcare providers and other potential referral sources; state laws and regulations that require drug manufacturers to file reports relating to pricing and marketing information, which requires tracking gifts and other remuneration and items of
value provided to healthcare professionals and entities; and state and local laws requiring the registration of pharmaceutical sales representatives; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">similar healthcare laws and regulations in foreign jurisdictions, including reporting requirements detailing interactions
with and payments to healthcare providers. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Outside the United States, interactions between pharmaceutical companies and healthcare professionals
are also governed by strict laws, such as national anti-bribery laws of European countries, national sunshine rules, regulations, industry self-regulation codes of conduct and physicians&#8217; codes of professional conduct. Failure to comply with
these requirements could result in reputational risk, public reprimands, administrative penalties, fines or imprisonment. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Ensuring that our internal operations and
future business arrangements with third parties comply with applicable healthcare laws and regulations will involve substantial costs. It is not always possible to identify and deter employee misconduct or business
<FONT STYLE="white-space:nowrap">non-compliance,</FONT> and the precautions we take to detect and prevent inappropriate conduct may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental
investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws or regulations. Efforts to ensure that our business arrangements will comply with applicable healthcare laws may involve substantial costs. We
have entered into consulting and scientific advisory board arrangements with physicians and other healthcare providers, including some who could influence the use of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> of any of our other current or future product candidates, if approved. Compensation under some of these arrangements includes the provision of stock or stock
options in addition to cash consideration. Because of the complex and <FONT STYLE="white-space:nowrap">far-reaching</FONT> nature of these laws, it is possible that if our products are commercialized, governmental authorities could conclude that our
business practices do not comply with current or future statutes, regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If our operations are found to be in violation of any of the laws described above or any other governmental laws and regulations that may apply to us, we may be subject
to significant penalties, including civil, criminal, and administrative penalties, damages, fines, exclusion from government-funded healthcare programs, such as Medicare and Medicaid, or similar programs in other countries or jurisdictions,
integrity oversight and reporting obligations to resolve allegations of <FONT STYLE="white-space:nowrap">non-compliance,</FONT> disgorgement, imprisonment, contractual damages, reputational harm, diminished profits, and the curtailment or
restructuring of our operations. If any of the </P>
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physicians or other providers or entities with whom we expect to do business are found to be in violation of applicable laws, they may be subject to significant criminal, civil or administrative
sanctions, including exclusions from government funded healthcare programs and imprisonment, which could affect our ability to operate our business. Further, defending against any such actions can be costly, time-consuming and may require
significant personnel resources. Therefore, even if we are successful in defending against any such actions that may be brought against us, our business may be impaired. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Healthcare policy changes may have a material adverse effect on our business, financial condition, results of operations and prospects. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act, or collectively, the ACA, enacted in March 2010, made
several substantial changes in the way healthcare is financed by both governmental and private insurers, and significantly impacted the U.S. pharmaceutical industry. Some ways in which the ACA may significantly impact our business include provisions
regarding coordination and promotion of research on comparative clinical effectiveness of different technologies and procedures, initiatives to revise Medicare payment methodologies, and initiatives to promote quality indicators in payment
methodologies. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There have been legal and political challenges to certain aspects of the ACA. For example, on June&nbsp;17, 2021, the U.S. Supreme Court dismissed a
challenge on procedural grounds that argued the ACA is unconstitutional in its entirety because the &#8220;individual mandate&#8221; was repealed by Congress. Prior to the U.S. Supreme Court ruling, on January&nbsp;28, 2021, President Biden issued
an executive order to initiate a special enrollment period from February&nbsp;15, 2021, through August&nbsp;15, 2021 for purposes of obtaining health insurance coverage through the ACA marketplace. The executive order also instructed certain
governmental agencies to review and reconsider their existing policies and rules that limit access to healthcare, including among others, reexamining Medicaid demonstration projects and waiver programs that include work requirements, and policies
that create unnecessary barriers to obtaining access to health insurance coverage through Medicaid or the ACA. Further, on August&nbsp;16, 2022, President Biden signed the Inflation Reduction Act of 2022, or IRA, into law, which among other things,
extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan year 2025. The IRA also eliminates the &#8220;donut hole&#8221; under the Medicare Part D program beginning in 2025 by significantly
lowering the beneficiary maximum <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> cost and creating a new manufacturer discount program. It is possible that the ACA will be subject to judicial or
Congressional challenges in the future. It is unclear how any such challenges and current or evolving federal policies regarding healthcare reform measures will impact the ACA or our business. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Since the ACA&#8217;s passage, legislative changes to the ACA have been proposed and adopted. On July 4, 2025, the annual reconciliation bill, the &#8220;One Big
Beautiful Bill Act,&#8221; or OBBBA, was signed into law which is expected to reduce Medicaid spending and enrollment by implementing work requirements for some beneficiaries, capping state-directed payments, reducing federal funding, and limiting
provider taxes used to fund the program. OBBBA also narrows access to ACA marketplace exchange enrollment and declines to extend the ACA&#8217;s enhanced advanced premium tax credits, set to expire in 2025, which, among other provisions in the law,
are anticipated to reduce the number of Americans with health insurance. Additionally, under the sequestration required by the Budget Control Act of 2011, beginning April 1, 2013, Medicare payments to providers were reduced, which will remain in
effect through 2032 unless additional Congressional action is taken. On March 11, 2021, the American Rescue Plan Act of 2021 was signed into law, which eliminated the statutory cap on the Medicaid drug rebate effective January 1, 2024. The rebate
was previously capped at 100% of a drug&#8217;s average manufacturer price. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Recently, there has been heightened governmental scrutiny over the manner in which
manufacturers set prices for their marketed drugs, which has resulted in several presidential executive orders, Congressional inquiries and </P>
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proposed and enacted federal and state legislation designed to, among other things, bring more transparency to drug pricing, review the relationship between pricing and manufacturer patient
programs, and reform government program reimbursement methodologies for drug products. At the federal level, in July 2021, the Biden administration released an executive order, &#8220;Promoting Competition in the American Economy,&#8221; with
multiple provisions aimed at prescription drugs. In response to Biden&#8217;s executive order, on September&nbsp;9, 2021, the U.S. Department of Health and Human Services, or HHS, released a Comprehensive Plan for Addressing High Drug Prices that
outlines principles for drug pricing reform and sets out a variety of potential legislative policies that Congress could pursue as well as potential administrative actions HHS can take to advance these principles. Further, the IRA, among other
things (i)&nbsp;directs HHS to negotiate the price of certain high-expenditure, single-source drugs and biologics covered under Medicare and (ii)&nbsp;imposes rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace
inflation. These provisions will take effect progressively starting in fiscal year 2023, although the drug price negotiation program is currently subject to legal challenges. HHS has and will continue to issue and update guidance as these programs
are implemented. It is currently unclear how the IRA will be implemented but is likely to have a significant impact on the pharmaceutical industry. In addition, in response to the Biden administration&#8217;s October 2022 executive order, on
February&nbsp;14, 2023, HHS released a report outlining three new models for testing by the Center for Medicare and Medicaid Innovation which will be evaluated on their ability to lower the cost of drugs, promote accessibility, and improve quality
of care. It is unclear whether the models will be utilized in any health reform measures in the future. At the state level, legislatures are increasingly passing legislation and implementing regulations designed to control pharmaceutical and
biological drug pricing, including price or patient reimbursement constraints, discounts, restrictions on certain drug access and marketing cost disclosure and transparency measures, and, in some cases, designed to encourage importation from other
countries and bulk purchasing. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our ability to develop and market new drug products may be impacted if litigation challenging the FDA&#8217;s approval of another
company&#8217;s drug continues. In April 2023, the U.S. District Court for the Northern District of Texas invalidated the approval by the FDA of mifepristone, a drug product, which was originally approved in 2000, and whose distribution is governed
by various measures adopted under a REMS. The Court of Appeals for the Fifth Circuit declined to order the removal of mifepristone from the market but did hold that plaintiffs were likely to prevail in their claim that changes allowing for expanded
access of mifepristone, which the FDA authorized in 2016 and 2021, were arbitrary and capricious. In June 2024, the Supreme Court reversed and remanded that decision after unanimously finding that the plaintiffs did not have standing to bring this
legal action against the FDA. Depending on the outcome of this litigation, if it continues, our ability to develop [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 or future product candidates we may develop may be at risk and
could be delayed, undermined or subject to protracted litigation. Finally, we could be adversely affected by several significant administrative law cases decided by the U.S. Supreme Court in 2024. In <I>Loper Bright Enterprises v. Raimondo</I>, for
example, the court overruled <I>Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc.</I>, which for 40 years required federal courts to defer to permissible agency interpretations of statutes that are silent or ambiguous on a particular
topic. The U.S. Supreme Court stripped federal agencies of this presumptive deference and held that courts must exercise their independent judgment when deciding whether an agency such as FDA acted within its statutory authority under the
Administrative Procedure Act, or the APA. Additionally, in <I>Corner Post, Inc. v.</I> <I>Board of Governors of the Federal Reserve System</I>, the court held that actions to challenge a federal regulation under the APA can be initiated within six
years of the date of injury to the plaintiff, rather than the date the rule is finalized. The decision appears to give prospective plaintiffs a personal statute of limitations to challenge longstanding agency regulations. These decisions could
introduce additional uncertainty into the regulatory process and may result in additional legal challenges to actions taken by federal regulatory agencies, including the FDA and the CMS that we rely on. In addition to potential changes to
regulations as a result of legal challenges, these decisions may result in increased regulatory uncertainty and delays and other impacts, any of which could adversely impact our business and operations. Furthermore, recent changes to the leadership
of federal agencies like HHS, CMS and FDA can lead to new policies and regulations that can have a material impact on our industry and business operations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Many EEA countries periodically review their reimbursement procedures for medicinal products, which could have an
adverse impact on reimbursement status. We expect that legislators, policymakers and healthcare insurance funds in the EEA countries will continue to propose and implement cost-containing measures, such as lower maximum prices, lower or lack of
reimbursement coverage and incentives to use cheaper, usually generic, products as an alternative to branded products, and/or branded products available through parallel import to keep healthcare costs down. Moreover, in order to obtain
reimbursement for our products in some European countries, including some EEA countries, we may be required to compile additional data comparing the cost-effectiveness of our products to other available therapies. Health Technology Assessment, or
HTA, of medicinal products is becoming an increasingly common part of the pricing and reimbursement procedures in some EEA countries, including those representing the larger markets. The HTA process is the procedure to assess therapeutic, economic
and societal impact of a given medicinal product in the national healthcare systems of the individual country. The outcome of an HTA will often influence the pricing and reimbursement status granted to these medicinal products by the competent
authorities of individual EEA countries. The extent to which pricing and reimbursement decisions are influenced by the HTA of the specific medicinal product currently varies between EEA countries. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In December 2021, Regulation No 2021/2282 on HTA amending Directive 2011/24/EU, was adopted in the EU. This Regulation, which entered into force in January 2022 and will
apply as of January 2025, is intended to boost cooperation among EEA countries in assessing health technologies, including new medicinal products, and providing the basis for cooperation at EEA level for joint clinical assessments in these areas.
The Regulation foresees a three-year transitional period and will permit EEA countries to use common HTA tools, methodologies, and procedures across the EEA, working together in four main areas, including joint clinical assessment of the innovative
health technologies with the most potential impact for patients, joint scientific consultations whereby developers can seek advice from HTA authorities, identification of emerging health technologies to identify promising technologies early, and
continuing voluntary cooperation in other areas. Individual EEA countries will continue to be responsible for assessing <FONT STYLE="white-space:nowrap">non-clinical</FONT> (e.g., economic, social, ethical) aspects of health technologies, and making
decisions on pricing and reimbursement. If we are unable to maintain favorable pricing and reimbursement status in EEA countries for product candidates that we may successfully develop and for which we may obtain regulatory approval, any anticipated
revenue from and growth prospects for those products in the EEA could be negatively affected. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Legislators, policymakers and healthcare insurance funds in the EEA
may continue to propose and implement cost-containing measures to keep healthcare costs down; particularly due to the financial strain that the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic placed on national healthcare systems of the
EEA countries. These measures could include limitations on the prices we would be able to charge for product candidates that we may successfully develop and for which we may obtain regulatory approval or the level of reimbursement available for
these products from governmental authorities or third-party payors. Further, an increasing number of EEA and other foreign countries use prices for medicinal products established in other countries as &#8220;reference prices&#8221; to help determine
the price of the product in their own territory. Consequently, a downward trend in prices of medicinal products in some countries could contribute to similar downward trends elsewhere. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We cannot predict whether future healthcare initiatives will be implemented at the federal or state level, supranational or national level, or how any future legislation
or regulation may affect us, any of which may have a materially adverse effect on our business, financial condition, results of operations and prospects. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Even if we are able to commercialize a product candidate, coverage and adequate reimbursement may not be
available or such product candidate may become subject to unfavorable pricing regulations or third-party coverage and reimbursement policies, which would harm our business. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The regulations that govern regulatory approvals, pricing, and reimbursement for product products vary widely from country to country. Some countries require approval of
the sale price of a drug product before it can be marketed or may require us or our collaborators to conduct clinical trials that compare the cost-effectiveness of our product candidates to other therapies to obtain reimbursement or pricing
approval. In many countries, the pricing review period begins after regulatory approval is granted. In some foreign markets, prescription drug product pricing remains subject to continuing governmental control even after initial approval is granted.
As a result, we might obtain regulatory approval for a product in a particular country, but then be subject to price regulations that delay our commercial launch of the product, possibly for lengthy time periods, and negatively impact the revenue we
are able to generate from the sale of the product in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more product candidates, even if [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our future product candidates obtain regulatory approval. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our
ability to commercialize any products successfully also will depend in part on the extent to which coverage and adequate reimbursement for these products and related treatments will be available from third-party payors, such as government
authorities, private health insurers, and other organizations. Even if we succeed in bringing one or more products to market, these products may not be considered cost-effective, and the amount reimbursed for any products may be insufficient to
allow us to sell our products on a competitive basis. Because our programs are in the early stages of development, we are unable at this time to determine their cost effectiveness or the likely level or method of coverage and reimbursement.
Increasingly, the third-party payors who reimburse patients or healthcare providers are requiring that drug companies provide them with predetermined discounts from list prices, and are seeking to reduce the prices charged or the amounts reimbursed
for drug products. Moreover, no uniform policy requirement for coverage and reimbursement for drugs exists among third-party payors in the United States, which may result in significant variations in coverage and reimbursement from payor to payor.
Even if favorable coverage and reimbursement status is attained for one or more drug products for which we receive regulatory approval, less favorable coverage policies and reimbursement rates may be implemented in the future. If the price we are
able to charge for any products we develop, or the coverage and reimbursement provided for such products, is inadequate in light of our development and other costs, our return on investment could be affected adversely. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The continuing efforts of the government, insurance companies, managed care organizations, and other payors of healthcare services to contain or reduce costs of
healthcare and/or impose price controls may adversely affect: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the demand for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or future product candidates, if we obtain regulatory approval; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to set a price that we believe is fair for our products; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to obtain coverage and reimbursement approval for a product; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to generate revenue and achieve or maintain profitability; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the level of taxes that we are required to pay; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the availability of capital. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our inability to promptly obtain and maintain coverage and adequate reimbursement from both third-party payors for the product candidates that we may develop and for
which we obtain regulatory approval could adversely affect our business, financial condition, results of operations, and prospects. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We and our collaborators and our third-party service providers are subject to a variety of stringent and
evolving U.S. and foreign laws, regulations, rules, contractual obligations, policies and industry standards related to data privacy and cybersecurity, which could increase compliance costs, and our actual or perceived failure to comply therewith
could subject us to regulatory investigations or actions, litigation, fines or penalties, disruptions of our business operation, reputational harm, loss of revenue or profits, and other adverse business consequences. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We process a large quantity of sensitive information, including proprietary and confidential business information and other personal information, and we and our
collaborators and third-party service providers are subject to various federal, state, local and foreign data privacy and cybersecurity laws, rules and regulations relating to the privacy, security and processing of personal information. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The global data privacy and cybersecurity landscape is rapidly evolving, and we and our collaborators and third-party service providers may be affected by or subject to
new, amended, or existing laws, rules and regulations, including as our operations continue to expand or if we operate in foreign jurisdictions. These laws, rules and regulations may be subject to differing interpretations, which adds to the
complexity of processing personal information. Guidance on implementation and compliance practices are often updated or otherwise revised. This evolution may create uncertainty in our business, affect our ability to operate in certain jurisdictions
or to collect, store, transfer, use, share or otherwise process personal information, necessitate the acceptance of more onerous obligations in our contracts, result in liability or impose additional costs on us. If we fail or are perceived to have
failed to comply with these laws, rules and regulations, we may be subject to litigation, regulatory investigations, enforcement notices, enforcement actions, fines, imprisonment of company officials and public censure, claims for damages by
affected individuals, and criminal or civil penalties, as well as negative publicity, reputational harm, loss of goodwill and a potential loss of business, any of which could have a material adverse effect on our business, financial condition,
results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the United States, numerous federal, state and local laws, rules and regulations, including state data breach notification
laws and federal and state data privacy laws, rules and regulations that govern the collection, use, disclosure, protection, transfer and other processing of health information and other personal information apply to our operations and the
operations of our collaborators and third-party service providers. Each of these laws, rules and regulations is subject to varying interpretations and constantly evolving. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For example, HIPAA, as amended by HITECH, and regulations promulgated thereunder impose certain obligations with respect to safeguarding the privacy, security,
transmission and other processing of individually identifiable health information on &#8220;covered entities,&#8221; and their respective &#8220;business associates,&#8221; as well as their covered subcontractors, that perform services for them.
Depending on the facts and circumstances, we could be subject to significant penalties if we violate HIPAA. For example, under HIPAA, we could potentially face substantial criminal or civil penalties if we knowingly receive protected health
information from a HIPAA-covered healthcare provider or research institution that has not satisfied HIPAA&#8217;s requirements for disclosure of such protected health information, or otherwise violate applicable HIPAA requirements related to the
protection of such information. Moreover, determining whether protected health information has been handled in compliance with applicable privacy standards and our contractual obligations with third parties can be complex and may be subject to
changing interpretation. If we are unable to properly protect the privacy and security of protected health information, we could be found to have breached our contracts. The HHS has the discretion to impose penalties without attempting to first
resolve violations. HHS enforcement activity can result in financial liability and reputational harm, and responses to such enforcement activity can consume significant internal resources. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even when HIPAA does not apply, failing to take appropriate steps to keep consumers&#8217; personal information secure may constitute a violation of the Federal Trade
Commission Act. The FTC expects a company&#8217;s data security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and complexity of its business and the cost of available
tools to improve security </P>
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and reduce vulnerabilities. Individually identifiable health information is considered sensitive data that merits stronger safeguards. In connection with our clinical trials, we may maintain
sensitive identifiable personal information, including health information, that we receive throughout the clinical trial process, during our research collaborations, and directly from individuals (or their healthcare providers) who enroll in our
patient assistance programs. As such, we may become subject to further obligations under HIPAA. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, our collection of personal information generally may
subject us and our collaborators and third-party service providers to state data privacy laws governing the processing of personal information, including requiring us to reasonably protect certain types of personal information we hold or to
otherwise comply with certain specified cybersecurity requirements with respect to personal information and requiring notification of affected individuals and state regulators in the event of a breach of such personal information in certain
instances. For example, these state laws include the California Consumer Privacy Act, as amended by the California Privacy Rights Act, or collectively the CCPA, and applies to personal information of consumers, business representatives and employees
that are California residents and requires covered businesses to make disclosures to consumers about their data collection, use and sharing practices, allows consumers to opt out of certain data sharing with third parties and provides a cause of
action for data breaches. The CCPA provides for significant civil penalties of up to $7,500 per violation as well as a private right of action for certain data breaches and statutory damages. Although there are limited exemptions for clinical trial
data and some other health data under the CCPA, the CCPA and other similar laws may impact our business activities and increase our compliance costs. Additionally, the California Privacy Rights Act, effective in most material respects as of
January&nbsp;1, 2023, expanded data privacy and cybersecurity compliance requirements and consumers&#8217; rights under the CCPA including by, among other things, giving California residents the ability to correct their personal information and
limit use of certain sensitive personal information, establishing restrictions on the retention of personal information, expanding the types of data breaches subject to the CCPA&#8217;s private right of action, and establishing a new California
Privacy Protection Agency to implement and enforce the law. Other states, including but not limited to Virginia, Colorado, Utah, and Connecticut, have also passed comprehensive privacy laws, and similar laws are being considered in several other
states (including Washington, which enacted the My Health, My Data Act in 2023), as well as at the federal and local levels. While many of these states, like California, also exempt some data processed in the context of clinical trials, these laws
could have potentially conflicting requirements that further complicate compliance efforts, and increase legal risk and compliance costs for us, and the third parties upon whom we rely. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, all 50 U.S. states and the District of Columbia have enacted breach notification laws that may require us to notify patients, employees or regulators in the
event of unauthorized access to or disclosure of personal or confidential information experienced by us or our collaborators or third-party service providers. These laws are not consistent, and compliance in the event of a widespread data breach is
difficult and may be costly. Moreover, states have been frequently amending existing laws, requiring attention to changing regulatory requirements. We also may be contractually required to notify patients or other counterparties of a security
breach. In addition to government regulation, privacy advocates and industry groups have and may in the future propose self-regulatory standards from time to time. These and other industry standards may legally or contractually apply to us, or we
may elect to comply with such standards. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any clinical trial programs and research collaborations that we engage in outside the United States may implicate
international data protection laws, including, in Europe, the General Data Protection Regulation, or GDPR, and the United Kingdom&#8217;s GDPR, combining the GDPR and the UK&#8217;s Data Protection Act of 2018, or the UK GDPR. The GDPR and UK GDPR
govern the collection, use, disclosure, transfer or other processing of personal data of individuals within the EEA and UK and impose stringent operational requirements for data processors and controllers of personal data. For example, the GDPR and
UK GDPR impose onerous accountability obligations requiring data controllers and processors to maintain a record of their data </P>
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processing and policies. The GDPR and UK GDPR also impose certain other onerous obligations, including obligations for controllers and processors to appoint data protection officers in certain
circumstances, increased transparency obligations to data subjects for controllers, obligations to honor increased rights for data subjects, and obligations to implement certain technical and organizational safeguards to protect the security and
confidentiality of personal data. The GDPR and UK GDPR also provide that EEA member states and the UK make their own further laws, rules and regulations to introduce specific requirements related to the processing of &#8220;special categories of
personal data,&#8221; including personal data related to health, biometric data used for unique identification purposes and genetic information, as well as personal data related to criminal offences or convictions. This fact may lead to greater
divergence on the law that applies to the processing of such data types across the EEA and the UK, compliance with which, as and where applicable, may increase our costs and could increase our overall compliance risk. Such member state specific
regulations could limit our ability to collect, use and share data in the context of any future EEA or UK establishments (regardless of where any processing in question occurs). Among other things, the GDPR and UK GDPR require detailed notices for
clinical trial subjects and investigators as well as the security of personal information, and notification of data processing obligations or security incidents to appropriate data protection authorities or data subjects. In addition, the GDPR and
UK GDPR materially expanded the definition of what constitutes personal data (including, for example, by expressly clarifying that the GDPR applies to &#8220;pseudonymized&#8221; and <FONT STYLE="white-space:nowrap">key-coded</FONT> data). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Since January&nbsp;1, 2021, when the transitional period following the exit of the UK from the EU, or Brexit, expired, companies required to comply with the GDPR are
also required to comply with the UK GDPR, which exposes these companies to two parallel regimes, each of which authorizes similar fines and may subject them to increased compliance risk based on differing, and potentially inconsistent or
conflicting, interpretation and enforcement by regulators and authorities (particularly, if the laws are amended in the future in divergent ways). While the GDPR and the UK GDPR remain substantially similar for the time being, the government of the
UK has adopted reforms to its data privacy and cybersecurity legal framework in its Data Use and Access Act 2025, which became law on June 19, 2025 (phasing in between June 2025 and June 2026) and will introduce significant changes from the GDPR.
This may lead to additional compliance costs and could increase overall risk exposure as businesses may no longer be able to take a unified approach across the EEA and the UK, and such businesses may need to amend their processes and procedures to
align with the new framework. Implementing mechanisms to endeavor to ensure compliance with the GDPR and the UK GDPR may be onerous and expose businesses to divergent parallel regimes that may be subject to potentially different interpretations and
enforcement actions for certain violations and related uncertainty. With respect to transfers of personal data from the EEA, on June&nbsp;28, 2021, the European Commission issued an adequacy decision in respect of the UK&#8217;s data protection
framework, enabling data transfers from EU member states to the UK to continue without requiring organizations to put in place contractual or other measures in order to lawfully transfer personal data between the territories. However, the UK
adequacy decision will automatically expire in December 2025 unless the European Commission re-assesses and renews or extends that decision and remains under review (and may be modified or revoked) by the Commission during this period. In addition,
transfers of personal data from the UK to other countries, including the EEA, are subject to specific transfer rules under the UK regime. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The GDPR and UK GDPR
impose substantial fines for breaches and violations (up to the greater of <FONT STYLE="font-family:Times New Roman">&#128;</FONT>20&nbsp;million or 4% of consolidated annual worldwide gross revenue under the GDPR or GBP 17.5&nbsp;million under the
UK GDPR). In addition to administrative fines, a wide variety of other potential enforcement powers are available to competent supervisory authorities in respect of potential and suspected violations of the GDPR or the UK GDPR, including extensive
audit and inspection rights, and powers to order temporary or permanent bans on all or some processing of personal data carried out by <FONT STYLE="white-space:nowrap">non-compliant</FONT> actors The GDPR and UK GDPR also confer a private right of
action on data subjects and consumer associations to lodge complaints with supervisory authorities, seek judicial remedies and obtain compensation for damages resulting from violations of the GDPR </P>
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or the UK GDPR. Further, the exit of the UK from the EU and ongoing developments in the UK have created uncertainty regarding data protection regulation in the UK. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Certain legal developments in Europe have created complexity and uncertainty regarding transfers of personal data from the EEA to the United States, which will affect us
if we begin to transfer personal data from the EEA to other jurisdictions. Recently, in July 2023, the European Commission adopted an adequacy decision in relation to the new <FONT STYLE="white-space:nowrap">EU-U.S.</FONT> Data Privacy Framework, or
DPF, rendering the DPF effective as a GDPR transfer mechanism for personal data transferred from the EEA to the United States by United States entities self-certified under the DPF. However, the DPF adequacy decisions do not foreclose, and are
likely to face, future legal challenges and the ongoing legal uncertainty with respect to international data transfers may increase our costs and our ability to efficiently process personal data from the EEA. Other data transfer mechanisms such as
the Standard Contractual Clauses approved by the European Commission have faced challenges in European courts, may require additional risk analysis and supplemental measures to be used, and may be challenged, suspended or invalidated. Loss of our
ability to lawfully transfer personal data out of the EEA and UK to the United States or any other jurisdictions may require us to increase our data processing capabilities in the EEA and UK at significant expense. If we are otherwise unable to
transfer personal data between and among countries and regions in which we operate, it could affect the manner in which we perform our operations or provide our services, the geographical location or segregation of our relevant systems and
operations, and adversely affect our financial results. These international laws, rules and regulations may apply not only to us, but also to our collaborators, vendors or other third-party service providers that store or otherwise process personal
data on our behalf, such as information technology vendors, and any of the foregoing limitations could impact our ability to work with such collaborators or third-party service providers in certain jurisdictions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are bound by contractual obligations related to data privacy and cybersecurity, and our efforts to comply with such obligations may not be successful. For example,
certain data privacy laws, such as the EU GDPR, the UK GDPR and the CCPA, require our customers to impose specific contractual restrictions on their service providers. We publish privacy policies, marketing materials and other statements, such as
compliance with certain certifications or self-regulatory principles, regarding data privacy and cybersecurity. If these policies, materials or statements are found to be deficient, lacking in transparency, deceptive, unfair, or misrepresentative of
our practices, we may be subject to investigation, enforcement actions by regulators or other adverse consequences. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Obligations related to data privacy and
cybersecurity are quickly changing, becoming increasingly stringent, and creating regulatory uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflicting among
jurisdictions. We are likely to be required to expend significant capital and other resources to ensure ongoing compliance with applicable data privacy and cybersecurity laws. Claims that we have violated individuals&#8217; privacy rights or
breached our contractual obligations or policies, even if we are not found liable, could be expensive and time-consuming to defend, and could result in adverse publicity that could harm our business. Moreover, even if we take all necessary action to
comply with legal and regulatory requirements, we could be subject to data breaches or other unauthorized access of personal information or other sensitive or confidential information, which could subject us to fines and penalties, as well as
litigation and reputational damage and other adverse consequences. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we or our collaborators or our third-party service providers fail to keep apprised of and
comply with applicable international, federal, state, or local regulatory requirements, we could be subject to a range of regulatory actions that could affect our or any collaborators&#8217; ability to seek to commercialize our product candidates.
Any threatened or actual governmental enforcement action or litigation where private rights of action are available could also generate adverse publicity, damage our reputation, result in liabilities, fines, and loss of business, and require that we
devote substantial resources that could otherwise be used in other aspects of our business. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">With laws, rules, regulations, and other obligations relating to data privacy and cybersecurity imposing new and
relatively burdensome obligations, and with the substantial uncertainty over the interpretation and application of these and other obligations, we may face challenges in addressing their requirements and making necessary changes to our policies and
practices and may incur significant costs and expenses in an effort to do so. We are currently in the process of developing and updating our policies and procedures in accordance with requirements under applicable data privacy and cybersecurity
laws, rules and regulations and have not completed formal assessments of whether we are in compliance with all applicable data privacy and cybersecurity laws, rules and regulations. Additionally, if third parties with which we work, such as our
collaborators, vendors or other third-party service providers, violate applicable laws, rules or regulations or our policies, such violations may also put our or our clinical trial and employee data, including personal or other sensitive or
confidential information, at risk, and our business, financial condition, results of operations, and prospects may be adversely affected. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We are subject to
certain U.S. and foreign export and import controls, sanctions, embargoes, anti-corruption laws, and anti-money laundering laws and regulations. Compliance with these legal standards could impair our ability to compete in domestic and international
markets. We can face criminal liability and other serious consequences for violations, which can harm our business. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are subject to export control and
import laws and regulations, including the U.S. Export Administration Regulations, U.S. Customs regulations, various economic and trade sanctions regulations administered by the U.S. Treasury Department&#8217;s Office of Foreign Assets Controls, the
U.S. Foreign Corrupt Practices Act of 1977, as amended, or FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. &#167; 201, the U.S. Travel Act, the USA PATRIOT Act, and other state and national anti-bribery and anti-money laundering laws
in the countries in which we conduct activities. Anti-corruption laws are interpreted broadly and prohibit companies and their employees, agents, contractors, and other collaborators from authorizing, promising, offering, or providing, directly or
indirectly, improper payments or anything else of value to recipients in the public or private sector. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We expect to have direct or indirect interactions with
officials and employees of government agencies or government-affiliated hospitals, universities, and other organizations, and we expect our international activities to increase in time. We may engage third parties to conduct clinical trials, obtain
necessary permits, licenses, patent registrations and other regulatory approvals or sell our products outside the United States, to conduct clinical trials, and/or to obtain necessary permits, licenses, patent registrations, and other regulatory
approvals. We can be held liable for the corrupt or other illegal activities of our employees, agents, contractors, and other collaborators, even if we do not explicitly authorize or have actual knowledge of such activities. Any violations of the
laws and regulations described above may result in substantial civil and criminal fines and penalties, imprisonment, the loss of export or import privileges, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm,
and other consequences. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or
incur costs that could have a material adverse effect on our business. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are subject to numerous environmental, health and safety laws and regulations,
including those governing laboratory procedures and the handling, use, storage, treatment and disposal of hazardous materials and wastes, including radioactive materials and gas. Our operations involve the use of hazardous and flammable materials,
including chemicals and biological and radioactive materials. Our operations also produce hazardous waste products. We generally contract with third parties for the disposal of these materials and wastes. We cannot eliminate the risk of
contamination or injury from these materials. In the event of contamination or injury resulting from our use of hazardous materials, we could be held liable for any resulting damages, and any liability could exceed our resources. We also could incur
significant costs associated with civil or criminal fines and penalties. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our use of facilities that use and produce radioactive materials subjects us to compliance with decommissioning and
decontamination, or D&amp;D, requirements when we close those facilities, exposing us to potentially significant costs. Our product candidates are manufactured using radioactive components, such as the radioisotope <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. When one of such facilities reaches the end of its useful life or if we need to abandon such facility for any other reason, we are obligated under the laws and regulatory rules of the various
jurisdictions in which we operate to decommission and decontaminate such facility. We have no experience with D&amp;D, and the costs of such D&amp;D may be substantial. Estimating the amount and timing of such future D&amp;D costs includes, among
other factors, country-specific requirements and projections as to when a facility will retire or the useful life of a facility. If we do not conduct D&amp;D properly at any of our sites, we may suffer significant additional costs to remediate any
D&amp;D deficiencies, fines, regulatory or criminal charges or other sanction or legal action, any of which could have a material adverse effect upon our business, financial condition and results of operations. Although we have estimated our future
D&amp;D costs and recorded a liability for such costs, there can be no assurances that we will not incur material D&amp;D costs beyond such estimates or our provisions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Although we maintain workers&#8217; compensation insurance to cover us for costs and expenses, we may incur due to injuries to our employees resulting from the use of
hazardous materials, and this insurance may not provide adequate coverage against potential liabilities. We do not maintain insurance for environmental liability or toxic tort claims that may be asserted against us in connection with our storage or
disposal of biological, hazardous, or radioactive materials. In addition, we may incur substantial costs to comply with current or future environmental, health and safety laws and regulations. Current or future environmental laws and regulations may
impair our research, development, and production efforts, which could harm our business, financial condition, results of operations or prospects. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related
to manufacturing </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We intend to build and operate our own&nbsp;manufacturing facility for preclinical and clinical supply needs, which will require
significant resources, and we may fail to successfully establish and operate our facility, which could adversely affect our clinical trials and the commercial viability of our product candidates. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are currently establishing and building a manufacturing facility, in addition to our reliance on CDMOs for the manufacture of our product candidates for preclinical
and clinical needs. We expect that construction of our own manufacturing facility will provide us with enhanced control of material supply for preclinical studies and clinical trials, enable the more rapid implementation of process changes, and
allow for better long-term cost efficiencies. However, we have no experience as a company in construction of a manufacturing facility and may never be successful in building our own manufacturing facility or capability. As a result, we will also
need to hire additional personnel to manage our operations and facilities and develop the necessary infrastructure to continue the research and development and manufacture of our product candidates. We, as a company, have no experience in setting
up, building, or eventually managing a manufacturing facility. If we fail to complete the planned construction and buildout in an efficient manner, or fail to recruit the required personnel and generally manage our growth effectively, the
development and production of our product candidates could be curtailed or delayed. Even if we are successful, our manufacturing capabilities could be affected by cost-overruns, unexpected delays, equipment failures, labor shortages, natural
disasters, power failures and numerous other factors that could prevent us from realizing the intended benefits of our manufacturing strategy and have a material adverse effect on our business. Furthermore, if we are successful in building our own
manufacturing facility, we will continue to be reliant on our CDMOs for clinical and commercial supply, if our product are approved, and their continued compliance with relevant regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, the FDA, the EMA, and other foreign regulatory authorities may require us to submit samples of any lot of any approved product together with the protocols
showing the results of applicable tests at any time. Under some circumstances, the FDA, the EMA, or other foreign regulatory authorities may require that we not distribute a lot until the relevant agency authorizes its release. Slight deviations in
the manufacturing process, including those affecting </P>
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quality attributes and stability, may result in unacceptable changes in the product that could result in lot failures or product recalls. Lot failures or product recalls could cause us to delay
product launches or clinical trials, which could be costly to us and otherwise harm our business, financial condition, results of operations, and prospects. Problems in our manufacturing process could restrict our ability to meet clinical and market
demand for our products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any problems in our manufacturing process or facilities could make us a less attractive collaborator for potential partners, including
larger pharmaceutical companies and academic research institutions, which could limit our access to additional attractive development programs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our product
candidates are biologics and the manufacture of our product candidates is complex. Even after our planned manufacturing facility is operating, we will continue to rely on third parties to manufacture our product candidates. Our business could be
harmed if those third parties fail to provide us with sufficient quantities of product supplies or product candidates, or fail to do so at acceptable quality levels or prices. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our product candidates are biologics and the process of manufacturing them is complex, highly regulated and subject to multiple risks. As a result of these complexities,
the cost to manufacture biologics is generally higher than traditional small molecule chemical compounds, and the manufacturing process for biologics is less reliable and is more difficult to reproduce. In addition, manufacturing our product
candidates will require many reagents, which are substances used in our manufacturing processes to bring about chemical or biological reactions, and other specialty materials and equipment, some of which are manufactured or supplied by small
companies with limited resources and experience to support commercial biologics production. Even minor deviations from normal manufacturing processes could result in reduced production yields, product defects, and other supply disruptions. If
microbial, viral or other contaminations are discovered in our product candidates or in the manufacturing facilities in which our product candidates are made, such manufacturing facilities may need to be closed for an extended period of time to
investigate and remedy the contamination. We have experienced manufacturing deviations and similar issues in the past, and may experience similar issues in the future. We cannot assure you that any stability failures or other issues relating to the
manufacture of our product candidates will not occur in the future. Any such issues could cause delays in our development plans. Further, as product candidates are developed through preclinical to late-stage clinical trials towards approval and
commercialization, it is common that various aspects of the development program, such as manufacturing methods, are altered along the way in an effort to optimize processes and results. Such changes carry the risk that they will not achieve these
intended objectives, and any of these changes could cause our product candidates to perform differently and affect the results of planned clinical trials or other future clinical trials. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even if we are able to complete our manufacturing facility, we will continue to rely on U.S.-based third-party manufacturers or third-party collaborators for the
manufacture of our product candidates and for commercial supply of any of our product candidates for which we or any of our potential future collaborators obtain marketing approval. We may be unable to maintain agreements with our existing
third-party manufacturers, or to establish additional agreements with third-party manufacturers or to do so on acceptable terms. Even if we are able to establish agreements with third-party manufacturers, reliance on third-party manufacturers
entails additional risks, including: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the number of potential manufacturers is limited and any new manufacturers are subject to the FDA&#8217;s review and
approval of a supplemental BLA. This approval would require new testing and may require <FONT STYLE="white-space:nowrap">pre-approval</FONT> inspections of the new manufacturer by the FDA. In addition, a new manufacturer would have to be educated
in, or develop substantially equivalent processes for, production of our products; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our current third-party manufacturers are located in United States and we may encounter issues with exporting our product
candidates into foreign jurisdictions; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">59 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our third-party manufacturers might be unable to timely manufacture our product or produce the quantity and quality
required to meet our clinical and commercial needs, if any; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our third-party manufacturers may not be able to execute our manufacturing procedures and other logistical support
requirements appropriately; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our third-party manufacturers may not perform as agreed, according to our schedule or specifications, or at all, may not
devote sufficient resources to our product candidates, may give greater priority to the supply of other products over our product candidates, or may not remain in the contract manufacturing business for the time required to supply our clinical
trials or to successfully produce, store, and distribute our products; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our third-party manufacturers are subject to ongoing periodic unannounced inspection by the FDA and corresponding state
agencies to ensure strict compliance with GMPs and other government regulations and corresponding foreign standards. We do not have control over third-party manufacturers&#8217; compliance with these and/or any other applicable regulations and
standards; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we may not own, or may have to share, the intellectual property rights to any improvements made by our third-party
manufacturers in the manufacturing process for our products; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our third-party manufacturers could breach, terminate or not renew their agreement with us at a time that is costly or
inconvenient for us; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">clinical and, if approved, commercial supplies for the raw materials and components used to manufacture and process our
product candidates, particularly those for which we have no other source or supplier, may not be available or may not be suitable or acceptable for use due to material or component defects; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the possible mislabeling of clinical supplies, potentially resulting in the wrong dose amounts being supplied or active
product or placebo not being properly identified; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the possible misappropriation of our proprietary information, including our trade secrets and <FONT
STYLE="white-space:nowrap">know-how;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the possibility of clinical supplies not being delivered to clinical sites on time, leading to clinical trial
interruptions, or of product supplies not being distributed to commercial vendors in a timely manner, resulting in lost sales; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our third-party manufacturers may have unacceptable or inconsistent product quality success rates and yields.
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our third-party manufacturers and clinical reagent suppliers may be subject to regulatory requirements or sanctions, as well as damage or
interruption from, among other things, fire, natural or <FONT STYLE="white-space:nowrap">man-made</FONT> disaster, power loss, telecommunications failure, unauthorized entry, computer viruses, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">denial-of-service</FONT></FONT> attacks, acts of terrorism, human error, vandalism or sabotage, financial insolvency, bankruptcy and similar events. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We currently engage WuXi Biologics (Hong Kong) Limited, or WuXi, with respect to the manufacture of miniprotein variants and recombinant production and pharmacokinetic
studies unrelated to AKY-1189. Certain Chinese biotechnology companies and CMOs, including WuXi, may in the future become subject to trade restrictions, sanctions, and other regulatory requirements by the U.S. government, which could restrict or
even prohibit our ability to work with such entities, thereby potentially disrupting the supply of material to us. The recently proposed BIOSECURE Act would have banned U.S. government contracts, grants, and loans from being used towards
biotechnology equipment and services produced or provided by certain named Chinese biotechnology companies, including WuXi, and would authorize the U.S. government to name additional Chinese biotechnology companies of concern. The legislation did
not pass the U.S. Congress in 2024; however, if a future version of the BIOSECURE Act or similar laws are passed into law, they would have the potential to severely restrict the ability of companies to work with certain Chinese biotechnology
companies of concern without losing the ability to contract with, or otherwise receive funding from, the U.S. government. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The new administration has substantially altered prior U.S. government international trade policy and has commenced
activities to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. In addition, the new administration has initiated or is considering imposing tariffs on certain
foreign goods. Related to this action, certain foreign governments, including China, have instituted or are considering imposing tariffs on certain U.S. goods. It remains unclear what the new policies by the U.S government or foreign governments
will or will not do with respect to tariffs or other international trade agreements and policies. A trade war or other governmental action related to tariffs or international trade agreements or policies has the potential to disrupt our research
activities, affect our suppliers, increase the cost of materials purchased to manufacture our products, impact our ability to sell our products outside the U.S. or to sell our products outside the U.S. at competitive prices and/or to affect the U.S.
or global economy or certain sectors thereof and, thus, could adversely impact our business. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If the third parties we engage to supply materials or manufacture
product candidates or products for preclinical testing or clinical or commercial supply should cease to do so for any reason, we would likely experience delays in advancing these preclinical tests and clinical trials and/or interruptions in
commercial supply while we identify and qualify replacement suppliers or manufacturers, and we may be unable to obtain replacement supplies on terms that are favorable to us, or at all. If we are not able to obtain adequate supplies of our product
candidates or products or the substances used to manufacture them, it could materially and adversely impact our business, prospects, operating results or financial condition. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each of these risks could delay or prevent the completion of our ongoing and future clinical trials or the approval of any of our product candidates by the FDA, result
in higher costs or adversely impact commercialization of our product candidates. Any shortages in the supply of such raw materials used in the manufacture of our product candidates could delay or prevent the completion of our clinical trials or the
approval of any of our product candidates by the FDA, result in higher costs or adversely impact commercialization of our product candidates. In addition, we may rely on third parties to perform certain specification tests on our product candidates
prior to delivery to patients. If these tests are not appropriately done and test data are not reliable, patients could be put at risk of serious harm and the FDA could place significant restrictions on our company until deficiencies are remedied.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The facilities used by our contract manufacturers to manufacture our product candidates may be subject to inspections that will be conducted after we submit our BLA
to the FDA. We do not have complete control over all aspects of the manufacturing process of, and are dependent on, our contract manufacturing partners for compliance with cGMP regulations. Any product candidates that we may develop may compete with
product candidates of other companies for access to manufacturing facilities. There are a limited number of manufacturers that operate under cGMP regulations and that might be capable of manufacturing for us. Our failure, or the failure of our
third-party manufacturers, to comply with applicable regulations could result in sanctions being imposed on us, including fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, license revocation, seizures or recalls of
product candidates or products, operating restrictions and criminal prosecutions, any of which could significantly and adversely affect supplies of our products and harm our business and results of operations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our contract manufacturers&#8217; failure to achieve and maintain high manufacturing standards, in accordance with applicable regulatory requirements, or the incidence
of manufacturing errors, could result in patient injury or death, product shortages, product recalls or withdrawals, delays or failures in product testing or delivery, cost overruns or other problems that could seriously harm our business. Contract
manufacturers often encounter difficulties involving production yields, quality control and quality assurance, as well as shortages of qualified personnel. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may be unable to obtain a sufficient supply of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac or
other radioisotopes to support clinical development or manufacturing at commercial scale. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac is a
key component of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 and
as a radiopharmaceutical company, we expect our future product candidates to include <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac or other isotopes. Although we believe our present suppliers have adequate quantities of <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac and labeling isotopes available to meet our current needs, we may encounter supply shortages which could affect our business operations and results of operations. There can be no assurance that
our suppliers will renew the contracts on acceptable terms, or at all. Further, long-term suppliers are not yet producing beyond minimal research quantities and there is no guarantee they will come online in the time frame we expect. Even when a
contract exists, we have very limited recourse under our current supply contracts if a supplier is unable to meet its obligations. Suppliers may be unable to meet their obligations for a number of reasons, for example, the U.S. Department of Energy
has reserved its ability to cancel private orders when the supply is instead needed for national defense, environmental safety or there is a lack of capacity, and the likelihood of any such cancellation may be increased for a number of reasons.
There are not many alternatives to our current suppliers, and finding any replacement suppliers would divert management resources. Failure to acquire enough medical-grade <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac would make it
impossible to effectively complete clinical trials, especially as we scale up for later-stage clinical trials, and to commercialize any <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac-based product candidates that we may develop and would
materially harm our business. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To date, we have obtained the <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac for our ongoing Phase 1b clinical trial of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> from several United States and foreign-based suppliers pursuant to long-term supply agreements. In the
event we are unable to source <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac from our current suppliers, we may seek to source <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac from other sources, including those located in
Russia. This could expose us to additional environmental and geopolitical risks, including restrictions on trade of certain items between the United States and Russia, and other unforeseen geopolitical factors that limit our ability to access our
supply of raw material. For example, although any Russian supplier may become designated on <FONT STYLE="white-space:nowrap">export-or</FONT> sanctions-related restricted party lists maintained by the U.S. government. Our ability to conduct clinical
trials to advance our product candidates is dependent on our ability to obtain these radioisotopes and other isotopes we may choose to utilize in the future. We expect to remain dependent on third-party manufacturers and suppliers for our isotopes.
These parties may not perform their contracted services or may breach or terminate their agreements with us. Our suppliers are subject to regulations and standards that are overseen by regulatory and government agencies and we have no control over
our suppliers&#8217; compliance to these standards. Failure to comply with regulations and standards may result in their inability to supply isotope could result in delays in our clinical trials, which could have a negative impact on our business.
Our inability to build out and establish our own manufacturing facilities would require us to continue to rely on third-party suppliers, as we currently do. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Changes in the methods of manufacturing or formulation of our product candidates may result in additional costs or delay. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As our product candidates progress through clinical trials to regulatory approval and commercialization, it is common that various aspects of the development program,
such as manufacturing methods and formulation, may be altered along the way in an effort to optimize safety, efficacy, yield, and manufacturing batch size, minimize costs, and achieve consistent quality and results. There can be no assurance that
any future manufacturing or formulation changes will achieve their intended objectives. These changes and any future changes we may make to our product candidates may also cause such candidates to perform differently and affect the results of future
clinical trials conducted with the altered materials. Such changes or related unfavorable clinical trial results could delay initiation or completion of additional clinical trials, require the conduct of bridging studies or clinical trials or the
repetition of one or more studies or clinical trials, increase development costs, delay or prevent potential regulatory approval, and jeopardize our ability to commercialize our product candidates, if approved, and generate revenue. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related to related to our dependence on third parties </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We rely on third parties to conduct the Phase 1b investigator-initiated clinical trial of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and plan to rely on third parties to conduct our future clinical trials. If these third parties do not properly and successfully carry out their contractual
duties or meet expected deadlines, we may not be able to obtain regulatory approval of or commercialize our product candidates. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We depend and will continue
to depend on independent investigators and collaborators, such as medical institutions, CROs, CMOs, CDMOs, and strategic partners to conduct our preclinical studies and clinical trials, including with respect to our ongoing Phase 1b clinical trial
for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> We expect to have to negotiate budgets and contracts with CROs, CDMOs, CMOs and trial sites
which may result in delays to our development timelines and increased costs. We will rely heavily on these third parties over the course of our clinical trials, and we control only certain aspects of their activities. As a result, we will have less
direct control over the conduct, timing and completion of these clinical trials and the management of data developed through clinical trials than would be the case if we were relying entirely upon our own staff. Nevertheless, we are responsible for
ensuring that each of our studies is conducted in accordance with applicable protocol, legal and regulatory requirements and scientific standards, and our reliance on third parties does not relieve us of our regulatory responsibilities. We and these
third parties are required to comply with GCPs. Regulatory authorities enforce these GCPs through periodic inspections of trial sponsors, principal investigators and trial sites. If we or any of these third parties fail to comply with applicable GCP
regulations, the clinical data generated in our clinical trials may be deemed unreliable and the FDA or similar foreign regulatory authorities may require us to perform additional clinical trials before approving our marketing applications. We
cannot assure you that, upon inspection, such regulatory authorities will determine that any of our clinical trials comply with the GCP regulations. In addition, our clinical trials must be conducted with biologic product produced under cGMP
regulations, and will require a large number of test patients. Our failure or any failure by these third parties to comply with these regulations or to recruit a sufficient number of patients may require us to repeat clinical trials, which would
delay the regulatory approval process. Moreover, our business may be implicated if any of these third parties violates federal or state fraud and abuse or false claims laws and regulations or healthcare privacy and security laws. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any third parties conducting our clinical trials are not and will not be our employees and, except for remedies available to us under our agreements with such third
parties, we cannot control whether or not they devote sufficient time and resources to our ongoing, clinical and preclinical product candidates. These third parties may also have relationships with other commercial entities, including our
competitors, for whom they may also be conducting clinical trials or other product development activities, which could affect their performance on our behalf. If these third parties do not successfully carry out their contractual duties or
obligations or meet expected deadlines, if they need to be replaced or if the quality or accuracy of the clinical data they obtain is compromised due to the failure to adhere to our clinical protocols or regulatory requirements or for other reasons,
our clinical trials may be extended, delayed or terminated and we may not be able to complete development of, obtain regulatory approval of or successfully commercialize our product candidates. As a result, our financial results and the commercial
prospects for our product candidates would be harmed, our costs could increase and our ability to generate revenue could be delayed. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As a result of the bankruptcy
of one our CROs in 2025, we migrated to another provider. Switching or adding third parties to conduct our clinical trials or preclinical studies involves substantial cost and requires extensive management time and focus and may ultimately be
unsuccessful. In addition, there is a natural transition period when a new third party commences work. As a result, delays occur, which can materially impact our ability to meet our desired clinical development timelines. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We have in place certain collaboration and licensing arrangements, and may form or seek collaborations,
strategic alliances or licensing arrangements in the future, and we may not realize the benefits of such collaborations, alliances or licensing arrangements. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have in place certain collaboration and licensing arrangements, and in the future, we may form or seek strategic alliances, create joint ventures or collaborations,
or enter into additional licensing arrangements with third parties that we believe will complement or augment our development and commercialization efforts with respect to our product candidates and any future product candidates that we may develop.
For example, in May 2024, we entered into a research, collaboration and license agreement with Eli Lilly to discover and generate novel tumor-targeting radiopharmaceuticals. For more information on this and other arrangements, see
&#8220;Business&#8212;License and collaboration agreements.&#8221; Any of these current or future relationships may require us to incur <FONT STYLE="white-space:nowrap">non-recurring</FONT> and other charges, increase our near and long-term
expenditures, issue securities that dilute our existing shareholders or disrupt our management and business. We cannot guarantee you that our current or future partners will not terminate their collaboration, or seek to change terms of the
collaboration, with us. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we face significant competition in seeking appropriate strategic partners and the negotiation process is time-consuming and
complex. Whether we reach a definitive agreement for a collaboration will depend, among other things, upon our assessment of the collaborator&#8217;s resources and expertise, the terms and conditions of the proposed collaboration and the proposed
collaborator&#8217;s evaluation of a number of factors. These factors may include the design or results of clinical trials, the likelihood of approval by the FDA or applicable foreign regulatory authorities, the potential market for the subject
product candidate, the costs and complexities of manufacturing and delivering such product candidate to patients, the potential of competing products and the existence of uncertainty with respect to its ownership of technology, which can exist if
there is a challenge to such ownership without regard to the merits of the challenge and industry and market conditions generally. Moreover, we may not be successful in our efforts to establish a strategic partnership or other alternative
arrangements for our product candidates because they may be deemed to be at too early of a stage of development for collaborative effort and third parties may not view our product candidates as having the requisite potential to demonstrate safety,
potency and purity and obtain marketing approval. In certain cases, when we collaborate with a third party for the development and commercialization of a product candidate, we can expect to relinquish some or all of the control over the future
success of that product candidate to the third party. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Collaborations are complex and time-consuming to negotiate and document. In addition, there have been a
significant number of business combinations among large pharmaceutical companies that have resulted in a reduced number of potential future collaborators. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Further,
collaborations involving our product candidates are subject to numerous risks, which may include the following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators have significant discretion in determining the efforts and resources that they will apply to a collaboration;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators may not pursue development and commercialization of our product candidates or may elect not to continue or
renew development or commercialization of our product candidates based on clinical trial results, changes in their strategic focus due to the acquisition of competitive products, availability of funding or other external factors, such as a business
combination that diverts resources or creates competing priorities; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators may delay clinical trials, provide insufficient funding for a clinical trial, stop a clinical trial, abandon
a product candidate, repeat or conduct new clinical trials or require a new formulation of a product candidate for clinical testing; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">64 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators could independently develop, or develop with third parties, products that compete directly or indirectly with
our product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a collaborator with marketing and distribution rights to one or more products may not commit sufficient resources to their
marketing and distribution; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators may not properly maintain, enforce, protect or defend our intellectual property rights or may use our
intellectual property or proprietary information in a way that gives rise to actual or threatened litigation that could jeopardize or invalidate our intellectual property or proprietary information or expose us to potential liability;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">disputes may arise between us and a collaborator that cause the delay or termination of the research, development or
commercialization of our product candidates, or that result in costly litigation or arbitration that diverts management attention and resources; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborations may be terminated and, if terminated, may result in a need for additional capital to pursue further
development or commercialization of the applicable product candidates; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators may own or <FONT STYLE="white-space:nowrap">co-own</FONT> intellectual property covering our products that
results from our collaborating with them, and in such cases, we would not have the exclusive right to commercialize such intellectual property. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As
a result, we may not be able to realize the benefit of our current or future collaborations, joint ventures, strategic partnerships or licensing arrangements if we are unable to successfully integrate them with our existing operations and company
culture, which could delay our timelines or otherwise adversely affect our business. If our existing or future collaborations are terminated or suspended, we may not be able to identify other suitable collaborators or reach agreement with other
suitable collaborators on a timely basis, on acceptable terms or at all. If we are unable to continue our current or future collaborations or are unable to identify or reach agreement with other suitable collaborators, we may have to curtail the
development of a product candidate, reduce or delay its development program or one or more of our other development programs, delay its potential commercialization or reduce the scope of any sales or marketing activities, increase our expenditures
or needs for additional capital to pursue further development or commercialization of the applicable product candidates or undertake development or commercialization activities at our own expense. If we fail to enter into collaborations and do not
have sufficient funds or expertise to undertake the necessary development and commercialization activities, we may not be able to further develop our product candidates or bring them to market and generate product sales revenue, which would harm our
business prospects, financial condition and results of operation. We also cannot be certain that, following a strategic transaction or license, we will achieve the revenue or specific net income that justifies such transaction. Any delays in
entering into new collaborations or strategic partnership agreements related to our product candidates could delay the development and commercialization of our product candidates in certain geographies for certain indications. Any of the foregoing
could have a material adverse effect on our business, prospects, financial condition and results of operations. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If we or third parties, such as CROs, CDMOs,
CMOs, use hazardous and biological materials in a manner that causes injury or violates applicable law, we may be liable for damages. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our research and
development activities may involve the controlled use of potentially hazardous substances, including chemicals and biological and radioactive materials, by us or third parties, such as CROs, CDMOs and CMOs. The use of <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac-labeled miniproteins treatments involves the inherent risk of exposure from gamma ray emissions, which can alter or harm healthy cells in the body. We and such third parties are subject to
federal, state, provincial and local laws and regulations in the United States and other foreign jurisdictions governing </P>
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the use, manufacture, storage, handling, and disposal of medical and hazardous materials. Although we believe that our and such third-parties&#8217; procedures for using, handling, storing and
disposing of these materials comply with legally prescribed standards, we cannot completely eliminate the risk of contamination or injury resulting from medical or hazardous materials. As a result of any such contamination or injury, we may incur
liability or local, city, state, provincial or federal authorities may curtail the use of these materials and interrupt our business operations. In the event of an accident, we could be held liable for damages or penalized with fines, and the
liability could exceed our resources. Compliance with applicable environmental laws and regulations is expensive, and current or future environmental regulations may impair our research, development and production efforts, which could harm our
business, prospects, financial condition, or results of operations. We currently maintain insurance coverage for injuries resulting from the hazardous materials we use; however, future claims may exceed the amount of our coverage. Also, we do not
have insurance coverage for pollution cleanup and removal. Currently the costs of complying with such federal, state, provincial, local and foreign environmental regulations are not significant, and consist primarily of waste disposal expenses.
However, they could become expensive, and current or future environmental laws or regulations may impair our research, development, production and commercialization efforts. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our employees, independent contractors, principal investigators, consultants, commercial partners, and vendors may engage in misconduct or other improper
activities, including <FONT STYLE="white-space:nowrap">non-compliance</FONT> with regulatory standards and requirements. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are exposed to the risk of
employee fraud or other misconduct. We cannot ensure that our compliance controls, policies, and procedures will in every instance protect us from acts committed by our employees, agents, contractors, directors or collaborators that would violate
the laws or regulations of the jurisdictions in which we operate, including, without limitation, employment, foreign corrupt practices, trade restrictions and sanctions, environmental, competition, securities, and patient privacy and other privacy
laws and regulations. Misconduct by employees could include failures to comply with FDA regulations and equivalent foreign regulations, provide accurate information to the FDA or competent foreign regulatory authorities, comply with manufacturing
standards we may establish, comply with federal and state or national healthcare fraud and abuse laws and regulations, report financial information or data accurately, or disclose unauthorized activities to us. Sales, marketing, and business
arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, kickbacks, self-dealing, and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing,
discounting, labeling, marketing and promotion, sales commission, customer incentive programs, and other business arrangements. Employee misconduct could also involve the improper use of information obtained during clinical trials, which could
result in regulatory sanctions and serious harm to our reputation. In addition, our reputation may be harmed if any of our employees, directors, independent contractors, principal investigators or consultants are found to have been involved in
similar misconduct outside of their services to our Company. It is not always possible to identify and deter employee misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or
unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to comply with such laws or regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a material and adverse
effect on our business, financial condition, results of operations and prospects, including the imposition of significant civil, criminal and administrative penalties, damages, monetary fines, individual imprisonment, disgorgement of profits,
possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs or equivalent foreign programs, contractual damages, reputational harm, diminished profits and future earnings, additional reporting or oversight
obligations if we become subject to a corporate integrity agreement or other agreement to resolve </P>
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allegations of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with the law, and curtailment or restructuring of our operations, any of which could adversely affect our ability to operate
our business or pursue our strategy. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related to intellectual property </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We do not own or expect to own any issued patents relating to the radioactive payload, <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, used in our
product candidates, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 and [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We do not own or license, and do not expect to own or license, any patents or patent applications that cover the radioactive payload, <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, in our product candidates. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Composition-of-matter</FONT></FONT> patent claims in pharmaceutical products are generally considered
to be the favored form of intellectual property protection for products because such patents may provide protection without regard to any particular method of use or manufacture or formulation of the composition of matter used. For example,
formulation and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">method-of-use</FONT></FONT> patent claims do not prevent a competitor or other third party from marketing an identical radioactive payload for an indication that is
outside the scope of the method claims or from developing a different formulation that is outside the scope of the formulation claims. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">With respect to AKY-1189, as
of October 31, 2025, we own one patent family, including one pending Patent Cooperation Treaty, or PCT, Application, one issued U.S. patent, one pending U.S. non-provisional application, and two pending <FONT STYLE="white-space:nowrap">ex-US</FONT> <FONT
STYLE="white-space:nowrap">non-provisional</FONT> patent applications directed to composition of matter of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> and methods of use. With respect to AKY-2519, as of October 31, 2025, we own one patent
family, including one pending PCT Application, one pending U.S. non-provisional application, and two pending ex-U.S. non-provisional patent applications directed to composition of matter of AKY-2519 and methods of use. We cannot predict whether
these patent applications will result in the issuance of any patents that provide us with any competitive advantage. We have one issued patent relating to our product candidates, in particular AKY-1189, and do not currently have any issued patents
relating to AKY-2519. It is also possible that others will design around any future patents we may obtain. Further, any future patents we obtain may not be sufficiently broad to prevent others from using our technology or from developing competing
products and technologies. In addition, any future patents we obtain may be narrowed or found to be invalid or unenforceable. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any patent that issues from national
stage entries of the aforementioned pending PCT application or either of the two foreign patent applications and any future <FONT STYLE="white-space:nowrap">non-provisional</FONT> patent applications that we may file claiming priority to these
patent applications are expected to expire in 2044, excluding any patent term adjustments and extensions that may be available. We cannot be certain that we will obtain issued patents based on our current and future patent applications, and if
obtained, whether they can provide meaningful protection for our product candidates or any future product candidates or whether they will remain in force through their expected expiration date. If we do not obtain and maintain meaningful patent
coverage for our product candidates, their respective components, formulations, combination therapies, methods of manufacture, and methods of treatment, competitors may be able to erode or negate any competitive advantage we may have, which would
likely harm our business and ability to achieve profitability. Any of the foregoing events could have a material adverse effect on our business, financial condition, results of operations, and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our success depends on our ability to obtain, maintain, enforce, defend and protect our intellectual property and our proprietary technologies, and conduct our
business without infringing, misappropriating or otherwise violating intellectual property or proprietary rights of others. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our commercial success depends,
in part, on our ability to obtain, maintain, enforce, defend and protect our intellectual property rights, including patent protection and trade secret protection for our product candidates, proprietary technologies and their uses as well as our
ability to operate without infringing upon, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">67 </P>

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misappropriating or otherwise violating the proprietary rights of others. We generally seek to protect our proprietary position by filing patent applications in the United States and abroad
related to our product candidates, proprietary technologies and their uses that are important to our business. We may also seek to protect our proprietary position by acquiring or <FONT STYLE="white-space:nowrap">in-licensing</FONT> relevant issued
patents or pending patent applications or other intellectual property or proprietary rights from third parties. If we or our current or future licensors are unable to obtain or maintain patent protection with respect to our product candidates and
other proprietary technologies we may develop, it could have a material adverse effect on our business, financial condition, results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Pending patent applications cannot be enforced against third parties practicing the technology claimed in such applications unless, and until, patents issue from such
applications, and then only to the extent the issued claims cover the technology. Our owned and <FONT STYLE="white-space:nowrap">in-licensed</FONT> patent portfolio is at an early stage. We currently own one issued patent relating to one of our
product candidates, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> We do not currently own or in-license any other issued patents relating to
any product candidates, including [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189, or otherwise. There can be no assurance that our patent applications or the patent applications of our current or future licensors will result
in patents being issued or that issued patents will afford sufficient protection against competitors or other third parties with similar technology, nor can there be any assurance that the patents issued will not be infringed, designed around or
invalidated by third parties. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even issued patents may later be found invalid or unenforceable or may be modified or revoked in proceedings instituted by third
parties before various patent offices or in courts in the United States and abroad. The degree of future protection for our and our licensors&#8217; intellectual property or other proprietary rights is uncertain. Only limited protection may be
available and may not adequately protect our rights or permit us to gain or keep any competitive advantage. These uncertainties and/or limitations in our ability to properly protect the intellectual property or other proprietary rights relating to
our product candidates could have a material adverse effect on our business, financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of June&nbsp;1, 2023,
European applications have the option, upon grant of a patent, of becoming a Unitary Patent which will be subject to the jurisdiction of the Unitary Patent Court, or UPC. This is a significant change in European patent practice. As the UPC is a new
court system, there is no precedent for the court, increasing the uncertainty of any litigation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We cannot be certain that the claims in our U.S. pending patent
applications, our pending international patent applications and any patent applications that we may file in the future in the United States or foreign territories, or those of our current or future licensors, will be considered patentable by the
United States Patent and Trademark Office, or USPTO, courts in the United States or by the patent offices and courts in foreign countries, nor can we be certain that the claims in our future issued patents will not be found invalid or unenforceable
if challenged. Even if they are unchallenged, our owned and licensed patent applications, and any patents we obtain, may not provide us with any meaningful protection or prevent competitors from designing around our patent claims to circumvent our
owned or licensed patents by developing similar or alternative technologies in a <FONT STYLE="white-space:nowrap">non-infringing</FONT> manner. If the patent protection provided by the patent applications we own or license and any patents we obtain
is not sufficiently broad to impede such competition, our ability to successfully commercialize our product candidates could be negatively affected, which could have a material adverse effect on our business, financial condition, results of
operations and prospects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">68 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The patent application process is subject to numerous risks and uncertainties, and there can be no assurance that we
or any of our potential future collaborators will be successful in protecting our product candidates by obtaining, maintaining, enforcing, protecting and defending patents. These risks and uncertainties include the following: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the USPTO and various foreign governmental patent agencies require compliance with a number of procedural, documentary, fee
payment and other provisions during the patent process, the <FONT STYLE="white-space:nowrap">non-compliance</FONT> with which can result in abandonment or lapse of a patent or patent application, and partial or complete loss of patent rights in the
relevant jurisdiction; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">patent applications may not result in any patents being issued; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">patents may be challenged, invalidated, modified, revoked, circumvented, found to be unenforceable or otherwise may not
provide any competitive advantage; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our competitors or other third parties, many of whom have substantially greater resources than we do and many of whom have
made significant investments in competing technologies, may seek or may have already obtained patents or other intellectual property rights that will limit, interfere with or eliminate our ability to make, use and sell our product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">there may be significant pressure on the U.S. government and international governmental bodies to limit the scope of patent
protection both inside and outside the United States for disease treatments that prove successful, as a matter of public policy regarding worldwide health concerns; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">countries other than the United States may have patent laws less favorable to patentees than those upheld by U.S. courts,
allowing foreign competitors a better opportunity to create, develop and market competing product candidates. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The patent prosecution process is
expensive, time-consuming and complex, and we and any current or future licensors may not be able to file, prosecute, maintain, enforce, protect, defend or license all necessary or desirable patent applications at a reasonable cost or in a timely
manner or in all jurisdictions where protection may be commercially advantageous. We may not be able to obtain or maintain patent applications and patents due to the subject matter claimed in such patent applications and patents being in disclosures
in the public domain. It is also possible that we or any current or future licensors will fail to identify patentable aspects of our research and development output before it is too late to obtain patent protection. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, although we enter into <FONT STYLE="white-space:nowrap">non-disclosure</FONT> and confidentiality agreements with parties who have access to confidential or
patentable aspects of our research and development output, such as our employees, outside scientific collaborators, CROs, third-party manufacturers, consultants, advisors and other third parties, any of these parties may breach such agreements and
disclose such output before a patent application is filed, thereby jeopardizing our ability to obtain or maintain valid and enforceable patent protection. Furthermore, publications of discoveries in the scientific literature often lag behind the
actual discoveries, and patent applications in the United States and other jurisdictions are typically not published until 18 months after filing or until issuance, or in some cases not at all. Therefore, we cannot be certain that we or our
licensors were the first to make the inventions claimed in any of our owned or licensed patents or pending patent applications, or that we or our licensors were the first to file for patent protection of such inventions. If a third party can
establish that we or our licensors were not the first to make or the first to file for patent protection of such inventions, our owned or licensed patent applications may not issue as patents and even if issued, may be challenged and invalidated or
rendered unenforceable. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, given the amount of time required for the development, testing and regulatory review of new product candidates, patents
protecting such candidates might expire before or shortly after such candidates </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">69 </P>

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are commercialized. As a result, our intellectual property may not provide us with sufficient rights to exclude others from commercializing products similar or identical to ours. Any of the
foregoing events could have a material adverse effect on our business, financial condition, results of operations, and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If the scope of any patent
protection we obtain is not sufficiently broad, or if we lose any of our patent protection, our ability to prevent our competitors from commercializing similar or identical product candidates would be adversely affected. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The patent position of biotechnology and pharmaceutical companies generally is highly uncertain, involves complex legal and factual questions, and has been the subject
of much litigation in recent years. As a result, the issuance, scope, validity, enforceability, and commercial value of our patent rights are highly uncertain. Our pending and future patent applications and those of our current or future licensors
may not result in patents being issued which protect our product candidates and other proprietary technologies we may develop, or which effectively prevent others from commercializing competitive technologies and product candidates. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Moreover, the coverage claimed in a patent application can be significantly reduced before the corresponding patent is issued, and its scope can be reinterpreted after
issuance. Even if patent applications we own or <FONT STYLE="white-space:nowrap">in-license</FONT> issue as patents in the future, they may not issue in a form that will provide us with any meaningful protection, prevent competitors or other third
parties from competing with us, or otherwise provide us with any competitive advantage. Any patents that we in the future own, or <FONT STYLE="white-space:nowrap">in-license,</FONT> may be challenged or circumvented by third parties or may be
narrowed or invalidated as a result of challenges by third parties. Consequently, we do not know whether our product candidates or other proprietary technology will be protectable or remain protected by valid and enforceable patents. Even if a
patent issues, our competitors or other third parties may be able to circumvent our patents or the patents of our current or future licensors by developing similar or alternative technologies or products in a
<FONT STYLE="white-space:nowrap">non-infringing</FONT> manner which could materially adversely affect our business, financial condition, results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The issuance of a patent is not conclusive as to its inventorship, scope, validity or enforceability, and our patents, if issued, or the patents of our current or future
licensors may be challenged in the courts or patent offices in the United States and abroad. We or any of our licensors may be subject to a third-party <FONT STYLE="white-space:nowrap">pre-issuance</FONT> submission of prior art to the USPTO, or
become involved in opposition, derivation, revocation, reexamination, post-grant review, or PGR, and inter partes review, or IPR, or other similar proceedings challenging our patent rights. An adverse determination in any such submission, proceeding
or litigation could reduce the scope of, or invalidate or render unenforceable, our patent rights, allow third parties to commercialize our product candidates and compete directly with us, without payment to us, or result in our inability to
manufacture or commercialize products without infringing, misappropriating or otherwise violating third-party patent rights. Moreover, our future patents or the patents of our current or future licensors may become subject to post-grant challenge
proceedings, such as oppositions in a foreign patent office, that challenge our priority of invention or other features of patentability with respect to our patents, if issued, and patent applications or those of our current or future licensors.
Such challenges may result in loss of patent rights, loss of exclusivity or in patent claims being narrowed, invalidated, or held unenforceable, which could limit our ability to stop others from using or commercializing similar or identical
technology and products, or limit the duration of the patent protection of our product candidates. Such proceedings also may result in substantial cost and require significant time from our scientists and management, even if the eventual outcome is
favorable to us. In addition, if the breadth or strength of protection provided by our patents, if issued, and patent applications or those of our current or future licensors is threatened, regardless of the outcome, it could dissuade companies from
collaborating with us to license, develop or commercialize current or future product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Moreover, some of our patent applications and future patents are,
and may in the future be, <FONT STYLE="white-space:nowrap">co-owned</FONT> with third parties. If we are unable to obtain an exclusive license to any such third-party <FONT STYLE="white-space:nowrap">co-owners&#8217;</FONT> interest in such patents
and patent applications, such <FONT STYLE="white-space:nowrap">co-owners</FONT> may be able to license their rights to other third parties, </P>
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including our competitors, and our competitors could market competing products and technology. In addition, we may need the cooperation of any such
<FONT STYLE="white-space:nowrap">co-owners</FONT> of such patents in order to enforce such patents against third parties, and such cooperation may not be provided to us. Any of the foregoing, could have a material adverse effect on our competitive
position, business, financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may not be able to obtain and protect our intellectual property rights
throughout the world. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Patents are of national or regional effect. Filing, prosecuting, maintaining, enforcing, protecting and defending patent rights and
other proprietary rights on all of our research programs and product candidates in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some countries outside the United States can be less
extensive than those in the United States. In some cases, we or our licensors may not be able to obtain patent protection for certain technology outside the United States. In addition, the laws of some foreign countries do not protect intellectual
property rights to the same extent as federal and state laws in the United States. Consequently, we may not be able to prevent third parties from practicing our or our licensors&#8217; inventions in all countries outside the United States, even in
jurisdictions where we or our licensors do pursue patent protection, or from selling or importing products made using our or our licensors&#8217; inventions in and into the United States or other jurisdictions. Competitors or other third parties may
use our technologies in jurisdictions where we and our licensors have not pursued and obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we have patent protection, but
enforcement is not as strong as that in the United States. These products may compete with our product candidates, and our and our licensors&#8217; patent applications, if issued, or other intellectual property rights may not be effective or
sufficient to prevent them from competing. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Various companies have encountered significant problems in protecting and defending intellectual property rights in
foreign jurisdictions. The legal systems of many countries do not favor the enforcement of patents, trade secrets and other intellectual property protection, particularly those relating to pharmaceuticals and biotechnology products, which could make
it difficult for us to stop the infringement of our patents, if issued, or marketing of competing products in violation of our intellectual property and proprietary rights. In addition, some jurisdictions, such as the Europe, Japan, and China, may
have a higher standard for patentability than in the United States, including, for example, the requirement of claims having literal support in the original patent filing and the limitation on using supporting data that is not in the original patent
filing. Under those heightened patentability requirements, we may not be able to obtain sufficient patent protection in certain jurisdictions even though the same or similar patent protection can be secured in the United States and other
jurisdictions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Proceedings to enforce our or our licensors&#8217; intellectual property and proprietary rights in the United States and foreign jurisdictions could
result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patent rights at risk of being invalidated or interpreted narrowly, could put our owned or
<FONT STYLE="white-space:nowrap">in-licensed</FONT> patent applications at risk of not issuing and could provoke third parties to assert claims against us. We or our licensors may not prevail in any lawsuits that we or our licensors initiate, and
the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world may be inadequate to obtain a significant commercial advantage
from the intellectual property that we develop or license. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Various countries have compulsory licensing laws under which a patent owner may be compelled to grant
licenses to third parties. In addition, many countries limit the enforceability of patents against government agencies or government contractors. As a result, a patent owner in these countries may have limited remedies in certain circumstances,
which could materially diminish the value of such patent. If we or any of our licensors are forced to grant a license to third parties with respect to any patent rights relevant to our business, our competitive position may be impaired, and our
business, financial condition, results of operations and </P>
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prospects may be adversely affected. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the
intellectual property that we develop or license. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Geo-political</FONT> actions in the United States and in foreign countries could
increase the uncertainties and costs surrounding the prosecution or maintenance of our patent applications or those of any current or future licensors and the maintenance, enforcement or defense of our future issued patents or those of any current
or future licensors. For example, the United States and foreign government actions related to Russia&#8217;s invasion of Ukraine may limit or prevent filing, prosecution and maintenance of patent applications in Russia. Government actions may also
prevent maintenance of issued patents in Russia. These actions could result in abandonment or lapse of any future patents or patent applications in Russia, resulting in partial or complete loss of patent rights in Russia. In addition, a decree was
adopted by the Russian government in March 2022, allowing Russian companies and individuals to exploit inventions owned by patentees that have citizenship or nationality in, are registered in, or have predominately primary place of business or
profit-making activities in the United States and other countries that Russia has deemed unfriendly without consent or compensation. Consequently, we would not be able to prevent third parties from practicing our inventions in Russia or from selling
or importing products made using our inventions in and into Russia. Accordingly, our competitive position may be impaired, and our business, financial condition, results of operations and prospects may be adversely affected. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Further, the standards applied by the USPTO and foreign patent offices in granting patents are not always applied uniformly or predictably. As such, we do not know the
degree of future protection that we will have on our technologies and product candidates. While we will endeavor to try to protect our technologies and product candidates with intellectual property rights such as patents, as appropriate, the process
of obtaining patents is time consuming, expensive, and unpredictable. Any of the foregoing events could have a material adverse effect on our business, financial condition, results of operations, and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Obtaining, maintaining, enforcing, protecting and defending our patent protection depends on compliance with various procedural, documentary, fee payment and other
requirements imposed by regulations and governmental patent agencies, and our patent protection could be reduced or eliminated for <FONT STYLE="white-space:nowrap">non-compliance</FONT> with these requirements. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Periodic maintenance fees, renewal fees, annuity fees and various other governmental fees on patents and patent applications will be due to be paid to the USPTO and
various foreign patent agencies at various stages over the lifetime of our owned or licensed patent rights. We have systems in place to remind us to pay these fees, and we rely on our outside counsel and its outside patent annuity service to pay
these fees when due. In addition, the USPTO and various foreign governmental patent agencies require compliance with a number of procedural, documentary, fee payment and other similar provisions during the patent application process. We are also
dependent on our licensors to take the necessary action to comply with these requirements with respect to our licensed intellectual property. We seek to employ reputable law firms and other professionals to help us comply with these provisions. In
many cases, an inadvertent lapse can be cured by payment of a late fee or by other means in accordance with the applicable rules. However, there are situations in which <FONT STYLE="white-space:nowrap">non-compliance</FONT> can result in abandonment
or lapse of a patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction, including as a result of failure to respond to official actions within prescribed time limits, <FONT
STYLE="white-space:nowrap">non-payment</FONT> of fees and failure to properly legalize and submit formal documents. In such an event, potential competitors might be able to enter the market. Our ability to comply with the various procedural,
documentary, fee payment and other requirements imposed by regulations and governmental patent agencies could also be reduced or eliminated in the event of natural disasters, pandemics, or other catastrophic events. If such an event were to occur,
including with respect to the patent rights covering our research programs and product candidates, as well as their respective methods of use, manufacture, and formulations thereof, it could have a material adverse effect on our business, financial
condition, results of </P>
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operations and prospects, as for example, competitors might be able to enter the market earlier than would otherwise have been the case. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Patents have a limited lifespan. In the United States, if all maintenance fees are timely paid, the natural expiration of a patent is generally 20 years from its
earliest U.S. <FONT STYLE="white-space:nowrap">non-provisional</FONT> application filing date. Various extensions may be available, but the life of a patent, and the protection it affords, is limited. Even if patents covering our product candidates
are obtained, once the patent life has expired, we may be open to competition from competitive products. Given the amount of time required for the development, testing and regulatory review of new product candidates, patents protecting such
candidates might expire before or shortly after such candidates are commercialized. As a result, our owned or licensed patent portfolio may not provide us with sufficient rights to exclude others from commercializing products similar or identical to
ours, which would have a material adverse effect on our business, financial condition, results of operations, and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Changes in U.S. patent law, or
laws in other countries, could diminish the value of patents in general, thereby impairing our ability to protect our product candidates. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As is the case
with other biotechnology and pharmaceutical companies, our success is heavily dependent on intellectual property and other proprietary rights, particularly patents. Obtaining, maintaining, enforcing, defending and protecting intellectual property
and other proprietary rights, including patent rights in the biotechnology and pharmaceutical industries involve a high degree of technological and legal complexity. Therefore, obtaining, maintaining, enforcing, defending and protecting
biotechnology and pharmaceutical patents is costly, time consuming and inherently uncertain. Changes in either the patent laws or in the interpretations of patent laws in the United States and other countries may diminish the value of our
intellectual property and may increase the uncertainties and costs surrounding the prosecution of patent applications and the enforcement or defense of issued patents. We cannot predict the breadth of claims that may be allowed or enforced in our
future patents or in third-party patents. In addition, Congress or other foreign legislative bodies may pass patent reform legislation that is unfavorable to us. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The patent positions of companies engaged in the development and commercialization of biologics and pharmaceuticals are particularly uncertain. For example, the U.S.
Supreme Court has ruled on several patent cases in recent years, either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations. In addition to increasing uncertainty
regarding our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on decisions by the U.S. Congress, the U.S. federal courts, the USPTO, or
similar authorities in foreign jurisdictions, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain patents or to enforce the patents we might obtain or license in the future. Any of
the foregoing could have a material adverse effect on our owned and <FONT STYLE="white-space:nowrap">in-licensed</FONT> patent portfolio and our ability to protect and enforce our intellectual property in the future, which could have a material
adverse effect on our business, financial condition, results of operations, and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Patent reform legislation could increase the uncertainties and
costs surrounding the prosecution of our patent applications or those of our current or future licensors and the enforcement or defense of our future issued patents or those of our current or future licensors. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On September&nbsp;16, 2011, the Leahy-Smith America Invents Act, or the Leahy-Smith Act, was signed into law. The Leahy-Smith Act includes several significant changes to
U.S. patent law. These include provisions that affect the way patent applications will be prosecuted and may also affect patent litigation. In particular, under the Leahy-Smith Act, the United States transitioned in March 2013 to a &#8220;first
inventor to file&#8221; system in which, assuming </P>
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that other requirements of patentability are met, the first inventor to file a patent application will be entitled to the patent regardless of whether a third party was first to invent the
claimed invention. A third party that files a patent application in the USPTO after March 2013, but before us, could therefore be awarded a patent covering an invention of ours even if we had made the invention before it was made by such third
party. This will require us to be cognizant going forward of the time from invention to filing of a patent application. Furthermore, our ability to obtain and maintain valid and enforceable patents depends on whether the differences between our
technology and the prior art allow our technology to be patentable over the prior art. Since patent applications in the United States and most other countries are confidential for a period after filing or until issuance, we may not be certain that
we or our current or future licensors are the first to either (i)&nbsp;file any patent application related to our product candidates or (ii)&nbsp;invent any of the inventions claimed in the patents or patent applications. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Leahy-Smith Act also includes several significant changes that affect the way patent applications will be prosecuted and also may affect patent litigation. These
include allowing third-party submission of prior art to the USPTO during patent prosecution and additional procedures to attack the validity of a patent by USPTO administered post-grant proceedings, including PGR, IPR, and derivation proceedings. An
adverse determination in any such submission or proceeding could reduce the scope or enforceability of, or invalidate, our patent rights, which could adversely affect our competitive position. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Because of a lower evidentiary standard in USPTO proceedings compared to the evidentiary standard in U.S. federal courts necessary to invalidate a patent claim, a third
party could potentially provide evidence in a USPTO proceeding sufficient for the USPTO to hold a claim invalid even though the same evidence would be insufficient to invalidate the claim if first presented in a district court action. Accordingly, a
third party may attempt to use the USPTO procedures to invalidate our patent claims that would not have been invalidated if first challenged by the third party as a defendant in a district court action. Thus, the Leahy-Smith Act and its
implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications or those of our current or future licensors and the enforcement or defense of our future issued patents or those of our current or
future licensors, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If we do not
obtain patent term extension for our product candidates, our business may be materially harmed. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Depending upon the timing, duration, and specifics of FDA
regulatory approval of our product candidates, one or more patents issued from U.S. patent applications that we file or those of our current or future licensors may be eligible for limited patent term restoration under the Drug Price Competition and
Patent Term Restoration Act of 1984, or the Hatch-Waxman Amendments. The Hatch-Waxman Amendments permit a patent restoration term of up to five years as compensation for patent term lost during the FDA regulatory review process based on the first
regulatory approval for a particular drug or biologic. A maximum of one patent may be extended per <FONT STYLE="white-space:nowrap">FDA-approved</FONT> drug as compensation for the patent term lost during the FDA regulatory review process. A patent
term extension cannot extend the remaining term of a patent beyond a total of 14 years from the date of drug approval, and only those claims covering such approved drug product, a method for using it or a method for manufacturing it may be extended.
Patent term extension may also be available in certain foreign countries upon regulatory approval of our product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">However, we may not be granted an
extension for which we apply in the United States or any other jurisdiction because of, for example, failing to exercise due diligence during the testing phase or regulatory review process, failing to apply within applicable deadlines, failing to
apply prior to expiration of relevant patents, or otherwise failing to satisfy applicable requirements. Moreover, the applicable time or the scope of patent protection afforded could be less than we request. In addition, to the extent we wish to
pursue patent term extension based on a patent that we <FONT STYLE="white-space:nowrap">in-license</FONT> from a third party, we would need the cooperation of that third party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we are unable to obtain patent term extension or restoration, or the foreign equivalent, or the term of any such
extension is less than we request, our competitors or other third parties may obtain approval of competing products following our patent expiration, and our revenue could be reduced, possibly materially. Further, if this occurs, our competitors or
other third parties may take advantage of our investment in development and trials by referencing our clinical and preclinical data and launch their product earlier than might otherwise be the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">case. Any of the foregoing could materially harm our business, financial condition, results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may license technology from third parties that may be subject to retained rights, including certain intellectual property discovered through government funded
programs that is subject to federal regulations such as <FONT STYLE="white-space:nowrap">&#8220;march-in&#8221;</FONT> rights, certain reporting requirements and a preference for U.S.-based companies. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Certain of our current licensors, and certain of our future licensors may retain, certain rights under the relevant agreements with us, including the right to use the
underlying technology for noncommercial academic and research use, to publish general scientific findings from research related to the technology, and to make customary scientific and scholarly disclosures of information relating to the technology.
It is difficult to monitor whether our licensors limit their use of the technology to these uses, and we could incur substantial expenses to enforce our rights to our licensed technology in the event of misuse. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, the U.S. federal government retains certain rights in inventions produced with its financial assistance under the Patent and Trademark Law Amendments Act,
or the Bayh-Dole Act. The federal government retains a &#8220;nonexclusive, nontransferable, irrevocable, <FONT STYLE="white-space:nowrap">paid-up</FONT> license&#8221; for its own benefit. The Bayh-Dole Act also provides federal agencies with <FONT
STYLE="white-space:nowrap">&#8220;march-in</FONT> rights.&#8221; <FONT STYLE="white-space:nowrap">March-in</FONT> rights allow the government, in specified circumstances, to require the contractor or successors in title to the patent to grant a
&#8220;nonexclusive, partially exclusive, or exclusive license&#8221; to a &#8220;responsible applicant or applicants.&#8221; If the patent owner refuses to do so, the government may grant the license itself. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We currently collaborate, and our current and future licensors may also collaborate, with academic institutions to accelerate our research or development. We may acquire
or license in the future intellectual property rights that have been generated with U.S. government funding or grants. If the U.S. government exercises its <FONT STYLE="white-space:nowrap">march-in</FONT> rights in our existing or future
intellectual property rights that are generated with U.S. government funding or grants, we could be forced to license or sublicense intellectual property developed by us or that we license on terms unfavorable to us, and there can be no assurance
that we would receive compensation from the U.S. government for the exercise of such rights. The U.S. government also has the right to take title to these inventions if the grant recipient fails to disclose the invention to the government or fails
to file an application to register the intellectual property within specified time limits. Intellectual property generated under a government funded program is also subject to certain reporting requirements, compliance with which may require us to
expend substantial resources. In addition, the U.S. government requires that any products embodying any of these inventions or produced through the use of any of these inventions be manufactured substantially in the United States. This preference
for U.S. industry may be waived by the federal agency that provided the funding if the owner or assignee of the intellectual property can show that reasonable but unsuccessful efforts have been made to grant licenses on similar terms to potential
licensees that would be likely to manufacture substantially in the United States or that under the circumstances domestic manufacture is not commercially feasible. This preference for U.S. industry may limit our ability to contract with <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> drug manufacturers for drugs covered by such intellectual property. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition, results of
operations, and prospects. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations and may not
adequately protect our business or permit us to maintain our competitive advantage. For example: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">others may be able to develop products that are similar to our product candidates or utilize similar technology but that
are not covered by the claims of the patent applications that we own or license or any patents we may obtain in the future; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we, or our current or future licensors or collaborators, might not have been the first to make the inventions covered by
any such current or future pending patent applications that we own or license or any patents we may obtain in the future; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we, or our current or future licensors or collaborators, might not have been the first to file patent applications covering
certain of our or their inventions; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">others may independently develop similar or alternative technologies or duplicate any of our technologies without
infringing, misappropriating or otherwise violating our owned or licensed intellectual property rights; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">it is possible that the current or future pending patent applications we own or license now or in the future will not lead
to issued patents; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">any issued patents that we own or license in the future may be held invalid or unenforceable, including as a result of
legal challenges by our competitors or other third parties, or may not provide us with any competitive advantages; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">others may have access to the same intellectual property rights licensed to us now or in the future on a nonexclusive
basis; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our competitors or other third parties might conduct research and development activities in countries where we do not have
patent or other intellectual property rights and then use the information learned from such activities to develop competitive products for sale in our major commercial markets; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">it is possible that there are prior public disclosures that could invalidate our or our licensors&#8217; patent rights;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we may not develop additional proprietary technologies that are patentable; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the patents or pending or future patent applications of others, if issued, or other intellectual property rights, may have
an adverse effect on our business; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we may choose not to file for patent protection in order to maintain certain trade secrets or <FONT
STYLE="white-space:nowrap">know-how,</FONT> and a third party may subsequently file a patent application covering such intellectual property. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Should any of these events occur, it could have a material adverse effect on our business, financial condition, results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We cannot ensure that patent rights relating to inventions described and claimed in our and our licensors&#8217; pending patent applications will issue or that
patents based on our or our licensors&#8217; patent applications will not be challenged and rendered invalid and/or unenforceable. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have pending
provisional patent applications in the United States and pending patent applications under the PCT and in foreign countries in our portfolio relating to our research programs and product candidates. However, we cannot predict: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the scope of protection of any patent issuing based on our or our licensors&#8217; patent applications;
</P></TD></TR></TABLE>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">whether the claims of any patent issuing based on our or our licensors&#8217; patent applications will provide protection
against competitors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">whether or not third parties will find ways to challenge, narrow, invalidate or circumvent our or our licensors&#8217;
patent rights; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">whether or not others will obtain patents claiming aspects similar to those covered by our or our licensors&#8217; patents,
if issued, and patent applications; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">whether we or our licensors will need to initiate litigation or administrative proceedings to enforce and/or defend our
patent rights which will be costly whether we win or lose; and/or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">whether the patent applications that we own or <FONT STYLE="white-space:nowrap">in-license</FONT> will result in issued
patents with claims that cover our product candidates or uses thereof. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We cannot be certain that the claims in our current or future patent
applications directed to our product candidates, as well as technologies relating to our research programs, will be considered patentable by the USPTO or by patent offices in foreign countries. One aspect of the determination of patentability of our
inventions depends on the scope and content of the &#8220;prior art,&#8221; information that was or is deemed available to a person of skill in the relevant art prior to the priority date of the claimed invention. The biotechnology and
pharmaceutical industries, including the fields of targeted radiopharmaceuticals, are intense, fast-moving and highly competitive. There may be prior art of which we are not aware that may affect the patentability of our patent claims or, if issued,
affect the validity or enforceability of a patent claim relevant to our business. There is no assurance that there is not prior art of which we are aware, but which we do not believe is relevant to our business, which may, nonetheless, ultimately be
found to limit our ability to make, use, sell, offer for sale or import our products that may be approved in the future, or impair our competitive position. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even if
the patents do issue based on our or our licensors&#8217; patent applications, third parties may challenge the validity, enforceability or scope thereof, which may result in such patents being narrowed, invalidated or held unenforceable.
Furthermore, even if they are unchallenged, patents in our portfolio may not adequately exclude third parties from practicing relevant technology or prevent others from designing around our claims. If the breadth or strength of our intellectual
property position with respect to our product candidates is threatened, it could dissuade companies from collaborating with us to develop and threaten our ability to commercialize our product candidates. In the event of litigation or administrative
proceedings, we cannot be certain that the claims in any of our or our licensors&#8217; future issued patents will be considered valid by courts in the United States or foreign countries. Any of the foregoing could have a material adverse effect on
our business, financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may be involved in lawsuits to protect or enforce any patents we obtain in the
future or our future licensors&#8217; patents, which could be expensive, time consuming and unsuccessful. Further, any future issued patents we obtain or our current or future licensors&#8217; patents could be found invalid or unenforceable if
challenged in court. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Competitors or other third parties may infringe, misappropriate or otherwise violate our intellectual property rights. To prevent such
infringement or unauthorized use, we may be required to file infringement and other claims, which can be expensive and time-consuming. In addition, in a patent infringement proceeding, a court may decide that a patent we own or <FONT
STYLE="white-space:nowrap">in-license</FONT> is not valid, is unenforceable or is not infringed. If we or any of our current or potential future collaborators were to initiate legal proceedings against a third party to enforce a patent directed at
one of our product candidates, the defendant could counterclaim that such patent is invalid or unenforceable in whole or in part. In patent litigation in the United States, defendant counterclaims alleging invalidity or unenforceability are
commonplace. Grounds for a validity challenge include an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness, lack of sufficient written </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">77 </P>

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description, <FONT STYLE="white-space:nowrap">non-enablement,</FONT> or obviousness-type double patenting. Grounds for an unenforceability assertion could include an allegation that someone
connected with prosecution of the patent withheld relevant information from the USPTO or made a misleading statement during prosecution. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Third parties may also
raise similar invalidity claims before the USPTO or patent offices abroad, even outside the context of litigation. Such mechanisms include <FONT STYLE="white-space:nowrap">re-examination,</FONT> PGR, IPR, derivation proceedings, and equivalent
proceedings in foreign jurisdictions (e.g., opposition proceedings). The outcome following legal assertions of invalidity or unenforceability is unpredictable. With respect to the validity question, for example, we cannot be certain that there is no
invalidating prior art, of which we, our current or future licensors, and the patent examiners are unaware during prosecution. There is also no assurance that there is not prior art of which we are aware, but which we do not believe affects the
validity or enforceability of a claim in our or our licensors&#8217; patent applications or any patents or patent applications we may obtain or license in the future, which may, nonetheless, ultimately be found to affect the validity or
enforceability of a claim. If a third party were to prevail on a legal assertion of invalidity or unenforceability, we would lose at least part, and perhaps all, of the patent protection on our technology or platform, or any product candidates that
we may develop. Such a loss of patent protection would have a material adverse impact on our business, financial condition, results of operations and prospects. Even if we establish infringement, the court may decide not to grant an injunction
against further infringing activity and instead award only monetary damages, which may or may not be an adequate remedy. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Derivation proceedings provoked by third
parties or brought by us or declared by the USPTO may be necessary to determine the priority of inventions with respect to our future patents or patent applications or those of our current or future licensors. An unfavorable outcome could require us
to cease using the related technology or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does not offer us a license on commercially reasonable terms or at all. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, if the breadth or strength of protection provided by our or our licensors&#8217; patent applications or the patents and patent applications we may obtain or
<FONT STYLE="white-space:nowrap">in-license</FONT> in the future is threatened, it could dissuade companies from collaborating with us to license, develop or commercialize current or future product candidates. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even if resolved in our favor, litigation or other legal proceedings relating to our intellectual property rights may cause us to incur significant expenses, and could
distract our technical and management personnel from their normal responsibilities. In addition, there could be public announcements of the results of hearings, rulings, motions and other interim proceedings or developments, and if securities
analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of our common stock. Such litigation or proceedings could substantially increase our operating losses and reduce the resources
available for development activities or any future sales, marketing or distribution activities. We may not have sufficient financial or other resources to conduct such litigation or proceedings adequately. Some of our competitors may be able to
sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources and more mature and developed intellectual property portfolios. Uncertainties resulting from the initiation and
continuation of patent litigation or other proceedings could compromise our ability to compete in the marketplace. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Because of the expense and uncertainty of
litigation, we may conclude that even if a third party is infringing any one of our future issued patents or other intellectual property rights, the risk-adjusted cost of bringing and enforcing such an infringement claim or action may be too high or
not in the best interest of our company or our stockholders. In such cases, we may decide that the more prudent course of action is to simply monitor the situation or initiate or seek some other <FONT STYLE="white-space:nowrap">non-litigious</FONT>
action or solution. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Furthermore, because of the substantial amount of discovery required in connection with intellectual property
litigation or other legal proceedings relating to our intellectual property rights, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation or other proceedings. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, the issuance of a patent does not give us the right to practice the patented invention. Third parties may have blocking patents that could prevent us from
marketing our own patented product and practicing our own patented technology. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The occurrence of any of the foregoing could have a material adverse effect on our
business, financial condition, results of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our commercial success depends significantly on our ability to operate without infringing,
misappropriating or otherwise violating the intellectual property and other proprietary rights, including patents, of third parties. Claims by third parties that we infringe, misappropriate, or otherwise violate their intellectual property or other
proprietary rights, may result in liability for damages or prevent or delay our developmental and commercialization efforts. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our commercial success depends
in part on avoiding infringement, misappropriation or other violation of the intellectual property and proprietary rights of third parties. However, our research, development and commercialization activities may be subject to claims that we
infringe, misappropriate, or otherwise violate patents, trade secrets or other intellectual property rights owned or controlled by third parties. Third parties may assert infringement claims against us based on existing patents or patents that may
be granted in the future, regardless of their merit. If our defenses to such claims are unsuccessful, we could be liable for damages, which could be significant. Other entities may have or obtain patents, intellectual property rights or other
proprietary rights that could limit our ability to make, use, sell, offer for sale, or import our product candidates and products that may be approved in the future, or impair our competitive position. There is a substantial amount of litigation,
both within and outside the United States, involving patent and other intellectual property rights in the biotechnology and pharmaceutical industries, including patent infringement lawsuits, oppositions, reexaminations, IPR proceedings and PGR
proceedings before the USPTO and/or corresponding foreign patent offices. Numerous third-party U.S. and foreign-issued patents and pending patent applications exist in the fields in which we are developing product candidates. There may be
third-party patents or patent applications with claims to materials, formulations, methods of manufacture or methods for treatment related to the use or manufacture of our product candidates. The intellectual property landscape around our
radiopharmaceutical product candidates is crowded, complex, and fast-moving, and third parties may initiate legal proceedings alleging that we are infringing, misappropriating, or otherwise violating their intellectual property. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As the biotechnology and pharmaceutical industries expand and more patents are issued, the risk increases that our product candidates may be subject to claims of
infringement, misappropriation or other violation of the patents or other intellectual property rights and proprietary rights of third parties. There could be certain third-party patent applications in this landscape we are unaware of that may, if
issued as patents, be asserted to encompass aspects of our technology. Because patent applications are maintained as confidential for a certain period of time, until the relevant application is published, we may be unaware of third-party patents
that may be infringed by commercialization of any of our product candidates, and we cannot be certain that we were the first to file a patent application related to a product candidate or technology. Moreover, because patent applications can take
many years to issue, may be confidential for 18 months or more after filing and can be revised before issuance, there may be currently pending patent applications that may later result in issued patents that our product candidates may infringe.
Furthermore, certain applications may remain confidential until a patent issues. In addition, identification of third-party patent rights that may be relevant to our technology is difficult because patent searching is imperfect due to differences in
terminology among patents, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">79 </P>

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incomplete databases and the difficulty in assessing the meaning of patent claims. There is also no assurance that there is not prior art of which we are aware, but which we do not believe is
relevant to our business, which may, nonetheless, ultimately be found to limit our ability to make, use, sell, offer for sale or import our products that may be approved in the future, or impair our competitive position. In addition, third parties
may obtain patents in the future and claim that use of our technologies infringes upon these patents. If a patent holder believes the manufacture, use, sale or importation of any of our product candidates infringes its patent, the patent holder may
sue us even if we have licensed other patent protection for our technology. Moreover, we may face patent infringement claims from nonpracticing entities that have no relevant product revenue and against whom our owned or licensed patent portfolio
may therefore have no deterrent effect. Any claims of patent infringement asserted by third parties would be time consuming and could: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">result in costly litigation that may cause negative publicity; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">divert the time and attention of our technical personnel and management; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">cause development delays; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">prevent us from commercializing any of our product candidates until the asserted patent expires or is held finally invalid
or not infringed in a court of law; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">require us to develop <FONT STYLE="white-space:nowrap">non-infringing</FONT> technology, which may not be possible on a
cost-effective basis; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">subject us to significant liability to third parties, including treble damages and attorneys&#8217; fees, if we are found
to willfully infringe third-party intellectual property rights; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">require us to enter into royalty or licensing agreements, which may not be available on commercially reasonable terms, or
at all, or which might be <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> which could result in our competitors gaining access to the same technology. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may choose to challenge the enforceability or validity of claims in a third party&#8217;s U.S. patent by requesting that the USPTO review the patent claims in an <FONT
STYLE="white-space:nowrap">ex-parte</FONT> <FONT STYLE="white-space:nowrap">re-exam,</FONT> IPR or PGR proceedings. We may also choose to challenge the validity of a third party&#8217;s U.S. patent in federal court proceedings, however, to be
successful, we would need to overcome a presumption of validity. As this burden is a high one requiring us to present clear and convincing evidence as to the invalidity of any such U.S. patent claim, there is no assurance that a court of competent
jurisdiction would invalidate the claims of any such U.S. patent. Both USPTO and federal proceedings are expensive and may consume our time or other resources. We may choose to challenge a third party&#8217;s patent in patent opposition proceedings
in the European Patent Office, or EPO, or other foreign patent office. The costs of these opposition proceedings could be substantial and may consume our time or other resources. If we fail to obtain a favorable result at the USPTO, EPO or other
patent office, then we may be exposed to litigation by a third party alleging that the patent may be infringed by our product candidates or proprietary technologies. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">It is possible that a third party may assert a claim of patent infringement directed at any of our product candidates. Any patent-related legal action against us
claiming damages and seeking to enjoin commercial activities relating to our product candidates, treatment indications, or processes could subject us to significant liability for damages, including treble damages and attorneys&#8217; fees if we were
determined to willfully infringe, and require us to obtain a license to manufacture or market our product candidates. Defense of these claims, regardless of their merit, would involve substantial litigation expense and would be a substantial
diversion of employee resources from our business. We cannot predict whether we would prevail in any such actions or that any license required under any of these patents would be made available on commercially acceptable terms, if at all. Moreover,
even if we or our future strategic partners were able to obtain a license, the rights may be nonexclusive, which could result in our competitors or other third parties gaining access to the same </P>
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intellectual property. In addition, we cannot be certain that we could redesign our product candidates, treatment indications, or processes to avoid infringement, if necessary. Accordingly, an
adverse determination in a judicial or administrative proceeding, or the failure to obtain necessary licenses, could prevent us from developing and commercializing our product candidates, which could harm our business, financial condition, results
of operations and prospects. In addition, intellectual property litigation, regardless of its outcome, may cause negative publicity and could prohibit us from marketing or otherwise commercializing our product candidates and technology. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Parties making claims against us may be able to sustain the costs of complex patent litigation more effectively than we can because they have substantially greater
resources. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation or administrative proceedings, there is a risk that some of our confidential information could be compromised by
disclosure. In addition to any of the foregoing events, any uncertainties resulting from the initiation and continuation of any litigation could have a material adverse effect on our ability to raise additional funds or otherwise have a material
adverse effect on our business, results of operations, financial condition, and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Intellectual property litigation may lead to unfavorable publicity
that harms our reputation and causes the market price of our common shares to decline. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During any intellectual property litigation, there could be public
announcements of the initiation of the litigation as well as results of hearings, rulings on motion, and other interim proceedings or developments in the litigation. If securities analysts or investors regard these announcements as negative, the
perceived value of our existing product candidates, approved products, programs, or intellectual property could be diminished. Accordingly, the market price of shares of our common stock may decline. Such announcements could also harm our reputation
or the market for our future products, which could have a material adverse effect on our business, results of operations, financial condition and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we rely on the protection of our trade secrets, including unpatented or unpatentable <FONT STYLE="white-space:nowrap">know-how,</FONT> technology and other
proprietary information to maintain our competitive position. Trade secrets and <FONT STYLE="white-space:nowrap">know-how</FONT> can be difficult to protect. Although we have taken steps to protect our trade secrets and unpatented or unpatentable <FONT
STYLE="white-space:nowrap">know-how,</FONT> including entering into confidentiality agreements with third parties, and confidential information and invention assignment agreements with employees, consultants and advisors, we cannot provide any
assurances that all such agreements have been duly executed, and any of these parties may breach the agreements and disclose our proprietary information, including our trade secrets, and we may not be able to obtain adequate remedies for such
breaches. Further, we cannot guarantee that we have entered into such agreements with each party that may have or have had access to our trade secrets or proprietary technology and process. We also seek to preserve the integrity and confidentiality
of our data and trade secrets by maintaining physical security of our premises and physical and electronic security of our information technology systems; however, such systems and security measures may be breached, and we may not have adequate
remedies for any breach. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive, and time-consuming, and the outcome is unpredictable. In addition, some courts inside and outside the United
States are less willing or unwilling to protect trade secrets. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Competitors or third parties could attempt to replicate some or all of the competitive advantages we
derive from our development efforts, willfully infringe our intellectual property rights, design around our protected technology or develop their own competitive technologies that fall outside the scope of our intellectual property rights. Moreover,
third parties may still lawfully obtain this information or may come upon this or similar information independently, and we would have no right to prevent them from using that technology or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">81 </P>

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information to compete with us. If any of these events occurs or if we otherwise lose protection for our trade secrets, the value of this information may be greatly reduced, and our competitive
position would be harmed. If we do not apply for patent protection prior to such publication or if we cannot otherwise maintain the confidentiality of our proprietary technology and other confidential information, then our ability to obtain patent
protection or to protect our trade secret information may be jeopardized. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor or other third party will discover them or
that our trade secrets will be misappropriated or disclosed. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition to seeking patent protection for some of our technology and product candidates, we
also rely on trade secrets, including unpatented <FONT STYLE="white-space:nowrap">know-how,</FONT> technology, and other proprietary information, to maintain our competitive position. Elements of our product candidates, including processes for their
preparation and manufacture, may involve proprietary <FONT STYLE="white-space:nowrap">know-how,</FONT> information, or technology that is not covered by patents, and thus for these aspects we may consider trade secrets and <FONT
STYLE="white-space:nowrap">know-how</FONT> to be our primary intellectual property. Any disclosure, either intentional or unintentional, by our employees, the employees of third parties with whom we share our facilities or third-party consultants
and vendors that we engage to perform research, clinical trials or manufacturing activities, or misappropriation by third parties (such as through a cybersecurity breach or other security incident) of our trade secrets or proprietary information
could enable competitors to duplicate or surpass our technological achievements, thus eroding our competitive position in our market. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Trade secrets and unpatented <FONT
STYLE="white-space:nowrap">know-how</FONT> can be difficult to trace, protect and enforce. We require our employees to enter into written employment agreements containing provisions of confidentiality and obligations to assign to us any inventions
generated in the course of their employment. We seek to protect our potential trade secrets, proprietary <FONT STYLE="white-space:nowrap">know-how</FONT> and information in part, by entering into
<FONT STYLE="white-space:nowrap">non-disclosure</FONT> and confidentiality agreements with parties who are given access to them, such as our corporate collaborators, outside scientific collaborators, CROs, CMOs, consultants, advisors and other third
parties. With our consultants, contractors and outside scientific collaborators, these agreements typically include invention assignment obligations. Although we have taken steps to protect our trade secrets and unpatented <FONT
STYLE="white-space:nowrap">know-how,</FONT> we cannot provide any assurances that all such agreements have been duly executed, and any of these parties may breach the agreements and disclose our proprietary information, including our trade secrets
and unpatented <FONT STYLE="white-space:nowrap">know-how,</FONT> and we may not be able to obtain adequate remedies for such breaches. Monitoring unauthorized uses and disclosures is difficult, and we do not know whether the steps we have taken to
protect our proprietary technologies will be effective. Unauthorized parties may also attempt to copy or reverse engineer certain aspects of our products that we consider proprietary. Enforcing a claim that a party illegally disclosed or
misappropriated a trade secret is difficult, expensive and time consuming, and the outcome is unpredictable. In addition, some courts inside and outside the United States are less willing or unwilling to protect trade secrets. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Trade secrets may be independently developed by others in a manner that could prevent legal recourse by us. Trade secrets will over time be disseminated within the
industry through independent development, the publication of journal articles and the movement of skilled personnel from company to company or academic to industry scientific positions. Though our agreements with third parties typically restrict the
ability of our advisors, employees, collaborators, licensors, suppliers, third-party contractors, and consultants to publish data potentially relating to our trade secrets, our agreements may contain certain limited publication rights. Because from
time to time we expect to rely on third parties in the development, manufacture and distribution of our products and provision of our services, we must, at times, share trade secrets with them. Despite employing the contractual and other security
precautions described above, the need to share trade secrets increases the risk that such trade secrets become known by our competitors, are inadvertently incorporated into the technology of others, or are disclosed or used in violation of these
agreements. If any of our trade </P>
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secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete
with us. If any of our trade secrets were to be disclosed to or independently developed by a competitor or other third party, our competitive position would be harmed, and our business, financial condition, results of operations and prospects could
be materially adversely affected. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may be subject to claims that we or our employees, consultants, or collaborators have wrongfully used or disclosed
alleged confidential information or trade secrets of their former employers or claims asserting ownership of what we regard as our own intellectual property. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Some of our employees, consultants, advisors and collaborators are currently or were previously employed at universities or other biotechnology or pharmaceutical
companies, including our competitors or potential competitors. We have sought to enter into, and may in the future seek to enter into, <FONT STYLE="white-space:nowrap">non-disclosure</FONT> and confidentiality agreements to protect the proprietary
positions of third parties, such as outside scientific collaborators, CROs, CDMOs, consultants, advisors, potential partners, and other third parties. Although we try to ensure that our employees, consultants, advisors and collaborators do not use
the proprietary information or <FONT STYLE="white-space:nowrap">know-how</FONT> of others in their work for us, we may be subject to claims that we or these individuals have used or disclosed intellectual property, including trade secrets or other
proprietary information, of any such individual&#8217;s current or former employer. We may become subject to litigation where a third party asserts that we or our employees inadvertently or otherwise breached the agreements and used or disclosed
trade secrets or other information proprietary to the third parties. Defense of such matters, regardless of their merit, could involve substantial litigation expense and be a substantial diversion of employee resources from our business. We cannot
predict whether we would prevail in any such actions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Moreover, intellectual property litigation, regardless of its outcome, may cause negative publicity and could
prohibit us from marketing or otherwise commercializing our product candidates and technology. Failure to defend against any such claim could subject us to significant liability for monetary damages, lead to a loss of valuable intellectual property
rights or otherwise prevent or delay our developmental and commercialization efforts, which could adversely affect our business. Even if we are successful in defending against these claims, litigation could result in substantial costs and be a
distraction to our management team and other employees. In addition, we may lose personnel as a result of such claims and any such litigation, or the threat thereof may adversely affect our ability to hire employees or contract with independent
contractors. A loss of key personnel or their work product could hamper or prevent our ability to commercialize our product candidates, which would have a material adverse effect on our business, results of operations, financial condition and
prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, while it is our policy to require our employees and contractors who may be involved in the conception or development of intellectual
property to execute agreements assigning such intellectual property to us, we may be unsuccessful in executing such an agreement with each party who, in fact, conceives or develops intellectual property we regard as ours. Moreover, even when we
obtain agreements assigning intellectual property to us, the assignment of intellectual property rights may not be self-executing, or the assignment agreements may be breached, and we may be forced to bring claims against third parties to determine
the ownership of what we regard as our intellectual property, or defend claims that they may bring against us. Such claims could have a material adverse effect on our business, financial condition, results of operations and prospects. Furthermore,
individuals executing agreements with us may have preexisting or competing obligations to a third party, such as an academic institution, and thus an agreement with us may be ineffective in perfecting ownership of inventions developed by that
individual. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we or our licensors may in the future be subject to claims by former employees, collaborators, consultants or other third parties asserting
an ownership right in our owned or licensed patent applications or future patents, patent applications, trade secrets or other intellectual property. For example, one of our licensors </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">83 </P>

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has inquired into whether they should be named as co-inventors for our pending patent applications relating to our Nectin-4 program, including
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189. Although we do not believe that anyone from the licensor made any contributions that rise to the level of inventorship on any of the claims that we are pursuing or plan to
pursue, and we have had discussions with them regarding their inquiry, we cannot guarantee the final resolution of the matter. In some instances, litigation may be necessary to defend against claims challenging inventorship or ownership of our
patent rights, trade secrets or other intellectual property. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights. Such an outcome could have a material adverse effect on
our business. Even if we are successful in defending against such claims, litigation could result in substantial costs and distraction to management and other employees. An adverse determination in any such submission or proceeding may result in
loss of exclusivity or freedom to operate or in patent claims being narrowed, invalidated or held unenforceable, in whole or in part, which could limit our ability to stop others from using or commercializing similar product candidates and
technology, without payment to us, or could limit the duration of the patent protection covering our product candidates and proprietary technology. Such challenges may also result in our inability to develop, manufacture or commercialize our product
candidates and proprietary technology without infringing third-party patent rights. In addition, if the breadth or strength of protection provided by our owned or licensed patent rights, trade secrets or other intellectual property is threatened, it
could dissuade companies from collaborating with us to license, develop or commercialize current or future product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Parties making claims against us may
be able to sustain the costs of complex intellectual property litigation more effectively than we can because they have substantially greater resources. Furthermore, because of the substantial amount of discovery required in connection with
intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure. Any of the foregoing have a material adverse effect on our business, financial condition, results of operations, and
prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our rights to develop and commercialize our technology and product candidates may be subject, in part, to the terms and conditions of licenses
granted to us by others. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have entered into and may enter into in the future license agreements with others to advance our existing or future research or
allow commercialization of our existing or future product candidates. If we fail to comply with our obligations under our intellectual property licenses, if the licenses are terminated, or if disputes regarding these licenses arise, we could lose
significant rights that are important to our business. These licenses may not provide exclusive rights to use such intellectual property and technology in all relevant fields of use and in all territories in which we may wish to develop or
commercialize our technology and products in the future. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, subject to the terms of any such license agreements, we may not have the right to control the
preparation, filing, prosecution, maintenance, enforcement, or defense of patent rights covering the technology that we license from third parties now or in the future. In such an event, we cannot be certain that these patents and patent
applications will be prepared, filed, prosecuted, maintained, enforced, and defended in a manner consistent with the best interests of our business or in compliance with applicable laws and regulations, or will result in valid and enforceable
patents and other intellectual property rights. It is also possible that our licensors&#8217; infringement proceedings or defense activities may be less vigorous than had we conducted them ourselves or may not be conducted in accordance with our
best interest. If we or our current or future licensors fail to prosecute, maintain, enforce, and defend such patents or patent applications, or lose rights to those patents or patent applications, the rights we have licensed may be reduced or
eliminated, and our right to develop and commercialize any of our product candidates that are the subject of such licensed rights could be adversely affected. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our
current or future licensors may rely on third-party consultants or collaborators or on funds from third parties such that our licensors are not the sole and exclusive owners of the patent rights we <FONT STYLE="white-space:nowrap">in-license.</FONT>
If other </P>
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third parties have ownership rights to our current or future <FONT STYLE="white-space:nowrap">in-licensed</FONT> patent rights, they may be able to license such patent rights to our competitors,
and our competitors could market competing products and technology. This could have a material adverse effect on our competitive position, business, financial condition, results of operations, and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">It is possible that we may be unable to obtain licenses at a reasonable cost or on reasonable terms, if at all. Even if we can obtain a license, it may be <FONT
STYLE="white-space:nowrap">non-exclusive,</FONT> thereby giving our competitors access to the same technologies licensed to us. If we are unable to do so, we may be unable to develop or commercialize the affected product candidates, which could harm
our business, financial condition, results of operations, and prospects significantly. We cannot provide any assurances that third-party patents do not exist which might be enforced against our current technology, manufacturing methods, product
candidates, or future methods or products resulting in either an injunction prohibiting our manufacture or future sales, or, with respect to our future sales, an obligation on our part to pay royalties and/or other forms of compensation to third
parties, which could be significant. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition, results of operations, and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If we fail to comply with our obligations in the agreements under which we license intellectual property rights to or from third parties or otherwise experience
disruptions to our business relationships with our current and future licensors or licensees, we could lose license rights that are important to our business. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are heavily reliant upon licenses from third parties to certain patent rights and proprietary technology that are important or necessary to the development of our
proprietary technology. Further development of our proprietary technology may require us to enter into additional license or collaboration agreements. Our future licenses may not provide us with exclusive rights to use the licensed intellectual
property and technology, or may not provide us with exclusive rights to use such intellectual property and technology in all relevant fields of use and in all territories in which we may wish to develop or commercialize our product candidates and
proprietary technology in the future. Additionally, our current license agreements impose, and future agreements may impose, various development, diligence, commercialization and other obligations on us and require us to meet development timelines,
or to exercise commercially reasonable efforts to develop and commercialize licensed products, in order to maintain the licenses. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Disputes may arise between us and
our current or future licensors or licensees regarding intellectual property subject to a license agreement, including: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the scope of rights granted under the license agreement and other interpretation-related issues; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our financial or other obligations under the license agreement; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">whether and the extent to which our technology and processes infringe, misappropriate or otherwise violate intellectual
property of the licensor or licensee that is not subject to the licensing agreement; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our right to sublicense patent and other rights to third parties; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our diligence obligations under the license agreement and what activities satisfy those diligence obligations;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our right to transfer or assign the license; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the inventorship and ownership of inventions and <FONT STYLE="white-space:nowrap">know-how</FONT> resulting from the joint
creation or use of intellectual property by our current or future licensors or licensees and us and our partners; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the priority of invention of patented technology. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we may seek to obtain additional licenses from our licensors and, in connection with obtaining such licenses, we may agree to amend our existing licenses in
a manner that may be more favorable to the licensors, </P>
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including by agreeing to terms that could enable third parties, including our competitors, to receive licenses to a portion of the intellectual property that is subject to our existing licenses
and to compete with our proprietary technologies and product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The agreements under which we license intellectual property or technology from third
parties are complex, and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to
the relevant intellectual property or technology or increase what we believe to be our financial or other obligations under the relevant agreement, either of which could have a material adverse effect on our business, financial condition, results of
operations, and prospects. Moreover, if disputes over intellectual property that we have licensed, or license in the future, prevent or impair our ability to maintain our licensing arrangements on commercially acceptable terms, we may be unable to
successfully develop and commercialize the affected product candidates, which could have a material adverse effect on our business, financial condition, results of operations, and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Despite our best efforts, our current or future licensors or licensees might conclude that we materially breached our license agreements and might therefore terminate
the license agreements, thereby removing our ability to develop and commercialize products and technology covered by these license agreements. If these licenses are terminated, or if the underlying patent rights fail to provide the intended
exclusivity, competitors will have the freedom to seek regulatory approval of, and to market, products identical to ours, and we may be required to cease our development and commercialization of certain of our product candidates and proprietary
technology. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition, results of operations, and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and
<FONT STYLE="white-space:nowrap">in-licenses.</FONT> </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Because our development programs may require or in the future require the use of additional
intellectual property or proprietary rights held by third parties, the growth of our business may depend in part on our ability to acquire, <FONT STYLE="white-space:nowrap">in-license,</FONT> or use these third-party intellectual property or
proprietary rights. We may be unable to acquire or <FONT STYLE="white-space:nowrap">in-license</FONT> any compositions, methods of use, processes, or other third-party intellectual property rights from third parties that we identify as necessary for
our product candidates on commercially reasonable terms or at all. Even if we are able to <FONT STYLE="white-space:nowrap">in-license</FONT> any such necessary intellectual property, it could be on nonexclusive terms, thereby giving our competitors
and other third parties access to the same intellectual property licensed to us, and it could require us to make substantial licensing and royalty payments. The licensing and acquisition of third-party intellectual property rights is a competitive
area, and several more established companies may pursue or are already pursuing strategies to license or acquire third-party intellectual property rights that we may consider attractive or necessary. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">More established companies may have a competitive advantage over us due to their size, capital resources and greater clinical development and commercialization
capabilities. In addition, companies that perceive us to be a competitor may be unwilling to assign or license rights to us. We also may be unable to license or acquire third-party intellectual property rights on terms that would allow us to make an
appropriate return on our investment or at all. If we are unable to successfully obtain rights to required third-party intellectual property rights or maintain the existing intellectual property rights we have, we may be required to expend
significant time and resources to redesign our product candidates, or to develop or license replacement candidates, all of which may not be feasible on a technical or commercial basis, and we may have to abandon development of the relevant program
or product candidate, any of which could have a material adverse effect on our business, financial condition, results of operations, and prospects. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Further, any future collaborations that we enter into may not be successful. The success of our collaboration
arrangements will depend heavily on the efforts and activities of our collaborators. Collaborations are subject to numerous risks, which may include that: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators have significant discretion in determining the efforts and resources that they will apply to collaborations;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators may not pursue development and commercialization of our product candidates or may elect not to continue or
renew development or commercialization programs based on trial or test results, changes in their strategic focus due to the acquisition of competitive products, or availability of funding or other external factors, such as a business combination
that diverts resources or creates competing priorities; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators could independently develop, or develop with third parties, products that compete directly or indirectly with
our product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a collaborator with marketing, manufacturing and distribution rights to one or more product candidates may not commit
sufficient resources to or otherwise not perform satisfactorily in carrying out these activities; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">we could grant exclusive rights to our collaborators that would prevent us from collaborating with others;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators may not properly maintain, enforce, protect or defend our intellectual property rights, as applicable, or may
use our intellectual property or proprietary information in a way that gives rise to actual or threatened litigation that could jeopardize or invalidate our intellectual property or proprietary information or expose us to potential liability;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">disputes may arise between us and a collaborator that causes the delay or termination of the research, development or
commercialization of our product candidates or that results in costly litigation or arbitration that diverts management attention and resources; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborations may be terminated, and, if terminated, may result in a need for additional capital to pursue further
development or commercialization of the applicable product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">collaborators may own or <FONT STYLE="white-space:nowrap">co-own</FONT> intellectual property covering our technologies or
product candidates that results from our collaborating with them, and in such cases, we would not have the exclusive right to develop or commercialize such intellectual property; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a collaborator&#8217;s sales and marketing activities or other operations may not be in compliance with applicable laws
resulting in civil or criminal proceedings. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any of the foregoing could have a material adverse effect on our competitive position, business,
financial condition, results of operations, and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If our trademarks and trade names are not adequately protected, then we may not be able to build
name recognition in our markets of interest and our business may be adversely affected. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We intend to use registered or unregistered trademarks or trade
names to brand and market ourselves and our products. Our current and future trademarks and trade names, including our future registered trademarks and current or future unregistered trademarks, may be challenged, infringed, circumvented or declared
generic or determined to be infringing on other marks. Moreover, our current or future trademark applications may not be allowed or may subsequently be opposed. We may not be able to protect our rights to these trademarks and trade names, which we
need to build name recognition among potential partners or customers in our markets of interest. At times, competitors may adopt trade names or trademarks similar to ours, thereby impeding our ability to build brand identity and possibly leading to
market confusion. In addition, there could be potential </P>
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trade name or trademark infringement claims brought by owners of other registered trademarks or trademarks that incorporate variations of our trademarks or trade names. As a means to enforce our
trademark rights and prevent infringement, we may be required to file trademark claims against third parties or initiate trademark opposition proceedings. This can be expensive and time-consuming, particularly for a company of our size. If we assert
trademark infringement claims, a court may determine that the trademarks we have asserted are invalid or unenforceable, or that the party against whom we have asserted trademark infringement has superior rights to the marks in question. In this
case, we could ultimately be forced to cease use of such trademarks. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During trademark registration proceedings, we may receive rejections of our applications by the
USPTO or in other foreign jurisdictions. Although we would be given an opportunity to respond to those rejections, we may be unable to overcome such rejections. In addition, in the USPTO and in comparable agencies in many foreign jurisdictions,
third parties are given an opportunity to oppose pending trademark applications and to seek to cancel registered trademarks. Opposition or cancellation proceedings may be filed against our trademarks, and our trademarks may not survive such
proceedings. If we are unable to establish name recognition based on our trademarks and trade names, we may not be able to compete effectively and our business may be adversely affected. We may license our trademarks and trade names to third
parties, such as distributors. Although these license agreements may provide guidelines for how our trademarks and trade names may be used, a breach of these agreements or misuse of our trademarks and trade names by our licensees may jeopardize our
rights in or diminish the goodwill associated with our trademarks and trade names. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Moreover, any name we may propose to use with our product candidates in the
United States must be approved by the FDA, regardless of whether we have registered it, or applied to register it, as a trademark. Similar requirements exist in Europe. The FDA typically conducts a review of proposed product names, including an
evaluation of potential for confusion with other product names. If the FDA (or an equivalent administrative body in a foreign jurisdiction) objects to any of our proposed proprietary product names, it may be required to expend significant additional
resources in an effort to identify a suitable substitute name that would qualify under applicable trademark laws, not infringe the existing rights of third parties and be acceptable to the FDA. Furthermore, in many countries, owning and maintaining
a trademark registration may not provide an adequate defense against a subsequent infringement claim asserted by the owner of a senior trademark. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Over the long
term, if we are unable to establish name recognition based on our trademarks and trade names, then we may not be able to compete effectively, and our business may be adversely affected. Our efforts to enforce or protect our proprietary rights
related to trademarks, trade secrets, domain names, copyrights or other intellectual property may be ineffective and could result in substantial costs and diversion of resources and could adversely affect our business, financial condition, results
of operations and prospects. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>The use of new and evolving technologies, such as AI, in our operations may require us to expend material resources and may
present risks and challenges that can impact our business, including by posing security and other risks to our confidential information, proprietary information and personal information, any of which may result in reputational harm and liability, or
otherwise adversely affect our business.<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may choose to integrate AI into our operations, and this
innovation presents risks and challenges that could affect its adoption, and therefore our business. There are significant risks involved in utilizing AI and no assurance can be provided that the usage of AI will enhance our business or assist our
business in becoming more efficient or profitable. The use of certain AI technology can give rise to intellectual property risks, including compromises to proprietary intellectual property and intellectual property infringement and misappropriation.
Other known risks of AI currently include inaccuracy, bias, toxicity, data privacy and cybersecurity issues, and data provenance disputes. In addition, AI may have errors or inadequacies that are not easily detectable. AI may also be subject to data
herding and interconnectedness (i.e., multiple market </P>
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participants utilizing the same data), which may adversely impact our business. If the data used to train AI or the content, analyses, or recommendations that AI applications assist in producing
are or are alleged to be deficient, inaccurate, incomplete, overbroad or biased, our business, financial condition, and results of operations may be adversely affected. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Additionally, we expect to see increasing government and supranational regulation and ethical concerns related to AI use, which may also significantly increase the
burden and cost of research, development and compliance in this area. For example, the EU&#8217;s Artificial Intelligence Act, or the AI Act,&#8212;the world&#8217;s first comprehensive AI law&#8212;entered into force on August&nbsp;1, 2024 and,
with some exceptions, will become effective 24 months thereafter. This legislation imposes significant obligations on providers and deployers of AI systems, and encourages providers and deployers of AI systems to account for certain ethical
principles in their design, development and use of these systems. The rapid evolution of AI will require the application of significant resources to design, develop, test and maintain our technology and products to help ensure that AI is implemented
in accordance with applicable laws and regulations and in a socially responsible manner and to minimize any real or perceived unintended harmful impacts. The legal landscape and subsequent legal protection for the use of AI remains uncertain, and
development of the law in this area could impact our ability to enforce our proprietary rights or protect against infringing uses. If we do not have sufficient rights to use the data on which AI relies or to the outputs produced by AI applications,
we may incur liability through the violation of certain laws, third-party privacy or other rights or contracts to which we are a party. Our use of AI applications may also, in the future, result in cybersecurity incidents that implicate the personal
data of customers or patients. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our collaborators or other third-party service providers may also incorporate AI tools into their own offerings, and the providers of these AI tools may not meet
existing or rapidly evolving regulatory or industry standards, including with respect to intellectual property, data privacy and cybersecurity. Further, bad actors around the world use increasingly sophisticated methods, including the use of AI, to
engage in illegal activities involving the theft and misuse of personal information, confidential information and intellectual property. Any of these effects could damage our reputation, result in the loss of valuable property and information, cause
us to breach applicable laws and regulations, or otherwise adversely impact our business. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related to Employee Matters and Managing Growth </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our ability to develop our future product candidates for our future growth depends on retaining our key personnel and recruiting additional qualified personnel.
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our success depends upon the continued contributions of our key management, scientific, and technical personnel, many of whom have been instrumental for us
and have substantial experience with our radiopharmaceuticals, our discovery engine and development processes and capabilities, underlying technologies, and related product candidates. In particular, we are highly dependent on Matthew Roden, PhD,
our Chief Executive Officer, Kyle D. Kuvalanka, our Chief Financial Officer, Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD, our Chief Operating Officer, Paul L. Feldman, PhD, our Chief Scientific Officer, Akos Czibere, MD, PhD,
our Chief Medical Officer and Tyler Benedum, PhD, our Chief Technical Officer, as well as the other principal members of our management and scientific teams. The loss of the services of any of these persons could impede the achievement of our
research, development and commercialization objectives. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For us to successfully compete and grow, we must recruit, retain, and develop talent who can provide the
necessary expertise across a broad spectrum of disciplines. In addition, we must develop, maintain and, as necessary, implement appropriate succession plans to ensure we have the necessary human capital capable of maintaining continuity in our
business. Given the fact that these are novel and emerging fields, there is an </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">89 </P>

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inherent scarcity of experienced personnel in these fields. As we continue developing our pipeline, we will require personnel with medical, scientific, or technical qualifications specific to
each program. The loss of key managers and senior scientists could delay our research and development activities. Despite our efforts to retain valuable employees, members of our management, scientific, and development teams may terminate their
employment with us on short notice. Although we have employment agreements with our key employees, these employment agreements provide for <FONT STYLE="white-space:nowrap">at-will</FONT> employment, which means that any of our employees could leave
our employment at any time, with or without notice. We do not maintain &#8220;key person&#8221; insurance for any of our executives or other employees. The competition for qualified personnel in the biotechnology industry is intense, and our future
success depends upon our ability to attract, retain, and motivate highly skilled scientific, technical, and managerial employees. We face competition for personnel from other companies, universities, public and private research institutions, and
other organizations. If our recruitment and retention efforts are unsuccessful in the future, it may be difficult for us to implement our business strategy, which could have a material adverse effect on our business. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, our research and development programs, clinical operations and sales and marketing efforts depend on our ability to attract and retain highly skilled
scientists, engineers, and sales professionals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Competition for skilled personnel in our market is intense, and we have from time to time experienced, and we expect
to continue to experience, difficulty in hiring and retaining employees with appropriate qualifications on acceptable terms, or at all. Many of the companies with which we compete for experienced personnel have greater resources than we do, and any
of our employees may terminate their employment with us at any time. Failure to succeed in preclinical studies, clinical trials or applications for regulatory approval may make it more difficult to recruit or retain qualified personnel. Moreover, if
we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached legal obligations, resulting in a diversion of our time and resources and, potentially, damages. In
addition, job candidates and existing employees often consider the value of the stock awards they receive in connection with their employment. If the perceived benefits of our stock awards decline, it may harm our ability to recruit and retain
highly skilled employees. If we fail to attract new personnel or fail to retain and motivate our current personnel, our business, financial condition, results of operations and prospects would be harmed. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We expect to continue to expand our development and regulatory capabilities, and as a result, we may encounter difficulties in managing our growth, which could
disrupt our operations. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have experienced rapid growth since our inception in August 2020. We expect continued growth in the number of our employees and
the scope of our operations, particularly to continue our planned clinical operations, preclinical and <FONT STYLE="white-space:nowrap">IND-enabling</FONT> studies or studies approved by comparable foreign authorities, establish regulatory, quality,
and manufacturing supply chain logistics and facility operations. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To manage our anticipated future growth, we will continue to seek to implement and improve our
managerial, operational, and financial systems, expand our facilities, and continue to recruit and train additional qualified personnel. Due to our limited financial resources and the complexity in managing a company with such anticipated growth, we
may not be able to effectively manage the expansion of our operations or recruit and train additional qualified personnel. The expansion of our operations may lead to significant costs and may divert our management and business development
resources. Any inability to manage growth could delay the execution of our business plans or disrupt our operations. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, future growth imposes significant
added responsibilities on members of management, including: identifying, recruiting, integrating, maintaining, and motivating new employees; managing our internal development efforts effectively, including the clinical and FDA, or comparable foreign
regulatory authority, review process for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and any current or future product candidates, while
complying with our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">90 </P>

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contractual obligations to third parties; and improving our operational, financial and management controls, reporting systems, and procedures. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We currently rely, and for the foreseeable future will continue to rely, in substantial part on certain independent organizations, advisors, and consultants to provide
certain services, including strategic, financial, business development, and research and development services, as well as certain aspects of regulatory approval and manufacturing. There can be no assurance that the services of independent
organizations, advisors, and consultants will continue to be available to us on a timely basis when needed or on reasonable terms, or that we can find qualified replacements. In addition, if we are unable to effectively manage our outsourced
activities or if the quality or accuracy of the services provided by consultants, CROs, CDMOs or CMOs is compromised for any reason, our preclinical or clinical trials may be extended, delayed, or terminated, and we may not be able to obtain
regulatory approval of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our other current or future product candidates or otherwise
advance our business. We cannot assure you that we will be able to manage our existing consultants or find other competent outside contractors and consultants on economically reasonable terms, or at all. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we are not able to effectively expand our organization by hiring new qualified employees and expanding our groups of consultants and contractors, we may experience
delays or may not be able to successfully implement the tasks necessary to further develop and commercialize
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor and any future product
candidates we develop and, accordingly, we may not achieve our research, development, and commercialization goals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Business disruptions could seriously harm
our future revenue and financial condition and increase our costs and expenses. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our operations, and those of our CROs, CDMOs, CMOs and other contractors and
consultants, could be subject to earthquakes, power shortages, telecommunications failures, water shortages, floods, hurricanes, typhoons, fires, extreme weather conditions, medical epidemics and other natural or
<FONT STYLE="white-space:nowrap">man-made</FONT> disasters or business interruptions, for which we are predominantly self-insured. The occurrence of any of these business disruptions could seriously harm our operations and financial condition and
increase our costs and expenses. We rely on third-party manufacturers to produce and process our product candidates on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">patient-by-patient</FONT></FONT> basis. Our ability to obtain
clinical supplies of our product candidates could be disrupted if the operations of these suppliers are affected by a <FONT STYLE="white-space:nowrap">man-made</FONT> or natural disaster or other business interruption. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our insurance policies are expensive and protect us from only some business risks, which will leave us exposed to significant uninsured liabilities. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We do not carry insurance for all categories of risk that our business may encounter. Some of the policies we currently maintain or will maintain upon completion of this
offering include property, general liability, employee benefits liability, workers&#8217; compensation, clinical trial liability, cyber liability, and directors&#8217; and officers&#8217; insurance. We do not know, however, if we will be able to
maintain insurance with adequate levels of coverage. No assurance can be given that an insurance carrier will not seek to cancel or deny coverage after a claim has occurred. Any significant uninsured liability may require us to pay substantial
amounts, which would adversely affect our financial position and results of operations. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Risks related to our common stock and this offering </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to
stockholder approval. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our Class A common stock has no voting rights. As a result, all matters submitted to our stockholders will be decided by the vote of
holders of our common stock. Prior to this offering, as of September 30, 2025, our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">91 </P>

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executive officers, directors, holders of 5% or more of our capital stock and their respective affiliates beneficially owned approximately 63.2% of our outstanding voting stock and, upon the
closing of this offering, our executive officers, directors, holders of 5% or more of our capital stock and their respective affiliates will beneficially own approximately &#8195;&#8195;% of our outstanding voting stock (assuming no exercise of the
underwriters&#8217; option to purchase additional shares from us and without giving effect to any purchases that certain of these holders may make in this offering). Therefore, even after this offering, these stockholders will have the ability to
influence us through this ownership position. These stockholders may be able to determine all matters requiring stockholder approval and they may have interests that differ from yours and may be adverse to your interests. For example, these
stockholders may be able to control elections of directors, amendments of our organizational documents, or approval of any merger, sale of assets, or other major corporate transaction. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our stock price may be volatile or may decline regardless of our operating performance, resulting in substantial losses for investors. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The market price of our common stock may be highly volatile and may fluctuate substantially as a result of a variety of factors, some of which are related in complex
ways. The market price of our common stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including the factors listed below and other factors describe in this &#8220;Risk factors&#8221; section:
</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">developments with respect to our pipeline, including the commencement, enrollment, or results of current and future
preclinical studies and clinical trials; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">any delay in our clinical trials for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for the treatment of locally advanced or metastatic UC and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors or any of our future product
candidates and any adverse development or perceived adverse development with respect to the applicable regulatory authority&#8217;s review of such filings, including, without limitation, the issuance by the FDA of a &#8220;refusal to file&#8221;
letter or a request for additional information; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">adverse results or delays in clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our decision to initiate a preclinical study or clinical trial, not to initiate a preclinical study or clinical trial or to
terminate an existing preclinical study or clinical trial; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">adverse actions taken by regulatory agencies with respect to our preclinical studies or clinical trials, manufacturing
supply chain or sales and marketing activities, including failure to receive regulatory approval of our future product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">changes in laws or regulations, including, but not limited to, preclinical study or clinical trial requirements for
approvals; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">any adverse changes to our relationship with manufacturers or suppliers; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">manufacturing, supply or distribution shortages; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our failure to commercialize approved products; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">changes in the structure of healthcare payment systems; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">additions or departures of key scientific or management personnel; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">unanticipated serious safety concerns related to the use of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our current or future product candidates; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">92 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">disputes or other developments relating to proprietary rights, including patents, litigation matters, and our ability to
obtain patent protection for our technologies; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">variations in our results of operations; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our cash position; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our failure to meet the estimates and projections of the investment community or that we may otherwise provide to the
public; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">publication of research reports about us or our industry, or radiopharmaceuticals in particular, or positive or negative
recommendations or withdrawal of research coverage by securities analysts; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">announcements made by us or our competitors of new product offerings, acquisitions, strategic relationships, joint
ventures, or capital commitments; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our inability to establish or maintain collaborations; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to effectively manage our growth; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the size of our initial target markets; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">changes in the market valuations of similar companies; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">press reports, whether or not true, about our business; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">sales or perceived potential sales of our common stock by us or our stockholders in the future; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overall fluctuations in the equity and credit markets; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">ineffectiveness of our internal controls; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">changes in accounting practices or principles; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">changes or developments in the global regulatory environment; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">litigation involving us, our industry or both, or investigations by regulators into our operations or those of our
competitors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">general political, economic, industry and market conditions, including resulting impacts of the ongoing war between Russia
and Ukraine; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">other events or factors, many of which are beyond our control. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, the stock market in general and biotechnology companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated
or disproportionate to the operating performance of these companies. Broad market and industry factors may negatively affect the market price of our common stock, regardless of our actual operating performance. If the market price of our common
stock after this offering does not exceed the initial public offering price, you may not realize any return on, and may lose some or all of, your investment. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Future sales of our common stock in the public market could cause our common stock price to fall. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our common stock price could decline as a result of sales of a large number of shares of common stock after this offering or the perception that these sales could occur.
These sales, or the possibility that these sales may occur, might also make it more difficult for us to sell equity securities in the future at a time and price that we deem appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">93 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the completion of this offering, &#8195;&#8195;&#8195;&#8195; shares of common stock will be outstanding (or
&#8195;&#8195;&#8195;&#8195; shares if the underwriters exercise their over-allotment option to purchase additional shares from us in full), based on the number of shares outstanding as of September 30, 2025, after giving effect to the automatic
conversion of 129,567,500 shares of our redeemable convertible preferred stock into an aggregate of 129,567,500 shares of our voting common stock immediately prior to the completion of this offering. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Substantially all shares of common stock expected to be sold in this offering will be freely tradable without restriction or further registration under the Securities
Act of 1933, as amended, or the Securities Act, unless held by our &#8220;affiliates&#8221; as defined in Rule 144 under the Securities Act. The resale of the remaining shares, or &#8195;&#8195;% of our outstanding shares of common stock following
this offering, is currently prohibited or otherwise restricted as a result of securities law provisions, market standoff agreements entered into by certain of our stockholders with us or <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements
entered into by our stockholders with the underwriters in connection with this offering. However, subject to applicable securities law restrictions, these shares will be able to be sold in the public market beginning 181 days after the date of this
prospectus. Shares issued upon the exercise of stock options outstanding under our equity incentive plans or pursuant to future awards granted under those plans will become available for sale in the public market to the extent permitted by the
provisions of applicable vesting schedules, market <FONT STYLE="white-space:nowrap">stand-off</FONT> agreements and/or <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements, as well as Rules&nbsp;144 and 701 under the Securities Act. For more
information, see the section titled &#8220;Shares eligible for future sale.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the completion of this offering, the holders of approximately 129,567,500
shares of our common stock, or &#8195;&#8195;% of our outstanding shares following this offering, will have rights, subject to some conditions, to require us to file registration statements covering the sale of their shares or to include their
shares in registration statements that we may file for ourselves or our other stockholders. See &#8220;Description of capital stock&#8212; Registration rights.&#8221; We also intend to register the offer and sale of all shares of common stock that
we may issue under our equity compensation plans. Once we register the offer and sale of shares for the holders of registration rights and shares that may be issued under our equity incentive plans, these shares will be able to be sold in the public
market upon issuance, subject to the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements described under &#8220;Underwriting.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, in the
future, we may issue additional shares of common stock, or other equity or debt securities convertible into common stock, in connection with a financing, acquisition, employee arrangement, or otherwise. Any such issuance could result in substantial
dilution to our existing stockholders and could cause the price of our common stock to decline. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>There has been no prior public market for our common stock,
and an active trading market may not develop or be sustained. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There has been no public market for our common stock prior to this offering and the completion
of this offering is contingent on receiving approval for listing on the Nasdaq Global Market, or Nasdaq. We have applied to list our common stock on the Nasdaq under the symbol &#8220;AKTS.&#8221; The initial public offering price for our common
stock will be determined through negotiations among the underwriters and us and may vary from the market price of our common stock following this offering. An active or liquid market in our common stock may not develop upon closing of this offering
or, if it does develop, it may not be sustainable. The lack of an active market may impair the value of your shares, your ability to sell your shares at the time you wish to sell them and the prices that you may obtain for your shares. An inactive
market may also impair our ability to raise capital by selling our common stock and our ability to acquire other companies, products, or technologies by using our common stock as consideration. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If you purchase shares of our common stock in this offering, you will experience substantial and immediate dilution. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The initial public offering price of our common stock will be substantially higher than the pro forma as adjusted net tangible book value per share of our outstanding
common stock immediately after the offering. Based on an </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">94 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195;per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and our net tangible book
value as of September 30, 2025 if you purchase our common stock in this offering, you will pay more for your shares than the amounts paid by our existing stockholders for their shares and you will experience substantial and immediate dilution in the
pro forma as adjusted net tangible book value per share of $&#8195;&#8195;&#8195;&#8195;as of September 30, 2025. This dilution is due in large part to the fact that our earlier investors paid substantially less than the initial public offering
price when they purchased their shares of our capital stock. As a result of this dilution, investors purchasing stock in this offering may receive significantly less than the full purchase price that they paid for the shares purchased in this
offering in the event of a liquidation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">You will experience additional dilution when those holding stock options exercise their right to purchase common stock under
our equity incentive plans or when we otherwise issue additional shares of common stock. For additional details see the section entitled &#8220;Dilution.&#8221; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We do not currently intend to pay dividends on our common stock and, consequently, our stockholders&#8217; ability to achieve a return on their investment will
depend on appreciation of the value of our common stock. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have never declared or paid cash dividends on our common stock. We currently intend to retain
all available funds and any future earnings to support operations and to finance the growth and development of our business. We do not intend to declare or pay any cash dividends on our capital stock in the foreseeable future. As a result, any
investment return on our common stock will depend upon increases in the value for our common stock, which is not certain. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our management team has broad
discretion to use the net proceeds from this offering and its investment of these proceeds may not yield a favorable return. They may invest the net proceeds from this offering in ways with which investors disagree. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our management will have broad discretion over the use of net proceeds from this offering and could spend the net proceeds in ways our stockholders may not agree with or
that do not yield a favorable return, if at all. If we do not invest or apply the net proceeds from this offering in ways that improve our operating results, we may fail to achieve expected financial results, which could cause our stock price to
decline. For additional details see the section entitled &#8220;Use of proceeds.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If securities or industry analysts either do not publish research
about us or publish inaccurate or unfavorable research about us, our business or our market, or if they change their recommendations regarding our common stock adversely, the trading price or trading volume of our common stock could decline.
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The trading market for our common stock will be influenced in part by the research and reports that securities or industry analysts may publish about us,
our business, our market, or our competitors. If one or more of these analysts initiate research with an unfavorable rating or downgrade our common stock, provide a more favorable recommendation about our competitors, or publish inaccurate or
unfavorable research about our business, our common stock price would likely decline. If any analyst who may cover us were to cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which
in turn could cause the trading price or trading volume of our common stock to decline. In addition, if we fail to the meet the forecasts published by these analysts, the trading price of our common stock would likely decline. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We are an &#8220;emerging growth company,&#8221; and a &#8220;smaller reporting company,&#8221; and any decision on our part to comply only with certain reduced
reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our common stock less attractive to investors. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. We are also a &#8220;smaller
reporting company,&#8221; as defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">95 </P>

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Securities Exchange Act of 1934, or the Exchange Act. For as long as we continue to be an &#8220;emerging growth company,&#8221; and a &#8220;smaller reporting company&#8221; we may choose to
take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies and smaller reporting companies, including: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">not being required to have our independent registered public accounting firm audit our internal control over financial
reporting under Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reduced disclosure obligations regarding executive compensation in this prospectus, and in our periodic reports on Form <FONT
STYLE="white-space:nowrap">10-Q,</FONT> and annual report on Form <FONT STYLE="white-space:nowrap">10-K;</FONT> and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">exemptions from the requirements of holding <FONT STYLE="white-space:nowrap">non-binding</FONT> advisory votes on executive
compensation and stockholder approval of any golden parachute payments not previously approved. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We could be an &#8220;emerging growth
company&#8221; for up to five years following the completion of our initial public offering. Our status as an &#8220;emerging growth company&#8221; will end as soon as any of the following takes place: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the last day of the fiscal year in which we have more than $1.235&nbsp;billion in annual revenue; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the date we qualify as a &#8220;large accelerated filer,&#8221; with at least $700&nbsp;million of equity securities held
by <FONT STYLE="white-space:nowrap">non-affiliates;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the date on which we have issued, in any three-year period, more than $1.0&nbsp;billion in
<FONT STYLE="white-space:nowrap">non-convertible</FONT> debt securities; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the last day of the fiscal year ending after the fifth anniversary of the completion of our initial public offering.
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Even after we no longer qualify as an emerging growth company, we may continue to qualify as a smaller reporting company, which would allow 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. In addition, if we are a smaller reporting company
with less than $100.0&nbsp;million in annual revenue, we would not be required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act. We would cease to be a smaller reporting company if the market value of
our common stock that is held by <FONT STYLE="white-space:nowrap">non-affiliates</FONT> exceeds $250.0&nbsp;million and we had annual revenues in excess of $100.0&nbsp;million or if the market value of our common stock that is held by <FONT
STYLE="white-space:nowrap">non-affiliates</FONT> exceeds $700.0&nbsp;million, each as determined on an annual basis. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If some investors find our common stock less
attractive because we rely on any of these exemptions, there may be a less active trading market for our common stock and the market price of our common stock may be more volatile. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies.
We have elected to use this extended transition period for any new or revised accounting standards during the period in which we remain an &#8220;emerging growth company&#8221; (or we affirmatively and irrevocably opt out of the extended transition
period); however, we may adopt certain new or revised accounting standards early. As a result, our consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public
company effective dates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Global credit and financial markets have experienced extreme volatility and disruptions in the past several years, including severely diminished liquidity
and credit availability, declines in consumer confidence, declines in economic </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">96 </P>

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growth, increases in unemployment rates and uncertainty about economic stability, including most recently in connection with the ongoing war between Russia and Ukraine. There can be no assurance
that further deterioration in credit and financial markets and confidence in economic conditions will not occur. Our general business strategy may be adversely affected by any such economic downturn, volatile business environment or continued
unpredictable and unstable market conditions. If the current equity and credit markets deteriorate, or do not improve, it may make any debt or equity financing more difficult, more costly, and more dilutive. Furthermore, our stock price may decline
due in part to the volatility of the stock market and the general economic downturn. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Failure to secure any necessary financing in a timely manner and on favorable
terms could have a material adverse effect on our growth strategy, financial performance and stock price and could require us to delay, scale back or discontinue the development and commercialization of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or one or more of our future product candidates or delay our pursuit of potential <FONT
STYLE="white-space:nowrap">in-licenses</FONT> or acquisitions. In addition, there is a risk that one or more of our current service providers, manufacturers and other partners may not succeed or survive these difficult economic times, which could
directly affect our ability to attain our operating goals on schedule and on budget. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our amended and restated certificate of incorporation that will be
effective upon the completion of this offering will designate the state courts in the State of Delaware or, if no state court located within the State of Delaware has jurisdiction, the federal court for the District of Delaware, as the sole and
exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could discourage lawsuits against us or our directors, officers, or employees. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our amended and restated certificate of incorporation that will be effective immediately prior to the completion of this offering will provide that, to the fullest
extent permitted by law, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, any state court located within the State of
Delaware, or if all such state courts lack jurisdiction, the federal district court for the District of Delaware) and any appellate court therefrom will be the sole and exclusive forum for the following types of claims or causes of action under
Delaware statutory or common law: (i)&nbsp;any derivative claim or cause of action brought on our behalf; (ii)&nbsp;any claim or cause of action asserting a breach of a fiduciary duty owed by any current or former director, officer or other
employee, to us or our stockholders; (iii)&nbsp;any claim or cause of action against us or any of our current or former directors, officers or other employees, arising out of or pursuant to any provisions of the Delaware General Corporation Law, our
amended and restated certificate of incorporation, or our amended and restated bylaws; (iv)&nbsp;any claim or cause of action seeking to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation or
our amended and restated bylaws; (v)&nbsp;any claim or cause of action as to which the Delaware General Corporation Law confers jurisdiction on the Court of Chancery of the State of Delaware; and (vi)&nbsp;any claim or cause of action against us, or
any of our directors, officers or other employees, that is governed by the internal affairs doctrine, or otherwise related to our internal affairs, in all cases to the fullest extent permitted by law and subject to the court&#8217;s having personal
jurisdiction over the indispensable parties named as defendants. The amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering states that these choice of forum provisions will
not apply to claims or causes of action brought to enforce a duty or liability created by the Securities Act, the Exchange Act, or any other claim for which the federal courts have exclusive jurisdiction. Furthermore, Section&nbsp;22 of the
Securities Act creates concurrent jurisdiction for federal and state courts over all such Securities Act actions. Accordingly, both state and federal courts have jurisdiction to entertain such claims. To prevent having to litigate claims in multiple
jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated certificate of incorporation will further provide that the federal district courts of the United States will
be the exclusive forum for resolving any complaint asserting a cause or causes of action arising under the Securities Act, including all causes of action asserted against any defendant to such complaint. While the Delaware courts have determined
that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">97 </P>

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designated in the exclusive forum provisions. In such instance, we would expect to vigorously assert the validity and enforceability of the exclusive forum provisions of our amended and restated
certificate of incorporation. This may require significant additional costs associated with resolving such action in other jurisdictions, which costs could be borne by investors, and there can be no assurance that the provisions will be enforced by
a court in those other jurisdictions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">These choice of forum provisions may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds
favorable for disputes with us or our directors, officers, or other employees and may discourage these types of lawsuits. Furthermore, if a court were to find the choice of forum provisions contained in our amended and restated certificate of
incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, and such costs could be borne by investors. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws that will be in effect at the completion of
this offering could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Provisions of our
amended and restated certificate of incorporation and amended and restated bylaws, which will become effective immediately prior to and upon the completion of this offering, respectively, may delay or discourage transactions involving an actual or
potential change in our control or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares or transactions that our stockholders might otherwise deem to be in their best interests.
Therefore, these provisions could adversely affect the price of our common stock. Among other things, our amended and restated certificate of incorporation and amended and restated bylaws: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">permit our board of directors to issue shares of preferred stock, with any rights, preferences and privileges as they may
designate (including the right to approve an acquisition or other change in our control); </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">provide that the authorized number of directors may be changed only by resolution of the board of directors;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">provide that the board of directors or any individual director may only be removed with cause and the affirmative vote of
the holders of at least 66 2/3% of the voting power of all of our then outstanding common stock; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by
the affirmative vote of a majority of directors then in office, even if less than a quorum; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">divide our board of directors into three classes; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of
stockholders and not be taken by written consent; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for
election as directors at a meeting of stockholders must provide notice in writing in a timely manner and also specify requirements as to the form and content of a stockholder&#8217;s notice; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock
entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose); and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">provide that special meetings of our stockholders may be called only by the chairman of the board, our Chief Executive
Officer or by the board of directors pursuant to a resolution adopted by a majority of the total number of authorized directors. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">98 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The amendment of any of these provisions, with the exception of the ability of our board of directors to issue shares
of preferred stock and designate any rights, preferences and privileges thereto, would require approval by the holders of at least 66 2/3% of our then-outstanding common stock. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, as a Delaware corporation, we are subject to Section&nbsp;203 of the Delaware General Corporation Law. These provisions may prohibit large stockholders, in
particular those owning 15% or more of our outstanding voting stock, from merging or combining with us for a certain period of time. A Delaware corporation may opt out of this provision by express provision in its original certificate of
incorporation or by amendment to its certificate of incorporation or bylaws approved by its stockholders. However, we have not opted out of this provision. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">These
and other provisions in our amended and restated certificate of incorporation, amended and restated bylaws and Delaware law could make it more difficult for stockholders or potential acquirors to obtain control of our board of directors or initiate
actions that are opposed by our then-current board of directors, including delay or impede a merger, tender offer or proxy contest involving our company. The existence of these provisions could negatively affect the price of our common stock and
limit opportunities for you to realize value in a corporate transaction. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For information regarding these and other provisions, see the section entitled
&#8220;Description of capital stock.&#8221; </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>General risk factors </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We will incur significantly increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new
compliance initiatives and corporate governance practices. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">After the completion of this offering, as a public company, and particularly after we are no
longer an emerging growth company or smaller reporting company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. The Securities Act, the Exchange Act, Sarbanes-Oxley Act, the Dodd-Frank Wall
Street Reform and Consumer Protection Act, the listing requirements of the Nasdaq and other applicable securities rules and regulations impose various requirements on public companies, including establishment and maintenance of effective disclosure
and financial controls and corporate governance practices. Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, we expect these rules and regulations to substantially increase
our legal and financial compliance costs and to make some activities more time consuming and costly. For example, we expect that these rules and regulations may make it more difficult and more expensive for us to obtain director and officer
liability insurance and we may be required to incur substantial costs to maintain sufficient coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these
requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers. The increased costs may require us to reduce costs in other areas of our
business. Moreover, these rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by
regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our results of operations could be adversely affected by general conditions in the global economy, geopolitical tensions and in the global financial markets. A severe or
prolonged economic downturn or additional global financial and political crises could result in a variety of risks to our business, including weakened demand for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">99 </P>

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any product candidates we develop or our ability to raise additional capital when needed on acceptable terms, if at all. A weak or declining economy could also strain our suppliers or other third
parties and create import and export issues, possibly resulting in supply disruption. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current economic climate and financial market conditions could
adversely impact our business. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We face risks related to health epidemics, pandemics and other widespread outbreaks of contagious disease, which could
significantly disrupt our operations, impact our financial results or otherwise adversely impact our business. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Significant outbreaks of contagious diseases
and other adverse public health developments could have a material impact on our business operations and operating results. As a result of public health crises that may arise, we may experience disruptions that could adversely impact our operations,
research and development, and as we continue developing, any preclinical studies, clinical trials and manufacturing activities we may conduct, some of which may include:&#8195; </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delays or disruptions in research programs, preclinical studies, clinical trials or
<FONT STYLE="white-space:nowrap">IND-enabling</FONT> studies that we or our collaborators may conduct; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">interruption or delays in the operations of the FDA and comparable foreign regulatory agencies; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">interruption of, or delays in receiving and distributing, supplies of drug substance and drug product from our CMOs, to
preclinical or clinical research sites or delays or disruptions in any preclinical studies or clinical trials performed by CROs; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">limitations imposed on our business operations by local, state or federal authorities to address a pandemic or similar
public health crises; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">business disruptions caused by potential workplace, laboratory and office closures and an increased reliance on employees
working from home, disruptions to or delays in ongoing laboratory experiments and operations, staffing shortages, travel limitations, and cybersecurity and data accessibility or security issues. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, the trading prices for biopharmaceutical companies have been highly volatile as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic
and we may face similar volatility in our stock price after we complete this public offering. If we or any of the third parties with whom we engage were to experience shutdowns or other business disruptions, our ability to conduct our business in
the manner and on the timelines presently planned could be materially and negatively affected, which could have a material adverse impact on our business, financial condition, our results of operations and prospects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our operations are vulnerable to interruption by disasters, terrorist activity, pandemics and other events beyond our control, which could harm our business.
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have not undertaken a systematic analysis of the potential consequences to our business and financial results from a major flood, power loss, terrorist
activity, pandemics or other regional or global disasters and generally do not have a recovery plan for such events. In addition, we do not carry sufficient insurance to compensate us for actual losses from interruption of our business that may
occur, and any losses or damages incurred by us could harm our business. The occurrence of any of these business disruptions could seriously harm our operations and financial condition and increase our costs and expenses. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>We could be subject to securities class action litigation. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the
past, securities class action litigation has often been instituted against companies following periods of volatility in the market price of a company&#8217;s securities. This type of litigation, if instituted, could result in
</P>
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substantial costs and a diversion of management&#8217;s attention and resources, which would harm our business, operating results, or financial condition. Additionally, the dramatic increase in
the cost of directors&#8217; and officers&#8217; liability insurance may cause us to opt for lower overall policy limits or to forgo insurance that we may otherwise rely on to cover significant defense costs, settlements, and damages awarded to
plaintiffs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Failure to establish and maintain effective internal control over financial reporting could adversely affect our business and if investors lose
confidence in the accuracy and completeness of our financial reports, the market price of our common stock could be negatively affected. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are not
currently required to comply with the rules of the Securities and Exchange Commission, or the SEC, implementing Section&nbsp;404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our
internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC&#8217;s rules implementing Sections&nbsp;302 and 404 of the Sarbanes-Oxley Act, which will require management to
certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of internal control over financial reporting. Although we will be required to disclose changes made in our
internal control over financial reporting on a quarterly basis, we will not be required to make our first annual assessment of our internal control over financial reporting until our second annual report on Form
<FONT STYLE="white-space:nowrap">10-K.</FONT> However, as an emerging growth company and smaller reporting company, our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal
control over financial reporting until the later of the year following our first annual report required to be filed with the SEC or the date we are no longer an emerging growth company or smaller reporting company. At such time, our independent
registered public accounting firm would need to issue a report that is adverse in the event that there are material weaknesses in our internal control over financial reporting. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As a private company, we do not currently have any internal audit function. To comply with the requirements of being a public company, we have undertaken various
actions, and will need to take additional actions, such as implementing numerous internal controls and procedures and hiring additional accounting or internal audit staff or consultants. Testing and maintaining internal controls can divert our
management&#8217;s attention from other matters that are important to the operation of our business and failure to establish and maintain effective internal control over financial reporting could adversely affect our business and if investors lose
confidence in the accuracy and completeness of our financial reports, the market price of our common stock could be negatively affected. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our disclosure
controls and procedures or internal controls and procedures may not prevent or detect all errors or acts of fraud. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the completion of this offering, we
will become subject to the periodic reporting requirements of the Exchange Act. We must design our disclosure controls and procedures to reasonably assure that information we must disclose in reports we file or submit under the Exchange Act is
accumulated and communicated to management, and recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and
procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be
faulty, and that breakdowns can occur because of simple error or mistake. For example, our directors or executive officers could inadvertently fail to disclose a new relationship or arrangement causing us to fail to make a required related party
transaction disclosure. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our
control system, misstatements due to error or fraud may occur and not be detected. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have incurred losses during our history and do not expect to become profitable in the near future, and we may never achieve profitability. Under current
law, U.S. federal net operating losses, or NOLs, incurred in taxable years beginning after December&nbsp;31, 2017, can be carried forward indefinitely, but the deductibility of such U.S. federal NOLs in taxable years beginning after
December&nbsp;31, 2020, is limited to 80% of taxable income. It is uncertain if and to what extent various states will conform to the federal law. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of
December&nbsp;31, 2024, we had $37.7&nbsp;million of U.S. federal NOLs and $21.3&nbsp;million of state NOLs. Our U.S. federal NOLs can be carried forward indefinitely under current laws and the state NOLs begin to expire in 2041. Additionally, we
continue to generate U.S. federal research and development, or R&amp;D, credits, which generally may be carried forward to offset a portion of future tax liabilities, if any, subject to expiration of such credit carryforwards. Our NOL carryforwards
and R&amp;D credits are subject to review and possible adjustment by the U.S. and state tax authorities. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, under Sections&nbsp;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 &#8220;ownership change,&#8221; which is generally defined as a cumulative change (by value) in its equity ownership by <FONT
STYLE="white-space:nowrap">&#8220;5-percent</FONT> shareholders&#8221; that is greater than 50 percentage points over a rolling three-year period, the corporation&#8217;s ability to use its <FONT STYLE="white-space:nowrap">pre-change</FONT> NOL
carryforwards, R&amp;D credits and certain other <FONT STYLE="white-space:nowrap">pre-change</FONT> tax attributes to offset its post-change income or taxes may be limited. This could limit the amount of NOLs, R&amp;D credit carryforwards or other
applicable tax attributes that we can utilize annually to offset future taxable income or tax liabilities. The completion of our initial public offering, together with private placements and other transactions that have occurred since our inception,
may trigger such an ownership change. Subsequent ownership changes, some of which may be outside our control, and changes to the U.S. tax rules in respect of the utilization of NOLs, R&amp;D credits and other applicable tax attributes carried
forward may further affect the limitation in future years. We have not conducted any studies to determine annual limitations, if any, that could result from such ownership changes. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently increase
state taxes owed. As a result, we may be unable to use all or a material portion of our NOL carryforwards and other tax attributes, which could adversely affect our future cash flows. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial
condition or results of operations. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">New income, sales, use or other tax laws, statutes, rules, regulations, or ordinances could be enacted at any time,
which could adversely affect our business operations and financial performance. Further, existing tax laws, statutes, rules, regulations, or ordinances could be interpreted, changed, modified or applied adversely to us. For example, the Tax Cuts and
Jobs Act, the Coronavirus Aid, Relief, and Economic Security Act, and the IRA have all made many significant changes to the U.S. tax laws. Future guidance from the Internal Revenue Service and other tax authorities with respect to such legislation
may affect us, and certain aspects of such legislation could be repealed or modified in future legislation. It is also possible that future legislation could have an adverse effect on our operations, cash flows and results of operations and
contribute to overall market volatility. In addition, it is uncertain if and to what extent various states will conform to recent or newly enacted federal tax legislation. Changes in corporate tax rates, the realization of net deferred tax assets
relating to our operations, the taxation of foreign earnings, and the deductibility of expenses could have a material impact on the value of our deferred tax assets, could result in significant <FONT STYLE="white-space:nowrap">one-time</FONT>
charges, and could increase our future U.S. tax expense. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>If our information technology systems or data, or those of third parties upon which we rely, are or were
compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss
of revenue or profits, and other adverse consequences. Our internal computer systems, or those of our third-party CROs, manufacturers, contractors or consultants, or current or future collaborators or other third parties, may fail or suffer security
breaches or other unauthorized or improper access, which could result in a material disruption of our development programs or other adverse consequences. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We
are increasingly dependent upon information technology systems, infrastructure and data to operate our business. In the ordinary course of business, we collect, store, handle, share, use, retain, safeguard, transmit, analyze and otherwise process
large amounts of data, including, without limitation, proprietary business information, intellectual property, health information, personal information and other confidential information, or collectively, confidential information. We have also
outsourced elements of our operations to third parties, and as a result we manage a number of CROs, manufacturers, third-party vendors and other contractors, consultants and collaborators who have access to such information. It is critical that we
and these third parties process such confidential information in a manner to maintain the confidentiality and integrity of such information. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Despite the
implementation of security measures, given the size and complexity of our internal information technology systems and those of our current and future CROs, manufacturers, third-party vendors and other contractors, consultants and collaborators, and
the increasing amounts of confidential information that we and such parties maintain, such internal information technology systems are potentially vulnerable to breakdown or other damage, interruption or incident, including from service
interruptions, system failures or malfunctions, information security threats, such as data breaches, damage from computer viruses, cyberattacks (such as the deployment of malware,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">denial-of-service</FONT></FONT> attacks, ransomware attacks, supply chain attacks, and phishing and other social engineering attacks), unauthorized access, intentional or accidental
actions or inaction by our employees, third-party vendors, contractors, consultants, business partners or other third parties that introduce vulnerabilities, natural disasters, terrorism, war, telecommunication and electrical failures and other
compromises or disruptions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">While we have not experienced any material system failures, accidents, security breaches, intrusions or other incidents to date, if such
an event were to occur, or be perceived to occur, and cause interruptions in our operations or result in any inadvertent or unauthorized disclosure of or access to personal information, protected health information, or other sensitive, confidential
or proprietary information, it could compel us to comply with breach notification laws, subject us to mandatory remedial action or otherwise result in a material disruption of our programs and/or material liability and reputation harm. For example,
the loss of data from preclinical studies or clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. Undetected security breaches of our information technology
systems could result in the theft of our proprietary chemical structures and fraudulent filing of patent claims by competitors that could limit our freedom to operate in the future. To the extent that any disruption, security breach or other
incident results in a loss of or damage to our data or applications, other data or applications relating to our technology,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or other current or future product candidates, or those of our third-party vendors and other
contractors and consultants, or inappropriate disclosure of confidential or proprietary information, we could incur liabilities and the further development of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or other current or future product candidates could be compromised or delayed. Any of the foregoing could result in significant legal and financial exposure and reputational damage that could
potentially have a material adverse effect on our business, financial condition, results of operations, and prospects. We may be unable to adequately protect our information systems from cyberattacks, which could result in the disclosure of
confidential or proprietary information, including personal data, damage our reputation, and subject us to significant financial and legal exposure. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We rely on information technology systems that we or our third-party service providers operate to collect, store,
handle, share, use, retain, safeguard, transmit, analyze and otherwise process electronic information in our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations. In connection with our discovery
efforts, we may collect, store, handle, use or otherwise process a variety of personal information and data, such as name, mailing address, email addresses, phone number and clinical trial information. A successful cyberattack could result in the
theft or destruction of intellectual property, data (such as personal information) or other misappropriation of assets, or otherwise compromise our confidential or proprietary information and disrupt our operations. Cyberattacks are increasing in
their frequency, sophistication and intensity, and have become increasingly difficult to detect. Cyberattacks could include wrongful conduct by computer hackers, hostile foreign governments or agencies, industrial espionage, cyber criminals,
organized crime affiliates, terrorist organizations, wire fraud and other forms of cyber fraud, the deployment of harmful malware, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">denial-of-service,</FONT></FONT> social engineering
fraud, ransomware, loss of data or other information technology assets, adware, telecommunications failures, earthquakes, fires, floods, and other similar threats or other means to threaten data security, confidentiality, integrity and availability.
We may not be able to anticipate all types of security threats, and we may not be able to implement preventive measures effective against all such security threats. A successful cyberattack could cause serious negative consequences for us,
including, without limitation, the disruption of operations, the misappropriation of confidential business information, including financial information and trade secrets, financial loss and the disclosure of corporate strategic plans. Although we
devote resources to protect our information systems, we realize that cyberattacks are a threat, and there can be no assurance that our efforts will prevent information security breaches that would result in business, legal, financial or reputational
harm to us, or would have a material adverse effect on our results of operations and financial condition. Any failure to prevent or mitigate security breaches or improper access to, use of, or disclosure of our clinical data or patients&#8217;
personal data could result in significant liability under state (e.g., state breach notification laws), federal (e.g., HIPAA, as amended by HITECH), and international law (e.g., the EU GDPR or the UK GDPR) and may cause a material adverse impact to
our reputation, affect our ability to use collected data, conduct new studies and potentially disrupt our business. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Some actors now engage and are expected to
continue to engage in cyberattacks, including without limitation nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties
upon which we rely may be vulnerable to a heightened risk of these attacks, including retaliatory cyberattacks, that could materially disrupt our systems and operations, supply chain, and ability to produce, sell and distribute our services.
Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Remote work has become more common and has increased risks to our information technology systems and data, as more of our employees utilize network connections,
computers, and devices outside our premises or network, including working at home, while in transit and in public locations. Additionally, future or past business transactions (such as acquisitions or integrations) could expose us to additional
cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities&#8217; systems and technologies. Furthermore, we may discover security issues that were not found
during due diligence of such acquired or integrated entities, and it may be difficult to integrate companies into our information technology environment and security program. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We rely on third-party service providers and technologies to operate critical business systems to process confidential information in a variety of contexts, including,
without limitation, cloud-based infrastructure, data center facilities, encryption and authentication technology, employee email, content delivery to customers, and other functions. We also rely on third-party service providers to provide other
products, services, parts, or otherwise to operate our business. Our ability to monitor these third parties&#8217; information security practices is </P>
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limited, and these third parties may not have adequate information security measures in place. If our third-party service providers experience a security incident, breach or other interruption,
including as described above, we could experience adverse consequences. Although we may have contractual protections with our service providers, any actual or perceived security breach or other incident could harm our reputation and brand, expose us
to potential liability or require us to expend significant resources on data security and in responding to any such actual or perceived breach. Any contractual protections we may have from our service providers may not be sufficient to adequately
protect us from any such liabilities and losses, and we may be unable to enforce any such contractual protections. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may expend significant resources or modify our
business activities to try to protect against security incidents. Additionally, certain data privacy and cybersecurity obligations may require us to implement and maintain specific security measures or industry-standard or reasonable security
measures to protect our information technology systems and confidential information. While we have implemented security measures designed to protect against security incidents, there can be no assurance that these measures have been or will be
effective. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We rely on our CROs, manufacturers, contractors, consultants, collaborators and other third-party providers to implement effective security measures and
identify and correct for any such failures, deficiencies, breaches or other incidents. We also rely on our employees and consultants to safeguard their security credentials and follow our policies and procedures regarding use, access and protection
of computers and other devices that may contain our confidential information. There can be no assurances that these measures have been or will be effective. If we or our third-party providers fail to maintain or protect our information technology
systems and data integrity effectively or fail to anticipate, plan for or manage significant disruptions to our information technology systems, we or our third-party providers could have difficulty preventing, detecting and controlling such
cyberattacks or other security incidents described above which could result in losses described above, as well as disputes with physicians, patients and our partners, regulatory sanctions or penalties, increases in operating expenses, lost revenue
or other adverse consequences. Any failure by such third parties to prevent or mitigate security breaches or improper access to or other unauthorized disclosure of such information could have similarly adverse consequences for us. If we are unable
to prevent or mitigate the impact of such security or data privacy breaches or other incidents, we could be exposed to litigation and governmental investigations, which could lead to a potential disruption to our business. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient
to protect us from liabilities, damages, or claims related to our data privacy and cybersecurity obligations and related practices. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate
liabilities arising out of our privacy and cybersecurity practices, or any event that affects our systems or third-party systems where information important to our business operations or commercial development is stored or otherwise processed, that
such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims. Further, our insurance may not cover all claims made against us and could have high deductibles in any event, and
defending a suit, regardless of its merit, could be costly and divert management attention. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition to experiencing a security incident, third parties may
gather, collect, infer or otherwise obtain confidential information about us from public sources, data brokers, or other means that reveals competitively sensitive details about our organization and could be used to undermine our competitive
advantage or market position. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations and prospects. </P>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_3"></A>Special note regarding forward-looking statements </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus, including the sections titled &#8220;Prospectus summary,&#8221; &#8220;Risk factors,&#8221; &#8220;Management&#8217;s discussion and analysis of
financial condition and results of operations&#8221; and &#8220;Business,&#8221; contains forward-looking statements that involve substantial risks and uncertainties because they relate to events and depend on circumstances that may or may not occur
in the future. All statements other than statements of historical fact contained in this prospectus, including statements regarding our strategy, future operations, future financial position, prospects, plans, objectives of management and expected
growth, are forward-looking statements. These statements are based on our current beliefs, expectations and assumptions regarding our intentions, beliefs or current expectations concerning, among other things, the future of our business, future
plans and strategies, our operational results and other future conditions. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In some cases, you can identify
forward-looking statements by terms such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;could,&#8221; &#8220;intend,&#8221; &#8220;target,&#8221;
&#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or &#8220;continue&#8221; or the negative of these terms or other similar expressions intended to identify statements about the
future, although not all forward-looking statements contain these identifying words. These forward-looking statements include, without limitation, statements about the following: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the timing, scope, progress and results of our research and development programs, preclinical studies, clinical trials,
investigational new drug or biological license applications, and other regulatory submissions; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the timing of, and costs involved in, obtaining and maintaining regulatory approval of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> urothelial cancer, or UC, and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors,
our other product candidates, or any future product candidates that we may identify or develop; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to obtain regulatory approval to commence clinical trials for
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 for B7-H3 expressing tumors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to obtain an adequate supply at reasonable costs of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac
or any other radioisotope we may incorporate into our drug candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to address the fulfillment and logistical challenges posed by the time-limited stabilization of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for UC and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors or any future
product candidate we develop; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to obtain funding for our operations necessary to complete the clinical trials for [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for Nectin-4 expressing tumors, our other product candidates, or any future product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to identify patients with the diseases treated by our product candidates, and to enroll patients in trials;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our expectations regarding the size of the patient populations, market acceptance and opportunity for and clinical utility
of our product candidates, if approved for commercial use; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to advance our miniprotein radioconjugate platform; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements, including
our ability to comply with our financial obligations pursuant to the terms of such agreements; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">106 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the timing and likelihood of the achievement of milestones pursuant to our existing collaboration and licensing agreements;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to identify and develop product candidates for treatment of additional indications; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our commercialization, marketing and manufacturing capabilities and strategy, including the timing and costs of
constructing our own current Good Manufacturing Practices facility; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the performance of our third-party service providers, including our suppliers and manufacturers; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the rate and degree of market acceptance and clinical utility for,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for UC and any other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, and any
other product candidates we may develop; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the effects of competition with respect to [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or any of our future product candidates, as well as innovations by current and future competitors in our industry; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the implementation of our strategic plans for our business, any product candidates we may develop; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our estimates regarding the market opportunities for our drug candidates. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our intellectual property position, including the scope of protection we are able to establish, maintain, defend, protect
and enforce for intellectual property rights covering our product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to attract and retain key scientific or management personnel; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">regulatory and legal developments in the United States and foreign countries; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our expectations regarding the period during which we qualify as an emerging growth company and smaller reporting Company
under the Jumpstart Our Business Startups Act of 2012, as amended; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">business disruptions affecting the initiation, patient enrollment, development and operation of our clinical trials,
including a public health emergency, such as the recent global <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, our anticipated use of the proceeds from this offering; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the accuracy of our estimates regarding future expenses, future revenue, capital requirements and need for additional
financing; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our financial performance and our ability to effectively manage our anticipated growth. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not
guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking
statements contained in this prospectus. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this
prospectus, those results or developments may not be indicative of results or developments in subsequent periods. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Given these risks and uncertainties, you are
cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement that we make in this prospectus speaks only as of the date of such statement. Except as required by law, we assume no obligation to update these
forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results
for current and any prior periods are not intended to express any future trends or indications of future </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">107 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
performance, unless specifically expressed as such, and should only be viewed as historical data. You should, therefore, not rely on these forward-looking statements as representing our views as
of any date subsequent to the date of this prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, statements that &#8220;we believe&#8221; and similar statements reflect our beliefs and opinions
on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or
incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not
to unduly rely upon these statements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">You should carefully read this prospectus and the documents that we have filed as exhibits to the registration statement, of
which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus by these cautionary
statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">108 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_4"></A>Market and industry data </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless otherwise indicated, market and industry data contained in this prospectus, including potential market opportunities, is based on our management&#8217;s estimates
and research, as well as industry and general publications and research and studies conducted by third parties. Although we believe that the information from these third-party publications, research and studies included in this prospectus is
reliable, and we are responsible for the accuracy of such information, neither we nor the underwriters have independently verified the accuracy or completeness of this information. Management&#8217;s estimates are derived from publicly available
information, their knowledge of our industry and their assumptions based on such information and knowledge, which we believe to be reasonable. This data involves a number of assumptions and limitations and the industry in which we operate is subject
to a high degree of uncertainty and risk due to a variety of factors, including those described in the sections titled &#8220;Risk factors&#8221; and &#8220;Special note regarding forward-looking statements.&#8221; These and other factors could
cause our future performance to differ materially from our assumptions and estimates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">109 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_5"></A>Use of proceeds </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We estimate that the net proceeds to us from the issuance and sale of&#8195;&#8195;&#8195;&#8195;shares of our common stock in this offering will be approximately
$&#8195;&#8195;&#8195;&#8195;million (or approximately $&#8195;&#8195;&#8195;&#8195;million if the underwriters exercise their option to purchase &#8195;&#8195;&#8195;&#8195;additional shares in full), assuming an initial public offering price of
$&#8195;&#8195;&#8195;&#8195;per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each $1.00 increase or decrease in the assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195;per share, which is the midpoint of the price range set
forth on the cover page of this prospectus, would increase or decrease, as applicable, the net proceeds to us from this offering by approximately $&#8195;&#8195;&#8195;&#8195;million, assuming the number of shares offered by us, as set forth on the
cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1,000,000 in the number of shares we are
offering would increase or decrease the net proceeds to us from this offering by $&#8195;&#8195;&#8195;&#8195;million, respectively, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us,
assuming the assumed initial public offering price stays the same. We do not expect that a change in the offering price or the number of shares by these amounts would have a material effect on our intended uses of the net proceeds from this
offering, although it may impact the amount of time prior to which we may need to seek additional capital. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, we had cash, cash equivalents
and marketable securities of $246.2&nbsp;million. We currently intend to use the net proceeds from this offering, together with our existing cash, cash equivalents and marketable securities, as follows: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">approximately $&#8195;&#8195;&#8195;&#8195;million to advance our ongoing Phase 1b trial of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 for Nectin-4 expressing tumors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">approximately $&#8195;&#8195;&#8195;&#8195;million to advance
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 into a Phase 1b clinical trial for B7-H3 expressing tumors; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the remainder for working capital and other general corporate purposes, including the additional costs associated with
being a public company. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may also use a portion of the net proceeds from this offering to <FONT STYLE="white-space:nowrap">in-license,</FONT>
acquire or invest in products, technologies, or businesses, although we have no current agreements, commitments or understandings to do so. The amounts and timing of our actual expenditures will depend on numerous factors, including the progress of
our preclinical development efforts, our operating costs and other factors described under &#8220;Risk factors&#8221; in this prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Based on our current
operating plan, we believe that the anticipated net proceeds from this offering, together with our existing cash, cash equivalents and marketable securities as of September 30, 2025, will be sufficient to fund our operating expenses and capital
expenditure requirements for&#8195;&#8195;&#8195;&#8195;from the date of this prospectus, although there can be no assurance in that regard. This estimate and our expectation regarding the sufficiency of the net proceeds from this offering are based
on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. We do not expect that the anticipated net proceeds from this offering, together with our existing cash, cash equivalents and
marketable securities, will be sufficient for us to fund any of our product candidates through regulatory approval, and we will need to raise substantial additional capital to complete the development and commercialization of our product candidates.
We may satisfy our future cash needs through the sale of equity securities, debt financings, working capital lines of credit, corporate collaborations or license agreements, grant funding, interest income earned on invested cash balances or a
combination of one or more of these sources. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">110 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This anticipated use of net proceeds from this offering and our existing cash, cash equivalents and marketable
securities represents our current intentions based upon our present plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly
depending on numerous factors, including the progress of our development, the status of and results from clinical and preclinical trials, the timing and outcome of any regulatory submissions, as well as any collaborations that we may enter into with
third parties for the development of product candidates and any unforeseen cash needs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our management will have broad discretion in the application of the net
proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of those net proceeds. The timing and amount of our actual expenditures will be based on many factors, including cash flows from
operations and the anticipated growth of our business, and we may find it necessary or advisable to use the net proceeds from this offering for other purposes. Pending their use, we plan to invest the net proceeds from this offering in short-term,
interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the United States government. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">111 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_6"></A>Dividend policy </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have never declared or paid, and do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our capital stock. We currently intend to
retain all available funds and future earnings, if any, to support our operations and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of our board of
directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant. Investors should not
purchase our common stock with the expectation of receiving cash dividends. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">112 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_7"></A>Capitalization </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth our cash, cash equivalents and marketable securities, excluding restricted cash, and our total capitalization as of September 30, 2025
(unaudited, in thousands, except share and per share amounts): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">on an actual basis; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">on a pro forma basis to give effect to (i)&nbsp;the filing of our Sixth Amended and Restated Certificate of Incorporation,
(ii)&nbsp;the automatic conversion of all of the outstanding shares of our redeemable convertible preferred stock as of September 30, 2025 into an aggregate of 129,567,500 shares of our voting common stock, and (ii) the filing and effectiveness of
our amended and restated certificate of incorporation, or Restated Charter, which will be effective immediately prior to the completion of this offering; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">on a pro forma as adjusted basis to give further effect our issuance and sale of &#8195;&#8195;&#8195;&#8195; shares of
common stock in this offering at an assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195;per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting
fees and commissions and estimated offering expenses payable by us. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The pro forma as adjusted information is illustrative only and our
capitalization following the completion of this offering will depend on the actual initial public offering price and other terms of this offering determined at pricing. You should read the information in this table in conjunction with our financial
statements and the related notes appearing at the end of this prospectus, the section of this prospectus titled &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8221; and other financial information
contained in this prospectus. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="12" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>As of September 30, 2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(in thousands, except share and per share data)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Actual</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Pro&nbsp;forma</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Pro&nbsp;forma&nbsp;as<BR>adjusted<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash, cash equivalents and marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">246,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">246,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Redeemable convertible preferred stock, $0.0001 par value; 129,567,500 shares authorized, issued and
outstanding, actual; no shares authorized, issued or outstanding pro forma and pro forma as adjusted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">333,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Stockholders&#8217; (deficit) equity:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock, $0.0001 par value; 155,000,000 shares authorized, 3,100,849 shares issued and outstanding,
actual; 490,000,000 shares authorized, 132,668,349 shares issued and outstanding, pro forma; &#8195;&#8195;&#8195;&#8195;shares authorized, shares issued and outstanding, pro forma as adjusted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Class A common stock, $0.0001 par value; no shares authorized, no shares issued and outstanding, actual;
10,000,000&nbsp;shares authorized, zero shares issued and outstanding, pro forma; &#8195;&#8195;&#8195;&#8195; shares authorized, zero shares issued and outstanding, pro forma as adjusted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Additional&nbsp;paid-in&nbsp;capital</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">342,422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accumulated other comprehensive income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accumulated (deficit) equity</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(141,426</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(141,426</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total stockholders&#8217; (deficit) equity</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(132,393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">201,016</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total capitalization</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">201,016</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">201,016</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:7.5pt">Each $1.00 increase or decrease in the assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195;per share,
which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the pro forma as adjusted amount of each of cash and
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">113 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:7.5pt">
cash equivalents, additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, total stockholders&#8217; (deficit) equity and total capitalization by approximately
$&#8195;&#8195;&#8195;&#8195;million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated
offering expenses payable by us. Similarly, each increase or decrease of 1,000,000 shares in the number of shares offered by us at the assumed initial public offering price per share of $&#8195;&#8195;&#8195;&#8195;per share, which is the midpoint
of the price range set forth on the cover page of this prospectus, would increase or decrease the pro forma as adjusted amount of each of additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, total stockholders&#8217; (deficit) equity
and total capitalization by approximately $&#8195;&#8195;&#8195;&#8195;million, assuming no change in the assumed initial public offering price per share and after deducting the estimated underwriting discounts and commissions and estimated offering
expenses payable by us. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If the underwriters exercise their option to purchase &#8195;&#8195;&#8195;&#8195;additional shares in full, our pro forma
as adjusted cash, cash equivalents and marketable securities, additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, total stockholders&#8217; (deficit) equity and total capitalization as of September&nbsp;30, 2025 would be
$&#8195;&#8195;&#8195;&#8195;million, $&#8195;&#8195;&#8195;&#8195;million, $&#8195;&#8195;&#8195;&#8195;million and $&#8195;&#8195;&#8195;&#8195;million, respectively. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The number of shares of our common stock to be outstanding immediately following the completion of this offering is based on 132,668,349 shares of our common stock
outstanding as of September 30, 2025, after giving effect to the automatic conversion of all outstanding shares of our redeemable convertible preferred stock into an aggregate 129,567,500 shares of our voting common stock immediately prior to the
completion of this offering. The number of shares of our common stock to be outstanding after this offering excludes: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">20,524,896 shares of our common stock issuable upon the exercise of stock options outstanding as of September 30, 2025
pursuant to our 2020 Equity Incentive Plan, or the 2020 Plan, with a weighted-average exercise price of $1.38 per share; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">1,589,108 shares of our common stock reserved for future issuance under the 2020 Plan as of September 30, 2025, which
shares will cease to be available for issuance at the time our 2026 Equity Incentive Plan, or the 2026 Plan, becomes effective in connection with this offering; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">2,302,098 shares of our common stock issuable upon the exercise of stock options granted subsequent to September 30, 2025
pursuant to the 2020 Plan, with a weighted-average exercise price of $2.83 per share; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8195;&#8195;&#8195;&#8195;shares of our common stock reserved for future issuance under the 2026 Plan, which will become
effective in connection with this offering (which includes &#8195;&#8195;&#8195;&#8195;shares of common stock underlying stock option awards that our board of directors has granted under the 2026 Plan to certain employees and our directors subject
to the effectiveness of the registration statement of which this prospectus forms a part, at an exercise price per share equal to the initial public offering price per share), as well as any automatic increases in the number of shares of common
stock reserved for future issuance under the 2026 Plan; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8195;&#8195;&#8195;&#8195;shares of our common stock reserved for future issuance under our 2026 Employee Stock Purchase
Plan, or the ESPP, which will become effective in connection with this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the ESPP. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">114 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_8"></A>Dilution </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If you invest in our common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public
offering price per share of our common stock and the pro forma as adjusted net tangible book value per share of our common stock after this offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of
September 30, 2025, we had a historical net tangible book deficit of $134.8&nbsp;million, or $(43.48)&nbsp;per share of common stock. Our historical net tangible book deficit per share represents total tangible assets less total liabilities and
redeemable convertible preferred stock, divided by the number of shares of our common stock outstanding as of September 30, 2025. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our pro forma net tangible book
value as of September 30, 2025 was $198.6 million, or $1.50&nbsp;per share of our common stock. Pro forma net tangible book value represents the amount of our total tangible assets less our total liabilities, after giving effect to (i) the automatic
conversion of all of the outstanding shares of our redeemable convertible preferred stock into an aggregate of 129,567,500 shares of our voting common stock immediately prior to the completion of this offering and (ii) no issuances of shares of
Class A common stock upon the closing of this offering. Pro forma net tangible book value per share represents pro forma net tangible book value divided by the total number of shares outstanding as of September 30, 2025, after giving effect to the
pro forma adjustments described&nbsp;above. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">After giving further effect to our issuance and sale of &#8195;&#8195;&#8195;&#8195; shares of common stock in this
offering at an assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195; per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and
commissions and estimated offering expenses payable by us. This amount represents an immediate increase in pro forma net tangible book value of $&#8195;&#8195;&#8195;&#8195; per share to our existing stockholders and immediate dilution of
$&#8195;&#8195;&#8195;&#8195; per share to new investors participating in this offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We determine dilution by subtracting the pro forma as adjusted net tangible
book value per share after this offering from the assumed initial public offering price per share paid by new investors. The following table illustrates this dilution on a per share basis (without giving effect to any exercise by the underwriters of
their option to purchase additional shares): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:2.00pt solid #000000;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Assumed initial public offering price per share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">$</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Historical net tangible book value (deficit) per share as of September 30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43.48</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Pro forma increase in net tangible book value (deficit) per share attributable to the pro forma transactions
described above</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Pro forma net tangible book value per share as of September 30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Increase in pro forma as adjusted net tangible book value per share attributable to new investors
participating in this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Pro forma as adjusted net tangible book value per share after this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Dilution per share to new investors participating in this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The dilution information discussed above is illustrative only and will change based on the actual initial public offering price and other
terms of this offering determined at pricing. Each $1.00 increase or decrease in the assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195; per share, which is the midpoint of the price range set forth on the cover page of this
prospectus, would increase or decrease, as applicable, the pro forma as adjusted net tangible book value by approximately $&#8195;&#8195;&#8195;&#8195;million, or approximately $&#8195;&#8195;&#8195;&#8195; per share, and increase or decrease, as
applicable, the dilution per share to investors participating in this offering by approximately $&#8195;&#8195;&#8195;&#8195;, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">115 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. An increase of 1,000,000 shares in the number of shares we
are offering would increase the pro forma as adjusted net tangible book value per share after this offering by $&#8195;&#8195;&#8195;&#8195;and decrease the dilution per share to new investors participating in this offering by
$&#8195;&#8195;&#8195;&#8195;, assuming no change in the assumed initial public offering price per share and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. A decrease of 1,000,000
shares in the number of shares we are offering would decrease the pro forma as adjusted net tangible book value per share after this offering by $&#8195;&#8195;&#8195;&#8195;and increase the dilution per share to new investors participating in this
offering by $&#8195;&#8195;&#8195;&#8195;, assuming no change in the assumed initial public offering price per share and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If the underwriters exercise their option to purchase additional shares of our common stock in full, the pro forma as adjusted net tangible book value after this
offering would be $&#8195;&#8195;&#8195;&#8195; per share, the increase in pro forma net tangible book value would be $&#8195;&#8195;&#8195;&#8195; per share and the dilution to new investors would be $&#8195;&#8195;&#8195;&#8195; per share, in each
case assuming an initial public offering price of $&#8195;&#8195;&#8195;&#8195; per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and
commissions and estimated offering expenses payable by us. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth, on a pro forma as adjusted basis as of September 30, 2025, the number of
shares of common stock and Class A common stock purchased from us, the total consideration paid to us and the average price per share paid by existing stockholders and to be paid by new investors purchasing shares of common stock in this offering at
an assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195; per share, which is the midpoint of the price range set forth on the cover page of this prospectus, before deducting the estimated underwriting discounts and commissions and
estimated offering expenses payable by us. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Total shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Total consideration</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Weighted<BR>average<BR>price per<BR>share</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Number</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Percent</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:arial" ALIGN="right"><B>Amount</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Percent</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Existing stockholders before this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">132,668,349</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">&#8195;&#8195;%</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">346,283,066</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">&#8195;%</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">2.61</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">New investors participating in this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="20" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The table above assumes no exercise by the underwriters of their option to purchase additional shares of our common stock in this
offering. If the underwriters were to exercise in full their option to purchase &#8195;&#8195;&#8195;&#8195; additional shares from us, the number of shares of common stock held by existing stockholders would be reduced to
&#8195;&#8195;&#8195;&#8195;% of the total number of shares of common stock to be outstanding upon completion of this offering, and the number of shares of common stock held by new investors participating in this offering will be increased to
&#8195;&#8195;&#8195;&#8195;% of the total number of shares of our common stock to be outstanding upon completion of the offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each $1.00 increase or decrease
in the assumed initial public offering price of $&#8195;&#8195;&#8195;&#8195; per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the total consideration paid
by new investors by approximately $&#8195;&#8195;&#8195;&#8195; million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same. We may also increase or decrease the number of shares we
are offering. Similarly, each increase or decrease of 1,000,000 in the number of shares offered by us would increase or decrease, as applicable, total consideration paid by new investors by approximately $&#8195;&#8195;&#8195;&#8195; million,
assuming no change in the assumed initial public offering price. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">116 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The foregoing tables and calculations (other than historical net tangible book value) are based on the number of
shares of our common stock outstanding as of September 30, 2025, after giving effect to the automatic conversion of all outstanding shares of our redeemable convertible preferred stock into an aggregate of 129,567,500 shares of our voting common
stock immediately prior to the completion of this offering. The number of shares of our common stock to be outstanding after this offering excludes: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">20,524,896&nbsp;shares of our common stock issuable upon the exercise of stock options outstanding as of September 30, 2025
pursuant to our 2020 Equity Incentive Plan, or the 2020 Plan, with a weighted-average exercise price of $1.38&nbsp;per share; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">1,589,108&nbsp;shares of our common stock reserved for future issuance under the 2020 Plan as of September 30, 2025, which
shares will cease to be available for issuance at the time our 2026 Equity Incentive Plan, or the 2026 Plan becomes effective in connection with this offering; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">2,302,098 shares of our common stock issuable upon the exercise of stock options granted subsequent to September 30, 2025
pursuant to the 2020 Plan, with a weighted-average exercise price of $2.83 per share; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8195;&#8195;&#8195;&#8195;shares of our common stock reserved for future issuance under the 2026 Plan, which will become
effective in connection with this offering (which includes &#8195;&#8195;&#8195;&#8195; shares of common stock underlying stock option awards that our board of directors has granted under the 2026 Plan to certain employees and our directors subject
to the effectiveness of the registration statement of which this prospectus forms a part, at an exercise price per share equal to the initial public offering price per share), as well as any automatic increases in the number of shares of common
stock reserved for future issuance under the 2026 Plan; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8195;&#8195;&#8195;&#8195;shares of our common stock reserved for future issuance under our 2026 Employee Stock Purchase
Plan, or the ESPP, which will become effective in connection with this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the ESPP. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To the extent that stock options are exercised, RSUs vest, new stock options or other equity awards are issued under our equity incentive plan or we issue additional
shares of common stock in the future, there will be further dilution to investors participating in this offering. In addition, we may choose to raise additional capital because of market conditions or strategic considerations, even if we believe
that we have sufficient funds for our current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">117 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_9"></A>Management&#8217;s discussion and analysis of financial condition and results of
operations </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated
financial statements and related notes and other financial information included elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with
respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. See &#8220;Special note regarding forward-looking statements.&#8221; As a result of many factors,
including those factors set forth in the &#8220;Risk factors&#8221; section of this prospectus, 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. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. </I></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Overview
</B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are a clinical-stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations,
including those not addressed by existing platform technologies . The field of targeted radiopharmaceuticals is currently led by two marketed products that illustrated transformative survival outcomes and quality of life benefits can be conferred by
delivering radioisotopes to solid tumors. These leading products, which target prostate specific membrane antigen or somatostatin-2 receptor, are each currently approved in only one tumor type, but in those indications, have seen considerable
commercial uptake and have become fundamental pillars of cancer treatment. Despite these advances, we believe that the field of radiopharmaceuticals is still in its infancy, with many emerging companies still primarily focused on these same two
targets. In contrast, we see a significant opportunity to broaden the cancer patient populations benefiting from targeted radiopharmaceuticals by developing next-generation technologies that expand the scope of tumor targets for which it is possible
to safely deliver a powerful payload of an alpha-emitting radioisotope. To ensure patient demand is reliably met, we are also establishing efficient end-to-end supply, with a combination of critical internal capabilities paired with experienced
external vendors. Through these efforts, we seek to maximize clinical utility across multiple indications in multiple tumor types, and to expand the commercial uptake of radiopharmaceuticals beyond the traditional nuclear medicine setting and into
the more expansive clinical oncology setting. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Since our inception in August 2020, we have devoted substantially all of our resources to developing our miniprotein
radioconjugate platform, identifying and developing our product candidates and programs, establishing and protecting our intellectual property, conducting research and development activities, building our supply chain and manufacturing capabilities,
organizing and staffing our company, raising capital and providing general and administrative support for these operations. We do not have any products approved for commercial sale and have not generated any revenues from product sales. We have
funded our operations primarily with proceeds from the issuance and sale of our redeemable convertible preferred stock and upfront payments from a Research and Collaboration Agreement, the Collaboration Agreement, with Eli Lilly and Company, or Eli
Lilly, and have received aggregate net proceeds of $345.5&nbsp;million from the sale of our redeemable convertible preferred stock, $60.0&nbsp;million in upfront payments upon entering into the Collaboration Agreement, and $1.0 million upon
achieving the first development milestone under the Collaboration Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have incurred significant operating losses in every year since inception and we
expect to continue to incur substantial losses for the foreseeable future. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our
product candidates. As of September 30, 2025, we had an accumulated deficit of $141.4&nbsp;million and our net </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">118 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
losses were $48.6 million and $31.9 million for the nine months ended September 30, 2025 and 2024, respectively. Net losses were $44.0&nbsp;million and $28.6&nbsp;million for the years ended
December&nbsp;31, 2024 and 2023, respectively. We expect our expenses and operating losses will increase substantially as we: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">advance our lead product candidate,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for Nectin-4 expressing tumors, through clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">seek regulatory approval to commence clinical trials for
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 for B7-H3 expressing tumors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue IND-enabling preclinical studies for our other programs; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue to advance our miniprotein radioconjugate platform; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">acquire or <FONT STYLE="white-space:nowrap">in-license</FONT> other product candidates, targeting molecules and
technologies; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">conduct preclinical studies and clinical trials for our other product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">seek to identify additional product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue to utilize third-parties to manufacture our lead product candidate; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">scale up our supply of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac and other radioisotopes;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">continue to expand manufacturing capabilities through additional <FONT STYLE="white-space:nowrap">in-house</FONT>
facilities and expertise, as well as additional third party contractors to enable global commercial scale; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">seek regulatory approval of product candidates that successfully complete clinical development; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">expand our operational, legal, compliance, financial, and management information systems and increase personnel, including
personnel to support our preclinical and clinical development, manufacturing, and future commercialization efforts as well as to support our operations as a public company; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">obtain, expand, maintain, defend and enforce our intellectual property portfolio; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">contract with manufacturing sources for preclinical and clinical development of any future product candidates we may
develop and commercial supply with respect to any such product candidates that receive regulatory approval; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">undertake <FONT STYLE="white-space:nowrap">pre-commercial</FONT> activities to enhance commercialization prospects for any
current or future product candidates that may obtain regulatory approval; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">ultimately establish a sales, marketing and distribution infrastructure to commercialize any products for which we may
obtain marketing approval. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we have several clinical development, regulatory, and commercial milestones, as well as royalty payment
obligations under our licensing arrangements. Our net losses may fluctuate significantly from quarter to quarter and year to year, depending on the timing of our ongoing and planned clinical trials and our expenditures on other research and
development activities. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We do not have any products approved for sale and have not generated any revenue from product sales. We will not generate revenue from
product sales unless and until we successfully complete clinical development and obtain regulatory approval for our current and any future product candidates, which we expect will take a number of years or may never occur. 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">119 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
sales, if ever, we expect to finance our operations through a combination of equity offerings, debt financings or other capital sources, including collaborations, licenses or other strategic
arrangements. See &#8220;&#8212;Liquidity and capital resources<I>.</I>&#8221; We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or
enter into such agreements as, and when, needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our product candidates, or grant rights to develop and market our product
candidates even if we would otherwise prefer to develop and market such product candidates ourselves. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Due to the numerous risks and uncertainties associated with
the development of radiopharmaceutical candidates, we are unable to accurately predict the timing or amount of increased expenses or the timing of when, or if, we will be able to achieve or maintain profitability. Even if we generate product sales,
we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September&nbsp;30, 2025, we had cash, cash equivalents and marketable securities of $246.2&nbsp;million. Based upon our current operating plans, we believe that
the estimated net proceeds from this offering, together with our existing cash, cash equivalents and marketable securities, will be sufficient to fund our operations through&#8195;&#8195;&#8195;&#8195;. We have based this estimate on assumptions
that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See the sections titled &#8220;&#8212;Liquidity and capital resources&#8221; and &#8220;Risk factors&#8221; included elsewhere in this
prospectus. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>License and collaboration agreements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We may incur
contingent regulatory and development milestones, commercial milestones and royalty payments that we are required to make under our license and collaboration agreements, in which the amounts to be paid by us are not fixed or determinable at this
time. For a more detailed description of these agreements, see the section titled &#8220;Business&#8212;License and collaboration agreements&#8221; and Notes 11 and 12 to our audited consolidated financial statements and unaudited condensed
consolidated financial statements included elsewhere in this prospectus. </P> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Blaze Bioscience license agreement </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On July&nbsp;22, 2021, we entered into a Discovery, License and Option Agreement, or the Blaze Agreement, as amended on March&nbsp;3, 2022, May&nbsp;20, 2022 and
December&nbsp;19, 2022, with Blaze Bioscience Inc., or Blaze, pursuant to which we granted to each other certain exclusive and <FONT STYLE="white-space:nowrap">non-exclusive</FONT> licenses and an option to license Blaze&#8217;s platform technology
to use in conducting certain research and development activities. We made a <FONT STYLE="white-space:nowrap">one-time</FONT> non-refundable upfront payment of $1.8&nbsp;million to Blaze, as partial consideration for the rights and licenses granted
to us under the Blaze Agreement. We paid an additional <FONT STYLE="white-space:nowrap">one-time</FONT> payment of $0.2&nbsp;million in connection with the December&nbsp;19, 2022 amendment. The Blaze Agreement required us to make specified <FONT
STYLE="white-space:nowrap">non-refundable,</FONT> <FONT STYLE="white-space:nowrap">non-creditable</FONT> milestone payments of up to $0.7&nbsp;million per collaboration target as well as royalty payments on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis until the later of (a)&nbsp;the date of expiration of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">last-to-expire</FONT></FONT> valid claim covering such
collaboration target, or (b)&nbsp;ten years following the date of the first commercial sale of such collaboration target. None of the milestones had been achieved prior to termination. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon execution of the Blaze Agreement, we also issued to Blaze, warrants, or the Preferred Stock Warrants, to purchase 2,000,000 shares of partner preferred stock, or
the Partner Preferred Stock, as a partial consideration for the rights granted by Blaze to us. The Preferred Stock Warrants represent an additional upfront payment and the initial fair value of the Preferred Stock Warrants was $0.6&nbsp;million. See
Note 11 to our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">120 </P>

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audited consolidated financial statements included elsewhere in this prospectus. In connection with the amendment on May&nbsp;20, 2022, we replaced the original terms of the Preferred Stock
Warrants with revised vesting criteria, related to the achievement of development and regulatory milestones. As of December&nbsp;31, 2023, 250,000 shares of the Preferred Stock Warrants were vested. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In March 2024, we notified Blaze of our decision to terminate the Blaze Agreement and Blaze exercised the Preferred Stock Warrants for 250,000 shares of Partner
Preferred Stock upon payment of nominal consideration. The remaining unvested Preferred Stock Warrants were cancelled upon the notice of termination. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Institute for Protein Innovation, Inc. license agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On
November&nbsp;1, 2021, we entered into an exclusive license agreement, the IPI Agreement, with the Institute for Protein Innovation, Inc., or IPI, pursuant to which IPI granted us an exclusive, worldwide license, with the right to sublicense
(subject to certain conditions), under certain of IPI&#8217;s patents and <FONT STYLE="white-space:nowrap">know-how</FONT> related to certain binder proteins, targeting up to 14 target proteins, including Nectin-4, to research, develop, make, have
made, and commercialize certain products. We made an initial upfront payment of $0.2&nbsp;million and will make annual payments of less than $0.1&nbsp;million on each anniversary up to the date of the first commercial sale of the first licensed
product in order to retain the licenses, pursuant to which we have paid an aggregate of $0.1&nbsp;million through September&nbsp;30, 2025. The IPI Agreement requires us to pay up to an aggregate of $24.0&nbsp;million upon achievement of certain
regulatory and development milestones. In addition, if we successfully commercialize a licensed product under the IPI Agreement, we are required to pay low single-digit royalties on net sales on a product-by-product and country-by-country basis,
subject to specified reductions, until the later of (a) the expiration of the last to expire valid claim covering the manufacture, use or sale of such licensed product in such country or (b) ten years after the first licensed product sale in such
country. The royalties are subject to specified and capped reductions for payments owed to third parties for additional rights necessary to commercialize licensed products and will terminate upon the last to expire royalty term. As of
September&nbsp;30, 2025, no such milestones have been achieved. For further details see the sections titled &#8220;Business&#8212;License and collaboration agreements&#8221; included elsewhere in this prospectus. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>TRIUMF license agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On July&nbsp;21, 2022, we and TRIUMF Inc., a
Canadian <FONT STYLE="white-space:nowrap">non-profit,</FONT> or TRIUMF, TRIUMF Innovations, Inc., a Canadian <FONT STYLE="white-space:nowrap">non-profit,</FONT> the University of British Columbia, and BC Cancer, a provincial health services
authority, entered into a License Agreement, the TRIUMF License. Pursuant to the TRIUMF License, TRIUMF, the University of British Columbia and BC Cancer, or the Licensors, granted us a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT>
worldwide license, with the right to sublicense (subject to certain conditions), under certain patents and <FONT STYLE="white-space:nowrap">know-how</FONT> related to the Licensors&#8217; chelator technology to make, use, sell, offer for sale,
import, and export certain radiopharmaceutical products for the diagnosis, treatment, amelioration, and prevention of human diseases and conditions. None of our product candidates currently incorporate, or rely on, the licensed patents and <FONT
STYLE="white-space:nowrap">know-how</FONT> from the TRIUMF License. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We paid an initial license fee of $0.1 million upon execution of the TRIUMF License. The TRIUMF
License requires us to pay up to an aggregate of $2.0&nbsp;million upon achievement of certain regulatory and development milestones. We are also obligated to pay low single digit royalties on net sales of licensed products, on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis. For licensed products not covered by a valid claim of a licensed patent, our royalty obligation terminates on the tenth anniversary of the first
commercial use of such licensed product in each country. As of September&nbsp;30, 2025, no such milestones have been achieved. For further details see the sections titled &#8220;Business&#8212;License and collaboration agreements&#8221; included
elsewhere in this prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">121 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>University of Minnesota license agreement </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On March&nbsp;3, 2023, we entered into an exclusive license agreement, the Minnesota License, with Regents of the University of Minnesota, or the University of
Minnesota, under which we licensed certain rights to the licensed patents of a known target-binding miniprotein, the Licensed Patents, for commercialization. We made an initial payment of $0.1&nbsp;million and paid an annual license fee of less than
$0.1&nbsp;million throughout the term of the Minnesota License, pursuant to which we have paid an aggregate of $0.4&nbsp;million through September&nbsp;30, 2025. In July 2025, we provided notice to the University of Minnesota to terminate the
Minnesota License and paid the $10,000 early termination fee, with an effective termination date of September 9, 2025. None of our product candidates incorporate, or rely on, the patents and know-how from the Minnesota License. For further details
see the sections titled <I>&#8220;Business&#8212;License and collaboration agreements&#8221;</I> included elsewhere in this prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Eli Lilly and Company
research and collaboration agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2024, we entered into the Collaboration Agreement with Eli Lilly to generate anticancer radiopharmaceuticals
using our novel miniprotein technology platform. Pursuant to the Collaboration Agreement, we granted Eli Lilly an exclusive (even as to us and our affiliates), royalty-bearing, worldwide license, with the right to sublicense, to certain of our
patents and other intellectual property rights to exploit certain compounds and therapeutic or diagnostic products that contain such compounds solely as products that contain a radioactive isotope. We also granted Eli Lilly a <FONT
STYLE="white-space:nowrap">non-exclusive,</FONT> royalty-bearing, worldwide license, with the right to sublicense, to the intellectual property necessary or useful to exploit the licensed compounds and licensed products solely as products that
contain a radioactive isotope and a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> fully <FONT STYLE="white-space:nowrap">paid-up</FONT> license, with the right to sublicense, to exploit certain other intellectual property developed under
the Collaboration Agreement for any and all purposes (subject to certain limitations). In addition, we and Eli Lilly agreed to negotiate in good faith to enter into a separate agreement in the event the parties agree that the clinical development of
a licensed compound requires, or would be benefited by, a license to one of our other compounds. Eli Lilly may, at any time in its sole discretion and without cause, terminate the Collaboration Agreement on a collaboration target-by-collaboration
target or region-by-region basis (or any combination thereof) upon 60 days&#8217; prior written notice to us. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the Collaboration Agreement, Eli Lilly may
designate a specified number of initial collaboration targets, with the right to substitute other targets. We will be responsible for research activities through initial human imaging studies for a lead candidate for each selected target, and Eli
Lilly will thereafter be responsible for regulatory filings, clinical development and commercialization activities worldwide. There is a separate research plan for each collaboration target, and our development costs are capped, on a research <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plan-by-research</FONT></FONT> plan basis. Eli Lilly will reimburse our reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and
full-time equivalent costs incurred in excess of the cap. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Eli Lilly paid us an upfront license fee of $60.0&nbsp;million as a nonrefundable cash payment upon
execution of the Collaboration Agreement. The Collaboration Agreement requires Eli Lilly to pay up to an aggregate of $525.0&nbsp;million upon achievement of certain research development, regulatory and commercial launch milestones and up to an
aggregate of $630.0&nbsp;million upon achievement of certain sales milestones. As of September 30, 2025, one development milestone under the Collaboration Agreement totaling $1.0 million was achieved. In addition, if Eli Lilly successfully
commercializes a therapeutic or diagnostic product under the Collaboration Agreement, Eli Lilly is required, unless earlier terminated, to pay us tiered royalties of up to 10% based on annual net sales, on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">product-by-product</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, subject to specified reductions, until the later of the expiration of licensed
patent rights in a country, expiration of regulatory exclusivity, or ten years after the first product sale in such country. The Collaboration Agreement requires Eli Lilly to use commercially reasonable efforts to develop and commercialize a
licensed product from a research </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">122 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
program in certain markets and through satisfaction of certain criteria. For further details see the sections titled &#8220;Business&#8212;License and collaboration agreements&#8221; included
elsewhere in this prospectus. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Components of results of operations </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Revenue </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To date, we have not generated any revenue from product sales
and do not expect to generate any revenue from the sale of products in the near future, if ever. Substantially all of our revenue to date has been derived from the work performed under the Collaboration Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If our development efforts for our current or future product candidates are successful and result in regulatory approval or if we enter into additional license or
collaboration agreements with third parties, we may generate revenue in the future from product sales, payments from such license or collaboration agreements, or any combination thereof. We cannot predict if, when or to what extent we will generate
revenue as we may never succeed in obtaining regulatory approval for any of our product candidates. If we fail to complete preclinical and clinical development of our current or future product candidates or fail to obtain regulatory approval for any
that successfully complete clinical trials, our ability to generate future revenues, and our results of operations and financial position would be adversely affected. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Operating expenses </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Research and development expenses </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We recognize research and development expenses in the periods in which they are incurred. Research and development expenses consist primarily of employee-related costs
and other internal and external costs associated with our discovery and development efforts and the preclinical development of our current and future product candidates. In particular, our research and development expenses include: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">employee-related costs, including salaries, bonuses, benefits and stock-based compensation for employees engaged in
research and development functions; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs to acquire <FONT STYLE="white-space:nowrap">in-process</FONT> research and development with no alternative future
use acquired in an asset acquisition; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">external expenses, including expenses incurred under arrangements with third parties, such as contract research
organizations, or CROs, contract development and manufacturing organizations, or CDMOs, consultants and our scientific advisors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the cost of manufacturing our product candidates, including costs for laboratory supplies, research materials and reagents;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">license and collaboration fees, including any milestone-based payments; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">facility costs, depreciation and other expenses, which include direct and allocated expenses; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the cost of obtaining and maintaining patent and trade secret protection for our product candidates. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We track direct external research and development expenses by stage of program, clinical or preclinical. We expect to report external research and development expenses
for each indication applicable to a clinical drug candidate following acceptance of an IND application for the particular indication. Our internal research and development expenses are deployed across multiple programs and, as such, are not
separately tracked. Significant judgments and estimates are made in determining the accrued, or prepaid expense balances at the end of any reporting period. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Research and development activities are central to our business model. We expect that our research and development
expenses will continue to increase for the foreseeable future as we advance our product candidates into and through clinical development and as we continue to develop additional product candidates. We expect to fund our research and development
expenses from our current cash, cash equivalents, investments in marketable securities, and a combination of public and private equity offerings, debt financings, or other sources of capital, which may include additional collaborations with other
companies, marketing, distribution, or licensing arrangements with third parties, or other similar arrangements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>General and administrative expenses </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">General and administrative expenses consist primarily of employee-related costs, including salaries, bonuses, benefits, and stock-based compensation expenses for
personnel in executive, finance, accounting, human resources, and other administrative functions. General and administrative expenses also include professional and consulting expenses, including legal fees relating to patent, intellectual property,
and corporate matters, professional fees for accounting, audit, and consulting services, and facility and depreciation expenses, including expenses for rent, insurance expenses, and other operating costs not included in research and development. We
recognize general and administrative expenses in the periods in which they are incurred. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We anticipate that our general and administrative expenses will increase in
the future as we increase our headcount to support our expansion of the business. We also anticipate that we will incur significantly increased accounting, audit, legal, regulatory, compliance, and director and officer insurance costs as well as
investor and public relations expenses associated with operating as a public company. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Other income, net </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Interest income </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Other income, net consists of interest earned, the accretion
or amortization of discount or premiums on our cash equivalents and investments in marketable securities on investments classified as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> income (expense)
associated with the change in fair value of the Preferred Stock Warrant Liability, and realized and unrealized foreign currency transaction losses. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Income
taxes </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Since our inception, we have not recorded any income tax benefits or expense for the net losses we have incurred in each period or for our earned
research and development tax credits, as we believe, based upon the weight of available evidence, that it is more likely than not that all of our net operating loss carryforwards and tax credits will not be realized. As of December&nbsp;31, 2024, we
had net operating loss carryforwards, or NOLs, for federal and state income tax purposes of $37.7&nbsp;million and $21.3&nbsp;million, respectively. The federal NOLs are not subject to expiration and the state NOLs begin to expire in 2041. These
loss carryforwards are available to reduce future federal taxable income, if any. As of the nine months ended September 30, 2025 and 2024, and the years ended December 31, 2024 and 2023, we have recorded a full valuation allowance against our net
deferred tax assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">124 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Results of operations </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Comparison of the nine months ended September&nbsp;30, 2025 and 2024 </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes our results of operations (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine months ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Collaboration revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,978</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,357</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Loss from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,309</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,894</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total other income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(16,669</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Revenue </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Collaboration revenue was
$4.6&nbsp;million and $0.6&nbsp;million for the nine months ended September&nbsp;30, 2025 and 2024, respectively, driven by revenue recognized from our Collaboration Agreement with Eli Lilly, which was entered into in May 2024 and is recognized over
time using the cost incurred input method. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Research and development expenses </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes our research and development expenses (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


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<TD></TD>

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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine months ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Direct external research and development expenses by program:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Discovery and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,515</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unallocated research and development expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related (including stock-based compensation)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,398</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Facility, lab and depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other R&amp;D related costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total research and development expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">50,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">28,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Research and development expenses were $51.0&nbsp;million for the nine months ended September&nbsp;30, 2025, compared to
$28.3&nbsp;million for the comparable prior year period. The increase of $22.6&nbsp;million was primarily due to: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$8.9&nbsp;million increase in discovery and development costs relating to direct external research as we continue to
identify and develop product candidates; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">125 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$4.5&nbsp;million increase in direct costs for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> related to the initiation of our Phase 1b clinical trial of <FONT STYLE="white-space:nowrap">AKY-1189;</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$7.1&nbsp;million increase primarily driven by an increase in employee-related costs (including stock-based compensation)
attributable to our increased headcount; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$1.9&nbsp;million increase in facility, lab and depreciation costs primarily related to an increase in laboratory equipment
as a result of our expansion of laboratory space and an increase in software subscriptions; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$0.2&nbsp;million increase in other research and development costs related to professional and consulting expenses.
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>General and administrative expenses </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following
table summarizes our general and administrative expenses (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine months ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related expenses (including stock-based compensation)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,495</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Professional and consulting expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,324</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Facility, depreciation, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">890</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(165</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total general and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,978</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,357</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">General and administrative expenses were $11.0&nbsp;million for the nine months ended September&nbsp;30, 2025, compared to
$8.6&nbsp;million for the comparable prior year period. The increase of $2.4&nbsp;million was primarily due to: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$1.5&nbsp;million increase primarily driven by an increase in employee-related costs (including stock-based compensation)
attributable to our increased headcount; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$1.0&nbsp;million increase in professional and consulting costs driven by an increase in accounting and legal fees;
partially offset by a </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$0.2&nbsp;million decrease in facilities expense related to the expiration of our sublease in June 2025.
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Other income, net </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Other income, net was
$8.7&nbsp;million for the nine months ended September&nbsp;30, 2025, compared to $4.5&nbsp;million for the comparable prior year period. The increase of $4.2&nbsp;million was primarily driven by an increase in interest income earned due to higher
average balances in cash equivalents and marketable securities in the nine months ended September&nbsp;30, 2025 compared to the nine months end September&nbsp;30, 2024. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">126 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Comparison of the years ended December 31, 2024 and 2023 </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes our results of operations (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended</B><br><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>&#8195;&#8195;2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Collaboration revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,035</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,708</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Loss from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(52,050</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,256</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total other income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(15,339</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Revenue </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Collaboration revenue was $1.5
million for the year ended December 31, 2024, which was derived from our Collaboration Agreement with Eli Lilly. There was no collaboration revenue for the year ended December 31, 2023. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Research and development expenses </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes our research
and development expenses (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


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<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended</B><br><B>December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>&#8195;&#8195;2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Direct research and development expenses by program:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Discovery and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,814</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unallocated research and development expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related (including stock-based compensation)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,046</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,640</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Facility, lab and depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other R&amp;D related costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,637</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total research and development expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">40,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">25,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,035</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Research and development expenses were $41.0 million for the year ended December 31, 2024, compared to $25.9 million for the comparable
prior year period. The increase of $15.0 million was primarily due to: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$6.8 million increase in discovery and development costs relating to direct external research as we continue to identify
and develop product candidates through expanded investment in sponsored research agreements; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$5.4 million increase in unallocated research and development expenses, pertaining to employee-related costs driven by
increased headcount; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$2.4 million increase in facility, lab and depreciation costs driven by an increase in lab expenses relating to our
clinical trials; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$0.4 million increase in other research and development costs related to professional and consulting expenses.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">127 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>General and administrative expenses </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes our general and administrative expenses (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended</B><br><B>December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>&#8195;&#8195;2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related expenses (including stock-based compensation)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,762</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Professional and consulting expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,247</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Facility, depreciation, and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total general and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,708</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">General and administrative expenses were $12.6 million for the year ended December 31, 2024, compared to $8.9 million for the comparable
prior year period. The increase of $3.7 million was primarily due to: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$2.2 million increase in professional and consulting expenses driven by an increase in accounting and legal fees;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$1.4 million increase in employee-related expenses driven by an increase in headcount; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">$0.1 million increase related to facility, depreciation, and other expenses. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Other income, net </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Other income, net was $8.1 million for the year ended
December 31, 2024, compared to $6.2 million for the comparable prior year period. The increase of $1.9 million was primarily driven by increases of $1.8 million in interest income earned on our marketable securities and cash equivalents and $0.9
million due to accretion of discounts on our marketable securities, partially offset by $0.8 million due to the change in fair value of the Preferred Stock Warrant Liability. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Liquidity and capital resources </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Sources of liquidity </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Since our inception, we have incurred significant operating losses. We have not generated any revenue from product sales and we do not expect to generate revenue from
sales of products in the near term, if at all. We expect to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates into and through clinical development and as we continue to develop
additional product candidates. As such, we expect our research and development and general and administrative costs will continue to increase significantly, including the costs associated with operating as a public company following the completion
of this offering. As a result, we will need additional capital to fund our operations, which we may obtain from additional equity or debt financings or strategic agreements. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To date, we have funded our operations primarily with proceeds from the issuance and sale of our redeemable convertible preferred stock and the Collaboration Agreement
with Eli Lilly. As of September 30, 2025, we have raised aggregate net proceeds of $345.5&nbsp;million through the sale and issuance of our redeemable convertible preferred stock and received $60.0&nbsp;million in upfront payments and
$1.0&nbsp;million from the achievement of the first milestone under the Collaboration Agreement with Eli Lilly. As of September&nbsp;30, 2025, we had cash, cash equivalents and marketable securities of $246.2&nbsp;million. We believe we will meet
our cash requirements for at least the next 12&nbsp;months from the filing date of this prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">128 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Cash flows </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
following table sets forth a summary of the net cash flow activity (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine months ended<BR>September&nbsp;30, </B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net cash (used in) provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,886</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">27,561</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,762</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(30,004</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net cash provided by (used in) investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,518</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(190,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(68,828</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net cash (used in) provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(440</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">185,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">183,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net increase (decrease) in cash, cash equivalents and restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">143,094</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">195,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,646</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(98,832</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Operating activities </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash used in
operating activities was $48.9 million for the nine months ended September&nbsp;30, 2025, primarily consisting of our net loss of $48.6 million and net changes in operating assets and liabilities of $2.0&nbsp;million, offset by non-cash charges of
$1.7 million related to accretion of investment discounts, stock-based compensation and depreciation. The change in net operating assets and liabilities was primarily driven by a $3.6 million decrease in deferred revenue and a $1.1 million decrease
in operating lease liabilities, partially offset by a $1.4 million increase in operating right-of-use assets, a $0.9 million increase in accrued expenses and other current liabilities, and a $0.4 million increase in accounts payable. The reduction
in operating lease liabilities reflects lease payments made during the period, while the increase in accounts payable and accrued expenses was primarily due to higher research and development costs and increased headcount. The decrease in deferred
revenue resulted from revenue recognized under the Collaboration Agreement, and the increase in operating right-of-use assets was attributable to additional leased space obtained during the period. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash provided by operating activities was $27.6 million for the nine months ended September 30, 2024, consisting of net changes in operating assets and liabilities
of $59.6 million, partially offset by our net loss of $31.9 million, and $0.1 million of non-cash charges related to stock-based compensation, depreciation, and accretion of investment discounts.&nbsp;The change in operating assets and liabilities
was primarily driven by an increase in deferred revenue in connection with the Collaboration Agreement of $59.4 million. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash provided by operating activities
was $14.8&nbsp;million for the year ended December&nbsp;31, 2024, primarily consisting of net changes in operating assets and liabilities of $59.0&nbsp;million, primarily driven by an increase in deferred revenue in connection with the Collaboration
Agreement of $58.5&nbsp;million, partially offset by our net loss of $44.0&nbsp;million, and $0.2&nbsp;million of non-cash charges related to stock-based compensation, depreciation, and accretion of investment discounts. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash used in operating activities was $30.0 million for the year ended December 31, 2023, primarily consisting of our net loss of $28.6 million, changes in operating
assets and liabilities of $0.1 million, and $1.3&nbsp;million of non-cash charges related to stock-based compensation, depreciation, accretion of investment discounts, and change in the fair value of the Preferred Stock Warrant Liability. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Investing activities </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash provided by investing activities was $192.4
million for the nine months ended September&nbsp;30, 2025, primarily consisting of maturities of marketable securities of $208.7 million, partially offset by purchases of marketable securities and property and equipment of $10.8 million and $5.5
million, respectively. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash used in investing activities was $17.5 million for the nine months ended September 30, 2024, which was primarily due to the
purchases of marketable securities and property and equipment of $83.5 million and $0.6&nbsp;million, respectively, partially offset by proceeds from maturities of marketable securities of $66.6&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">129 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash used in investing activities was $190.4 million for the year ended December&nbsp;31, 2024, primarily
consisting of the purchases of marketable securities and property and equipment of $288.4&nbsp;million and $2.9&nbsp;million, respectively, partially offset by maturities of marketable securities of $100.9&nbsp;million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash used in investing activities was $68.8 million during the year ended December 31, 2023, primarily consisting of the purchases of marketable securities and
property and equipment of $145.8 million and $3.8&nbsp;million, respectively, partially offset by maturities of marketable securities of $80.7 million and the sale of property and equipment of $0.1 million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Financing activities </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash used in financing activities was $0.4 million
during the nine months ended September&nbsp;30, 2025, primarily consisting of payments of deferred offering costs of $0.5 million, partially offset by proceeds received from the exercise of common stock options of $0.1 million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash provided by financing activities during the nine months ended September 30, 2024 was $185.1 million, primarily driven by the issuance of the Series A-1
redeemable convertible preferred stock, Series B redeemable convertible preferred stock, and the exercise of the Preferred Stock Warrant, partially offset by issuance costs relating to these transactions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net cash provided by financing activities was $183.3 million during the year ended December 31, 2024, primarily consisting of proceeds from the issuances of Series A-1
redeemable convertible preferred stock and Series B redeemable convertible preferred stock of $10.0 million and $175.0 million, respectively, and the exercise of common stock options of $0.2 million, partially offset by payments of deferred offering
costs of $1.5&nbsp;million and issuance costs relating to the Series A-1 and Series B financings of $0.3 million. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There was no cash provided by financing activities
during the year ended December 31, 2023. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Future funding requirements </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, we had cash, cash equivalents and marketable securities of $246.2&nbsp;million. Based upon our current operating plans, we believe that the
estimated net proceeds from this offering, together with our existing cash, cash equivalents and marketable securities, will be sufficient to fund our operations through &#8195;&#8195;&#8195;&#8195; . We have based this estimate on assumptions that
may prove to be wrong, and we could expend our capital resources sooner than we expect. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We expect to incur significant expenses and operating losses for the
foreseeable future as we advance our product candidates into and through clinical development and as we continue to develop additional product candidates. In addition, upon the completion of this offering, we expect to incur additional costs
associated with operating as a public company, including significant legal, accounting, investor relations and other expenses that we did not incur as a private company. We may also require additional capital to pursue additional research and
collaboration agreements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Because of the numerous risks and uncertainties associated with research, development, and commercialization of pharmaceutical product
candidates, we are unable to estimate the amount of our future working capital requirements. Our future capital requirements will depend on many factors, including: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the scope, progress, results and costs related to the clinical development of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the scope, progress, results and costs of discovery, preclinical development and planned clinical trials for our future
product candidates; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">130 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs, timing and outcome of regulatory review of our product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the cost of advancing and furthering our miniprotein radioconjugate platform; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs of establishing, operating and maintaining our manufacturing facility, or securing other manufacturing
arrangements for clinical-supply and commercial production; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the cost and availability of sufficient supply of <SUP STYLE="font-size:75%; vertical-align:top">22</SUP><SUP
STYLE="font-size:75%; vertical-align:top">5</SUP>Ac and other radioisotopes; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the achievement of milestones or occurrence of other developments that trigger payments by us or our collaborators under
any current or future collaboration agreements; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to establish and maintain additional collaborations on favorable terms, if at all; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the emergence of competing therapies for oncology indications and other adverse market developments; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs of preparing, filing and prosecuting patent applications, obtaining, maintaining, protecting, defending and
enforcing our intellectual property rights and defending intellectual property-related claims; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the extent to which we acquire or <FONT STYLE="white-space:nowrap">in-license</FONT> other product candidates and
technologies; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the costs of establishing or contracting for sales and marketing capabilities if we obtain regulatory clearances to market
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for any <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors or any future product
candidates. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have no committed sources of capital. Until such time, if ever, as we can generate substantial product revenue to support our cost
structure, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, potentially including collaborations, licenses or other strategic arrangements. However, we may be unable to raise additional funds or
enter into such other arrangements when needed on favorable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be diluted, and
the terms of these securities may include liquidation or other preferences that adversely affect the rights of our existing common stockholders. In addition, 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 funds through a strategic agreement, we may have to grant rights
to develop and market our current and future product candidates even if we would otherwise prefer to develop and market such product candidates ourselves. Our failure to raise capital or enter into such other arrangements when needed could have a
negative impact on our financial condition and on our ability to pursue our business plans and strategies. If we are unable to raise additional capital or obtain adequate funding when needed or on acceptable terms, we may be required to delay, scale
back, or discontinue our research, product development, or future commercialization efforts, or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Contractual obligations and commitments </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Royalty transfer agreement
</I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In August 2020, we entered into a royalty transfer agreement, or the Royalty Transfer Agreement, with MPM Oncology Charitable Foundation, Inc., or MPM
Charitable Foundation, an affiliate of a stockholder holding more than 5% of our total outstanding stock, and the UBS Optimus Foundation, or UBS, and together with MPM Charitable Foundation, the Charitable Foundations. Pursuant to the Royalty
Transfer Agreement, we will pay 0.5% of our annual global net sales to each of the Charitable Foundations, for a total of 1.0% of net sales, subject to customary reductions, for products that incorporate or utilize intellectual property that was
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">131 </P>

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discovered or developed by us prior to our initial public offering. Our payment obligations for each product will continue on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis upon the later of the twelfth anniversary of the first commercial sale of our product in such country or the expiration of the last to expire of
certain patents owned or controlled by us covering such products in such country. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our payment obligations to MPM Charitable Foundation will terminate immediately
upon the authorization of the MPM Charitable Foundation&#8217;s board of directors (or similar body) or upon the winding up or dissolution of MPM Charitable Foundation. Our payment obligations to UBS will terminate immediately upon the winding up of
Oncology Impact Fund 2, L.P., a Cayman Islands exempted limited partnership, which is associated with MPM Charitable Foundation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Leases </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, we had future minimum operating lease payments under <FONT STYLE="white-space:nowrap">non-cancellable</FONT> leases of $16.9 million related to
leases we have recognized on our consolidated balance sheets, which are due over the following 7.07 years. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>License agreements </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our agreements with certain third parties to license intellectual property include potential milestone fees, sublicense fees and royalty fees. The milestone fees are
dependent upon the development of products using the intellectual property licensed under the arrangements and contingent upon the achievement of development or regulatory approval milestones, as well as commercial milestones. These potential
obligations are contingent upon the occurrence of future events and the timing and likelihood of such potential obligations are not known with certainty. For further information regarding these agreements, please see the section titled
&#8220;Business&#8212;License and collaboration agreements&#8221; included elsewhere in this prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Purchase and other obligations </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We enter into contracts in the normal course of business with CROs and other third-party vendors for preclinical and commercial supply manufacturing, support for <FONT
STYLE="white-space:nowrap">pre-commercial</FONT> activities, research and development activities, and other services and products for our operations. These contracts are generally cancelable upon written notice. For additional information on our
contractual obligations and commitments please see Note 13 to our audited consolidated financial statements included elsewhere in this prospectus. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Critical
accounting estimates </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">While our significant accounting policies are described in more detail in Note 2 to our audited consolidated financial statements and
unaudited interim condensed consolidated financial statements included elsewhere in this prospectus, we believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our consolidated
financial statements. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Revenue Recognition </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2024, we
entered into the Collaboration Agreement. We apply the revenue recognition guidance in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 606, <I>Revenue Recognition</I>, or ASC 606.
Under ASC 606, we recognize revenue following the five steps: (i)&nbsp;identification of the contract(s) with a customer; (ii)&nbsp;identification of the promised goods and services in the contract and determination of whether the promised goods or
services are performance obligations including whether they are distinct in the context of the contract; (iii)&nbsp;measurement of the transaction price, including the constraint on variable consideration; (iv)&nbsp;allocation of the transaction
price to the performance obligations; and </P>
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(v)&nbsp;recognition of revenue when (or as) we satisfy each performance obligation. We only apply the five-step model once the contract is determined to be within scope of ASC 606 and when we
determine that collection of substantially all consideration for goods and services that are transferred is probable based on the customer&#8217;s intent and ability to pay the promised consideration. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine
those that are performance obligations, and whether each promised good or service is distinct and if there are any material rights present. We then recognize as revenue the amount of the transaction price that is allocated to the respective
performance obligation when (or as) the performance obligation is satisfied. For each material right identified, if any, the allocated transaction price will be recognized as revenue over the total estimated period of performance upon exercise of
the material right, or will be recognized as revenue immediately upon expiration of the replacement right. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As part of the accounting for these arrangements, we must
develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract as there is not a readily available standalone selling price. Our revenue recognized is related to
research services performed for each initial collaboration target whereby revenue was recognized as the underlying services were performed using a costs incurred input method, in which we apply a cost-to-cost method and compare the actual costs
incurred to date with the current estimate of total costs to complete, or ETCs, to measure the satisfaction of each performance obligation. We estimate the ETCs utilizing our best knowledge and as there are changes in facts and circumstances, we
update our ETCs accordingly for the ongoing and prospective research activities. To the extent the estimates are not appropriate in the circumstances, it could impact the timing of our revenue recognition. We evaluate the measure of progress each
reporting period and if estimates related to the measure of progress change, related revenue recognition is adjusted accordingly. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Accrued research and
development expenses </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In preparing the consolidated financial statements, we are required to estimate our accrued research and development expenses as of
each balance sheet date. In accruing service fees, we estimate the time period over which services will be performed and the level of effort to be expended in each period. This process involves reviewing open contracts, communicating with internal
personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost. We
periodically confirm the accuracy of our estimates with our service providers and make adjustments, if necessary. The majority of our service providers invoice in arrears for services performed or when contractual milestones are met. The financial
terms of agreements with these service providers are subject to negotiation, vary from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">contract-to-contract</FONT></FONT> and may result in uneven payment flows. In circumstances
where amounts have been paid in excess of costs incurred, we record a prepaid expense. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Although we do not expect our estimates to be materially different from
amounts incurred, if our estimates of the status and timing of services performed differ from the actual status and timing of services performed, it could result in us reporting amounts that are too high or too low in any particular period. To date,
there have been no material differences between our estimates of such expenses and the amounts incurred. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Stock-based compensation </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We account for stock-based compensation under the provisions of ASC Topic <FONT STYLE="white-space:nowrap">718-10,</FONT> <I>Compensation-Stock Compensation</I>,<I>
</I>ASC <FONT STYLE="white-space:nowrap">718-10,</FONT> which requires all stock-based payments to employees, <FONT STYLE="white-space:nowrap">non-employees,</FONT> and directors, including grants of stock options and restricted stock, which we
collectively refer to as stock awards, to be recognized in the consolidated statements of operations and comprehensive loss based on their fair values on the date of grant over the requisite service period, which is generally the vesting period of
the </P>
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respective award. Forfeitures are accounted for as they occur. Generally, we issue stock awards with only service-based vesting conditions and record the expense for these awards using the
straight-line method. We classify stock-based compensation expense in the same manner in which the awards recipient&#8217;s payroll or service provider&#8217;s costs are classified. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We estimate the fair value of each option grant using the Black-Scholes option pricing model and we estimate the fair value of each restricted stock grant using the fair
value of common stock. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the award, the risk-free interest rate, expected dividends,
and the fair value of common stock. We estimate the expected stock price volatility based on the historical volatility of publicly traded peer companies. The expected term of our stock options has been determined utilizing the
&#8220;simplified&#8221; method for awards that qualify as &#8220;plain vanilla&#8221; options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods
approximately equal to the expected term of the award. There is no expected dividend yield since we have never paid cash dividends on common stock and do not expect to pay any cash dividends in the foreseeable future. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Determination of fair value of common stock valuations </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As there has been no
public market for our common stock to date, the estimated fair value of our common stock has been determined by our Board of Directors, or the Board, as of the date of each option grant with input from management, considering our most recently
available third-party valuations of common stock, and our Boards&#8217; assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date
of the grant. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants&#8217; Accounting and Valuation Guide,<I> Valuation of Privately-Held-Company Equity
Securities</I> <I>Issued as Compensation</I>. Our common stock valuation was prepared using a market approach to estimate our enterprise value and an option pricing method, OPM, to allocate value to the common stock. The OPM treats common stock and
convertible preferred stock as call options on the total equity value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders of a company&#8217;s securities changes. Under this method, the
common stock has value only if the funds available for distribution to stockholders exceeded the value of the convertible preferred stock liquidation preferences at the time of the liquidity event, such as a strategic sale or a merger. A discount
for lack of marketability of the common stock is then applied to arrive at an indication of value for the common stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Given the absence of a public trading
market, our Board, with input from management considered numerous objective and subjective factors to determine the fair value of common stock. The factors included, but were not limited to: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the prices at which we sold preferred stock and the superior rights and preferences of the preferred stock relative to our
common stock at the time of each grant; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our ability to raise future financings; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the progress of our research and development efforts, including the status of clinical development for our product
candidates; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the lack of liquidity of our equity as a private company; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our stage of development and business strategy and the material risks related to our business and industry;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the achievement of enterprise milestones, including entering into collaboration and license agreements;
</P></TD></TR></TABLE>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the valuation of publicly traded companies in the life sciences and biotechnology sectors, as well as recently completed
mergers and acquisitions of peer companies; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">any external market conditions affecting the biotechnology industry and trends within the biotechnology industry;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the likelihood of achieving a liquidity event for the holders of our preferred stock and holders of our common stock, such
as an initial public offering, or a sale of our company, given prevailing market conditions; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the analysis of initial public offerings and the market performance of similar companies in the biopharmaceutical industry.
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The assumptions underlying these valuations were highly complex and subjective and represented management&#8217;s best estimates, which involved
inherent uncertainties and the application of management&#8217;s judgment. As a result, if we had used significantly different assumptions or estimates, the fair value of our common stock and our stock-based compensation expense could have been
materially different. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Once a public trading market for our common stock has been established in connection with the completion of this offering, it will no longer
be necessary for our board of directors to estimate the fair value of our common stock in connection with our accounting for granted stock options and other such awards we may grant, as the fair value of our common stock will be determined based on
the quoted market price of our common stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes by grant date the number of shares subject to awards granted between July&nbsp;1, 2024
and October&nbsp;31, 2025, the per share exercise price of the awards and the fair value of common stock underlying the awards on each grant date: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Grant date</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Type&nbsp;of&nbsp;award</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Number of<BR>shares&nbsp;subject<BR>to award</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Per&nbsp;share<BR>exercise&nbsp;price<BR>of award</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Per&nbsp;share&nbsp;fair<BR>market&nbsp;value&nbsp;of<BR>common&nbsp;stock<BR>on grant date</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Per share<BR>estimated&nbsp;fair<BR>value&nbsp;on&nbsp;award<BR>on&nbsp;grant&nbsp;date<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">7/1/2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,187,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">7/22/2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">10/10/2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,742,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">12/10/2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,113,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">1/15/2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">285,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2/7/2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">7/23/2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">7/23/2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">10/9/2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">683,857</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">12/11/2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,618,241</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="20" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The per share estimated fair value of options reflects the fair value of options granted on each grant date determined using the Black-Scholes option-pricing model. </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Recently issued accounting pronouncements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A description of recently issued
accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 to our audited consolidated financial statements and unaudited interim condensed consolidated financial statements included
elsewhere in this prospectus. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Quantitative and qualitative disclosures about market risks </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Interest rate risk </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, we had cash, cash
equivalents and marketable securities of $246.2&nbsp;million. Interest income is sensitive to changes in the general level of interest rates. We manage our exposure to interest rates </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">135 </P>

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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
by investing our surplus cash in commercial paper, U.S. treasury bills, corporate debt securities and agency bonds. We have not entered into investments for trading or speculative purposes. Due
to the conservative nature of our investment portfolio, which is predicated on capital preservation of investments with short-term maturities, we do not believe an immediate 10% change in interest rates would have a material effect on the fair
market value of our investment portfolio. As of September 30, 2025 and December&nbsp;31, 2024, we had no long-term debt outstanding, and therefore we are not subject to interest rate risk related to debt. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Foreign Currency Exchange Risk </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are not currently exposed to
significant market risk related to changes in foreign currency exchange rates. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Effects of Inflation </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Inflation generally affects us by increasing our cost of labor and clinical trial costs. We believe that inflation has not had a material effect on our condensed
consolidated financial statements included elsewhere in this prospectus. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Emerging growth company status </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are an &#8220;emerging growth company,&#8221; as defined in the Jumpstart Our Business Startups Act, as amended, or JOBS Act, and we may take advantage of certain
exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. We may take advantage of these exemptions until we are no longer an emerging growth company. Section&nbsp;107 of the
JOBS Act provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. We have elected to use the extended
transition period for complying with new or revised accounting standards and as a result of this election, our consolidated financial statements may not be comparable to companies that comply with public company effective dates. We may take
advantage of these exemptions up until the time that that we are no longer an &#8220;emerging growth company.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We will remain an emerging growth company until
the earlier of (1)&nbsp;the last day of the fiscal year (a)&nbsp;following the fifth anniversary of the completion of this offering, (b)&nbsp;in which we have total annual gross revenue of at least $1.235&nbsp;billion or (c)&nbsp;in which we are
deemed to be a &#8220;large accelerated filer&#8221; under the rules of the SEC, which means, among other things, the market value of our common stock that is held by <FONT STYLE="white-space:nowrap">non-affiliates</FONT> exceeds $700.0&nbsp;million
as of the prior June 30<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> and (2)&nbsp;the date on which we have issued more than $1.0&nbsp;billion in <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt during the prior three-year
period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_10"></A>Business </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Overview </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are a clinical-stage oncology company focused on expanding the
breakthrough potential of targeted radiopharmaceuticals to large patient populations, including those not addressed by existing platform technologies. The field of targeted radiopharmaceuticals is currently led by two marketed products that
illustrated transformative survival outcomes and quality of life benefits can be conferred by delivering radioisotopes to solid tumors. These leading products, which target prostate specific membrane antigen or
<FONT STYLE="white-space:nowrap">somatostatin-2</FONT> receptor, are each currently approved in only one tumor type, yet have seen considerable commercial uptake and have become fundamental pillars of cancer treatment. Despite these advances, we
believe that the field of radiopharmaceuticals is still in its infancy, with many emerging companies still primarily focused on these same two targets. In contrast, we see a significant opportunity to broaden the cancer patient populations
benefiting from targeted radiopharmaceuticals by developing next-generation technologies that expand the scope of tumor targets for which it is possible to safely deliver a powerful payload of an alpha-emitting radioisotope. To ensure patient demand
is reliably met, we are also establishing efficient <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> supply, with a combination of critical internal capabilities paired with established external vendors.
Through these efforts, we seek to maximize clinical utility across multiple indications in multiple tumor types, and to expand the commercial uptake of radiopharmaceuticals beyond the traditional nuclear medicine setting and into the more expansive
clinical oncology setting. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have built a proprietary miniprotein radioconjugate platform that aims to safely confer breakthrough efficacy to a broad range of
patient populations. Our miniprotein radioconjugates are designed to selectively deliver the tumor-killing properties of radioisotopes to targeted tumors with high tumor penetration and prolonged tumor retention, while being rapidly cleared from
normal organs and tissues to minimize systemic radiation exposure. Our miniproteins have demonstrated the ability to potently bind to tumor targets outside the scope of current delivery technologies such as peptide-based radioconjugates. Although
our proprietary miniprotein radioconjugate approach is novel, and as such has risks and the potential for significant challenges, we are leveraging the capabilities of our platform technology, together with our expertise and <FONT
STYLE="white-space:nowrap">know-how</FONT> in radiopharmaceutical development, supply chain and manufacturing, to address these challenges with the aim of advancing a deep pipeline of programs against a broad range of tumor targets that have not
been successfully targeted with radiopharmaceuticals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our platform capabilities have generated a pipeline of several novel product candidates. Our most advanced
program is a radiopharmaceutical targeting <FONT STYLE="white-space:nowrap">Nectin-4.</FONT> It is a miniprotein radioconjugate with multi-indication potential across multiple tumor types, in clinical development for the treatment of locally
advanced or metastatic urothelial cancer, or UC, and multiple other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing solid tumor types. The learnings from the optimization of our <FONT STYLE="white-space:nowrap">Nectin-4</FONT> program,
the first miniprotein radioconjugate ever advanced into human investigational studies, are being applied to benefit the development of our robust pipeline of several other unpartnered miniprotein radioconjugate programs, which are designed to
address other clinically-validated targets. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our lead product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> contains a miniprotein, <FONT STYLE="white-space:nowrap">AKY-1189,</FONT> that specifically binds to <FONT STYLE="white-space:nowrap">Nectin-4,</FONT> and is conjugated via chelation to <FONT
STYLE="white-space:nowrap">actinium-225,</FONT> <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, is an alpha-emitting radioisotope that when conjugated to a prostate specific
membrane antigen, or PSMA, binding peptide has been shown to confer increased anticancer activity in the post-chemotherapy setting of metastatic castration-resistant prostate cancer compared to an identical PSMA binding peptide with beta-emitting
Lutetium-177, or <SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu. <FONT STYLE="white-space:nowrap">Nectin-4</FONT> is a surface protein found on a wide variety of tumors and has very limited expression in normal adult tissues. Nectin-4 is
also the target of Padcev, an antibody-drug conjugate, or ADC, approved worldwide for the treatment of locally advanced or metastatic UC, which had worldwide sales of $1.9 billion in 2024 and estimated peak sales of up to $7.0&nbsp;billion. Despite
the commercial success of Padcev, its impact beyond UC has been limited likely due to the </P>
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need to develop a companion diagnostic for tissue testing when utilizing an ADC. In contrast, we intend to use imaging radioisotopes conjugated to <FONT STYLE="white-space:nowrap">AKY-1189</FONT>
to select patients most likely to benefit from therapeutic treatment with [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189. We believe the commercial impact of Padcev validates Nectin-4 as an anticancer target in UC and that
significant unmet medical need exists for our lead product candidate in post-Padcev UC. Additionally, we see potential to treat several non-UC Nectin-4-expressing tumor types such as breast cancers and lung cancers; however, our lead product has not
yet been approved for sale, and if approved may not achieve the same level of commercial success as Padcev. We believe that the therapeutic potential of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> across multiple tumor types is supported by our preclinical studies and data collected by a third-party physician in South Africa pursuant to Section 21 of the Medicines and Related Substances
Act, or MRSA, which demonstrated the ability of radiolabeled <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to specifically localize to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors and rapidly clear from normal organs and
tissues. In April 2025, the U.S. Food and Drug Administration, or the FDA, cleared our IND application for
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for the treatment of locally advanced or metastatic UC and other
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. We have commenced a multi-site Phase 1b clinical trial in the United States and anticipate preliminary results from the Part-1 dose escalation portion of this trial in the first
quarter of 2027. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To overcome the manufacturing challenges and supply chain reliability issues that have historically hindered the development and commercialization
of radiopharmaceuticals, we are focused on investing in manufacturing and ensuring supply chain continuity and reliability. We have built significant internal capabilities, including subject matter expertise for our product manufacturing processes
and a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> radiopharmaceutical development suite. Additionally, we have partnered with multiple domestic and
international isotope suppliers that provides us priority access to <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, and with multiple contract manufacturers for the production of our drug product, which collectively are designed to
create redundancies across all components of our supply chain. We are also establishing our own current good manufacturing practice, or cGMP, facility to enhance flexibility, increase control, and establish a hybrid internal and external clinical
supply chain. We believe our team&#8217;s expertise and experience in the development of radiopharmaceuticals will allow us to address the challenges presented by the half-life of radioactive isotopes and establish an efficient supply chain from
production to patient administration. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that radiopharmaceuticals represent one of the most promising modalities for the treatment of solid tumors.
Approved radiopharmaceuticals have demonstrated the ability to overcome the challenges of conventional cancer treatments and provide patients with targeted therapies that have superior efficacy and better tolerability. Although [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 has not received FDA approval required for commercial sales, we believe our approach is validated by, and builds upon, the clinical and commercial success of current
radiopharmaceuticals and that our approach has the potential to further transform the cancer treatment paradigm for large patient populations. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Clinical validation of targeted radiopharmaceuticals.</I> Approved beta-emitting radiopharmaceuticals, Pluvicto and
Lutathera, have demonstrated statistically significant and clinically meaningful overall survival, progression-free survival and quality of life benefits in global registrational clinical trials. Early-stage clinical trials have also demonstrated
that the use of alpha-emitting <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac radioconjugates can deliver more profound anticancer activity than beta-emitting <SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu conjugates in
similar patient populations, and in patients whose disease has progressed on prior beta-emitting targeted therapies. These promising early clinical data have led to the advancement of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac-based
radioconjugates to pivotal clinical trials, though none yet have filed for approval by the FDA. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Commercial validation of approved radiopharmaceuticals.</I> Pluvicto achieved a first full year of sales of
approximately $1&nbsp;billion, representing the strongest oncology commercial launch since Ibrance in 2015, which demonstrates the patient impact potential and rapid adoption of radiopharmaceuticals into clinical practice. The estimated global peak
sales for Pluvicto are greater than $4&nbsp;billion in prostate cancer alone. The global </P></TD></TR></TABLE>
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radiopharmaceuticals market is one of the fastest growing categories among anticancer medicines, and is projected to grow to over $26&nbsp;billion in sales by 2032. The therapeutic segment of
this market is estimated to achieve a total addressable market of $25&nbsp;billion to $60&nbsp;billion post-2030. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Strategic validation of radiopharmaceuticals.</I> The commercial success of radiopharmaceuticals, paired with
significant increases in investment in innovative approaches, has led to significant value creation through partnering and acquisitions. Aggregate transaction values over the last 10 years are approximately $33&nbsp;billion. Several large
multinational biopharmaceutical oncology leaders have also been significantly investing in radiopharmaceutical operations globally. We believe that the continued capital investment and expansion of operations and the advancement of supply chain
capabilities represent recognition of the significant medical and commercial opportunity for radiopharmaceuticals. </P></TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our proprietary
miniprotein radioconjugate platform </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We created our proprietary miniprotein radioconjugate platform to build on the successes of currently available
radiopharmaceuticals and enable the discovery of next-generation precision radiopharmaceuticals. We are leveraging our platform to discover and develop radiopharmaceutical therapies that selectively deliver the tumor-killing properties of
radioisotopes to targeted tumors with high tumor penetration and prolonged retention, with the goal of enhancing the safety and tolerability profile by rapidly clearing from normal organs and tissues to minimize systemic radiation exposure. Our
miniprotein radioconjugates are designed for use with either imaging isotopes to select patients expressing the target, or therapeutic isotopes to treat tumors. The radioconjugates are formed by a chelation reaction to bind the isotopes to DOTA,
which is covalently linked to the tumor-targeting miniprotein. This approach will enable clinicians to first visualize and verify target tumor engagement using an imaging radioisotope, thereby identifying the patients who are most likely to benefit
from our therapy. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our platform has enabled us to engineer potent, precision miniprotein-based radioconjugates that bind to the surface targets on tumor cells to
localize radioisotope payloads. Miniproteins are polypeptides of less than one hundred amino acids that are amenable to biologic and medicinal chemistry optimization methods. We are prioritizing miniprotein binders of 40 to 70 amino acids in length,
which are classified as biologics from a regulatory perspective providing a twelve-year exclusivity period for approved products. Miniproteins have differentiated and highly attractive properties as radioconjugates based on their antibody-like
ability to potently and selectively bind to a highly diverse set of tumor targets, while having the pharmacologic profile of small peptides to enable high tumor penetration and rapid clearance from the body. We believe that miniproteins have many of
the advantages of larger biologics like antibodies, as well as advantages of the smallest binders like peptides, without the limitations specific to either class. In particular, based on our preclinical studies, we believe miniproteins have the
following beneficial characteristics for use in radiopharmaceuticals: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enhanced anticancer activity. </I>Tumor killing is achieved through delivery of absorbed radiation dose, which is
enhanced by high tumor penetration, high binding affinity for tumor targets, and prolonged retention of drug in the tumor.<I> </I> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Improved tumor penetration as compared to larger biologics.</I> Due to their small diameters, miniproteins can achieve
high tumor penetration. In contrast, antibodies are unable to rapidly penetrate tumors to the same extent due to their much larger size. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>High affinity for tumor targets.</I> Increased affinity is associated with higher tumor uptake. We have reproducibly
generated <FONT STYLE="white-space:nowrap">sub-nanomolar</FONT> affinity miniprotein binders to specific tumor targets. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Internalization into tumor cells and prolonged tumor retention</I>. Our miniprotein radioconjugates are internalized
into cancer cells, which we believe drives prolonged retention time in tumors. In a clinical </P></TD></TR></TABLE>
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imaging assessment, <FONT STYLE="white-space:nowrap">AKY-1189</FONT> was measured for two days following administration and robust tumor retention was observed through the duration of the
assessment. In preclinical studies in animals with significantly faster plasma clearance than humans, we measured out to three days following administration and observed robust retention of AKY-1189 in the tumor for the duration of the study.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enhanced clearance, selectivity and kidney exposure. </I> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Rapid clearance from the body to minimize toxicities.</I> The most common dose-limiting toxicity for targeted
radiopharmaceuticals is hematologic and bone marrow toxicity. To lower the risk of radiation exposure to bone marrow, we have designed our product candidates to have a short plasma half-life in order to be rapidly cleared through the kidney. Rapid
clearance of the radioisotope payload from the body minimizes the exposure to radiation of normal organs and tissues, such as the blood, bone marrow and skin. Unlike antibodies or other large biologic radioconjugates that take days to weeks to be
eliminated from circulation, miniproteins are typically eliminated from circulation within hours, thereby minimizing systemic exposure and potentially increasing the therapeutic index of our miniproteins relative to other radiopharmaceutical
constructs. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>High selectivity.</I> Miniproteins, like antibodies, can target specific isoforms or variants of closely related protein
targets and differentiate among them, resulting in higher selectivity as compared to peptides. Our product candidates have demonstrated high selectivity for their tumor targets using a well-established cell-surface array assay. We believe this
selectivity will reduce the risk of <FONT STYLE="white-space:nowrap">off-target</FONT> binding and radioactive exposure to normal organs and tissues. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Reduced kidney exposure through molecular engineering.</I> The kidney is not only the organ that clears miniproteins
from the body but it also plays the physiologic role in reabsorbing renally-cleared peptides and proteins to reclaim nutrients. We have developed proprietary capabilities and expertise to engineer our product candidates to minimize their renal
reabsorption. Based on data to date, we do not expect either of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 to require renal protection strategies, such as <FONT STYLE="white-space:nowrap">pre-treatment</FONT> with amino acids that are required for peptide-based radiopharmaceuticals
targeting <FONT STYLE="white-space:nowrap">somatostatin-2</FONT> receptor, or SSTR2, such as Lutathera. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Broader number of addressable targets as compared to peptides.</I> Miniproteins, like antibodies, bind to targets with
high affinity, which enables highly selective and potent binding to targets through protein-protein intermolecular contacts. This allows miniproteins to bind to many, diverse protein targets, whether or not the protein target has a cleft or other
structural feature commonly required for peptide binders. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enables rapid advancement to development candidates.</I> We utilize proprietary yeast surface display techniques that
enable us to efficiently screen greater than five billion miniprotein variants and select the most promising candidates for advancement. Furthermore, unlike larger biologics, we couple biological <I>in vitro</I> evolution with medicinal chemistry.
Medicinal chemistry utilizes solid phase peptide synthesis, which enables the rapid synthesis of miniproteins with site-specific modifications, including the incorporation of unnatural amino acids, to efficiently optimize our drug candidates to have
beneficial characteristics likely to confer a strong clinical profile. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Enables rapid advancement into
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-in-human</FONT></FONT> evaluation.</I> Unlike larger biologics, which require time-consuming and expensive recombinant manufacture by cells in culture, miniproteins allow for
efficient chemical synthesis using solid phase peptide synthesis and rapid and cost-effective <FONT STYLE="white-space:nowrap">scale-up.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><I>Lack of manufacturing constraints</I>. For each clinically-administered dose, only microgram quantities of our
miniprotein are anticipated to be required. The microdose quantities allow for small gram-scale batches of our miniprotein to be efficiently produced at contract manufacturers to enable development through <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">first-in-human</FONT></FONT> studies in contrast to other approved peptide drugs that require kilogram-scale batches. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We strengthen our miniprotein discovery workflow by incorporating artificial intelligence, or AI, technologies. We use
various AI tools to help us select the best radiopharmaceutical biological targets, generate miniprotein libraries based on naturally evolved protein domains, design new miniprotein structures <I>de novo</I> using generative AI, and support our
optimization efforts using machine learning models that are trained on our proprietary data. We can uniquely couple these state-of-the-art AI approaches with our wet-lab capabilities and our acquired expertise in discovery and optimization of
miniprotein binders. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Manufacturing and supply </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Manufacturing
challenges and ensuring supply chain continuity and reliability have historically hindered the development and commercialization of radiopharmaceuticals. To overcome these challenges, we have established manufacturing and supply chain capabilities
that are designed to be reliable and capital efficient with the ability to scale to meet global commercial demand for large cancer patient populations. Our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT>
supply chain capabilities are orchestrated by our seasoned radiopharmaceutical development and manufacturing team that has experience advancing radiopharmaceutical programs from preclinical to commercialization. We have a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> radiopharmaceutical development suite to apply our proprietary insights into process, formulation, and product
development for preclinical, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-in-human,</FONT></FONT> clinical trial, and commercial manufacturing and supply. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we have multiple domestic and international isotope supply agreements spanning therapeutic and diagnostic uses, including agreements with NorthStar Medical
Technologies, LLC, TerraPower Isotopes, LLC and Niowave, Inc., among others, with priority access to <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We
have partnered with leading contract manufacturing organizations to facilitate reliable and efficient supply, including <FONT STYLE="white-space:nowrap">co-located</FONT> drug product manufacturing with
<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac and <SUP STYLE="font-size:75%; vertical-align:top">64</SUP>Cu production to reduce costs, improve product turnaround time, and ease supply logistics, for our proprietary targeted miniprotein
radiopharmaceutical precursors and products. Leveraging this network of partners, we are currently manufacturing drug product for our clinical trial. Additionally, we are building an internal cGMP radiopharmaceutical facility to enhance flexibility,
increase control, and establish a hybrid internal and external clinical supply chain of our product candidates. We expect our manufacturing facility to be fully operational in the second half of 2026. As we grow our organization, we are continuing
to evaluate options for internal commercial manufacturing to complement our network of commercial contract manufacturers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our pipeline </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are
leveraging our proprietary miniprotein radioconjugate platform to discover and develop a deep pipeline of targeted radiopharmaceutical programs to address unmet needs in prevalent solid tumors. Our most advanced program, [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> is targeting <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing solid tumors, including
locally advanced or metastatic UC, breast cancer, NSCLC, colorectal cancer and cervical cancer. Our second most advanced program, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, is targeting B7-H3 expressing solid tumors,
such as prostate, lung and other solid tumors. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875386g15g15.jpg" ALT="LOGO" STYLE="width:6.3335in;height:1.87566in;">
 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Beyond
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, we have a robust
discovery pipeline of several unpartnered miniprotein radioconjugate programs in the discovery phase that focus on clinically-validated targets. Our learnings from the optimization of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> are being applied to benefit the development of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 and these subsequent programs. We retain
exclusive, worldwide development and commercialization rights to all our current product candidates and discovery programs. We also have a discovery collaboration with Eli Lilly and Company, or Eli Lilly, to generate novel anticancer
radiopharmaceuticals against targets beyond the scope of our unpartnered pipeline programs. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> targeting <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our lead product candidate,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> was generated using our miniprotein radioconjugate platform and is designed to deliver <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, a highly potent alpha-emitting radioisotope, to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. <FONT STYLE="white-space:nowrap">Nectin-4</FONT> is a cell surface protein
found on a wide variety of tumors and has very limited expression in normal adult tissues. <FONT STYLE="white-space:nowrap">Nectin-4</FONT> is also the target of enfortumab vedotin, or Padcev, an approved ADC for the treatment of locally advanced
and metastatic UC. Although Padcev has validated <FONT STYLE="white-space:nowrap">Nectin-4</FONT> as an oncology target, there has been limited clinical development activity to design other therapeutics targeting other
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, which may be due to the need to develop a companion diagnostic for tissue testing when utilizing an ADC. In contrast, we intend to use imaging radioisotopes conjugated to <FONT
STYLE="white-space:nowrap">AKY-1189</FONT> to readily select patients most likely to benefit from therapeutic treatment with
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe <FONT
STYLE="white-space:nowrap">AKY-1189,</FONT> when conjugated to a radioisotope, has the potential to treat UC as well as other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors by selectively delivering cytotoxic radioisotopes such
as <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors to kill the tumor. <FONT STYLE="white-space:nowrap">AKY-1189&#8217;s</FONT> short plasma half-life is designed to
limit its radiation exposure to sensitive organs like bone marrow. We have also specifically designed <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to minimize reabsorption by the kidneys to avoid potential toxicity concerns associated with
renally-cleared radiopharmaceuticals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In our preclinical studies, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> has demonstrated antitumor activity and increased overall survival in animals inoculated with <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing cancer cell xenografts. It also
demonstrated a compelling biodistribution profile, with low absorbed doses observed outside of the tumor, which supports
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189&#8217;s</FONT></FONT> potential to widen the therapeutic window. Furthermore, the Section 21 data included
clinical </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
imaging and dosimetry data from radioactive imaging radioisotope conjugates of <FONT STYLE="white-space:nowrap">AKY-1189,</FONT>
[<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-1189 and [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-1189, which enabled assessment of tumor uptake and retention in 15 patients with solid tumors known to have
high <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression, including UC, breast cancer, NSCLC, colorectal cancer and cervical cancer. In this assessment, <FONT STYLE="white-space:nowrap">AKY-1189</FONT> was observed to specifically localize
and be retained in all tumor types examined, while being rapidly cleared from normal organs and tissues, including the kidney, with no adverse events observed. In this assessment, we also observed tumor uptake and retention at levels we expect to be
sufficient to drive efficacious responses, based on similar measurements to those of leading marketed radiopharmaceuticals. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have commenced a multi-site Phase 1b
trial in the United States for the treatment of locally advanced or metastatic UC and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors and anticipate preliminary results from the Part-1 dose escalation portion of this trial
in the first quarter of 2027. An imaging radioisotope is being used to directly assess tumor binding by <FONT STYLE="white-space:nowrap">AKY-1189</FONT> and identify patients most likely to respond to
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> with the aim of delivering early clinical therapeutic signals across multiple <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor types. Patients determined to be Nectin-4 positive will move to the [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189 dose-escalation portion of the trial. That phase
of the study will investigate increasing doses of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189. Following completion of each dose level, safety of the drug will be assessed by a safety review committee and, if deemed safe,
enrollment of the next higher dose level will commence. In December 2025, we completed the first dose level and have commenced enrollment of the next dose. Upon completion of the dose escalation portion, a dose expansion portion will be conducted in
patients with locally advanced or metastatic UC and other Nectin-4 expressing tumors. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519
targeting B7-H3 expressing tumors </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our second product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, is designed to
deliver <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac to B7-H3 (CD276) expressing tumors, including prostate, lung and other solid tumors. B7-H3 is a cell-surface protein that is highly expressed in many types of solid tumors, while
having limited expression in normal tissues. We estimate that approximately 90% of all metastatic castration-resistant prostate cancers and approximately 75% of all lung cancers express B7-H3, while also being expressed on other solid tumors like
breast cancers. High expression of B7-H3 has been associated with poor overall survival outcomes and a lack of responsiveness to anti-PD-1 therapeutics in several tumor types. B7-H3 has attracted substantial clinical development efforts across
different modalities, including ADCs, with several late-stage ADCs demonstrating preliminary efficacy signals and acceptable safety profiles. Regarding the potential for B7-H3 as a target in prostate cancer, we believe B7-H3 to be differentiated
from PSMA for imaging and treatment due to its high tumor expression and limited expression in normal organs and tissues, such as kidneys and salivary glands. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In
our preclinical studies, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 has demonstrated robust antitumor activity and increased overall survival in mice inoculated with B7-H3 expressing cancer cell xenografts. It also
demonstrated a compelling biodistribution profile, with low absorbed doses observed outside of the tumor. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">[<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-2519 and [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-2519 uptake in tumors and
normal tissue biodistribution is currently being assessed in patients with various B7-H3 expressing solid tumors. To date, each of [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-2519 and [<SUP
STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-2519 has demonstrated robust tumor uptake with low uptake in normal tissues and a differentiated biodistribution profile, showcasing rapid clearance from normal organ and tissues,
including kidneys. We expect the results of the imaging and dosimetry assessment in patients with various tumor types to be reported in mid-2026. We plan to file an IND with the FDA in the first half of 2026 and, if cleared by the FDA, initiate a
multi-site Phase 1b clinical trial in the second half of 2026. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Eli Lilly collaboration </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2024, we entered into a discovery collaboration with Eli Lilly to leverage our proprietary miniprotein radioconjugate platform to generate novel anticancer
radiopharmaceuticals against targets beyond the scope of </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
our unpartnered pipeline programs. We received a $60.0&nbsp;million upfront cash payment in addition to an equity investment and are eligible to receive up to an additional $1.2&nbsp;billion upon
achievement of preclinical, clinical, regulatory, and commercial milestones, as well as tiered royalties. We are responsible for program discovery of a defined set of targets selected by Eli Lilly through initial human imaging studies and Eli Lilly
is responsible for worldwide clinical development and commercialization from Phase 1 clinical trials onward. We retain worldwide rights to our proprietary pipeline programs, including our lead <FONT STYLE="white-space:nowrap">Nectin-4</FONT>
targeting program. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our team </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have assembled an experienced
management team with deep expertise in drug development, approval, and commercialization, with members of our management being involved in the approval and commercialization of 14 currently marketed FDA-approved products. Our team is led by
executives who have significant experience in company-building in the biopharmaceutical industry and a shared vision to build a leading radiopharmaceutical company. The experience of our President and Chief Executive Officer, Matthew Roden, PhD, in
the biopharmaceutical industry includes leadership positions in corporate strategy and business development at Bristol Myers Squibb, and senior equity research coverage of the biotechnology sector at J.P. Morgan and UBS. He also serves as an
Entrepreneur Partner at MPM BioImpact and on the Boards of Directors of other biotechnology companies. Our Chief Financial Officer, Kyle D. Kuvalanka, brings over 20&nbsp;years of experience as a senior leader in the biopharmaceutical industry,
having served in executive leadership roles at ROME Therapeutics, Syros Pharmaceuticals, Blueprint Medicines and Goldfinch Bio. Paul L.&nbsp;Feldman, PhD, our Chief Scientific Officer, was <FONT STYLE="white-space:nowrap">Co-founder</FONT> and Chief
Executive Officer of Phoundry Pharmaceuticals and, upon its acquisition by Intarcia Therapeutics, served as Head of Discovery and Translational Medicine at Intarcia. In his previous roles at GlaxoSmithKline, he was directly involved in the discovery
of five approved drugs. Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD, our Chief Operating Officer, previously served as Head of Strategy and Operations for the Research and Early Development organization at Bristol Myers Squibb.
Akos Czibere, MD, PhD, our Chief Medical Officer, has extensive experience in clinical development, most recently serving as Therapeutic Area Development Head of Hematology-Oncology at Pfizer. Dr.&nbsp;Czibere has been directly involved in the
approval of six oncology drugs, including Elrexfio and Talzenna. Tyler Benedum, PhD, our Chief Technical Officer, previously served as Vice President of Chemistry, Manufacturing, and Controls Development at Avid Radiopharmaceuticals, a wholly-owned
subsidiary of Eli Lilly, where he oversaw global commercial and clinical trial radiopharmaceutical manufacturing and played a key role in developing and advancing Amyvid and Tauvid through marketing authorization approval and commercialization. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our company was <FONT STYLE="white-space:nowrap">co-founded</FONT> by Todd Foley, a Managing Director at MPM BioImpact, who is currently Chair of our Board of Directors;
Patrick Baeuerle, PhD, an MPM BioImpact Advisor, and currently a member of our Scientific Advisory Board; and Brian Goodman, PhD, a Partner at Vida Ventures. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We
have raised approximately $346&nbsp;million from a syndicate of leading life sciences institutional investors, including MPM BioImpact, Vida Ventures, EcoR1 Capital, and Blue Owl Capital. Prospective investors should not rely on the investment
decisions of our existing investors, as these investors may have different risk tolerances and strategies and have purchased their shares in prior offerings at prices lower than the anticipated public offering price in this offering. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Our strategy </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We were founded to improve outcomes for cancer patients by
pioneering a new class of targeted radiopharmaceuticals to unlock the benefit of the modality for prevalent tumor types that have historically been beyond the reach of radiopharmaceuticals. We are leveraging our proprietary miniprotein
radioconjugate platform to discover and develop product candidates that are designed to safely confer breakthrough efficacy </P>
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and maximize the therapeutic effect of radiopharmaceuticals for broad patient populations with significant unmet needs. Our strategy to achieve this is to: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><B>Advance [</B><B><SUP STYLE="font-size:75%; vertical-align:top">225</SUP></B><B><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> clinical development across multiple tumor types.</B> We see a significant clinical and commercial opportunity for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> to address unmet medical needs in UC and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, given its distinct mechanism of tumor killing
as compared to ADCs and the lack of approved <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Nectin-4-targeting</FONT></FONT> agents outside of UC. The therapeutic potential of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> across several <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor types is
supported by our preclinical studies and data collected by a third-party physician in South Africa pursuant to Section 21 of the MRSA, which demonstrated the ability of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> radioconjugates to specifically
localize to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors and rapidly clear from normal organs and tissues. In April 2025, the FDA cleared our IND for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for the treatment of locally advanced or metastatic UC and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. We have commenced a
multi-site Phase 1b clinical trial in the United States and anticipate preliminary results from the Part-1 dose escalation portion of this trial in the first quarter of 2027. Based on the results of our trial, we plan to seek alignment with the FDA
to conduct a pivotal Phase 2 trial for accelerated approval of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for locally advanced or metastatic
UC and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><B>Advance [</B><B><SUP STYLE="font-size:75%; vertical-align:top">225</SUP></B><B>Ac]Ac-AKY-2519 into clinical studies for
</B><B>B7-H3 expressing </B><B>tumors</B>. We plan to leverage the learnings and insights from our first clinical-stage program to advance [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 into clinical studies for the
treatment of B7-H3 expressing tumors. We estimate that approximately 90% of all metastatic castration-resistant prostate cancers and approximately 75% of all lung cancers express B7-H3, while also being expressed on other solid tumors like breast
cancers, which we believe represents a significant clinical and commercial opportunity. We plan to file an IND with the FDA in the first half of 2026 and, if cleared by the FDA, initiate a multi-site Phase 1b clinical trial in the second half of
2026. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><B>Expand our pipeline of product candidates by leveraging our proprietary miniprotein radioconjugate platform
capabilities.</B> We see significant opportunity to unlock the benefit of radiopharmaceuticals for cancer patient populations not currently addressed by existing technologies. Our target selection strategy focuses on several factors, including
specificity of expression in tumors versus normal tissues, biologic or clinical validation, major solid tumor types with a high unmet medical need and competitive landscape. We have discovered a growing portfolio of potent and highly specific
miniproteins directed at a broad range of targets expressed in prevalent solid tumor types that have historically been beyond the reach of radiopharmaceuticals. As we prosecute these programs, our learnings from the optimization of our <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> program, the first miniprotein radioconjugate ever advanced into human investigational studies, is being applied to benefit the subsequent programs in our portfolio. With several unpartnered programs in
preclinical development, we intend to advance additional product candidates into the clinic with the goal of delivering more effective and safer treatments for large populations of cancer patients. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><B>Maximize the potential of our platform technology with Eli Lilly and future collaboration partners.</B> In 2024, we
entered into a strategic collaboration with Eli Lilly under which we are applying our miniprotein radioconjugate platform to generate anticancer radiopharmaceuticals for multiple targets that are distinct from our unpartnered programs. We believe
that our miniprotein radioconjugate platform is highly scalable, and we plan to continue to opportunistically evaluate partnerships to enable the advancement of more product candidates. We may seek strategic collaborations where we believe the
resources and expertise of third-party biopharmaceutical companies could accelerate the clinical development or maximize the market potential of our product candidates, or where such collaborations could expand our internal capabilities and
platform. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><B>Continue building a fully capable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> supply chain through vertical integration and key established partners.</B> We are building a reliable and robust supply chain that will enable us to
efficiently advance our </P></TD></TR></TABLE>
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programs through clinical development, with the ability to scale to meet global commercial demand for large populations of cancer patients. We have established robust radiopharmaceutical
development capabilities grounded in our belief that simplified administration better suited for traditional oncology practices will be critical to maximize the reach and impact of our product candidates. Our manufacturing strategy incorporates both
our <FONT STYLE="white-space:nowrap">in-house</FONT> capabilities with external contract manufacturing organizations with whom we have secured supply agreements that provide access to reliable and redundant sources of radioisotope and product
manufacturing. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><B>Expand radiopharmaceutical utilization in the clinical oncology setting.</B> The utilization of radiopharmaceuticals has
historically required a referral from a medical oncologist to a nuclear medicine physician for administration. We are developing next-generation radioconjugates with the aim of delivering breakthrough efficacy in patients not currently benefitting
from radiopharmaceuticals. If we are successful, we believe based on our market research that community oncology prescribers will more readily adopt the administration of radiopharmaceuticals. Broader adoption could meaningfully increase patient
impact and commercial potential, given the significantly higher number of prescribing oncologists and stronger commercial footprint of the biopharmaceutical industry, as compared to nuclear medicine physicians. </P></TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Expanding the potential of radiopharmaceuticals </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that the field of
radiopharmaceuticals is still in its infancy and is poised to become a fundamental pillar of cancer care and deliver transformative survival and quality of life outcomes for patients. External beam radiation therapy, or EBRT, has proven to be an
effective option for cancer treatment but has limitations including lack of sufficient precision to avoid collateral damage to normal organs and tissues. Radiopharmaceuticals have the ability to deliver high levels of radiation directly and
precisely to diseased tissue by combining the proven tumor-killing ability of radiation therapy with the high degree of molecular precision provided by their targeting components, offering cancer patients better outcomes than other anticancer
modalities. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Several radiopharmaceutical drugs have been developed and commercialized in an expanding field, demonstrating the significant market potential of
radiopharmaceuticals. Commercial adoption of Pluvicto and Lutathera, along with expanding operational and commercial infrastructure, positions radiopharmaceuticals as the next emerging modality. To date, the development of radiopharmaceutical
candidates has been primarily focused on two biological targets: PSMA, the target of Pluvicto; and SSTR2, the target of Lutathera. Our company was founded with the aim of maximizing the impact of radiopharmaceuticals by bringing excellence to all
aspects of radiopharmaceutical drug development, by discovering therapeutic candidates that broaden the set of targets and tumors that are addressed by radiopharmaceuticals. As a result, none of our programs target PSMA or SSTR2. We instead focus on
leveraging our miniprotein radioconjugate platform to a broader set of addressable targets such as <FONT STYLE="white-space:nowrap">Nectin-4</FONT> and B7-H3, which are expressed in tumor types such as lung, breast, bladder, prostate and
gastrointestinal tumors, and collectively account for an estimated 193,000 and 215,000 incident cases per year, respectively. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Radioisotopes used in
radiopharmaceuticals fall into two classes: alpha-emitting and beta-emitting radioisotopes. Alpha particles are much larger and heavier than beta particles, with higher energy and shorter travel distances. Although both alpha-emitting and
beta-emitting radioisotopes cause damage to the DNA of tumor cells resulting in tumor cell death, there are distinct differences. Beta-emitting radioisotopes create single-strand DNA breaks and can travel to more distant cells not in direct contact
with the delivery point of the radiopharmaceutical. In contrast, alpha-emitting radioisotopes create catastrophic double-stranded DNA breaks and are 1000 times more potent in cell killing than beta-emitters but can only travel two to three cell
lengths. Radiopharmaceuticals using alpha-emitting radioisotopes also offer advantages with administration as they result in less radiation exposure to the clinic staff during administration, as well as convenience to patients with no post-treatment
restrictions on having contact with other people. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In third-party studies, alpha-emitting radioconjugates have also demonstrated increased anticancer activity in
patients with tumors that did not respond to beta-emitting radioconjugates. As seen in the graphic below, a patient with widespread metastatic disease was observed to have progressive disease following treatment with </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">two cycles of <SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT STYLE="white-space:nowrap">Lu-PSMA-617.</FONT> Subsequent treatment with <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac-PSMA-617</FONT> resulted in profound regression of disease. Objective response rates of over 30% have been observed in academic trials of <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac-PSMA-617,</FONT> and a recent company-sponsored trial of
<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac-containing</FONT> PSMA-617 radioligand showed a 43% response rate in patients previously treated with
<SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT STYLE="white-space:nowrap">Lu-containing</FONT> PSMA-617 radioligand therapies. These results illustrate the powerful efficacy potential for
<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac-containing</FONT> targeted radioconjugates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>Anticancer
activity of alpha-emitting radioconjugates in patients with tumors that did not respond to beta-emitting radioconjugates </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g875386g00g21.jpg" ALT="LOGO" STYLE="width:4.47333in;height:2.62333in;">
 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe alpha radioconjugates represent a significant opportunity for improved clinical outcomes for patients with cancer. Due to
the inherent advantages and breakthrough efficacy potential, we are initially focused on alpha-emitting radioisotopes. However, our miniprotein radioconjugates have the ability to deliver both alpha-emitting and beta-emitting radioisotopes, which we
believe expands the potential impact and tumor treatment options available for our radiopharmaceuticals. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Our proprietary miniprotein radioconjugate platform
</B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We were founded to improve outcomes for cancer patients by pioneering a new class of targeted radiopharmaceuticals to unlock the benefit of the modality for
prevalent tumor types that have historically been beyond the reach of radiopharmaceuticals. Our ability to leverage the killing power of a radioconjugate provides significant opportunity for discovering targeted radiopharmaceuticals with the
potential to transform the cancer treatment paradigm for patients with a broad set of tumor types. Our aim is to discover targeting molecules that can bind with high affinity and prolonged duration on cancer cells to maximize efficacy, while having
high selectivity and short residence time in the rest of the body to avoid toxicity to normal organs and tissues. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our founders created our company with a focus on a
category of polypeptides, referred to as miniproteins. Miniproteins consist of manifold scaffolds of less than one hundred amino acids in length that fold into a stable tertiary structure, making them larger than small peptides but smaller than
large biologics. Similar to larger biologics such as antibodies, miniproteins possess the ability to recognize and bind with high selectivity to a highly diverse set of tumor targets, but lack some of the known radiopharmaceutical property
limitations of antibodies, including long </P>
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circulating half-life and poor tumor uptake. Miniproteins also share some of the pharmacological profile advantages of small peptides such as high tumor penetration and short plasma half-life.
However, miniproteins are able to bind to, and exhibit high selectivity for, tumor targets that are less tractable with smaller peptides. We believe miniproteins possess pharmacological properties that make them ideal targeting molecules for
radiopharmaceutical product development, since they retain the advantages of large biologics and smaller peptides without the limitations specific to either class. We are focused on the discovery of novel miniproteins that are 40 to 70 amino acids
in length, which categorizes them as biologics from a regulatory perspective providing a twelve-year exclusivity period for approved products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our miniprotein
radioconjugates offer both the potential for both potent antitumor activity and an enhanced safety and tolerability profile. The small size of miniproteins allows them to rapidly penetrate tumors. Furthermore, our miniprotein radioconjugates are
able to internalize into cancer cells, which we believe drives prolonged retention. We have reproducibly generated high affinity miniprotein binders to specific tumor targets. Tumor killing is achieved through delivery of absorbed radiation dose,
which is enhanced by high tumor penetration, high binding affinity for tumor targets, and prolonged retention of drug in the tumor. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Two of the major concerns for
toxicity with radiopharmaceuticals are renal damage due to radiation exposure in the kidney and hematological toxicity due to bone marrow exposure. The short plasma half-lives of miniproteins results in rapid clearance through the kidneys, limiting
the overall radiation exposure of normal organs and tissues, such as the blood, bone marrow and skin, while the high target selectivity of our miniproteins further reduces <FONT STYLE="white-space:nowrap">off-target</FONT> binding and exposure risk.
We have built on this beneficial profile and engineered our product candidates to minimize their renal reabsorption using primary sequence modifications. Our lead optimization efforts have resulted in decreases in renal retention and increases in
tumor uptake, which attributes are predicted to widen the therapeutic index of our product candidates relative to other radiopharmaceutical constructs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our
miniprotein platform is designed to broaden the number of tumor targets addressable by radiopharmaceuticals. Our miniproteins bind to targets with high affinity, which enables highly selective and potent binding to targets through protein-protein
intermolecular contacts and allows them to potentially bind to many protein targets, whether or not it has a cleft or other structural feature commonly required for peptide binders. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our platform enables rapid advancement to product candidate and first-in-human evaluation. Miniproteins can be synthesized using solid phase peptide synthesis. This
allows the evaluation of a large number of variants and enables the establishment of rich structure-activity relationships and site-specific modifications, including the incorporation of unnatural amino acids, to optimize for the desired drug-like
properties. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our proprietary miniprotein radioconjugate platform uniquely combines the following <FONT STYLE="white-space:nowrap">non-exhaustive</FONT> list of
technologies we use during our discovery process: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">novel, proprietary libraries of greater than 100 miniprotein scaffolds that enable yeast surface display selections of
approximately five billion variants; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">machine-learning based design and optimization of miniprotein variants; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">unique biological assays to rapidly assess our miniprotein radioconjugate candidates; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">medicinal chemistry enabling site-specific incorporation of proprietary unnatural amino acids into our miniprotein
radioconjugates to optimize pharmacological properties. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We routinely apply our platform to rapidly generate and optimize miniprotein binders to
tumor cell targets, not only selecting for product candidates that bind to their targets with high selectivity and affinity, but also </P>
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optimizing for other properties that we believe will increase their potential as high-value therapeutics. As illustrated below, this iterative process to optimize miniproteins utilizes
computational design with biological evolution and medicinal chemistry. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>Iterative process optimizing miniprotein discovery combines computational
design, biological evolution and medicinal chemistry. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Learnings from our Nectin-4 program and discovery programs have enabled additional technological advancements to be incorporated into
subsequent programs to enhance our miniprotein radioconjugate platform and efficiently advance novel radiopharmaceutical programs. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Enhancing our discovery
efforts by utilizing AI </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">AI, and its sub-categories of machine learning, deep learning, generative AI, and expert systems, are making a significant impact in
the pharmaceutical industry and spawning many new companies and technologies. We have been utilizing AI to advance our miniprotein discovery and development over the past three years. Our reliance on AI has increased with advancement of AI tools,
especially with accumulation of experimental data that informs AI models. Within discovery, we use AI tools to help us select radiopharmaceutical biological targets, generate miniprotein libraries based on naturally evolved protein domains, and
design new miniprotein structures <I>de novo</I> using generative AI. In addition, we apply machine learning to critical experimental datasets and use structure-based modeling to support optimization of our miniprotein binders. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Recent advances in <I>de novo </I>design software have been used to design small-molecule, peptide, macrocycle, and antibody binders to proteins. More recently, this
software has been adapted and modified by us and others to design miniprotein binders to biological targets. We can uniquely couple these state-of-the-art AI approaches with our wet-lab capabilities and our acquired expertise in discovery and
optimization of miniprotein binders. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We utilize AI tools throughout the entire process of advancing our radiopharmaceutical pipeline. In particular, we apply AI
technology and yeast surface display to discover miniprotein binders to targets of interest in two ways: (1) to re-engineer naturally evolved protein-domain folds into libraries with hundreds of millions of variants each, from which target-binding
miniproteins are captured by yeast surface display, and (2) to design novel miniproteins specifically for binding to biological targets of interest, and to use yeast surface display to identify the most successful designs. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition to our internal work using and advancing AI tools, we continue to assess potential third-party partners who are using AI tools, in order to further advance
our specific discovery capabilities. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189:</FONT></FONT> Our lead
product candidate targeting <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our lead product candidate, [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> was discovered using our miniprotein platform and is designed to deliver <SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac, a highly potent alpha-emitting radioisotope, to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. The therapeutic </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">149 </P>

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potential of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> is supported by our
preclinical studies and an investigator-initiated clinical imaging and dosimetry assessment demonstrating the ability of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> radioconjugates to specifically localize to <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Nectin-4-expressing</FONT></FONT> tumors and rapidly clear from normal organs and tissues. In April 2025, the FDA cleared our IND for
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for the treatment of locally advanced or metastatic UC and other
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. We have commenced a multi-site Phase&nbsp;1b clinical trial in the United States and anticipate preliminary results from the Part-1 dose escalation portion of this trial in
&#8195;&#8195;&#8195;&#8195;. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I><FONT STYLE="white-space:nowrap">Nectin-4:</FONT> a clinically validated oncology target </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Nectin-4</FONT> is the target of Padcev which is approved worldwide for the treatment of locally advanced or metastatic UC. <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> is a surface protein that is expressed in a wide variety of solid tumor types and has very limited expression in normal adult tissues. Robust expression of <FONT STYLE="white-space:nowrap">Nectin-4</FONT>
has been reported in various solid tumor indications, including UC, breast, NSCLC, colorectal, pancreatic, ovarian, cervical, head and neck, gastric, and esophageal cancers, with Nectin-4 expression levels of approximately 50-95% observed in
multiple tumor types. Up to an estimated 193,000 cancer patients are diagnosed annually in the United States with solid tumors that may express <FONT STYLE="white-space:nowrap">Nectin-4.</FONT> The expression of
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> is associated with poor patient prognosis and unfavorable tumor progression. We believe that elevated <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression in these solid tumors supports our
ongoing evaluation of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> in UC and beyond. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>Elevated <FONT STYLE="white-space:nowrap">Nectin-4</FONT> mRNA expression expressed in multiple tumor types </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Background on UC and other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing solid tumors </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">UC is a cancer that begins in the cells that line the urethra, bladder, ureters, renal pelvis, and other organs. Over 90% of bladder cancers in the United States are
UCs. The National Cancer Institute estimated that there would be greater than 83,000 new cases of bladder cancer and approximately 16,800 bladder cancer related deaths in the United States in 2024. Bladder cancer represents 4% of all cancers in the
United States and is the fourth most common cancer in men, though less common in women. In 2024, the total number of patients with locally advanced or metastatic UC in the United States was estimated to be approximately 18,000. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Until recently, the most common treatment for patients diagnosed with locally advanced or metastatic UC was chemotherapy with platinum-based drugs, such as carboplatin
or cisplatin in combination with gemcitabine. Patients with metastatic disease that progressed during or after platinum-based chemotherapy were </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">150 </P>

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increasingly being treated with checkpoint immunotherapy. A number of <FONT STYLE="white-space:nowrap">PD-1</FONT> and <FONT STYLE="white-space:nowrap">PD-L1</FONT> checkpoint inhibitors have
been approved by the FDA for use in refractory bladder cancer with objective response rates observed in clinical trials between 15 to 21%. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Due to the ubiquitous and
robust expression of <FONT STYLE="white-space:nowrap">Nectin-4</FONT> in UC, no companion diagnostic or tissue testing for <FONT STYLE="white-space:nowrap">Nectin-4</FONT> is required. To date, there is only one approved <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> targeted therapy for UC, the ADC enfortumab vedotin, marketed as Padcev by Pfizer and Astellas. Padcev in combination with pembrolizumab is the standard of care for first line treatment of patients with
locally advanced and metastatic UC with no clear standard of care for subsequent lines of therapy. In locally advanced or metastatic UC patients previously treated with a <FONT STYLE="white-space:nowrap">PD-1</FONT> or
<FONT STYLE="white-space:nowrap">PD-L1</FONT> inhibitor and/or platinum-based chemotherapy, treatment with Padcev monotherapy led to a 40.6% overall response rate and improved overall survival to 12.9 months compared to 9.0 months for patients
treated with chemotherapy. In <FONT STYLE="white-space:nowrap">treatment-na&iuml;ve</FONT> patients with locally advanced or metastatic disease, Padcev in combination with pembrolizumab led to a 67.7% overall response rate and an overall survival of
31.5 months compared to 16.1 months for patients treated with chemotherapy. These data from Padcev in combination with pembrolizumab led to its recommendation as a first-line treatment for patients with locally advanced or metastatic bladder cancer.
Sales of Padcev in 2024 were approximately $1.9&nbsp;billion with estimated peak sales of up to $7.0&nbsp;billion. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Although Padcev received initial regulatory
approval from the FDA in 2019 for the treatment of locally advanced or metastatic UC, it has not been approved for the treatment of other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Nectin-4-expressing</FONT></FONT> tumors and
there has been limited clinical development activity to design therapeutics targeting other <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, which may be due to the need to develop a companion diagnostic for tissue testing when
utilizing an ADC. In clinical trials leading to the initial approval of Padcev, <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression was observed in all 120 UC patients with available tumor biopsies, and the FDA agreed that the use of an
<I>in vitro </I>diagnostic for <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression was not essential to the safe and effective use of Padcev. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Other cancers,
including breast, NSCLC, colorectal and cervical have been shown to express <FONT STYLE="white-space:nowrap">Nectin-4,</FONT> though overexpression may not be as ubiquitous as in UC. Breast cancer is the second most common type of cancer in women in
the United States with more than an estimated 360,000 patients diagnosed in 2024. Lung cancer is the third most common cancer in the United States with 235,000 patients diagnosed annually and more people in the United States dying from lung cancer
than any other type of cancer. NSCLC is the most common type of lung cancer, accounting for about 80 to 85% of all lung cancer cases. Colorectal cancer develops in the colon or rectum with 150,000 new cases in the United States estimated in 2024.
Cervical cancer starts in the cells lining the cervix, the lower part of the uterus, and it is estimated that approximately 13,800 new cases of invasive cervical cancer were diagnosed in the United States in 2024. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe there is a significant opportunity to develop novel therapies with improved therapeutic profiles in these large patient populations with significant unmet
medical needs. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our solution:
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our
lead product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> contains a miniprotein,
<FONT STYLE="white-space:nowrap">AKY-1189,</FONT> that specifically binds to <FONT STYLE="white-space:nowrap">Nectin-4,</FONT> which is conjugated via chelation to <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. <FONT
STYLE="white-space:nowrap">AKY-1189</FONT> is a <FONT STYLE="white-space:nowrap">45-amino-acid</FONT> miniprotein covalently attached to an established radioisotope chelator, DOTA, through a short, chemically stable linker. In our preclinical mouse
models, <FONT STYLE="white-space:nowrap">AKY-1189</FONT> was observed to specifically localize to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors while minimizing exposure to the kidneys and other normal organs and tissues.
Clinical imaging and dosimetry assessments using [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-1189 and [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-1189 in patients demonstrated high tumor uptake of
AKY-1189 in UC and four other tumor types known to express Nectin-4, while being rapidly cleared from the body and avoiding normal organs and tissues. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">151 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Discovery and development of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> utilizing our miniprotein
radioconjugate platform </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have leveraged our proprietary miniprotein radioconjugate platform to discover and develop
<FONT STYLE="white-space:nowrap">AKY-1189</FONT> following an evaluation of millions of potential candidates through a combination of computational modeling, directed evolution, functional screening,<I> in vivo</I> profiling and medicinal chemistry.
Our approach enabled us to optimize the physicochemical, potency, and pharmacological properties of miniprotein binders that led to the discovery of <FONT STYLE="white-space:nowrap">AKY-1189.</FONT> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">AKY-1189</FONT> is engineered to be thermally stable to at least 75&deg;C to enable the manufacture of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> The conjugated radiopharmaceutical is designed to maintain radiochemical stability for at least four
days to support central manufacturing and enable flexible distribution and clinical administration. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The binding affinity, referred to as K<SUB
STYLE="font-size:75%; vertical-align:bottom">D</SUB>, of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> was determined to be 0.22 nanomolar, or nM, by surface plasmon resonance. The K<SUB
STYLE="font-size:75%; vertical-align:bottom">i</SUB>, or inhibitory constant, which also measures binding affinity, of this miniprotein to <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor cells was determined to be 0.82 nM, and
within the range of 0.1 nM to 1 nM targeted by therapeutic antibodies designed to deliver cytotoxins to tumors, such as ADCs. No <FONT STYLE="white-space:nowrap">off-target</FONT> binding of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> was
detected when tested at a concentration of 450 times higher than its K<SUB STYLE="font-size:75%; vertical-align:bottom">D </SUB>for <FONT STYLE="white-space:nowrap">Nectin-4.</FONT> This selectivity testing was conducted for more than 6,200 surface
expressed or secreted proteins, including <FONT STYLE="white-space:nowrap">Nectin-1,</FONT> <FONT STYLE="white-space:nowrap">-2,</FONT> and <FONT STYLE="white-space:nowrap">-3.</FONT> Furthermore, no binding was observed in a tumor cell line in
which the gene for <FONT STYLE="white-space:nowrap">Nectin-4</FONT> had been removed by CRISPR knockout. We believe the binding affinity and selectivity of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> supports a favorable risk-benefit profile.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition to high <FONT STYLE="white-space:nowrap">Nectin-4</FONT> binding affinity, we designed <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to be minimally
retained in the kidney. Our optimization process is exemplified by examining the progression of the properties from our earlier <FONT STYLE="white-space:nowrap">Nectin-4</FONT> targeted miniproteins, <FONT STYLE="white-space:nowrap">AKY-807</FONT>
and <FONT STYLE="white-space:nowrap">AKY-1162,</FONT> to <FONT STYLE="white-space:nowrap">AKY-1189.</FONT> <I>In vitro </I>binding assays demonstrated that <FONT STYLE="white-space:nowrap">AKY-807</FONT> was a potent and selective binder to <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumor cells but<I> in vivo</I> imaging studies with an imaging radioisotope, [<SUP STYLE="font-size:75%; vertical-align:top">111</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">In]In-AKY-807,</FONT></FONT> demonstrated that the <FONT STYLE="white-space:nowrap">AKY-807</FONT> also localized to the kidneys. However, while some localization in the kidneys was expected given renally-cleared molecules
are subject to reabsorption in the kidney, we observed that high levels remained in the kidneys for 22 hours after dosing. Through a series of sequence modifications to the miniprotein, we generated a series of molecules, including <FONT
STYLE="white-space:nowrap">AKY-1162</FONT> and <FONT STYLE="white-space:nowrap">AKY-1189,</FONT> that improved the <FONT STYLE="white-space:nowrap">Nectin-4</FONT> binding affinity and tumor binding, while simultaneously reducing kidney retention.
As seen in the images below, there was considerable improvement in the lack of kidney retention, coupled with improvement in tumor uptake from <FONT STYLE="white-space:nowrap">AKY-807</FONT> to <FONT STYLE="white-space:nowrap">AKY-1162</FONT> to <FONT
STYLE="white-space:nowrap">AKY-1189.</FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B><FONT STYLE="white-space:nowrap">AKY-1189&#8217;s</FONT> rapid tumor uptake and kidney washout 22
hours after administration compared with previous miniproteins </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><I>Brightly colored areas depict presence of imaging radioisotope in mice implanted with xenograft
tumors on right forelimb </I></P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><I>Figure left shows low kidney uptake and more rapid washout of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> over
22 hours compared to other miniproteins. Figure right depicts more rapid and retained tumor uptake of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> over 22 hours compared to other miniproteins. </I></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>In vivo preclinical studies </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Tumor and normal tissue uptake
</I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To assess the potential of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> in tumor xenograft models we used two versions of the
<FONT STYLE="white-space:nowrap">HT-1376</FONT> human UC cell line, which is epithelial-like cell isolated from the urinary bladder of a patient with cancer. The expression levels were determined by histochemical staining and scored using the
Histochemical Scoring Assessment, or <FONT STYLE="white-space:nowrap">H-score,</FONT> which has a range of <FONT STYLE="white-space:nowrap">0-300,</FONT> with higher scores representing higher expression. In one cell line, noted as low expression in
the image below, <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression was limited to the endogenous levels of the cell line, with an H score of 175. In the other cell line, noted as representative expression in the image below, we used
genetic engineering to increase the level of <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression to more closely match that observed in representative metastatic UC patient biopsies, with an H-score of 291. Between <FONT
STYLE="white-space:nowrap">55-90%</FONT> of metastatic UC patients are initially diagnosed with a <FONT STYLE="white-space:nowrap">H-score</FONT> similar to the representative expression cell line. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression in the modified <FONT STYLE="white-space:nowrap">HT-1376</FONT> cell line matched that
observed in a representative biopsy from a metastatic UC patient that has high levels of <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We assessed the ability of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> to localize to tumors in a mouse xenograft model using the
representative <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing <FONT STYLE="white-space:nowrap">HT-1376</FONT> cell line. Dosing with the imaging radioisotope [<SUP STYLE="font-size:75%; vertical-align:top">111</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">In]In-AKY-1189</FONT></FONT> allowed quantitative measurement of
[<SUP STYLE="font-size:75%; vertical-align:top">111</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">In]In-AKY-1189</FONT></FONT> biodistribution using single-photon emission computed tomography, or SPECT, imaging. Within
minutes of dosing, the highest levels of [<SUP STYLE="font-size:75%; vertical-align:top">111</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">In]In-AKY-1189</FONT></FONT> were found in the tumor. These levels in the tumor were
maintained for approximately two hours, after which the levels </P>
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slowly declined over the <FONT STYLE="white-space:nowrap">24-hour</FONT> observation period, with retention observed for up to three days after dosing. In contrast, the levels of [<SUP
STYLE="font-size:75%; vertical-align:top">111</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">In]In-AKY-1189</FONT></FONT> observed in the kidneys rose within minutes after dosing and then rapidly declined as [<SUP
STYLE="font-size:75%; vertical-align:top">111</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">In]In-AKY-1189</FONT></FONT> was eliminated from the body. This desired preclinical biodistribution profile, high tumor uptake and
reduced exposure to organs and normal tissues, supported the advancement of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> We believe this
biodistribution profile enables a wide therapeutic window for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> in treating patients with <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B><FONT STYLE="white-space:nowrap">AKY-1189</FONT> was localized and retained in
tumors, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>while being rapidly washed out from the kidneys </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><I>Brightly colored areas depict presence of imaging radioisotope four hours after dosing (left) and 24 hours after
dosing (right), in mice implanted with xenograft tumors on right forelimb </I></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><I>Figure left shows low kidney uptake and rapid washout of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> over 24
hours. Figure right depicts high, rapid and retained tumor uptake of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> over 24 hours. </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Based on our modeling of
the pharmacokinetics of <FONT STYLE="white-space:nowrap">AKY-1189</FONT> and scaling to projected human doses, we estimate that a dose of 7.4 MBq of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> a standard dose of <SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac-based</FONT> radiopharmaceuticals that has demonstrated anticancer effects, will
result in a low systemic and kidney exposure to radiation. The ability to deliver a radiopharmaceutical at a dose that is both safe and efficacious is critical and these preclinical predictions lie well within what we believe is a viable range for
eventual clinical development and, if approved, commercialization. We believe that the therapeutic window of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> can improve tolerability and patient quality of life and provide the opportunity to potentially
explore higher doses that could improve efficacy. </P>
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The profile of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> provides the potential for
flexibility in both the schedule and administered dose before approaching the EBRT benchmark limit of 23 RBE5Gy for kidneys. This is a level at which EBRT has been associated with a risk of chronic kidney disease in five percent of patients five
years after dosing. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>Dosimetry scaling suggests that the radiation exposure to the kidney in humans will be well within the range generally
considered to be acceptable in the field and below thresholds associated with kidney toxicity </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Antitumor activity of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As shown below,
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> also had increased antitumor activity in both high and low
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors in xenograft models. In our preclinical study, we observed that mice bearing <FONT STYLE="white-space:nowrap">HT-1376</FONT> tumors expressing low or representative levels of <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> were administered with either a single intravenous dose of 1 &micro;Ci, or microcuries, of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> or vehicle (n&#061;8 mice per group). Treatment with
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> resulted in a mean tumor regression of 53% in the representative
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors by day 25 (n&#061;8 remaining animals) and an overall survival rate of 75% at the end of an eight-week observation period where median survival was not reached during the observation
period. Treatment with vehicle in the representative <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors had no surviving animals at the end of the observation period and had a median overall survival of 28.5 days (n&#061;5 remaining
animals at day 25). In low <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT>
treatment led to an average tumor growth inhibition of 62% at day 25 (n&#061;8 remaining animals at day 25) and led to a median survival of 49 days. In low <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors, treatment with vehicle
led to a median survival of 26.5 days (n&#061;6 remaining animals at day 25). Body weight was monitored as a surrogate of overall animal health. Animal weights remained constant throughout the treatment period, indicating that [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> treatment was well tolerated. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT>
had increased antitumor activity in both high and low <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors in xenograft models </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Furthermore, treatment of mice harboring <FONT STYLE="white-space:nowrap">HT-1376</FONT> tumors with a single dose of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> resulted in improved tumor growth inhibition compared to multiple doses of Padcev, assessed in
the same study. The mice expressing low levels of <FONT STYLE="white-space:nowrap">Nectin-4</FONT> were treated with a single intravenous dose of 2 &micro;Ci of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> on day zero. As depicted below, this resulted in a mean tumor growth inhibition of 75% at day 38
compared to 53% inhibition after three administrations of Padcev on day zero, 7 and 14 (depicted in figure A below). Animal weights remained constant during the treatment period, indicating that both regimens were well-tolerated (depicted in figure
B below). To compare the antitumor activity and tolerability of Padcev, we calculated the dose to be used in mice based off the approved clinical dose and regimen. The dosing regimen used for Padcev of 3mg/kg once a week for three weeks in mice,
demonstrated plasma exposures with an area under the curve, or AUC, of 88 &micro;g*day/mL (depicted in figure C below), similar to those observed in patients treated with the clinical regimen of
1.25mg/m<SUP STYLE="font-size:75%; vertical-align:top">2 </SUP>(AUC &#061; 111&#043;38 &micro;g*day/mL). AUC is a measure of drug exposure over time. When comparing this clinically relevant dose of Padcev to [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT></FONT> we observed a favorable response for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> in Padcev responsive tumors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>A single administration of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> resulted in greater inhibition of tumor growth than Padcev in low
<FONT STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors in xenograft models </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><I>C<SUB STYLE="font-size:75%; vertical-align:bottom">max </SUB>denotes maximum drug concentration; T<SUB
STYLE="font-size:75%; vertical-align:bottom">1/2 </SUB>denotes time required to decrease drug concentration by half </I></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Named patient use pursuant to Section 21
of South Africa&#8217;s Medicines and Related Substances Act </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Mike Sathekge, MD, Head of Nuclear Medicine Department, University of Pretoria and Steve Biko,
Academic Hospital, and President and Chief Executive Officer, Nuclear Medicine Research Infrastructure, or NuMeRI, administered radioconjugated AKY-1189 provided by us to a limited number of their patients in South Africa pursuant to Section 21 of
the MRSA, which allows healthcare providers to administer unregistered medicines to patients, as authorized by SAPHRA. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">AKY-1189</FONT> conjugated to an imaging radioisotope, [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ga]Ga-AKY-1189,</FONT></FONT> was dosed in 20 patients with UC, breast cancer, NSCLC, colorectal cancer and cervical cancer. Of these 20 patients, all 20 were available for safety and
normal tissue distribution assessment, and 15 were evaluable for tumor uptake. A subset of nine patients underwent kidney dosimetry with [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Lu]Lu-AKY-1189</FONT></FONT> and eight patients were evaluable for quantitative assessment of the absorbed dose of radiation to the kidney and bone marrow. One patient also received
</P>
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<FONT STYLE="white-space:nowrap">AKY-807</FONT> conjugated to the same imaging isotopes allowing for intra-patient comparison of tumor uptake and absorbed dose to the kidney. In line with the
preclinical predictions, <FONT STYLE="white-space:nowrap">AKY-1189</FONT> showed superior tumor uptake with less radiation exposure to the kidneys compared to <FONT STYLE="white-space:nowrap">AKY-807,</FONT> with no adverse events observed. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The figure below depicts normal tissue distribution of [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ga]Ga-AKY-1189,</FONT></FONT> and robust tumor uptake, including in brain metastasis. Dark areas in the image below depict uptake of [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ga]Ga-AKY-1189.</FONT></FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>Representative PET/CT image of a patient dosed with [<SUP
STYLE="font-size:75%; vertical-align:top">68</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ga]Ga-AKY-1189</FONT></FONT> after 1 hour </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Tumor uptake was evaluated with [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Ga]Ga-AKY-1189</FONT></FONT> in 15 patients via PET/CT one hour post-injection. Standard uptake values, or SUVs, were calculated using standard methodology also utilized in standard diagnostic PET/CT images. As depicted in
the chart below, SUVs were consistently at or above the levels expected to be required for efficacy and in line with SUVs reported for approved radiopharmaceuticals. This was observed across all tumor types assessed including UC, breast cancer,
NSCLC, colorectal cancer and cervical cancer, as depicted in the image below on the left. For context, in an editorial published in 2023, Michael Hofman depicted the observed SUV<SUB STYLE="font-size:75%; vertical-align:bottom">max</SUB> for various
approved radiopharmaceuticals, including Pluvicto, Lutathera and purported next alpha generation therapies. His study set forth the observed SUV<SUB STYLE="font-size:75%; vertical-align:bottom">max</SUB> for PSMA and SSTR in the range from <FONT
STYLE="white-space:nowrap">10-100,</FONT> as depicted in the image below on the right. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">157 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>[<SUP STYLE="font-size:75%; vertical-align:top">68</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ga]Ga-AKY-1189</FONT></FONT>
tumor uptake across assessed tumor types suggests actionable therapeutic range</B></P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>Uptake of approved radiopharmaceuticals targeting&nbsp;PSMA and SSTR2</B></P>
<P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial" ALIGN="center"><I>SUV in regions of interest including the primary and
metastatic tumor&nbsp;deposits at 1 hour</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><I>Hierarchy of SUVs: from left to right, iodine-131, PSMA,
somatostatin receptor (DOTATATE), fibroblast activation protein inhibitor, and purported next-generation theranostics</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial" ALIGN="center"><I>(referenced&nbsp;as
&#8220;game changing&#8221; in the article).</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>Increasing tumor uptake with [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Lu]Lu-AKY-1189</FONT></FONT> with no accumulation observed in normal tissues observed at 48 hours </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:arial"><I><SUP STYLE="font-size:75%; vertical-align:top">1</SUP> ~5.55 GBq (150mCi) administered activity </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><I>The figures above depict normal tissue deposition and tumor uptake of [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Lu]Lu-AKY-1189</FONT></FONT> during a 48-hour period. Dark areas in image depict tissue and tumor uptake of [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Lu]Lu-AKY-1189.</FONT></FONT> At 24 hours post administration,
[<SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Lu]Lu-AKY-1189</FONT></FONT> exposure increased in the tumors without accumulation of exposure to normal tissues. </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Lu]Lu-AKY-1189</FONT></FONT> data suggests the predicted absorbed dose to the kidney (median absorbed dose of 0.30 gray/gigabecquerel, or Gy/GBq) and bone marrow (median absorbed dose: 0.01 Gy/GBq) allows for six or more
therapeutic doses to be safely administered. These data are consistent with other approved radiopharmaceuticals, including Pluvicto, where the kidneys and bone marrow are not considered dose-limiting organs, when conjugated to either<SUP
STYLE="font-size:75%; vertical-align:top"> 177</SUP>Lu or <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. We plan to evaluate these findings in future clinical trials. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Our clinical development strategy </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In April 2025, the FDA cleared our
IND for [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for the treatment of locally advanced or metastatic UC and other <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. We have commenced a multi-site Phase 1b clinical trial in the United States and anticipate preliminary results from the Part-1 dose escalation portion of this trial in the first quarter
of 2027. The Phase 1b trial in the United States will enroll approximately 150 patients and follow a dose escalation strategy utilizing the Bayesian Optimal Interval, or BOIN, design, which is a method used for early phase dose-finding based on
model-assisted design elements and is used to determine a suitable dose for consideration in later-stage oncology trials. The Phase 1b trial will only enroll patients with locally advanced or metastatic UC in the dose escalation portion. Imaging and
dosimetry in the United States trial will be done with [<SUP STYLE="font-size:75%; vertical-align:top">64</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cu]Cu-AKY-1189</FONT></FONT> allowing for multiple timepoint assessments
through PET/CT. No imaging selection criteria are employed through dose escalation. Patients will receive up to six cycles of
[<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT><B> </B>at increasing dose levels. Following completion of dose escalation, dose expansions will
be conducted in locally advanced or metastatic UC (n&#061;30), triple-negative breast cancer (n&#061;30) and a basket cohort of other tumors known to have high <FONT STYLE="white-space:nowrap">Nectin-4</FONT> expression, including NSCLC, colorectal
cancer and cervical cancer (n&#061;40). The primary endpoint of the trial will be to assess safety and tolerability of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189. Secondary endpoints include objective response rate (as
measured by RECIST v1.1, a standard way to measure the response of a tumor to treatment), duration of response, progression-free survival, overall survival, changes in quality of life, and to characterize pharmacokinetic and pharmacodynamic
profiles. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In December 2025, we completed the first dose level and have commenced enrollment of the next dose level. Upon completion of the dose escalation portion,
a dose expansion portion will be conducted in patients with locally advanced or metastatic UC and other Nectin-4 expressing tumors. Based on the results of our trial, we plan to seek alignment with the FDA to conduct a pivotal Phase 2 trial for
accelerated approval of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> for locally advanced or metastatic UC and other <FONT
STYLE="white-space:nowrap">Nectin-4</FONT> expressing tumors. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I></I></B><I>[</I><B><I><SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519
targeting B7-H3 expressing tumors </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our second product candidate, [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, is designed to
deliver <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac to B7-H3 (CD276) expressing tumors, including prostate, lung and other solid tumors. B7-H3 is a cell-surface protein that is highly expressed in many types of solid tumors, while
having limited expression in normal tissues. We estimate that approximately 90% of all metastatic castration-resistant prostate cancers and approximately 75% of all lung cancers express B7-H3, while also being expressed on other solid tumors like
breast cancers. High expression of B7-H3 has been correlated with poor overall survival and a lack of responsiveness to anti-PD-1 therapeutics in several tumor types. B7-H3 has attracted substantial clinical development efforts across different
modalities, including antibody-drug conjugates, with several late-stage antibody-drug conjugates demonstrating preliminary efficacy signals and acceptable safety profiles. Regarding the potential for B7-H3 as a target in prostate cancer, we believe
B7-H3 may be superior to PSMA for imaging and treatment of patients with prostate cancer due to higher sensitivity and tumor specificity with a clean normal tissue expression profile. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We discovered AKY-2519, a highly potent and specific binder of B7-H3, characterized it, and advanced it to a development candidate in the fourth quarter of 2024.
AKY-2519, a proprietary 49-amino acid rationally designed miniprotein, met all of our pre-specified development candidate criteria including those for potency, selectivity, thermal stability, radiochemical stability, and solubility. AKY-2519 also
met or exceeded our desired pharmacokinetic and biodistribution benchmarks while demonstrating robust pre-clinical efficacy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">159 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Preclinical studies of
</I><I>[</I><I><SUP STYLE="font-size:75%; vertical-align:top">225</SUP></I><I>Ac]Ac-AKY-</I><I>2519</I> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As shown below, [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 demonstrated dose-dependent antitumor activity after a single administration in mice harboring a non-small cell lung cancer cell, or NSCLC, line-derived xenograft tumor. Mice treated
with a [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 showed marked tumor growth inhibition of 92% for the 1.0 &micro;Ci dose and 80% for the 0.5 &micro;Ci dose, compared to vehicle (n&#061;8 mice per group), and a best
response of 48% regression at the 1.0&nbsp;&micro;Ci group. The observed tumor growth inhibition led to prolonged survival for mice treated at each dose level compared to vehicle-treated mice. Body weight remained constant throughout the treatment
period, suggesting that both dose levels of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 were well tolerated. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>[<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 demonstrated antitumor activity and increased survival in xenograft models </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875386g01a03.jpg" ALT="LOGO" STYLE="width:6.33294in;height:3.87341in;">
 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">An analysis of B7-H3 expression across human tumor microarrays demonstrated that B7-H3 is highly expressed in multiple solid tumor
indications, specifically squamous NSCLC, squamous esophageal, prostate and triple-negative breast cancers, or TNBC. Levels of B7-H3 expression across these indications are comparable to the level of expression of the mouse model utilized in our
preclinical studies, supporting the translational relevance of this model and suggesting that a majority of patients in these indications express equivalent or higher levels of B7-H3 compared to the mouse model that responded robustly to [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 treatment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial" ALIGN="center"><B>B7-H3 expression across multiple tumor types </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875386g01a04.jpg" ALT="LOGO" STYLE="width:4.38667in;height:3.90667in;">
 </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Our development strategy</I><I> for [</I><I><SUP STYLE="font-size:75%; vertical-align:top">225</SUP></I><I>Ac]Ac-AKY-2519</I> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">[<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ga-AKY-2519 and [<SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-2519 uptake in tumors and
normal tissue biodistribution is currently being assessed in patients with various B7-H3 expressing solid tumors. To date, each of [<SUP STYLE="font-size:75%; vertical-align:top">68</SUP>Ga]Ac-AKY-2519 and [<SUP
STYLE="font-size:75%; vertical-align:top">177</SUP>Lu]Lu-AKY-2519 has demonstrated compelling tumor uptake across different tumor types with low uptake in normal tissues and a differentiated biodistribution profile, showcasing rapid clearance from
normal organ and tissues, including the kidney. We expect the results of the imaging and dosimetry assessment in patients with various tumor types to be reported in mid-2026. We plan to file an IND with the FDA in the first half of 2026 and, if
cleared by the FDA, initiate a multi-site Phase 1b clinical trial study in the second half of 2026 to evaluate AKY-2519 in B7-H3 expressing tumors . We currently anticipate that the Phase 1b trial will follow a dose escalation strategy utilizing the
BOIN design. The Phase 1b trial is planned to enroll patients with mCRPC, NSCLC or small cell lung cancer, using [64Cu]Cu-AKY-2519 for dosimetry and imaging and [225Ac]Ac-AKY-2519 for therapy. Following completion of dose escalation, dose expansions
are planned for mCRPC and lung cancers. The primary endpoint of the trial will be to assess safety and tolerability of [225Ac]Ac-AKY-2519. Secondary endpoints include objective response rate (as measured by RECIST v1.1), duration of response,
progression-free survival, overall survival, changes in quality of life, and to characterize pharmacokinetic and pharmacodynamic profiles. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Competition </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
development and commercialization of new radiopharmaceutical products is highly competitive. We face and will continue to face competition from third parties that use radiopharmaceuticals and from companies focused on more traditional therapeutic
modalities. Potential competitors also include academic institutions, government agencies and other public and private research organizations that conduct research, seek patent protection, and establish collaborative arrangements for research,
development, manufacturing, and commercialization of new products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We consider our most direct competitors to be companies developing targeted alpha-based
radiopharmaceuticals for the treatment of cancer. There are several companies developing targeted <FONT STYLE="white-space:nowrap">alpha-based</FONT> radiopharmaceuticals for the treatment of cancer, including Abdera Therapeutics, Actinium
Pharmaceuticals, Inc., Alpha9 Oncology, Inc., Artbio AS, Bayer AG, Convergent Therapeutics, Fusion Pharmaceuticals Inc. (acquired by AstraZeneca), Johnson &amp; Johnson, Mariana Oncology, Inc. (acquired by Novartis AG), Perspective Therapeutics,
POINT Biopharma Global Inc. (acquired by Eli Lilly), RadioMedix, Inc., Radionetics Oncology, RayzeBio, Inc. (acquired by Bristol Myers Squibb) and Telix Pharmaceuticals Limited. These companies are targeting a wide range of solid and hematologic
malignancies using various alpha emitting isotopes, including radium-223, <FONT STYLE="white-space:nowrap">lead-212,</FONT> and <SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac. The first and only approved alpha particle-based therapy is
Bayer&#8217;s Xofigo (radium-223) which is a salt of radium that cannot easily and robustly be attached to a targeting molecule, but naturally localizes to regions where cancer cells infiltrate bone. Xofigo was approved in 2013 for the treatment of
prostate cancer with symptomatic bone metastases. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There are several companies with approved beta-emitting radiopharmaceuticals, including Lantheus Holdings,
Novartis, Bayer, Sirtex, Boston Scientific and Q BioMed Inc. and other companies developing beta-emitting radiopharmaceuticals, including POINT Biopharma Global (acquired by Eli Lilly), ITM Isotope Technologies Munich SE, <FONT
STYLE="white-space:nowrap">Y-Mabs</FONT> and Telix Pharmaceuticals Limited. The beta emitting isotopes used by these companies include <FONT STYLE="white-space:nowrap">iodine-131,</FONT> <SUP STYLE="font-size:75%; vertical-align:top">177</SUP>Lu, <FONT
STYLE="white-space:nowrap">strontium-89</FONT><SUP STYLE="font-size:75%; vertical-align:top"> </SUP>and <FONT STYLE="white-space:nowrap">yttrium-90.</FONT> A recently approved beta particle-based radiopharmaceutical is Novartis&#8217; Pluvicto,
which was approved by the FDA in 2022 for the treatment of patients with metastatic prostate cancer. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our competitors will also include companies that are or will be
developing other treatment methods, including those utilizing other radioisotopes, as well as therapies for the same indications in oncology that we are targeting. In addition to the competitors we face in developing radiopharmaceuticals, we will
also face competition in the indications we expect to pursue. To compete effectively with these existing therapies, we will need to demonstrate that our therapies are favorable to existing therapeutics and obtain comparable coverage and
reimbursement for our product candidates. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Many of our current or future competitors have significantly greater financial resources and expertise in research and
development, isotope supply chain logistics, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals, obtaining reimbursement for and marketing of approved products than we do. Mergers and acquisitions in the
biotechnology, pharmaceutical and diagnostic industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller or early-stage companies may also prove to be significant competitors, particularly
through collaborative arrangements with large and established companies. These competitors also compete with us in recruiting and retaining qualified personnel and establishing clinical trial sites and patient registration for clinical trials, as
well as in acquiring technologies complementary to, or necessary for, our programs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our commercial opportunity could be reduced or eliminated if our competitors
develop and commercialize products that are safer, more effective, have fewer or less severe side effects, are more convenient or are less expensive than any products that we or our collaborators may develop. Our competitors also may obtain FDA or
other foreign regulatory approval for their products more rapidly than we may obtain approval for ours, which could result in our </P>
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competitors establishing a strong market position before we or our collaborators are able to enter the market. Even if the product candidates we may develop in the future achieve regulatory
approval, they may be priced at a significant premium over competitive products if any have been approved by then, resulting in reduced competitiveness. Moreover, technological advances or products developed by our competitors may render our
technologies or product candidates we may develop in the future obsolete, less competitive, or not economical. The key competitive factors affecting the success of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT></FONT> and our other current and future product candidates, if approved, are likely to be their efficacy, safety, convenience, price, the level of generic competition
and the availability of reimbursement from government and other <FONT STYLE="white-space:nowrap">third-party</FONT> payors. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Intellectual property </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our success depends in part on our ability to obtain, maintain, protect, defend and enforce proprietary protection for our product candidates and other discoveries,
inventions, trade secrets <FONT STYLE="white-space:nowrap">and&nbsp;know-how&nbsp;that</FONT> are critical to our business operations. Our success also depends in part on our ability to operate without infringing, misappropriating or otherwise
violating the intellectual property or proprietary rights of others, and in part on our ability to prevent others from infringing, misappropriating or violating our intellectual property or proprietary rights. A discussion of risks relating to
intellectual property is provided under the section titled &#8220;Risk factors&#8212;Risks related to intellectual property.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">With respect to our [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189</FONT> program, as of October&nbsp;31, 2025, we own one pending international patent application filed under the Patent Cooperation Treaty, or a PCT
Application, one issued U.S. patent, one pending U.S. non-provisional utility application and two pending foreign <FONT STYLE="white-space:nowrap">non-provisional</FONT> patent applications in each of Taiwan and Argentina, which are directed to,
among other things, composition of matter and uses of [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189.</FONT></FONT> We do not own or license, and do not
expect to own or license, any patents or patent applications that cover the radioactive payload in [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP><FONT STYLE="white-space:nowrap">Ac]Ac-AKY-1189,</FONT> which is Ac<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>. The issued U.S. patent and any patents issuing from the patent applications we own or future patent applications that we may file based on these applications are expected to expire in 2044,
excluding any patent term adjustments or extensions that may be available and assuming timely payment of all appropriate maintenance, renewal, annuity or other governmental fees. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">With respect to our [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 program, as of October&nbsp;31, 2025, we own one pending PCT Application, one
pending U.S. non-provisional utility application, and two pending foreign non-provisional patent applications in each of Taiwan and Argentina, which are directed to, among other things, composition of matter and uses of [<SUP
STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519. We do not own or license any issued patents related to our [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519 program. In addition, we do not expect to own or
license any patents or patent applications that cover the radioactive payload in [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-2519, which is Ac<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>. Any patents issuing from
the patent applications we own or future patent applications that we may file based on these applications are expected to expire in 2044, excluding any patent term adjustments or extensions that may be available and assuming timely payment of all
appropriate maintenance, renewal, annuity or other governmental fees. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">With respect to our platform program, as of October&nbsp;31, 2025, we own one pending PCT
Application, 22 pending non-provisional patent applications in each of Australia, Brazil, Canada, Chile, China, Colombia, Eurasia, Europe, Israel, India, Japan, Morocco, Mexico, Peru, Philippines, Saudi Arabia, South Africa, South Korea, Taiwan,
Tunisia, United Arab Emirates, and the United States, and one pending U.S. provisional patent application. We do not own or license any issued patents related to our platform program. Any patents that issue from the patent applications we own or
future patent applications that we may file based on these applications are expected to expire in 2043, 2045 and 2046, excluding any patent term adjustments or extensions that may be available and assuming timely payment of all appropriate
maintenance, renewal, annuity or other governmental fees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">163 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">With respect to our discovery programs, as of October&nbsp;31, 2025, we own one pending PCT Application, one pending
U.S. provisional patent application, and four non-provisional patent applications (one each in China, Europe, the United States and South Africa), each of which is directed to compositions of matter and uses for miniproteins against our targets of
interest. We do not own or license any issued patents related to our discovery programs. Any patents issuing from the patent applications we own or future patent applications that we may file based on these applications are expected to expire in
2043, 2044 and 2046, excluding any patent term adjustments or extensions that may be available and assuming payment of all appropriate maintenance, renewal, annuity or other governmental fees. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">U.S. provisional patent applications are not eligible to become issued patents unless and until, among other things, we file one or more
<FONT STYLE="white-space:nowrap">non-provisional</FONT> U.S., foreign, and/or PCT Applications within 12 months of the first-filed provisional application to which these <FONT STYLE="white-space:nowrap">non-provisional</FONT> applications claim
priority. With regard to such U.S. provisional patent applications, if we do not timely file <FONT STYLE="white-space:nowrap">any&nbsp;non-provisional&nbsp;patent</FONT> applications, we will lose our priority date with respect to subject matter and
inventions disclosed in these provisional patent applications. Provided no statutory bars to patentability have occurred during the <FONT STYLE="white-space:nowrap">12-month</FONT> pendency of the provisional patent application, the option to refile
and obtain a later filing date remains open. While we intend to timely file <FONT STYLE="white-space:nowrap">non-provisional</FONT> patent applications related to our provisional patent applications, we cannot predict whether any such patent
applications will result in the issuance of patents that provide us with any competitive advantage. Further, our PCT Applications are not eligible to become patents until, among other things, we timely file national stage patent applications in
jurisdictions that are party to the Patent Cooperation Treaty, and in which we seek patent protection. If we do not timely file any national stage patent applications, we may lose our priority date with respect to our PCT Applications and any patent
protection on inventions disclosed in such PCT Applications. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The proprietary nature of, and protection for, our product candidates and their methods of use are an
important part of our strategy to develop and commercialize novel medicines. We have filed for or licensed patents rights relating to certain of our product candidates and are pursuing additional patent protection for them and for our other product
candidates and technologies. In addition to patent protection, we also rely on trade <FONT STYLE="white-space:nowrap">secrets,&nbsp;know-how,&nbsp;trademarks,</FONT> confidential information, other proprietary information and continuing
technological innovation to develop, strengthen and maintain our competitive position. We seek to protect and maintain the confidentiality of proprietary information to protect aspects of our business that are not amenable to, or that we do not
consider appropriate for, patent protection. Although we take steps to protect our proprietary information and trade secrets, including through contractual means with our employees, consultants, contractors and collaborators, third parties may
independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets or disclose our technology. Thus, we may not be able to meaningfully protect our trade secrets. It is our policy to
require our employees, consultants, outside scientific collaborators, sponsored researchers and other advisors to execute confidentiality and invention assignment agreements upon the commencement of employment or consulting relationships with us.
However, such confidentiality agreements can be breached, and we may not have adequate remedies for any such breach. For more information regarding the risks related to our intellectual property, see the section titled &#8220;Risk
factors&#8212;Risks related to intellectual property.&#8221; </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>License and collaboration agreements </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Institute for Protein Innovation License Agreement </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On November&nbsp;1, 2021,
we and the Institute for Protein Innovation, Inc., or IPI, entered into an Exclusive License Agreement, as amended on July&nbsp;26, 2022, the IPI Agreement, pursuant to which IPI granted us an exclusive, worldwide license, with the right to
sublicense (subject to certain conditions), under certain of IPI&#8217;s patents and <FONT STYLE="white-space:nowrap">know-how</FONT> related to certain binder proteins, targeting up to 14 target proteins, including Nectin-4, to research, develop,
make, have made, and commercialize certain products. Pursuant to the IPI Agreement, IPI also </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
granted us a <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license to certain intellectual property rights required to research, develop, make, have made, and commercialize certain
products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon execution of the IPI Agreement, we paid an upfront license fee of $0.2&nbsp;million and are required to pay an annual license fee of less than
$0.1&nbsp;million until the first commercial sale of the first licensed product, pursuant to which we have paid an aggregate of $0.1&nbsp;million through September 30, 2025. The IPI Agreement requires us to pay up to an aggregate of
$24.0&nbsp;million upon achievement of certain regulatory and development milestones. In addition, if we successfully commercialize a licensed product under the IPI Agreement, we are required to pay low single-digit royalties on net sales, on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, subject to specified reductions, until the
later of (a)&nbsp;the expiration of the last to expire valid claim covering the manufacture, use or sale of such licensed product in such country or (b)&nbsp;ten years after the first licensed product sale in such country. The royalties are subject
to specified and capped reductions for payments owed to third parties for additional rights necessary to commercialize licensed products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The IPI Agreement requires
us to use diligent and commercially reasonable efforts to develop and commercialize a licensed product. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At any time after the fifth year anniversary of the IPI
Agreement, if IPI receives a third-party request to license certain rights granted to us pursuant to the IPI Agreement for which we are not actively developing or commercializing a licensed product, we must either (i)&nbsp;submit a commercially
reasonable development plan for such undeveloped field to IPI that we will put into effect within a certain number of days, (ii)&nbsp;substantiate why granting a license to such rights in such undeveloped field to the third party is not in our best
business interest or (iii)&nbsp;enter into good faith negotiations with such third party for such rights in such undeveloped field. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless earlier terminated, the
IPI Agreement will expire at the end of the last to expire royalty term. IPI may, at its election, either terminate the IPI Agreement, convert any of our exclusive license rights into <FONT STYLE="white-space:nowrap">non-exclusive</FONT> rights, or
choose to reduce the field or territory, if (a)&nbsp;the first commercial sale of a licensed product does not occur by January&nbsp;1, 2035 or the payment of earned royalties, once begun, ceases for more than eight consecutive calendar quarters;
(b)&nbsp;we default in the timely payment of any amount due or are otherwise in breach of the IPI Agreement and fail to remedy such default or breach within 30 days after written notice thereof; (c)&nbsp;we are found, on more than one examination,
to have underreported or underpaid any royalty payment by more than five percent in any three calendar quarters in the period under examination; (d)&nbsp;we cease to carry on our business related to the subject matter of the licensed patents or
(e)&nbsp;we become insolvent or file a petition regarding bankruptcy or insolvency or other certain insolvency or bankruptcy-related events occur. We may terminate the IPI Agreement in its entirety, with or without cause, upon 60 days&#8217; written
notice. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>TRIUMF License Agreement </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On July&nbsp;21, 2022, we and TRIUMF
Inc., a Canadian <FONT STYLE="white-space:nowrap">non-profit,</FONT> or TRIUMF, TRIUMF Innovations, Inc., a Canadian <FONT STYLE="white-space:nowrap">non-profit,</FONT> the University of British Columbia, and BC Cancer, a provincial health services
authority, entered into a License Agreement, the TRIUMF License. Pursuant to the TRIUMF License, TRIUMF, the University of British Columbia and BC Cancer, or the Licensors, granted us a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT>
worldwide license, with right to sublicense (subject to certain conditions), under certain patents and <FONT STYLE="white-space:nowrap">know-how</FONT> related to the Licensors&#8217; chelator technology to make, use, sell, offer for sale, import,
and export certain radiopharmaceutical products for the diagnosis, treatment, amelioration, and prevention of human diseases and conditions. None of our product candidates currently incorporate, or rely on, the licensed patents and <FONT
STYLE="white-space:nowrap">know-how</FONT> from the TRIUMF License. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We paid an initial license fee of $0.1 million upon execution of the TRIUMF License. The TRIUMF
License requires us to pay up to an aggregate of $2.0&nbsp;million upon achievement of certain regulatory and development milestones. We are also obligated to pay low single digit royalties on net sales of licensed products, on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">165 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
For licensed products not covered by a valid claim of a licensed patent, our royalty obligation terminates on the tenth anniversary of the first commercial use of such licensed product in each
country. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless earlier terminated, the TRIUMF License will expire on the later of the twelfth-year anniversary of the TRIUMF License or the expiry of the last
patent subject to the TRIUMF License. We may terminate the TRIUMF License for convenience upon 60 days&#8217; written notice. The Licensor may, at its option, terminate the TRIUMF License if (i)&nbsp;we become insolvent, cease to carry on business
or other certain insolvency or bankruptcy-related events occur, (ii)&nbsp;we breach certain provisions (including those related to sublicenses, confidentiality, and insurance), (iii)&nbsp;the licensed patents and
<FONT STYLE="white-space:nowrap">know-how</FONT> become subject to any security interest, lien, charge or encumbrance in favor of a third party through our action or (iv)&nbsp;there is an uncured breach by our sublicensee and we do not terminate the
respective sublicense agreement. Either party may terminate the TRIUMF License for uncured breach, subject to specified cure periods. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>University of Minnesota
License Agreement </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On March&nbsp;3, 2023, we and the Regents of the University of Minnesota, or the University of Minnesota, entered into an Exclusive License
Agreement, the Minnesota License, pursuant to which the University of Minnesota and the Stanford University, or Stanford, granted us, solely for human and veterinary uses, an exclusive license under the University of Minnesota&#8217;s and
Stanford&#8217;s rights in certain patents related to certain binding proteins to make, use, sell, offer for sale, and import certain therapeutic and diagnostic products in the countries where there are licensed patents and a <FONT
STYLE="white-space:nowrap">non-exclusive</FONT> license to use licensed technical information. None of our product candidates incorporate, or rely on, the patents and <FONT STYLE="white-space:nowrap">know-how</FONT> from the Minnesota License. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We paid an upfront fee of $0.1 million upon entering into the Minnesota License and paid an annual license fee of less than $0.1 million throughout the term of the
Minnesota License, pursuant to which we have paid an aggregate of $0.4 million through September&nbsp;30, 2025. <B></B>No milestones were achieved under the Minnesota License prior to the termination of this agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In July 2025, we provided notice to the University of Minnesota to terminate the Minnesota License and paid the $10,000 early termination fee, with an effective
termination date of September 9, 2025. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Eli Lilly and Company License, Research and Collaboration Agreement </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On May&nbsp;16, 2024, we and Eli Lilly entered into a License, Research and Collaboration Agreement, the Collaboration Agreement. Pursuant to the Collaboration
Agreement, we granted Eli Lilly an exclusive (even as to us and our affiliates), royalty-bearing, worldwide license, with the right to sublicense, to certain of our patents and other intellectual property rights to exploit certain compounds and
therapeutic or diagnostic products that contain such compounds solely as products that contain a radioactive isotope. We also granted Eli Lilly a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> royalty-bearing, worldwide license, with the
right to sublicense, to the intellectual property necessary or useful to exploit the licensed compounds and licensed products solely as products that contain a radioactive isotope and a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> fully <FONT
STYLE="white-space:nowrap">paid-up</FONT> license, with the right to sublicense, to exploit certain other intellectual property developed under the Collaboration Agreement for any and all purposes (subject to certain limitations). In addition, we
and Eli Lilly agreed to negotiate in good faith to enter into a separate agreement in the event the parties agree that the clinical development of a licensed compound requires, or would be benefited by, a license to one of our other compounds. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the Collaboration Agreement, Eli Lilly may designate a specified number of initial collaboration targets, with the right to substitute other targets. We will be
responsible for research activities through initial human imaging studies for a lead candidate for each selected target, and Eli Lilly will thereafter be responsible for regulatory filings, clinical development and commercialization activities
worldwide. There is a separate research plan for each collaboration target, and our development costs are capped, on a research </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plan-by-research</FONT></FONT> plan basis. Eli Lilly will reimburse our reasonable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and full-time equivalent costs incurred in excess of the cap. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Eli Lilly paid us an upfront license fee
of $60.0&nbsp;million upon execution of the Collaboration Agreement. The Collaboration Agreement requires Eli Lilly to pay up to an aggregate of $525.0&nbsp;million upon achievement of certain research, development, regulatory and commercial launch
milestones and up to an aggregate of $630&nbsp;million upon achievement of certain sales milestones. In addition, if Eli Lilly successfully commercializes a therapeutic or diagnostic product under the Collaboration Agreement, Eli Lilly is required
to pay us tiered royalties of up to 10% based on annual net sales, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, subject to specified reductions, until the later of the expiration of licensed patent rights in a country, expiration of regulatory
exclusivity, or ten years after the first product sale in such country. The Collaboration Agreement requires Eli Lilly to use commercially reasonable efforts to develop and commercialize a licensed product from a research program in certain markets
and through satisfaction of certain criteria. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless earlier terminated, the Collaboration Agreement will continue on a licensed <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">product-by-licensed</FONT></FONT> product and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis until the expiration of the applicable royalty term for such licensed
product. Either party may terminate the Collaboration Agreement for uncured material breach, subject to specified cure periods. In certain instances, if Eli Lilly has the right to terminate the Collaboration Agreement for our uncured material
breach, Eli Lilly may, at its option, continue the Collaboration Agreement where all payments due from Eli Lilly to us, on a prospective basis, will be reduced by a specified percentage and Eli Lilly diligence and reporting obligations will end. Eli
Lilly may, at any time and without cause, terminate the Collaboration Agreement in its entirety or on a collaboration <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">target-by-collaboration</FONT></FONT> target or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">region-by-region</FONT></FONT> basis upon sixty days&#8217; notice. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In connection with the Collaboration
Agreement, we and Eli Lilly entered into a Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred stock purchase agreement pursuant to which we issued and sold an aggregate of 2,500,000 shares of our Series <FONT
STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred stock at a purchase price of $4.00 per share for aggregate net proceeds of $10.0&nbsp;million. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Government regulation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Government authorities in the U.S., including federal,
state, and local authorities, and in other countries, extensively regulate, among other things, the manufacturing, research and clinical development, marketing, labeling and packaging, storage, distribution, post-approval monitoring and reporting,
advertising and promotion, and export and import of biological products, such as those we are developing. In addition, some government authorities regulate the pricing of such products. The process of obtaining regulatory approvals and the
subsequent compliance with appropriate federal, state, local, and foreign statutes and regulations require the expenditure of substantial time and financial resources. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Review and approval for licensing biologics in the U.S. </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the U.S., the FDA
regulates biological products under the Federal Food, Drug, and Cosmetic Act, or the FDCA, the Public Health Service Act, or the PHSA, and their implementing regulations. FDA approval is required before any biological product can be marketed in the
U.S. Biological products are also subject to other federal, state, and local statutes and regulations. If we fail to comply with applicable FDA or other requirements at any time during the product development process, clinical testing, the approval
process or after approval, we may become subject to administrative or judicial sanctions or other consequences, including the FDA&#8217;s refusal to allow us to proceed with clinical testing, issuance of clinical holds for planned or ongoing
studies, refusal to approve pending applications, license suspension or revocation, withdrawal of an approval, issuance of untitled or warning letters, product recalls, product seizures, import detentions or refusals, total or partial suspension of
manufacturing or distribution, injunctions, fines, civil penalties or criminal prosecution. Any such action could have a material adverse effect on us. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The process required by the FDA before product candidates may be marketed in the U.S. generally involves the
following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">completion of extensive nonclinical laboratory tests and nonclinical animal studies in compliance with applicable good
laboratory practices, or GLP, requirements; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">submission to the FDA of an IND application, which must become effective before human clinical trials may begin in the U.S.
and must be updated annually; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">approval by an independent institutional review board, IRB, or ethics committee representing each clinical site before each
clinical trial may be initiated; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">performance of adequate and well-controlled human clinical trials in accordance with good clinical practices, or GCPs, to
establish the safety and efficacy of the product candidate for each proposed indication; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">manufacture of the drug substance and drug product in accordance with the FDA&#8217;s cGMP requirements, along with
required analytical and stability testing; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">preparation of and submission to the FDA of a biologics license application, or BLA, requesting marketing approval for one
or more proposed indications, that includes sufficient evidence of establishing the safety, purity and potency of the proposed biological product for its intended indication, including from results of nonclinical testing and clinical trials;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">review of the product application by an FDA Advisory Committee, where appropriate and if applicable; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a determination by the FDA within 60 days of its receipt of a BLA to file the application for review;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">satisfactory completion of one or more FDA <FONT STYLE="white-space:nowrap">pre-approval</FONT> inspections of the
manufacturing facility or facilities where the proposed product is produced to assess compliance with cGMPs and to assure that the facilities, methods, and controls are adequate to preserve the product&#8217;s identity, quality, and strength;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">satisfactory completion of any FDA audits of the nonclinical studies and clinical trial sites to assure compliance with
GLPs and GCPs, as applicable, and the integrity of data in support of the BLA; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">payment of user fees under the Prescription Drug User Fee Act, or the PDUFA, unless exempted; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the FDA&#8217;s review and approval of the BLA. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The nonclinical and clinical testing and approval process requires substantial time, effort, and financial resources, and we cannot be certain that any approvals for our
product candidates will be granted on a timely basis, if at all. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Nonclinical studies and investigational New Drug Application </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Before testing any biological product in humans, a product candidate must undergo rigorous preclinical testing. Preclinical studies include laboratory evaluations of
product chemistry, formulation, and stability, as well as in vitro and animal studies to assess safety and in some cases to establish the rationale for therapeutic use. The conduct of preclinical studies is subject to federal and state regulation
and requirements, including GLP requirements for safety/toxicology studies. The results of the preclinical studies, together with manufacturing information and analytical data, must be submitted to the FDA as part of an IND. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">An IND is a request for authorization from the FDA to administer an investigational biological product to humans in clinical trials in the U.S. The central focus of an
IND submission is on the general investigational plan, the protocol(s) for human trials and the safety of trial participants. The IND also includes results of animal and </P>
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in vitro studies assessing the toxicology, pharmacokinetics, pharmacology, and pharmacodynamic characteristics of the product; chemistry, manufacturing and controls information; and any available
human data or literature to support the use of the investigational product. An IND must become effective before human clinical trials may begin. An IND will automatically become effective 30 days after receipt by the FDA, unless before that time the
FDA raises concerns or questions related to the proposed clinical trials. In such a case, the IND may be placed on clinical hold and the IND sponsor and the FDA must resolve any outstanding concerns or questions before clinical trials can begin.
Accordingly, submission of an IND may or may not result in the FDA allowing clinical trials to commence. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At any time during the initial 30 day IND review period or
while clinical trials are ongoing under the IND, the FDA may impose a partial or complete clinical hold. Clinical holds may be imposed by the FDA when there is concern for patient safety, and may be a result of new data, findings, or developments in
clinical, nonclinical, and/or chemistry, manufacturing and controls or where there is <FONT STYLE="white-space:nowrap">non-compliance</FONT> with regulatory requirements. A clinical hold would delay either a proposed clinical trial or cause
suspension of an ongoing trial, until all outstanding concerns have been adequately addressed and the FDA has notified the company that investigations may proceed. A separate submission to an existing IND must also be made for each successive
clinical trial to be conducted, and the FDA must grant permission, either explicitly or implicitly by not objecting, before each clinical trial can begin. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Clinical trials </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Clinical trials involve the administration of the
investigational product to human subjects under the supervision of qualified investigators in accordance with GCPs, which include the requirement that all research subjects provide their informed consent for their participation in any clinical
trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the trial, the inclusion and exclusion criteria, the parameters to be used in monitoring safety, and the efficacy criteria to be evaluated. A
protocol for each clinical trial and any subsequent protocol amendments must be submitted to the FDA as part of the IND. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Additionally, approval must also be
obtained from each clinical trial site&#8217;s IRB, before the trials may be initiated and the IRB must monitor the trial until completed. The IRB will consider, among other things, clinical trial design, patient informed consent, ethical factors,
the safety of human subjects and the possible liability of the institution. There are also requirements governing the reporting of ongoing clinical trials and clinical trial results to public registries, including on clinicaltrials.gov. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The clinical investigation of a biological product is generally divided into three or four phases. Although the phases are usually conducted sequentially, they may
overlap or be combined. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Phase 1. The investigational product is initially introduced into healthy human subjects or, in the case of some products designed to
address severe or life-threatening diseases, patients with the target disease or condition. These trials are designed to evaluate the safety, dosage tolerance, metabolism and pharmacologic actions of the investigational product in humans, the side
effects associated with increasing doses, and if possible, to gain early evidence on effectiveness. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Phase 2. The investigational product is administered to a
limited patient population to evaluate dosage tolerance and optimal dosage, identify possible adverse side effects and safety risks, and preliminarily evaluate efficacy. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Phase 3. The investigational product is administered to an expanded patient population, generally at geographically dispersed clinical trial sites to generate enough
data to statistically evaluate safety, purity and potency, to evaluate the overall benefit-risk profile of the investigational product, and to provide an adequate basis for physician labeling. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Phase 4. In some cases, the FDA may condition approval of a BLA for a product candidate on the sponsor&#8217;s agreement to conduct additional clinical trials after
approval or a sponsor may voluntarily conduct additional </P>
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clinical trials after approval to gain more information about the biological product. Such post-approval trials are typically referred to as Phase 4 clinical trials. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Sponsors must also report to the FDA, within certain timeframes, serious and unexpected adverse reactions, any clinically important increase in the rate of a serious
suspected adverse reaction over that listed in the protocol or investigator&#8217;s brochure, or any findings from other studies or animal or in vitro testing that suggest a significant risk in humans exposed to the product candidate. The FDA, the
IRB, or the clinical trial sponsor may suspend or terminate a clinical trial at any time on various grounds, including a finding that the research subjects are being exposed to an unacceptable health risk. Additionally, some clinical trials are
overseen by an independent group of qualified experts organized by the clinical trial sponsor, known as a data and safety monitoring board or committee. This group provides authorization for whether or not a trial may move forward at designated
check points based on access to certain data from the trial. We may also suspend or terminate a clinical trial based on evolving business objectives or competitive climate. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A sponsor of an investigational biological product for a serious disease or condition is required to make available, such as by posting on its website, its policy on
evaluating and responding to requests for individual patient access to such investigational biological product. This requirement applies on the earlier of the first initiation of a Phase 2 or Phase 3 trial of the investigational biological product
or, as applicable, 15 days after the biological product receives a designation as a breakthrough therapy or fast track product. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Concurrent with clinical trials,
sponsors usually complete additional animal studies and must also develop additional information about the chemistry and physical characteristics of the product candidate and finalize a process for manufacturing the drug product in commercial
quantities in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the product candidate and manufacturers must develop, among other things, methods for testing the identity,
strength, quality, and purity of the final drug product. Additionally, appropriate packaging must be selected and tested, and stability studies must be conducted to demonstrate that the product candidate does not undergo unacceptable deterioration
over its shelf life. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During the development of a new biologic, sponsors are given opportunities to meet with the FDA at certain points. These points may be prior to
submission of an IND, at the end of Phase 1, at the end of Phase 2, and before a BLA is submitted. Meetings at other times may be requested. These meetings can provide an opportunity for the sponsor to share information about the data gathered to
date, for the FDA to provide advice, and for the sponsor and the FDA to reach agreement on the next phase of development. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Submission of a BLA to the FDA </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Assuming successful completion of all required testing in accordance with all applicable regulatory requirements, detailed investigational product information is
submitted to the FDA in the form of a BLA requesting approval to market the product for one or more indications. Under federal law, the submission of most BLAs is subject to an application user fee, and the sponsor of an approved BLA is also subject
to an annual program fee for each approved biological product on the market. Applications for orphan drug products are exempted from the BLA application fee and may be exempted from program fees, unless the application includes an indication for
other than a rare disease or condition. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A BLA must include all relevant data available from pertinent nonclinical studies and clinical trials, including negative or
ambiguous results as well as positive findings, together with detailed information relating to the product&#8217;s chemistry, manufacturing, controls, and proposed labeling, among other things. Data can come from company-sponsored clinical trials
intended to test the safety and effectiveness of a use of a product, or from a number of alternative sources, including trials initiated by investigators. To support marketing approval, the </P>
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data submitted must be sufficient in quality and quantity to establish the safety and effectiveness of the investigational product to the satisfaction of the FDA. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA conducts a preliminary review of all BLAs within the first 60 days after submission before accepting them for filing to determine whether they are sufficiently
complete to permit substantive review. The FDA may request additional information rather than accept an application for filing. Under the performance goals and policies implemented by the FDA under PDUFA, once a BLA has been submitted, the
FDA&#8217;s goal for novel biological products generally is to review the application within ten months after it accepts the application for filing, or, if the application is granted priority review, six months after the FDA accepts the application
for filing. The FDA does not always meet its PDUFA goal dates, and the review process may be extended. For example, the review process and the PDUFA goal date may be extended by three months if the FDA requests or if the applicant otherwise provides
additional data, analysis or information that FDA deems a major amendment. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Before approving a BLA, the FDA typically will inspect the facility or facilities where
the product is manufactured. The FDA will not approve an application unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements and adequate to assure consistent production of the product within
required specifications. Additionally, before approving a BLA, the FDA will typically inspect the sponsor and one or more clinical sites to assure compliance with GCPs. Material changes in manufacturing equipment, location, or process post-approval,
may result in additional regulatory review and approval. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA is required to refer an application for a novel biological product to an advisory committee or
explain why such referral was not made. An advisory committee is a panel of independent experts, including clinicians and other scientific experts, that reviews, evaluates and provides a recommendation as to whether the application should be
approved and under what conditions. The FDA is not bound by the recommendations of an advisory committee, but it considers such recommendations carefully when making decisions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>The FDA&#8217;s decision on a BLA </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On the basis of the FDA&#8217;s evaluation
of the application and accompanying information, including the results of the inspection of the manufacturing facilities and any FDA inspections of nonclinical and clinical trial sites to assure compliance with GLPs or GCPs, the FDA may approve the
BLA or issue a complete response letter. Under the PHSA, the FDA may approve a BLA if it determines the product is safe, pure, and potent, and that the facility in which the product will be manufactured, processed, packaged or held meets standards
designed to assure the product&#8217;s continued safety, purity and potency. If the FDA determines the product meets those standards, it may issue an approval letter authorizing commercial marketing of the biological product with specific
prescribing information for specific indications. If the application is not approved, FDA will issue a complete response letter, which indicates that the review cycle of the application is complete and the application is not ready for approval. A
complete response letter will identify the deficiencies that prevent the FDA from approving the application and may require additional clinical data or an additional Phase 3 clinical trial(s), or other significant, expensive and time-consuming
requirements related to clinical trials, nonclinical studies or manufacturing. Even if such additional information is submitted, the FDA may ultimately decide that the BLA does not satisfy the criteria for approval and issue a denial. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA could also approve the BLA with a Risk Evaluation and Mitigation Strategy, or REMS, program to mitigate risks, which could include medication guides, physician
communication plans, or elements to assure safe use, such as restricted distribution methods, patient registries and other risk minimization tools. The FDA also may condition approval on, among other things, changes to proposed labeling, development
of adequate controls and specifications, or a commitment to conduct one or more post-market studies or clinical trials. Such post-market testing may include Phase 4 clinical trials and surveillance to further assess and monitor the product&#8217;s
safety and effectiveness after commercialization. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Orphan drug designation </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the Orphan Drug Act, the FDA may grant orphan designation to a drug or biological product intended to treat a rare disease or condition, which is generally a
disease or condition that affects fewer than 200,000 individuals in the U.S., or more than 200,000 individuals in the U.S. and for which there is no reasonable expectation that the cost of developing and making a drug or biological product available
in the U.S. for this type of disease or condition will be recovered from sales of the product. Orphan product designation must be requested before submitting a BLA. After the FDA grants orphan product designation, the identity of the therapeutic
agent and its potential orphan use are disclosed publicly by the FDA. Orphan product designation does not convey any advantage in or shorten the duration of the regulatory review and approval process. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Orphan drug designation entitles a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and <FONT
STYLE="white-space:nowrap">user-fee</FONT> waivers. Additionally, if a product that has orphan designation subsequently receives the first FDA approval for the disease or condition for which it has such designation, the product is entitled to orphan
product exclusivity, which means that the FDA may not approve any other applications to market the same drug or biological product for the same indication for seven years, except in limited circumstances, such as a showing of clinical superiority to
the product with orphan exclusivity. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The period of exclusivity begins on the date that the marketing application is approved by the FDA and applies only to the
indication for which the product has been designated. The FDA may approve a second application for the same product for a different use or a second application for a clinically superior version of the product for the same use. The FDA cannot,
however, approve the same product made by another manufacturer for the same indication during the market exclusivity period unless it has the consent of the sponsor, or the sponsor is unable to provide sufficient quantities. If a drug or biological
product designated as an orphan product receives marketing approval for an indication broader than what is designated, it may not be entitled to orphan product exclusivity. Orphan drug status in the European Union has similar, but not identical,
benefits. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA has historically taken the position that the scope of orphan exclusivity aligns with the approved indication or use of a product, rather than the
disease or condition for which the product received orphan designation. However, in <I>Catalyst Pharms., Inc. v. Becerra</I>, 14 F.4th 1299 (11th Cir. 2021), the court disagreed with this position, holding that orphan-drug exclusivity blocked the
FDA&#8217;s approval of the same drug for all uses or indications within the same orphan-designated disease. On January&nbsp;24, 2023, the FDA published a notice in the Federal Register to clarify that the FDA intends to continue to apply its
longstanding interpretation of the regulations to all matters outside of the scope of the Catalyst order and will continue tying the scope of orphan-drug exclusivity to the uses or indications for which a drug is approved. It is unclear how future
litigation, legislation, agency decisions, and administrative actions will impact the scope of orphan drug exclusivity. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Expedited review programs </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA offers a number of expedited development and review programs for qualifying product candidates. New biological products are eligible for fast track designation
if they are intended to treat a serious or life-threatening disease or condition and demonstrate the potential to address unmet medical needs for the disease or condition. Fast track designation applies to the combination of the product and the
specific indication for which it is being studied. The sponsor of a new biologic may request that the FDA designate the biologic as a fast track product at any time during the clinical development of the product. The sponsor of a fast track product
has opportunities for more frequent interactions with the applicable FDA review team during product development and, once a BLA is submitted, the product candidate may be eligible for priority review. A fast track product may also be eligible for
rolling review, where the FDA may consider for review sections of the BLA on a rolling basis before the complete application is submitted, if the sponsor provides a schedule for the submission of the sections of the BLA, the FDA agrees to accept
sections of the BLA and determines that the schedule is acceptable, and the sponsor pays any required user fees upon submission of the first section of the BLA. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A product candidate intended to treat a serious or life-threatening disease or condition may also be eligible for
breakthrough therapy designation to expedite its development and review. A product candidate can receive breakthrough therapy designation if preliminary clinical evidence indicates that the product candidate, alone or in combination with one or more
other drugs or biologics, may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. The designation includes all of
the fast track program features, as well as more intensive FDA interaction and guidance beginning as early as Phase 1 and an organizational commitment to expedite the development and review of the product candidate, including involvement of senior
managers. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any marketing application for a biologic submitted to the FDA for approval, including a product candidate with a fast track designation and/or
breakthrough therapy designation, may be eligible for other types of FDA programs intended to expedite development and review, such as priority review. An application for a biological product will receive priority review designation if it is for a
biological product that treats a serious condition and, if approved, would provide a significant improvement in safety or effectiveness. The FDA will attempt to direct additional resources to the evaluation of an application for a new biological
product designated for priority review in an effort to facilitate the review. For original BLAs, priority review designation means the FDA&#8217;s goal is to take action on the marketing application within six months of the <FONT
STYLE="white-space:nowrap">60-day</FONT> filing date (as compared to ten months under standard review). </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Fast track designation, breakthrough therapy designation,
and priority review do not change the standards for approval but may expedite the development or approval process. Even if a product candidate qualifies for one or more of these programs, the FDA may later decide that the product no longer meets the
conditions for qualification or decide that the time period for FDA review or approval will not be shortened. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Accelerated approval </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Product candidates studied for their safety and effectiveness in treating serious conditions may receive accelerated approval upon a determination that the product has
an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit, or on a clinical endpoint that can be measured earlier than irreversible morbidity or mortality, that is reasonably likely to predict an effect on irreversible
morbidity or mortality or other clinical benefit, taking into account the severity, rarity or prevalence of the condition and the availability or lack of alternative treatments. As a condition of accelerated approval, the FDA will generally require
the sponsor to perform adequate and well-controlled post-marketing clinical studies to verify and describe the anticipated effect on irreversible morbidity or mortality or other clinical benefit. Under the Food and Drug Omnibus Reform Act of 2022,
or FDORA, the FDA may require, as appropriate, that such trials be underway prior to approval or within a specific time period after the date of approval for a product granted accelerated approval. Under FDORA, the FDA has increased authority for
expedited procedures to withdraw approval of a biologic or indication approved under accelerated approval if, for example, the sponsor fails to conduct the required post-marketing studies or if such studies fail to verify the predicted clinical
benefit. In addition, for products being considered for accelerated approval, the FDA generally requires, unless otherwise informed by the FDA, that all advertising and promotional materials intended for dissemination or publication within 120 days
of marketing approval be submitted to FDA for review during the <FONT STYLE="white-space:nowrap">pre-approval</FONT> period. After 120&nbsp;days following marketing approval, unless otherwise informed by the FDA, advertising and promotional
materials must be submitted at least 30 days prior to the intended time of initial dissemination or publication. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Project Optimus </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In 2021, the FDA&#8217;s Oncology Center of Excellence launched Project Optimus, an initiative to reform the dose optimization and dose selection paradigm in oncology
drug development to emphasize selection of an optimal dose, which is a dose that maximizes not only the efficacy of a drug but also its safety and tolerability. Project </P>
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Optimus was driven by the FDA&#8217;s concerns that the historical approach to dose selection, which generally determined the maximum tolerated dose, may have resulted in doses and schedules of
molecularly targeted therapies that were inadequately characterized before the initiation of pivotal trials. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Project Optimus requires the implementation of
strategies for dose finding and dose optimization that leverage nonclinical and clinical data in dose selection, including randomized evaluations of a range of doses in trials. This initiative emphasizes the performance of dose finding and dose
optimization studies as early and efficiently as possible in development programs. In support of this initiative, the FDA may request sponsors of oncology product candidates to conduct dose optimization studies. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Post-approval requirements </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Biological products manufactured or distributed
pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA, including, among other things, requirements relating to recordkeeping, periodic reporting, product sampling and distribution, advertising and promotion and
reporting of adverse experiences with the product. After approval, most changes to the approved product, such as adding new dosage forms, indications or other labeling claims, are subject to prior FDA review and approval. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Biological product manufacturers are required to register their establishments with the FDA and certain state agencies and are subject to periodic unannounced
inspections for compliance with cGMPs. Changes to the manufacturing process are strictly regulated, and, depending on the significance of the change, may require prior FDA approval before being implemented. FDA regulations also require investigation
and correction of any deviations from cGMP and impose reporting and documentation requirements upon us and any third-party manufacturers that we may decide to use. Manufacturers and manufacturers&#8217; facilities are also required to comply with
applicable product tracking and tracing requirements and notify the FDA of counterfeit, diverted, stolen and intentionally adulterated products or products that are otherwise unfit for distribution in the U.S.&nbsp;Accordingly, manufacturers must
continue to expend time, money and effort in the area of production and quality control to maintain compliance with cGMP and other aspects of regulatory compliance. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A biological product may also be subject to official lot release, meaning that the manufacturer is required to perform certain tests on each lot of the product before it
is released for distribution. If the product is subject to official lot release, the manufacturer must submit samples of each lot, together with a release protocol showing a summary of the history of manufacture of the lot and the results of all of
the manufacturer&#8217;s tests performed on the lot, to the FDA. The FDA may perform certain confirmatory tests on lots of some products before releasing the lots for distribution. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Until we are able to establish our own cGMP manufacturing facility, we expect to continue to rely, on third parties for the production of clinical quantities of our
product candidates, and expect to rely in the future on third parties for the production of commercial quantities. Future FDA and state inspections may identify compliance issues at our facilities or at the facilities of our contract manufacturers
that may disrupt production, or distribution, or may require substantial resources to correct. In addition, discovery of previously unknown problems with a product or the failure to comply with applicable requirements may result in restrictions on a
product, manufacturer or holder of an approved BLA, including withdrawal or recall of the product from the market or other voluntary, <FONT STYLE="white-space:nowrap">FDA-initiated</FONT> or judicial action that could delay or prohibit further
marketing. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA may suspend or revoke product license approvals if compliance with regulatory requirements and standards is not maintained or if problems occur
after the product reaches the market. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or with manufacturing processes, or failure to comply with regulatory requirements,
may result in revisions to the approved labeling to add new safety information; imposition of post-market studies or clinical trials to assess new safety risks; or imposition of distribution restrictions or other restrictions under a REMS program.
</P>
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FDA has authority to require post-market studies, in certain circumstances, on reduced effectiveness of a biological product and FDA may require labeling changes related to new reduced
effectiveness information. Other potential consequences of a failure to maintain regulatory compliance include, among other things: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">restrictions on the marketing or manufacturing of the product, complete withdrawal of the product from the market or
product recalls; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">issuance of safety alerts, Dear Healthcare Provider letters, press releases or other communications containing warnings or
other safety information about the product; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">untitled letters or warning letters; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">imposition of clinical holds on ongoing clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">refusal of the FDA to approve pending BLAs or supplements to approved BLAs, or suspension or revocation of approved BLAs;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">product seizure or detention, or refusal to permit the import or export of products; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">mandated modification of promotional materials and labeling, and the issuance of corrective information;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">consent decrees, corporate integrity agreements, debarment or exclusion from federal healthcare programs; or
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">fines, injunctions or the imposition of civil or criminal penalties. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA strictly regulates marketing, labeling, advertising, and promotion of prescription drug products, including biological products. These regulations include, among
other things, standards and regulations for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-</FONT></FONT> consumer advertising, communications regarding unapproved uses, industry-sponsored scientific and educational
activities and promotional activities involving the internet and social media. Promotional claims about a drug&#8217;s safety or effectiveness are prohibited before the BLA is approved. Once a BLA is approved, the sponsor can only make those claims
relating to safety, efficacy, purity and potency that are consistent with the biological product&#8217;s approved label. Additionally, promotional materials for prescription drug products must be submitted to the FDA in conjunction with their first
use. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the U.S., healthcare professionals are generally permitted to prescribe legally available drugs for uses that are not described in the product&#8217;s
labeling and that differ from those approved by the FDA. The FDA does not regulate the practice of medicine or healthcare providers&#8217; choice of treatments; however, FDA restricts manufacturers&#8217; communications of <FONT
STYLE="white-space:nowrap">off-label</FONT> uses. If a company, including any agent of the company or anyone speaking on behalf of the company, is found to have promoted <FONT STYLE="white-space:nowrap">off-label</FONT> uses, the company may become
subject to adverse public relations and administrative and judicial enforcement by the FDA, the DOJ, or the Office of the Inspector General of HHS, as well as state authorities. This could subject a company to a range of penalties that could have a
significant commercial impact, including civil and criminal fines and agreements that materially restrict the manner in which a company promotes or distributes drug products. The federal government has levied large civil and criminal fines against
companies for alleged improper promotion and has also requested that companies enter into consent decrees or permanent injunctions under which specified promotional conduct is changed or curtailed. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Pediatric trials and exclusivity </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the Pediatric Research Equity Act of
2003, a BLA (or BLA supplement thereto) must contain data that are adequate to assess the safety and effectiveness of the product for the claimed indications in all relevant pediatric subpopulations and to support dosing and administration for each
pediatric subpopulation for which the product is safe and effective. A sponsor who is planning to submit a marketing application for a biological </P>
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product that includes a new active ingredient, new indication, new dosage form, new dosing regimen or new route of administration must submit an initial Pediatric Study Plan, or PSP, within sixty
days of an end of Phase 2 meeting or as may be agreed between the sponsor and FDA. The initial PSP must include an outline of the pediatric study or studies that the sponsor plans to conduct, including study objectives and design, age groups,
relevant endpoints and statistical approach, or a justification for not including such detailed information, and any request for a deferral of pediatric assessments or a full or partial waiver of the requirement to provide data from pediatric
studies along with supporting information. Generally, development program candidates designated as orphan drugs are exempt from the above requirements. FDA and the sponsor must reach agreement on the PSP. A sponsor can submit amendments to an agreed
upon initial PSP at any time if changes to the pediatric plan need to be considered based on data collected from nonclinical studies, early phase clinical trials, and/or other clinical development programs. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The FDA may, on its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval of the product
for use in adults, or full or partial waivers from the pediatric data requirements. The FDA may send a <FONT STYLE="white-space:nowrap">non-compliance</FONT> letter to any sponsor that fails to submit the required assessment, keep a deferral current
or fails to submit a request for approval of a pediatric formulation. Unless otherwise required by regulation, the pediatric data requirements do not apply to products with orphan designation. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Pediatric exclusivity is another type of <FONT STYLE="white-space:nowrap">non-patent</FONT> exclusivity in the U.S. and, if granted for a biologic, provides for the
attachment of an additional six months of marketing protection to the term of any existing regulatory exclusivity for all formulations, dosage forms, and indications of the biologic, including the five-year and
<FONT STYLE="white-space:nowrap">three-year</FONT> <FONT STYLE="white-space:nowrap">non-patent</FONT> and orphan exclusivity. This <FONT STYLE="white-space:nowrap">six-month</FONT> exclusivity may be granted if a BLA sponsor submits pediatric data
that fairly respond to a written request from the FDA for such data, provided that at the time pediatric exclusivity is granted there is not less than nine months of term remaining. The data do not need to show the product to be effective in the
pediatric population studied; rather, if the clinical trial is deemed to fairly respond to the FDA&#8217;s request, the additional protection is granted. If reports of <FONT STYLE="white-space:nowrap">FDA-requested</FONT> pediatric trials are
submitted to and accepted by the FDA within the statutory time limits, whatever statutory or regulatory periods of exclusivity or patent protection covering the product are extended by six months. This is not a patent term extension, but it
effectively extends the regulatory period during which the FDA cannot accept or approve another application relying on the BLA sponsor&#8217;s data. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Patent term
restoration </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Depending upon the timing, duration, and specifics of the FDA approval of the use of our product candidates, some of our U.S. patents may be
eligible for limited patent term extension under the Drug Price Competition and Patent Term Restoration Act of 1984, commonly referred to as the Hatch-Waxman Amendments. The Hatch-Waxman Amendments permit a patent restoration term of up to five
years as compensation for patent term lost during product development and the FDA regulatory review process. However, patent term restoration cannot extend the remaining term of a patent beyond a total of 14 years from the product&#8217;s approval
date. The patent term restoration period is generally <FONT STYLE="white-space:nowrap">one-half</FONT> the time between the effective date of an IND and the submission date of a BLA, plus the time between the submission date and the approval of that
application. Only one patent applicable to an approved product is eligible for the extension and the application for the extension must be submitted prior to the expiration of the patent and within 60 days of the product&#8217;s approval. The U.S.
Patent and Trademark Office, in consultation with the FDA, reviews and approves the application for any patent term extension or restoration. In the future, we may apply for restoration of patent term for one of our currently owned or licensed
patents to add patent life beyond its current expiration date, depending on the expected length of the clinical trials and other factors involved in the filing of the relevant BLA. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Regulation of diagnostic patient selection tool </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that the success of certain of our product candidates may depend, in part, on the development and commercialization of an imaging agent that will serve, where
needed, as a patient selection tool. This diagnostic imaging agent is subject to FDA regulation, review, and approval in the same manner as the therapeutic biological products we are seeking to develop and commercialize and are subject to the same
risks. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Other regulatory matters </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Manufacturing, sales, promotion and
other activities of product candidates following product approval, where applicable, or commercialization are also subject to regulation by numerous regulatory authorities in the U.S. in addition to the FDA, which may include the Centers for
Medicare&nbsp;&amp; Medicaid Services, or CMS, other divisions of the Department of Health and Human Services, or HHS, the Department of Justice, the Drug Enforcement Administration, the Consumer Product Safety Commission, the Federal Trade
Commission, the Occupational Safety&nbsp;&amp; Health Administration, the Environmental Protection Agency and state and local governments and governmental agencies. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>European Union/rest of world government regulation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition to
regulations in the U.S., we will be subject to a variety of regulations in other jurisdictions governing, among other things, clinical trials and any commercial sales and distribution of our products. The cost of establishing a regulatory compliance
system for numerous varying jurisdictions can be very significant. Although many of the issues discussed above with respect to the United States apply similarly in the context of the European Union and in other jurisdictions, the approval process
varies between countries and jurisdictions and can involve additional product testing and additional administrative review periods. The time required to obtain approval in other countries and jurisdictions might differ from and be longer than that
required to obtain FDA approval. Regulatory approval in one country or jurisdiction does not ensure regulatory approval in another, but a failure or delay in obtaining regulatory approval in one country or jurisdiction may negatively impact the
regulatory process in others. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Whether or not we obtain FDA approval for a product, we must obtain the requisite approvals from regulatory authorities in foreign
countries prior to the commencement of clinical trials or marketing of the product in those countries. Certain countries outside of the United States have a similar process that requires the submission of a clinical trial application much like the
IND prior to the commencement of human clinical trials. In the European Union, for example, a clinical trial authorization application must be submitted for each clinical protocol to each country&#8217;s national health authority and an independent
ethics committee, much like the FDA and IRB, respectively. Under the EU Clinical Trials Regulation, this is now done through a single application submitted through the Clinical Trials Information System, or CTIS, as described in more detail below.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The requirements and process governing the conduct of clinical trials vary from country to country. In all cases, the clinical trials are conducted in accordance
with GCP, the applicable regulatory requirements, and the ethical principles that have their origin in the Declaration of Helsinki. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To obtain regulatory approval of
a medicinal product under European Union regulatory systems, we must submit a marketing authorization application. The content of the BLA filed in the U.S. is similar to that required in the European Union, with the exception of, among other things,
country-specific document requirements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For other countries outside of the European Union, such as countries in Eastern Europe, Latin America or Asia, the
requirements governing product licensing, pricing, and reimbursement vary from country to country. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Countries that are part of the European Union, as well as
countries outside of the European Union, have their own governing bodies, requirements, and processes with respect to the approval of biological products. If we </P>
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fail to comply with applicable foreign regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product recalls, seizure of
products, operating restrictions and criminal prosecution. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Clinical trial approval in the European Union </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In April 2014, the European Union adopted the Clinical Trials Regulation (EU) No 536/2014, which replaced the Clinical Trials Directive 2001/20/EC on January&nbsp;31,
2022. The Clinical Trials Regulation is directly applicable in all European Union Member States meaning no national implementing legislation in each European Union Member State is required. The Clinical Trials Regulation aims to simplify and
streamline the approval of clinical trials in the European Union. The main characteristics of the regulation include: a streamlined application procedure via a single-entry point, through the CTIS; a single set of documents to be prepared and
submitted for the application as well as simplified reporting procedures for clinical trial sponsors; and a harmonized procedure for the assessment of applications for clinical trials, which is divided in two parts (Part I contains scientific and
medicinal product documentation and Part II contains the national and patient-level documentation). Part I is assessed by a coordinated review by the competent authorities of all European Union Member States in which an application for authorization
of a clinical trial has been submitted (Member States concerned) of a draft report prepared by a reference Member State. Part II is assessed separately by each Member State concerned. Strict deadlines have also been established for the assessment of
clinical trial applications. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Marketing authorization procedures in the European Union </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Medicines can be authorized in the European Union by using either the centralized authorization procedure or national authorization procedures. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The European Commission implemented the centralized procedure for the approval of human medicines to facilitate marketing authorizations that are valid throughout the
European Economic Area, or the EEA, which is comprised of the Member States of the European Union plus Norway, Iceland, and Lichtenstein. The centralized procedure is administered by the European Medicines Agency, or EMA, and is compulsory for human
medicines that are: derived from certain biotechnology processes, such as genetic engineering, contain a new active substance indicated for the treatment of certain diseases, such as HIV, AIDS, cancer, diabetes, neurodegenerative disorders or
autoimmune diseases and other immune dysfunctions, advanced therapy medicines (gene therapy, somatic cell therapy or tissue-engineered medicines), and officially designated orphan medicines. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For medicines that do not fall within these categories, an applicant has the option of submitting an application for a centralized marketing authorization to the EMA, as
long as the medicine concerned contains a new active substance not yet authorized in the European Union, is a significant therapeutic, scientific or technical innovation, or if its authorization would be in the interest of public health in the
European Union. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the centralized procedure, the EMA&#8217;s Committee for Medicinal Products for Human Use, or the CHMP, is responsible for conducting the
initial assessment of a product and for several post-authorization and maintenance activities, such as the assessment of modifications or extensions to an existing marketing authorization. Under the centralized procedure in the European Union, the
maximum timeframe for the evaluation of a marketing authorization application is 210 days (excluding clock stops, when additional written or oral information is to be provided by the applicant in response to questions asked by the CHMP). Clock stops
may extend the timeframe of evaluation of a marketing authorization application considerably beyond 210 days. Where the CHMP gives a positive opinion, it provides the opinion together with supporting documentation to the European Commission, who
makes the final decision to grant a marketing authorization, which is issued within 67 days of receipt of the EMA&#8217;s recommendation. Accelerated evaluation might be granted by the CHMP in exceptional cases, when a medicinal product is expected
to be of a major public health interest, particularly from the point of view of therapeutic innovation. In this circumstance, the EMA ensures that the opinion of the CHMP is given within </P>
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150&nbsp;days, excluding clock stops, but it is possible that the CHMP can revert to the standard time limit for the centralized procedure if it considers that it is no longer appropriate to
conduct an accelerated assessment. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Prior to obtaining a marketing authorization in the European Union, applicants must demonstrate compliance with all measures
included in an <FONT STYLE="white-space:nowrap">EMA-approved</FONT> pediatric investigation plan, or PIP, covering all subsets of the pediatric population, unless the EMA has granted a product-specific waiver, a class waiver, or a deferral for one
or more of the measures included in the PIP. The Pediatric Committee of the EMA, or the PDCO, may grant deferrals for some medicines, allowing a company to delay development of the medicine for children until there is enough information to
demonstrate its effectiveness and safety in adults. The PDCO may also grant waivers when development of a medicine for children is not needed or is not appropriate, such as for diseases that only affect the elderly population. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Data and market exclusivity in the European Union </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the European Union,
innovative medicinal products approved on the basis of a complete and independent data package qualify for eight years of data exclusivity upon marketing authorization and an additional two years of market exclusivity. This data exclusivity, if
granted, prevents regulatory authorities in the European Union from referencing the innovator&#8217;s <FONT STYLE="white-space:nowrap">pre-clinical</FONT> and clinical trial data contained in the dossier of the reference product when applying for a
generic or biosimilar marketing authorization in the European Union, during a period of eight years from the date on which the reference product was first authorized in the European Union. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Reform of the regulatory framework in the European Union </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The European
Commission introduced legislative proposals in April 2023 that, if implemented, will replace the current regulatory framework in the European Union for all medicines (including those for rare diseases and for children). The European Commission has
provided the legislative proposals to the European Parliament and the European Council for their review and approval and, in April 2024, the European Parliament proposed amendments to the legislative proposals. Once the European Commission&#8217;s
legislative proposals are approved (with or without amendment), they will be adopted into European Union law. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The aforementioned European Union rules are generally
applicable in the EEA. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Brexit and the Regulatory Framework in the United Kingdom </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The United Kingdom, or UK, formally left the European Union on January&nbsp;31, 2020, and the European Union and the UK have concluded a trade and cooperation agreement,
or TCA, which was provisionally applicable since January&nbsp;1, 2021 and has been formally applicable since May&nbsp;1, 2021. The TCA includes specific provisions concerning pharmaceuticals, which include the mutual recognition of cGMP, inspections
of manufacturing facilities for medicinal products and cGMP documents issued, but does not provide for wholesale mutual recognition of UK and EU pharmaceutical regulations. At present, Great Britain has implemented European Union legislation on the
marketing, promotion and sale of medicinal products through the Human Medicines Regulations 2012 (as amended) (under the Northern Ireland Protocol, the European Union regulatory framework currently continues to apply in Northern Ireland). The
regulatory regime in Great Britain therefore aligns in many ways with current European Union regulations, however it is likely that these regimes will diverge significantly in the future now that Great Britain&#8217;s regulatory system is
independent from the European Union and the TCA does not provide for mutual recognition of UK and European Union pharmaceutical legislation. However, notwithstanding that there is no wholesale recognition of European Union pharmaceutical legislation
under the TCA, under a new international recognition procedure which was put in place by the MHRA on January&nbsp;1, 2024, the MHRA may take into account decisions on the approval of a marketing authorization from the EMA (and certain other
regulators) when considering an application for a Great Britain marketing authorization. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On February&nbsp;27, 2023, the UK government and the European Commission announced a political agreement in principle
to replace the Northern Ireland Protocol with a new set of arrangements, known as the &#8220;Windsor Framework&#8221;. This new framework fundamentally changes the existing system under the Northern Ireland Protocol, including with respect to the
regulation of medicinal products in the UK. In particular, the MHRA will be responsible for approving all medicinal products destined for the UK market (i.e., Great Britain and Northern Ireland), and the EMA will no longer have any role in approving
medicinal products destined for Northern Ireland. A single <FONT STYLE="white-space:nowrap">UK-wide</FONT> marketing authorization will be granted by the MHRA for all medicinal products to be sold in the UK, enabling products to be sold in a single
pack and under a single authorization throughout the UK. The Windsor Framework was approved by the <FONT STYLE="white-space:nowrap">EU-UK</FONT> Joint Committee on March&nbsp;24, 2023, so the UK government and the European Union will enact
legislative measures to bring it into law. On June&nbsp;9, 2023, the MHRA announced that the medicines aspects of the Windsor Framework will apply from January&nbsp;1, 2025. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Pharmaceutical coverage, pricing and reimbursement </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the U.S. and foreign
markets, sales of any products for which we may receive regulatory approval for commercial sale will depend in part on the availability of coverage and reimbursement for our products from third-party payors, such as government healthcare programs
(e.g., Medicare, Medicaid), managed care organizations, private health insurers, health maintenance organizations, and other organizations. These third-party payors decide which medications they will pay for and will establish reimbursement levels.
The availability of coverage and extent of reimbursement by governmental and other third-party payors is essential for patients depending on government or commercial insurance to pay for the costs of prescription medications and other medical
products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the U.S., the principal decisions about reimbursement for new medicines are typically made by the CMS, an agency within the HHS. CMS decides whether
and to what extent products will be covered and reimbursed under Medicare and private payors tend to follow CMS to a substantial degree. Third-party payors may also limit coverage to specific products on an approved list, or formulary, which might
not include all of the <FONT STYLE="white-space:nowrap">FDA-approved</FONT> products for a particular indication. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Factors payors consider in determining
reimbursement are based on whether the product is: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a covered benefit under its health plan; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">safe, effective and medically necessary; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">appropriate for the specific patient; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">cost-effective; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">neither experimental nor investigational. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our ability to successfully commercialize our product candidates will depend in part on the extent to which coverage and adequate reimbursement for these products and
related treatments will be available from third-party payors, including government healthcare programs (e.g., Medicare, Medicaid), managed care organizations, private health insurers, health maintenance organizations, and other organizations.
Moreover, a payor&#8217;s decision to provide coverage for a drug product does not imply that an adequate reimbursement rate will be approved. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the U.S., no
uniform policy of coverage and reimbursement for drug products exists among third-party payors. Therefore, coverage and reimbursement for drug products can differ significantly from payor to payor. One payor&#8217;s determination to provide coverage
for a product does not assure that other payors will also provide coverage and reimbursement for the product, and the level of coverage and reimbursement can differ significantly from payor to payor. Third-party payors are increasingly challenging
pharmaceutical prices and examining the medical necessity </P>
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and cost- effectiveness of medical products and services, in addition to their safety and efficacy. In order to secure coverage and reimbursement for any product that might be approved for sale,
we may need to conduct expensive pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of our products, in addition to the costs required to obtain FDA or comparable regulatory approvals. Additionally, we may
also need to provide discounts to purchasers, private health plans or government healthcare programs. Our product candidates may nonetheless not be considered medically necessary or cost-effective. If third-party payors do not consider a product to
be cost-effective compared to other available therapies, they may not cover the product after approval as a benefit under their plans or, if they do, the level of payment may not be sufficient to allow a company to sell its products at a profit. A
decision by a third-party payor not to cover a product could reduce utilization once the product is approved and have a material adverse effect on sales, our operations and financial condition. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Further, the process for determining whether a payor will provide coverage for a product may be separate from the process for setting the reimbursement rate that the
payor will pay for the product. A payor&#8217;s decision to provide coverage for a drug product does not imply that an adequate reimbursement rate will be approved. Even if we obtain coverage for a given product, the resulting reimbursement payment
rates might not be adequate for us to achieve or sustain profitability or may require <FONT STYLE="white-space:nowrap">co-payments</FONT> that patients find unacceptably high. There is significant uncertainty related to insurance coverage and
reimbursement of newly approved products. It is difficult to predict at this time what third-party payors will decide with respect to the coverage and reimbursement for our product candidates. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Net prices for drugs may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors and impacted by any future relaxation
of laws that presently restrict imports of drugs from countries where they may be sold at lower prices than in the U.S. In addition, many pharmaceutical manufacturers must calculate and report certain price reporting metrics to the government, such
as average sales price and best price. Penalties may apply in some cases when such metrics are not submitted accurately and timely. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The marketability of any product
candidates for which we receive regulatory approval for commercial sale may suffer if third-party payors fail to provide adequate coverage and reimbursement. In addition, emphasis on managed care in the U.S. has increased and could increase the
pressure on pharmaceutical pricing. Coverage policies and third-party reimbursement rates may change at any time. Even if favorable coverage and reimbursement status is attained for one or more products for which we receive regulatory approval, less
favorable coverage policies and reimbursement rates may be implemented in the future. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Other U.S. Healthcare Laws </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Healthcare providers, physicians, and third-party payors will play a primary role in the recommendation and prescription of drug products for which we obtain marketing
approval. Arrangements with third-party payors, healthcare providers and physicians, as well as patients and other third parties, in connection with the clinical research, sales, marketing and promotion of products, once approved, and related
activities, may expose a pharmaceutical manufacturer to broadly applicable fraud and abuse and other healthcare laws and regulations. In the U.S., these laws include, without limitation, state and federal anti-kickback, false claims, transparency,
consumer protection, and patient data privacy and cybersecurity laws and regulations, including but not limited to those described below: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">The Anti-Kickback Statute, or AKS, makes it illegal for any person or entity, including a prescription drug manufacturer
(or a party acting on its behalf) to knowingly and willfully solicit, receive, offer or pay any remuneration (including any kickback, bribe, or rebate), directly or indirectly, overtly or covertly, in cash or in kind, that is intended to induce or
reward, referrals including the purchase, recommendation, order or prescription of a particular drug for which payment may be made, in whole or in part, under a federal healthcare program, such as the Medicare and Medicaid programs. The term
&#8220;remuneration&#8221; has been </P></TD></TR></TABLE>
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broadly interpreted to include anything of value. The AKS has been interpreted to apply to arrangements between pharmaceutical manufacturers on one hand and prescribers, purchasers, patients, and
formulary managers on the other. A person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. Further, courts have found that if &#8220;one purpose&#8221; of
remuneration is to induce referrals, the AKS is violated. In addition, the government may assert that a claim including items or services resulting from a violation of the AKS constitutes a false or fraudulent claim for purposes of the federal False
Claims Act, or FCA. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">The federal civil and criminal false claims laws, including the FCA, impose criminal and civil penalties against
individuals or entities for, among other things, knowingly presenting, or causing to be presented, claims for payment or approval from Medicare, Medicaid, or other federal or state health care programs that are false or fraudulent; knowingly making
or causing a false statement material to a false or fraudulent claim or an obligation to pay or transmit money or property to the federal government; or knowingly concealing or knowingly and improperly avoiding or decreasing such an obligation. The
FCA also permits a private individual acting as a whistleblower to bring actions on behalf of the federal government alleging violations of the FCA and to share in any monetary recovery. Manufacturers can be held liable under the federal False
Claims Act even when they do not submit claims directly to government payors if they are deemed to &#8220;cause&#8221; the submission of false or fraudulent claims. Pharmaceutical and other healthcare companies have been, and continue to be,
prosecuted under these laws, among other things, for allegedly providing kickbacks to providers or patients or causing false claims to be submitted because of the companies&#8217; marketing of the product for unapproved, <FONT
STYLE="white-space:nowrap">off-label,</FONT> and thus generally <FONT STYLE="white-space:nowrap">non-reimbursable,</FONT> uses. Similar to the AKS, a person or entity does not need to have actual knowledge of these statutes or specific intent to
violate them in order to have committed a violation. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">The Civil Monetary Penalties Law, which covers a variety of conduct, often violations under other laws, and includes
penalties for violating the AKS, causing the submission of false claims, and offering or transfer of remuneration to a Medicare or state healthcare program beneficiary if the person knows or should know it is likely to influence the
beneficiary&#8217;s selection of a particular provider, practitioner, or supplier of services reimbursable by Medicare or a state healthcare program. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">The federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, as amended by the Health Information
Technology for Economic and Clinical Health Act of 2009, or HITECH, and their respective implementing regulations, imposes criminal and civil liability for knowingly and willfully executing, or attempting to execute, a scheme to defraud any
healthcare benefit program (e.g., public or private) or making any false, fictitious or fraudulent statements in connection with the delivery of, or payment for, healthcare benefits, items or services relating to healthcare matters. Like the AKS,
the Patient Protection and Affordable Care Act, or the ACA, amended the intent standard for certain healthcare fraud statutes under HIPAA such that a person or entity no longer needs to have actual knowledge of the statute or specific intent to
violate it in order to have committed a violation. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">HIPAA, also imposes requirements related to the privacy, security and transmission of individually identifiable health
information that may apply to many healthcare providers, physicians, and third-party payors with whom we interact. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">The federal Physician Payments Sunshine Act and its implementing regulations, which require manufacturers of drugs,
devices, biologics and medical supplies for which payment is available under Medicare, Medicaid or the Children&#8217;s Health Insurance Program, with specific exceptions, to report annually to CMS, under the Open Payments Program, information
related to payments or other transfers of value made to physicians (which has the same meaning as under Section&nbsp;1861(r) of the Social Security Act, which generally includes doctors of medicine, osteopathy, dentists, optometrists, podiatrists
and chiropractors who are legally authorized to practice by a state), to certain <FONT STYLE="white-space:nowrap">non-physician</FONT> providers such as physician assistants and nurse practitioners,
</P></TD></TR></TABLE>
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and to teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members. </P></TD></TR></TABLE>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Federal government price reporting laws, which require manufacturers to calculate and report certain calculated product
prices to the government or provide certain discounts or rebates to government authorities or private entities, often as a condition of reimbursement under governmental healthcare programs. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Federal consumer protection and unfair competition laws broadly regulate marketplace activities and activities that
potentially harm consumers. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Analogous state laws and regulations, such as state anti-kickback, false claims, consumer protection and unfair competition
laws which may apply to pharmaceutical business practices, including but not limited to, research, distribution, sales and marketing arrangements as well as submitting claims involving healthcare items or services reimbursed by any third-party
payor, including commercial insurers; state laws that require pharmaceutical companies to comply with the pharmaceutical industry&#8217;s voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government that
otherwise restricts payments that may be made to healthcare providers and other potential referral sources; state laws that require drug manufacturers to file reports with states regarding pricing and marketing information, such as the tracking and
reporting of gifts, compensation and other remuneration and items of value provided to healthcare professionals and entities; state and local laws requiring the registration of pharmaceutical sales representatives; and state laws governing the
privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and may not have the same effect, thus complicating compliance efforts. The scope and enforcement of each of these laws is
uncertain and subject to rapid change in the current environment of healthcare reform. In addition, commercialization of any drug product outside the U.S. will also likely be subject to foreign equivalents of the healthcare laws mentioned above,
among other foreign laws. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Because of the breadth of these laws and the narrowness of the statutory exceptions and safe harbors available, it is
possible that some of our business activities could be subject to challenge under one or more of such laws in the future. If our operations are found to be in violation of any of such laws or any other governmental regulations that apply to us, we
may be subject to, on a corporate or individual basis, penalties, including civil and criminal penalties, damages, fines, the curtailment or restructuring of our operations, the exclusion from participation in federal and state healthcare programs
and even imprisonment, any of which could materially adversely affect our ability to operate our business and our financial results. In addition, the cost of implementing sufficient systems, controls, and processes to ensure compliance with all of
the aforementioned laws could be significant. Any action for violation of these laws, even if successfully defended, could cause us to incur significant legal expenses and divert management&#8217;s attention from the operation of the company&#8217;s
business. If any of the physicians or other healthcare providers or entities with whom we expect to do business is found noncompliant with applicable laws, that person or entity may be subject to criminal, civil or administrative sanctions,
including exclusions from government funded healthcare programs. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">It is not always possible to identify and deter employee misconduct, and the precautions we take to
detect and prevent inappropriate conduct may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such
laws or regulations. Efforts to ensure that our business arrangements will comply with applicable healthcare laws may involve substantial costs. It is possible that governmental and enforcement authorities will conclude that our business practices
may not comply with current or future statutes, regulations or case law interpreting applicable fraud and abuse or other healthcare laws and regulations. If any such actions are instituted against us and we are not successful in defending ourselves
or asserting our rights those actions, our business may be impaired. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">183 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the ordinary course of our business, we and the third parties upon which we rely collect, receive, store, or
otherwise process personal data, including information we may collect about participants in our clinical trials. Our data processing activities subject us to numerous, evolving data privacy and cybersecurity obligations, such as various laws,
regulations, guidance, industry standards, external and internal privacy and security policies, contractual requirements, and other obligations relating to data privacy and cybersecurity. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The legislative and regulatory framework for the processing of personal data worldwide is rapidly evolving in a manner that is increasingly stringent and, globally, this
legal and regulatory framework is likely to remain uncertain for the foreseeable future. In the U.S., numerous federal, state and local laws and regulations, including federal health information privacy laws, state information security and data
breach notification laws, federal consumer protection laws (e.g., Section&nbsp;5 of the Federal Trade Commission Act), state consumer protection and privacy laws, and other similar laws (e.g., wiretapping and communications interception laws) govern
the processing of health-related and other personal data. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At the state level, numerous U.S. states have enacted comprehensive privacy laws that impose certain
obligations on covered businesses, including providing specific disclosures in privacy notices and affording individuals certain rights concerning their personal data. Similar laws are being considered in several other states, as well as at the
federal and local levels, and we expect more states to pass similar laws in the future. While existing state comprehensive privacy laws exempt some data processed in the context of clinical trials, these developments may further complicate
compliance efforts, and increase legal risk and compliance costs for us and the third parties upon whom we rely. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Additionally, a smaller number of states have
passed or are considering laws governing the privacy of consumer health data. For example, Washington&#8217;s My Health My Data Act broadly defines consumer health data, creates a private right of action to allow individuals to sue for violations of
the law, imposes stringent consent requirements, and grants consumers certain rights with respect to their health data, including to request deletion of their information. Connecticut and Nevada have also passed similar laws regulating consumer
health data. These various data privacy and cybersecurity laws may impact our business activities, including our identification of research subjects, relationships with business partners and ultimately the marketing and distribution of our products.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Additionally, to the extent we collect personal information from individuals outside of the United States, through clinical trials or otherwise, we are, or may
become, subject to foreign data privacy and security laws, such as the European Union&#8217;s General Data Protection Regulation 2016/679 (or EU GDPR) and other national data protection legislation in force in relevant EEA Member States, and the EU
GDPR as it forms part UK law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (or UK GDPR). Foreign data privacy and cybersecurity laws impose significant and complex compliance obligations on entities that are subject to those
laws, as more fully discussed in the section titled &#8220;Risk Factors&#8212;Risks related to government regulation&#8221;. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Current and Future U.S. Healthcare
Reform Legislation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Payors, whether domestic or foreign, or governmental or private, are developing increasingly sophisticated methods of controlling healthcare
costs and those methods are not always specifically adapted for new and innovative technologies, such as pharmaceutical products like [<SUP STYLE="font-size:75%; vertical-align:top">225</SUP>Ac]Ac-AKY-1189. In both the U.S. and certain foreign
jurisdictions, there have been a number of legislative and regulatory changes to the health care system that could impact our ability to sell products profitably. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">By way of example, the U.S. and state governments continue to propose and pass legislation designed to reduce the cost of healthcare. In March 2010, the ACA, was
enacted, which, among other things, increased the minimum Medicaid rebates owed by most manufacturers under the Medicaid Drug Rebate Program; extended the Medicaid Drug Rebate program to utilization of prescriptions of individuals enrolled in
Medicaid managed care </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">184 </P>

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organizations; subjected manufacturers to new annual fees and taxes for certain branded prescription drugs; created the Medicare Part D coverage gap discount program, in which manufacturers agree
to provide 70% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sale</FONT></FONT> discounts off negotiated prices of applicable brand drugs to eligible beneficiaries during their coverage gap period, as a condition for the
manufacturer&#8217;s outpatient drugs to be covered under Medicare Part D; and provided incentives to programs that increase the federal government&#8217;s comparative effectiveness research. Current laws, as well as other healthcare reform measures
that may be adopted in the future, may result in more rigorous coverage criteria and in additional downward pressure on the price for any approved products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Since
its enactment, there have been, and continue to be, numerous judicial, administrative, executive, and legislative challenges to certain aspects of the ACA, and there could be additional amendments to the ACA in the future. It is unclear whether the
ACA will be overturned, repealed, replaced, or further amended. We cannot predict what effect further changes to the ACA would have on our business. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Additionally,
there have been several U.S. congressional inquiries and proposed federal and proposed and enacted state legislation designed to, among other things, bring more transparency to drug pricing, review the relationship between pricing and manufacturer
patient support programs, reduce the costs of drugs under Medicare and reform government program reimbursement methodologies for drug products. For example, on August&nbsp;16, 2022, the Inflation Reduction Act of 2022, or IRA, was signed into law by
President Biden. The IRA includes several provisions that may impact pharmaceutical companies to varying degrees, including provisions that create a $2,000 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT>
cap for Medicare Part D beneficiaries; impose new manufacturer financial liability on all drugs in Medicare Part D; allow the U.S. government to negotiate Medicare Part B and Part D pricing caps for certain high-cost drugs and biologics without
generic or biosimilar competition; require companies to pay rebates to Medicare for drug prices that increase faster than inflation; and delay the rebate rule that would require pass through of pharmacy benefit manager rebates to beneficiaries.
Generally, these government prices can apply as soon as nine years (for small-molecule drugs) or 13&nbsp;years (for biological products) from their FDA approval and will be capped at a statutory ceiling price that is likely to represent a
significant discount from average prices to wholesalers and direct purchasers. The implementation of the IRA is currently subject to ongoing litigation that challenges the constitutionality of the IRA&#8217;s Medicare drug price negotiation program.
The full impact of the IRA on our business and the pharmaceutical and healthcare industry in general is not yet known. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At the state level, legislatures have
increasingly passed legislation and implemented regulations designed to control pharmaceutical product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure and
transparency measures, and, in some cases, designed to encourage importation from other countries and bulk purchasing. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Employees and Human Capital Resources
</B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, we had 76 full-time employees. Of these employees, 66 are engaged in research and development and 10 are engaged in business
development, finance, legal, and general management and administration. Our human capital resources objectives include identifying, recruiting, retaining, incentivizing and integrating our existing and new employees, advisors and consultants. None
of our employees are represented by labor unions or covered by collective bargaining agreements. We consider our relationship with our employees to be good. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Facilities </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our corporate headquarters is located in Boston, Massachusetts,
where we lease and occupy 17,944 square feet of office and laboratory space. The current term of our Boston lease expires in January 2033. We also lease an </P>
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aggregate of 12,089 square feet of laboratory and office space in two facilities in Durham, North Carolina, under leases that expire in April 2027 and September 2026. We believe our existing
facilities are sufficient for our needs for the foreseeable future. To meet the future needs of our business, we may lease additional or alternate space, and we believe suitable additional or alternative space will be available in the future on
commercially reasonable terms. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Legal proceedings </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">From time to time, we
may become involved in litigation or other legal proceedings. We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. Regardless of
outcome, litigation can have an adverse impact on our business, financial condition, results of operations and prospects because of defense and settlement costs, diversion of management resources and other factors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">186 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_11"></A>Management </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Executive officers and directors </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table provides information
regarding our current executive officers and directors, including their ages as of December&nbsp;1, 2025: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Age</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Position(s)</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B></B><B><I>Executive officers</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Matthew Roden, PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">President, Chief Executive Officer and Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Kyle D. Kuvalanka</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Operating Officer</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Paul L. Feldman, PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Scientific Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B></B><B><I><FONT STYLE="white-space:nowrap">Non-employee</FONT> directors</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Todd Foley, MBA<SUP STYLE="font-size:75%; vertical-align:top">(2)(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chair of the Board of Directors</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Ken Herrmann, MD<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Helen S. Kim, MBA<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Andrew Levin, MD, PhD<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Oleg Nodelman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Lloyd M. Segal, MBA<SUP STYLE="font-size:75%; vertical-align:top">(1)(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Michael A. Sherman<SUP STYLE="font-size:75%; vertical-align:top">(1)(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
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<TD VALIGN="bottom">Director</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Mary Thistle<SUP STYLE="font-size:75%; vertical-align:top">(1)(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
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<TD VALIGN="bottom">Director</TD></TR>
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<TD COLSPAN="7" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Member of the audit committee. </TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
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<TD ALIGN="left" VALIGN="top">Member of the compensation committee. </TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
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<TD ALIGN="left" VALIGN="top">Member of the nominating and corporate governance committee. </TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">(4)</TD>
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<TD ALIGN="left" VALIGN="top">Dr.&nbsp;Levin will resign from our board of directors effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Executive officers </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Matthew Roden, PhD</I></B> has served as our
President and Chief Executive Officer and as a member of our board of directors since September 2020. Since August 2020, Dr.&nbsp;Roden has worked as an Entrepreneur Partner at MPM BioImpact LLC, a biotechnology investment firm. Dr.&nbsp;Roden also
serves as a member of the board of directors of Orna Therapeutics, Inc., a biotechnology company, since May 2024 following its acquisition of ReNAgade Therapeutics Inc. where he had served on the board of directors since January 2023. Previously,
Dr.&nbsp;Roden served on the board of directors of NextPoint Therapeutics, Inc., a clinical-stage biotechnology company, from October 2020 to December 2024, iTeos Therapeutics, Inc. (Nasdaq: ITOS), a clinical-stage biopharmaceutical company, from
November 2020 to February 2023, and as Chairman of Tumeric Acquisition Corporation, a special purpose acquisition company, from September 2020 to December 2022. From November 2019 to August 2020, he was Senior Vice President and Head of Enterprise
Strategy at Bristol Myers Squibb, a global pharmaceutical company. From May 2016 to November 2019, he served as Head of Strategic Corporate Development, accountable for mergers and acquisitions, structured transactions, strategic equity investing,
and divestitures, and concurrently served as Head of Global Business Development Assessment at Bristol Myers Squibb, leading business development search and evaluation activities for all therapeutic categories. Dr.&nbsp;Roden also previously worked
as an equity research analyst at UBS Investment Bank and J.P. Morgan. Dr.&nbsp;Roden holds a PhD in Microbiology and Immunology from the Albert Einstein College of Medicine, an MS from Georgetown University, a BS from George Mason University and was
a <FONT STYLE="white-space:nowrap">pre-doctoral</FONT> fellow at the National Cancer Institute. We believe that Dr.&nbsp;Roden&#8217;s leadership experience spanning both the pharmaceutical and financial industries qualifies him to serve on our
board of directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Kyle D. Kuvalanka</I></B> has served as our Chief Financial Officer since November 2025. Mr. Kuvalanka previously served as Chief
Financial Officer and Chief Business Officer of ROME Therapeutics, Inc. since November 2023. </P>
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Prior to ROME Therapeutics, from April 2020 to April 2023, he served as the Chief Financial Officer and Chief Operating Officer of Goldfinch Bio, Inc., or Goldfinch. In January 2023 Goldfinch
initiated an Assignment for the Benefit of Creditors pursuant to Delaware state law. From April 2021 until September 2023, Mr. Kuvalanka served as a member of the board of directors and audit chair of IMV Inc., or IMV, a clinical stage
biopharmaceuticals company. In December 2023, IMV filed an assignment pursuant to section 49(1) of the Bankruptcy and Insolvency Act (Canada) voluntarily declaring bankruptcy. Previously, Mr.&nbsp;Kuvalanka served as the Chief Operating Officer and
Principal Financial and Accounting Officer of Syros Pharmaceuticals (Nasdaq: SYRS) and Chief Business Officer and Principal Financial and Accounting Officer of Blueprint Medicines Corporation (Nasdaq: BPMC). Form 2002 to September 2013, Mr.
Kuvalanka worked at Takeda Pharmaceuticals and at Millennium prior to its takeover by Takeda, including as vice president, corporate strategy, business development and alliance management from 2009 to September 2013. Mr. Kuvalanka holds a BA from
Wesleyan University and an MBA from The Wharton Business School of the University of Pennsylvania. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Shulamit
<FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD </I></B>has served as our Chief Operating Officer since September 2022. Previously, <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> served as the Vice President, Portfolio Strategy
for the Research and Early Development organization at Bristol Myers Squibb, from March 2021 until September 2022, where she led portfolio and program strategy, budget management, and operating model design and its implementation. <FONT
STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> also held various strategic and commercial roles in both United States and global markets while at Bristol Myers Squibb beginning in November of 2017. Prior to her roles at Bristol Myers Squibb,
she worked as a strategic consultant to large pharmaceutical companies and served as a Human Resource officer in the Israeli Defense Forces. <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> holds a PhD in Cancer Epigenetics from The
Hebrew University of Jerusalem and a BA in Molecular Biochemistry from Technion &#8211; Israel Institute of Technology. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Paul L. Feldman, PhD </I></B>has
served as our Chief Scientific Officer since December 2020. Previously, Dr.&nbsp;Feldman was the <FONT STYLE="white-space:nowrap">Co-Founder</FONT> and Chief Executive Officer of Phoundry Pharmaceuticals, Inc. before it was acquired by Intarcia
Therapeutics, Inc., a biopharmaceutical company, in 2015. Dr.&nbsp;Feldman then spent five years at Intarcia on the executive management team as Head of Discovery and Translational Medicine leading the discovery and development of novel peptide
therapeutics to treat metabolic disease until December 2020. Prior to his roles at Phoundry and Intarcia, he worked more than 27 years at GlaxoSmithKline (NYSE: GSK), a multinational pharmaceutical and biotechnology company, where he was part of the
discovery of five approved drugs. Dr.&nbsp;Feldman also serves on the board of directors of the Chordoma Foundation. Dr.&nbsp;Feldman holds a PhD in Chemistry from the University of California, Berkeley and BS in Chemistry from Duke University. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Directors </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Todd Foley, MBA </I></B>is our <FONT
STYLE="white-space:nowrap">co-founder</FONT> and has served as Chair of our board of directors since August 2020. Since 1999, Mr.&nbsp;Foley has worked at MPM BioImpact LLC, a biotechnology investment firm where he has served as a Managing Director
focusing on venture investments in biotech companies. Mr.&nbsp;Foley has previously served on the board of directors of Entrada Therapeutics, Inc. (Nasdaq: TRDA), from December 2018 to June 2023, Repare Therapeutics Inc. (Nasdaq: RPTX), from June
2017 to June 2024, Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM), from 2014 to June 2021, and Chiasma Inc., from May 2008 until its merger with Amryt Pharma plc in August&nbsp;2021. Mr.&nbsp;Foley also serves on the board of directors of several other
privately-held life sciences and biotechnology companies. Mr.&nbsp;Foley received a BS in Chemistry from the Massachusetts Institute of Technology and an MBA from Harvard Business School. We believe that Mr.&nbsp;Foley&#8217;s financial expertise
and experience as both an investor of and a member of the board of directors of numerous life sciences companies qualifies him to serve on our board of directors. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Ken Herrmann, MD </I></B>has served as a member of our board of directors since May 2024. Since 2016, Dr.&nbsp;Herrmann has been the Director and Chair of the
Department of Nuclear Medicine at the Universit&auml;tsmedizin Essen in Germany. Prior to that, Dr.&nbsp;Herrmann was a tenured Associate Professor at the Department of Molecular and </P>
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Medical Pharmacology at the University of California, Los Angeles, from 2015 until June 2021. Dr.&nbsp;Herrmann also served as the Chair of the EANM Oncology&nbsp;&amp; Theranostics Committee and
on the board of directors of two privately-held biotechnology companies. Currently he serves as a Section Editor of the Journal of Nuclear Medicine and as Imaging Editor of European Eurology. Dr.&nbsp;Herrmann received an MD and a Doctorate degree
in Medicine from the Humboldt Universit&auml;t Berlin and an MBA from the University of Zurich. We believe that Dr.&nbsp;Herrmann&#8217;s expertise and experience as a professor in medicine at numerous higher education institutions qualifies him to
serve on our board of directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Helen S. Kim, MBA </I></B>has served as a member of our board of directors since February 2021. Since April 2019,
Ms.&nbsp;Kim has been a Senior Managing Director of Vida Ventures, LLC, a venture capital firm. From March<I></I>&nbsp;2018 to March 2019, Ms.&nbsp;Kim was a Partner at The Column Group, a venture capital firm. Previously, Ms.&nbsp;Kim was the
Executive<I></I>&nbsp;Vice President, Business Development at Kite Pharma, Inc. from June 2014 to January 2018, where she led the business and corporate development initiatives resulting in its acquisition by Gilead in 2017. From August 2009 to
November 2014, Ms.<I></I>&nbsp;Kim worked at NGM Biopharmaceuticals Inc., a biopharmaceutical company, serving in the role of Chief Business Officer<I></I>&nbsp;from August 2009 to July 2012 and Strategic Advisor from July 2012 to November 2014.
From 2007 to 2008, she served<I></I>&nbsp;as the Chief Executive Officer and President of Kosan Biosciences Inc., a pharmaceutical company, prior to the sale of the<I></I>&nbsp;company to Bristol Myers Squibb. Prior to this, Ms.&nbsp;Kim held
various executive and leadership positions at Affymax,<I></I>&nbsp;Inc., a biopharmaceutical company, Onyx Pharmaceuticals, Inc., a biopharmaceutical company and subsidiary of Amgen<I></I>&nbsp;Inc., Protein Design Labs, Inc., a technology company,
and Chiron Corporation, a biotechnology company and a subsidiary<I></I>&nbsp;of Novartis AG. From August 2003 to November 2007, Ms.&nbsp;Kim also served as Chief Program Officer for the Gordon and<I></I>&nbsp;Betty Moore Foundation, a nonprofit
organization. Ms.&nbsp;Kim currently serves on the board of directors of Phylaxis Bioscience, LLC, since September 2024, Prothena Corporation plc (Nasdaq: PRTA), since August 2022, and on the board of directors of the privately held companies,
InduPro Labs, since February 2022, Protego Biopharma, since October 2021, IconOVir Bio, Inc., since December 2020, ReCode Therapeutics, Inc., since March 2020, and A2 Biotherapeutics, Inc., since April 2019. Ms.&nbsp;Kim previously served on the
board of directors of Applied Molecular Transport, Inc., from October 2018 until April 2022, Assembly Biosciences, Inc. (Nasdaq:&nbsp;ASMB) from March 2018 until December 2020, and Exicure, Inc. (Nasdaq: XCUR), from January 2014 until November 2020.
Ms.&nbsp;Kim received a BS in Chemical Engineering from Northwestern University and an MBA from the University of<I></I>&nbsp;Chicago. We believe that Ms.&nbsp;Kim&#8217;s business and leadership experience at numerous life sciences companies
qualifies her to serve on our board of directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Andrew Levin, MD, PhD </I></B>has served as a member of our board of directors since September 2024.
Previously, Dr.&nbsp;Levin served as the President and Founder of Carnot Pharma from 2016 to 2022. Dr.&nbsp;Levin is also <FONT STYLE="white-space:nowrap">a&nbsp;Co-Founder&nbsp;of</FONT> Eliem Therapeutics, Inc. (now Climb Bio, Inc. (Nasdaq: CLYM))
where he served as Chief Executive Officer from October 2018 to October 2020, and has served on the board of directors since February 2019 and as Executive Chairman of the board of directors since February 2023. Since 2015, Dr.&nbsp;Levin has served
as a Managing Director on the Investment Team at RA Capital Management, L.P. Previously, Dr.&nbsp;Levin was a Vice President at H.I.G. BioVentures, and prior to that he served as the Director of Pharmaceutical Sciences for the Clinton Health Access
Initiative. Dr.&nbsp;Levin holds a BS in Mechanical Engineering from Princeton University, a PhD in Biomedical Engineering from the Massachusetts Institute of Technology and an MD from Harvard Medical School. We believe that Dr.&nbsp;Levin&#8217;s
experience as an investor in early-stage biopharmaceutical and life sciences companies, as well as his experience of serving on the boards of directors of several biopharmaceutical companies, qualifies him to serve on our board of directors.
Dr.&nbsp;Levin will resign from our board of directors effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Oleg Nodelman </I></B>has served as a member of our board of directors since February 2021. Since October 2012, Mr.&nbsp;Nodelman has served as the Founder and
Portfolio Manager of EcoR1 Capital, LLC, a biotechnology-focused </P>
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investment advisory firm which invests in companies in all stages of research and development. From 2001 to 2012, he held various roles including Portfolio Manager at BVF Partners.
Mr.&nbsp;Nodelman has served as a director of the biotechnology companies, AnaptysBio, Inc. (Nasdaq: ANAB) since April 2021, Galapagos NV (Nasdaq: GLPG) since October 2024 and Zymeworks Inc. (Nasdaq: ZYME) since February 2025. Previously,
Mr.&nbsp;Nodelman served as a director of the biotechnology companies Nuvation Biosciences, Inc. (Nasdaq: NUVB) from February 2021 to December 2023 and Prothena Corporation plc from December 2019 to December 2024. Mr. Nodelman also served as a
director of Panacea Acquisition Corp. II, a blank check company, from April 2020 to February 2021. Mr.&nbsp;Nodelman earned his BS in Foreign Service with a concentration in Science and Technology from Georgetown University. We believe
Mr.&nbsp;Nodelman&#8217;s extensive biotechnology industry experience qualifies him to serve on our board of directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Lloyd M. Segal, MBA</I></B> has served
as a member of our board of directors since February 2021. Mr. Segal is the co-founder of Repare Therapeutics, Inc., a clinical-stage oncology drug developer, and served as its President and Chief Executive Officer and as a member of the board of
directors, since its incorporation in 2016 through April 2025. From February 2010 to January 2016, he was a Managing Partner with Persistence Capital Partners, a leading healthcare private equity investor. From June 2016 to March 2020, Mr. Segal
served as Entrepreneur-in-Residence with Versant Ventures, a biotechnology venture capital firm based in San Francisco. Previously, Mr. Segal served as chief executive officer of several emerging biotechnology companies including Caprion
Pharmaceuticals (now CellCarta), Advanced Bioconcept and Thallion Pharmaceuticals. Mr. Segal previously served as Chairman of LMC Diabetes &amp; Endocrinology, North America&#8217;s largest community endocrinology and diabetes clinical and research
practice, and Chairman of MedReleaf, until its $2.5 billion sale to Aurora Cannabis in 2018. He also previously served on the boards of directors of several public and private U.S. and Canadian companies. Mr. Segal received a BA in Politics from
Brandeis University and an MBA from Harvard Business School. We believe that Mr. Segal&#8217;s extensive experience in the biotechnology industry in addition to his corporate governance and executive leadership experience qualifies him to serve on
our board of directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Michael A. Sherman, MBA,</I></B>&nbsp;has served as a member of our board of directors since August 2025. Mr. Sherman currently serves
on the board of directors of Werewolf Therapeutics, Inc. (Nasdaq: HOWL), a publicly traded biopharmaceutical company, a position he has held since May 2021. Mr. Sherman previously served from April 2019 to July 2023 as Chief Executive Officer and a
member of the board of directors of Chimerix, Inc., a publicly traded biopharmaceutical company, and as chair of the board of directors of Chimerix from August 2023 to April 2025. Prior to that, Mr. Sherman served as President, Chief Executive
Officer, and member of the board of directors of Endocyte, Inc., a biopharmaceutical company, from June 2016 until December 2018, when it was acquired by Novartis. Mr. Sherman joined Endocyte in 2006 and served as its Chief Financial Officer and
Chief Operating Officer prior to becoming Chief Executive Officer. Prior to joining Endocyte, Mr. Sherman served in various executive roles, including as vice president of finance and strategic planning for Guidant Corporation, which was acquired by
Boston Scientific Corporation. He has also served on the board of directors of Biospecifics Technologies, Inc. from April 2020 until its acquisition by Endo Pharmaceuticals in December 2020, and he served as chair of the board of directors of the
Children&#8217;s Museum of Indianapolis from January 2012 until December 2022. Mr. Sherman holds a BA in economics from DePauw University and an MBA from the Tuck School of Business at Dartmouth, graduating as a Tuck Scholar. We believe that Mr.
Sherman&#8217;s 30 years&#8217; experience advancing therapeutics to commercial launch and expertise in operations and strategic transactions in the biotechnology and medical technology industries qualifies him to serve as a member of our board of
directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Mary Thistle</I></B> has served as a member of our board of directors since January 2025. Ms. Thistle previously served as Special Advisor to the
Bill &amp; Melinda Gates Medical Research Institute, or the Medical Research Institute, a non-profit biotech organization, from the fall of 2020 to June 2022, and previously served as the organization&#8217;s Chief of Staff from January 2018 to the
fall of 2020. Prior to the Medical Research Institute, she </P>
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held senior leadership positions at Dimension Therapeutics, Inc., a gene therapy company, including as Chief Operating Officer from 2016 to 2017 and Chief Business Officer from 2015 to 2016.
Prior to joining Dimension Therapeutics, Ms. Thistle held various leadership positions at Cubist Pharmaceuticals, Inc., a biopharmaceutical company, including as Senior Vice President, Business Development from 2014 to 2015, Vice President, Business
Development from 2012 to 2013 and Senior Director, Business Development from 2009 to 2012. Prior to Cubist Pharmaceuticals, she held various positions at ViaCell, Inc. and PerkinElmer LAS Inc. Ms. Thistle has served on the board of directors of
Cullinan Therapeutics, Inc. (Nasdaq: CGEM), since August 2024, Q32 Bio Inc. (Nasdaq: QTTB) (formerly known as Homology Medicines, Inc.), since March 2024, Entrada Therapeutics, Inc., since May 2021 and Vigil Neuroscience, Inc., since April 2022, as
well as on the boards of multiple private companies. Ms. Thistle also previously served on the board of directors of Alaunos Therapeutics, Inc. (formerly known as Ziopharm Oncology, Inc.) from November 2020 to December 2023. Ms. Thistle holds a BS
in Business and Accounting from the University of Massachusetts, Boston and is a former Certified Public Accountant. We believe Ms. Thistle is qualified to serve as a member of our board of directors due to her finance and business development
background and biotechnology industry experience. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Board composition </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our
business and affairs are managed under the direction of our board of directors, which currently consists of nine members. Upon completion of this offering, our board of directors will consist of eight members. The primary responsibilities of our
board of directors are to provide oversight, strategic guidance, counseling and direction to our management. Our board of directors meets on a regular basis and additionally as required. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our directors were elected to, and currently serve on, the board of directors pursuant to the board composition provisions of our Third Amended and Restated Voting
Agreement, as amended, or the Voting Agreement, among us and certain of our stockholders. The Voting Agreement will terminate upon the completion of this offering, at which point no stockholder will have any special rights regarding the election or
designation of the members of our board of directors. Our current directors elected to our board of directors pursuant to the Voting Agreement will continue to serve as directors until a successor is duly elected and qualified, or until his or her
earlier resignation or removal. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our board of directors may establish the authorized number of directors from time to time by resolution. In accordance with our
amended and restated certificate of incorporation, or Restated Charter, that will be in effect upon the closing of this offering, immediately after this offering, our board of directors will be divided into three classes with staggered three-year
terms. At each annual meeting of stockholders, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the third annual meeting following election. Our directors will be divided
among the three classes as follows: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Class&nbsp;I, which will consist of Todd Foley, Helen S. Kim and Oleg Nodelman, and their terms will expire at our first
annual meeting of stockholders to be held after the closing of this offering; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Class&nbsp;II, which will consist of Lloyd M. Segal and Mary Thistle, and their terms will expire at our second annual
meeting of stockholders to be held after the closing of this offering; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Class&nbsp;III, which will consist of Ken Herrmann, Michael A. Sherman and Matthew Roden, and their terms will expire at
our third annual meeting of stockholders to be held after the closing of this offering. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our amended and restated bylaws, or Restated Bylaws, which
will become effective upon the closing of this offering, will provide that the authorized number of directors may be changed only by resolution approved by a majority of our board of directors. Any additional directorships resulting from an increase
in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of <FONT STYLE="white-space:nowrap">one-third</FONT> of the directors. The division of our board of directors into three
classes with staggered three-year </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">191 </P>

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terms may delay or prevent a change of our management or a change of control. Our directors may be removed for cause by the affirmative vote of the holders of at least two-thirds of our voting
stock. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Director independence </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the rules of the Nasdaq Stock
Market, or the Nasdaq Listing Rules, independent directors must comprise a majority of a listed company&#8217;s board of directors within one year of the completion of its initial public offering. In addition, the Nasdaq Listing Rules require that,
subject to specified exceptions, each member of a listed company&#8217;s audit and compensation committees be independent and that director nominees be selected or recommended for the board&#8217;s selection by independent directors constituting a
majority of the independent directors or by a nominating and corporate governance committee comprised solely of independent directors. Under the Nasdaq Listing Rules, a director will only qualify as &#8220;independent&#8221; if, in the opinion of
that company&#8217;s board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that such person is &#8220;independent&#8221; as
defined under the Nasdaq Listing Rules and the rules under the Securities Exchange Act of 1934, as amended, or the Exchange Act. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Audit committee members must also
satisfy the independence criteria set forth in Rule <FONT STYLE="white-space:nowrap">10A-3</FONT> under the Exchange Act. In order to be considered independent for purposes of Rule <FONT STYLE="white-space:nowrap">10A-3,</FONT> a member of an audit
committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors or any other board committee: (1)&nbsp;accept, directly or indirectly, any consulting, advisory or other compensatory
fee from the listed company or any of its subsidiaries or (2)&nbsp;be an affiliated person of the listed company or any of its subsidiaries. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Based upon information
requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, our board of directors has determined that each of our directors, with the exception of Matthew Roden and
Todd Foley, is an &#8220;independent director&#8221; as defined under the Nasdaq Listing Rules, including, in the case of all the members of our audit committee, the independence criteria set forth in Rule
<FONT STYLE="white-space:nowrap">10A-3</FONT> under the Exchange Act, and in the case of all the members of our compensation committee, the independence criteria set forth in Rule <FONT STYLE="white-space:nowrap">10C-1</FONT> under the Exchange Act
and are <FONT STYLE="white-space:nowrap">&#8220;non-employee</FONT> directors&#8221; as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;16b-3</FONT> of the Exchange Act. In making these determinations, our board of directors considered the
current and prior relationships that each <FONT STYLE="white-space:nowrap">non-employee</FONT> director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including
the beneficial ownership of our shares by each <FONT STYLE="white-space:nowrap">non-employee</FONT> director and the transactions described in the section titled &#8220;Certain relationships and related person transactions.&#8221; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There are no family relationships among any of our directors or executive officers. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Board leadership structure </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our board of directors is currently chaired by
Todd Foley, who has authority, among other things, to call and preside over board of directors meetings, to set meeting agendas and to determine materials to be distributed to the board of directors. Accordingly, the Chairperson has substantial
ability to shape the work of the board of directors. We believe that separation of the positions of Chairperson and Chief Executive Officer reinforces the independence of the board of directors in its oversight of our business and affairs. In
addition, we have a separate chair for each committee of our board of directors. The chair of each committee is expected to report annually to our board of directors on the activities of their committee in fulfilling their responsibilities as
detailed in their respective charters or specify any shortcomings should that be the case. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">192 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Role of the board in risk oversight </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our board of directors has, and, upon the completion of this offering, its committees will also have, an active role in overseeing the management of our risks. Our board
of directors is responsible for general oversight of risks and regular review of information regarding our risks, including credit risks, liquidity risks and operational risks. The compensation committee will be responsible for overseeing the
management of risks relating to our executive compensation plans and arrangements. The audit committee will be responsible for overseeing the management of risks relating to accounting matters and financial reporting, as well as risks relating to
cybersecurity matters. The nominating and governance committee will be responsible for overseeing the management of risks associated with the independence of our board of directors and potential conflicts of interest. Although each committee will be
responsible for evaluating certain risks and overseeing the management of such risks, the entire board of directors will be regularly informed through discussions from committee members about such risks. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Board committees </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our board of directors will establish an audit committee, a
compensation committee and a nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members serve on these committees until their resignation or
until otherwise determined by our board of directors. Each committee intends to adopt a written charter that satisfies the application rules and regulation of the Securities and Exchange Commission, or the SEC, and the Nasdaq Listing Rules, which we
will post to our website at <I>www.aktisoncology.com</I> upon the completion of this offering. Our board of directors may establish other committees as it deems necessary or appropriate from time to time. Information contained on, or accessible
through, our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is only an inactive textual reference. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Audit committee </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The audit committee&#8217;s responsibilities upon
completion of this offering will include, among others: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">appointing, retaining, terminating, approving the compensation of, and evaluating the qualifications, performance,
procedures and independence of, our independent registered public accounting firm; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overseeing the work of our independent registered public accounting firm, including through the receipt and consideration
of written periodic reports and resolving disagreements between management and such firm; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">pre-approving</FONT> all audit and permitted
<FONT STYLE="white-space:nowrap">non-audit</FONT> services to be performed by our independent registered public accounting firm; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly
financial statements and related disclosures, including earnings releases; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overseeing and periodically reviewing with our independent registered public accounting firm our compliance with all
applicable requirements of the Public Company Accounting Oversight Board; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">making recommendations to the board of directors to take appropriate action in response to the disclosures and statements
made within the written periodic reports and discussions with the independent registered accounting firm to satisfy itself of such firms&#8217; independence; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and discussing with management and our independent registered public accounting firm any material issues
regarding accounting principles and financial statement presentations and the steps taken to deal with such issues; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">193 </P>

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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing disclosures about any significant deficiencies or material weaknesses in our internal control structures and
procedures, including disclosures in our annual and quarterly reports; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">coordinating our board of directors&#8217; oversight of our internal control over financial reporting, disclosure controls
and procedures, code of business conduct and ethics, procedures for complaints and legal and regulatory matters; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and discussing with management and our independent registered public accounting firm any material issues
regarding cybersecurity risks and processes for assessing, identifying and managing material risks from cybersecurity threats; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and discussing our risk management policies, including with respect to our enterprise, financial, legal privacy
and regulatory risk assessment and risk exposures; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">establishing policies regarding hiring employees from our independent registered public accounting firm and procedures for
the receipt and retention of accounting related complaints and concerns; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">meeting independently with our independent registered public accounting firm and management; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and approving any related person transactions; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overseeing our guidelines and policies governing risk assessment and risk management; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overseeing and periodically reviewing the integrity of our information technology systems, process and data;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">preparing the audit committee report required by the rules of the SEC; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and assessing, at least annually, the adequacy of the audit committee&#8217;s charter; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">performing, at least annually, an evaluation of the performance of the audit committee. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">All audit services and all <FONT STYLE="white-space:nowrap">non-audit</FONT> services, other than de minimis <FONT STYLE="white-space:nowrap">non-audit</FONT> services,
to be provided to us by our independent registered public accounting firm must be approved in advance by our audit committee. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The members of our audit committee are
Mary Thistle, Lloyd M. Segal and Michael A. Sherman. Mary Thistle chairs the audit committee. Our board of directors has determined that each member of our audit committee has sufficient knowledge in financial and auditing matters to serve on the
audit committee. Our board of directors has also determined that Mary Thistle is an &#8220;audit committee financial expert,&#8221; as defined under Item&nbsp;407 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that the composition and functioning of our audit committee complies with all applicable requirements of the Sarbanes-Oxley Act of 2022, or the Sarbanes-Oxley
Act, and all applicable SEC and Nasdaq Listing Rules and regulations. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Compensation committee </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our compensation committee&#8217;s responsibilities upon completion of this offering will include, among others: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">developing and implementing our overall compensation strategy to ensure the attraction and retention of key management
personnel, the motivation of management to achieve the our corporate goals and strategies and the alignment of the interests of management with the long-term interests of the our stockholders; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and approving performance goals and objectives relevant to compensation of our chief executive officer and other
executive officers; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">evaluating the performance of the chief executive officer and executive officers in light of their performance goals and
objectives, including during executive sessions of <FONT STYLE="white-space:nowrap">non-employee</FONT> directors, and recommending to our board of directors the compensation of our chief executive officer and other executive officers;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">194 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and making recommendations to the board of directors with respect to
<FONT STYLE="white-space:nowrap">non-employee</FONT> director compensation; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing, overseeing and administering our equity incentive plans, granting awards under such plan and making
recommendations to the board of directors about the adoption of any new or modifying existing equity-based, cash-based, management incentive and deferred compensation plans; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">establishing and reviewing &#8220;clawback&#8221; policies that allow the recouping of incentive compensation;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing, considering and selecting, to the extent determined to be advisable, a peer group of appropriate companies for
purposing of benchmarking and analysis of compensation for our executive officers and <FONT STYLE="white-space:nowrap">non-employee</FONT> directors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">recommending to our board of directors any stock ownership guidelines for our executive officers and <FONT
STYLE="white-space:nowrap">non-employee</FONT> directors, periodically assessing these guidelines and recommending revisions as appropriate, and monitoring individual compliance with these guidelines; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">retaining, appointing or obtaining advice of a compensation consultant, legal counsel or other advisor and determining the
compensation and independence of such consultant or advisor; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">preparing, if required, the compensation committee report on executive compensation for inclusion in our annual report on
Form <FONT STYLE="white-space:nowrap">10-K</FONT> and our proxy statement in accordance with SEC rules; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">monitoring our compliance with the requirements of the Sarbanes-Oxley Act relating to loans to directors and officers;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and approving all employment contract and other compensation, severance and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">change-in-control</FONT></FONT> arrangements for our executive officers; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">establishing and periodically reviewing policies and procedures with respect to perquisites as they relate to our executive
officers; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing the risks associated with our compensation policies and practices; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overseeing the maintenance and presentation to our board of directors of management&#8217;s plans for succession to senior
management positions based on guidelines developed and recommended to the compensation committee to the full board of directors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing our strategies, initiatives and programs with respect to our culture, talent recruitment, development, and
retention, employee engagement and diversity and inclusion; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">maintaining minutes of the compensation committee and reporting its actions and any recommendations to the board of
directors on a periodic basis; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and assessing, at least annually, the adequacy of the compensation committee&#8217;s charter; and
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">performing, on an annual basis, an evaluation of the performance of the compensation committee. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The members of our compensation committee are Todd Foley, Michael A. Sherman and Mary Thistle. Todd Foley chairs the compensation committee. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that the composition and functioning of our compensation committee complies with all applicable requirements of the Sarbanes-Oxley Act, and all applicable SEC
and Nasdaq Listing Rules and regulations. We intend to comply with future requirements to the extent they become applicable to us. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">195 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Nominating and corporate governance committee </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our nominating and corporate governance committee&#8217;s responsibilities upon completion of this offering will include, among others: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">recommending to our board of directors the criteria for board and committee membership, including a description of the
specific qualifications the nominating and corporate governance committee believes directors should possess, and periodically reassessing such criteria; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">recommending to our board of directors the persons to be nominated for election as directors and to each committee of the
board; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">establishing policies and procedures to be followed under which our stockholders may recommend a candidate to the
nominating and corporate governance committee for consideration for nomination as a director; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">establishing a process for identifying and evaluating nominees for election to the board, including nominees recommended by
stockholders; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and recommending committee slates on an annual basis; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">recommending to our board of directors qualified candidates to fill vacancies on our board of directors;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">developing and recommending to our board of directors a set of corporate governance principles applicable to us and
reviewing the principles periodically; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and making recommendations to our board with respect to our board size, composition, leadership structure and
board committee structure; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing, in concert with our board of directors, our policies with respect to significant issues of corporate public
responsibility, including but not limited to sustainability, diversity and inclusion and environmental, social and governance initiatives; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">making recommendations to our board of directors of processes for annual evaluations of the performance of our board of
directors and committees of our board of directors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overseeing the process for annual evaluations of our board of directors and its committees, including individual directors
and our management; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">considering and reporting to our board of directors any questions of possible conflicts of interest of members of our board
of directors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing with management the company&#8217;s social corporate responsibility activities, policies, and program;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">providing new director orientation and continuing education for existing directors on a periodic basis;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">overseeing the maintenance and presentation to our board of directors of management&#8217;s plans for succession to senior
management positions in the company; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">reviewing and assessing, at least annually, the adequacy of the nominating and corporate governance committee&#8217;s
charter; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">performing, on an annual basis, an evaluation of the performance of the nominating and corporate governance committee.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">196 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The members of our nominating and corporate governance committee are&nbsp;Todd Foley, Ken Herrmann and Helen S. Kim.
Todd Foley chairs the nominating and corporate governance committee. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that the composition and functioning of our nominating and corporate governance
committee complies with all applicable requirements of the Sarbanes-Oxley Act, and all applicable SEC and Nasdaq Listing Rules and regulations. We intend to comply with future requirements to the extent they become applicable to us. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our board of directors may establish other committees from time to time. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Code of
business conduct and ethics </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have adopted a Code of Business Conduct and Ethics, or the Code of Conduct, which will take effect upon the closing of this
offering, applicable to all of our employees, executive officers and directors. This includes our principal executive officer, principal financial officer and principal accounting officer or controller, or persons performing similar functions.
Following the closing of this offering, the full text of the Code of Conduct will be available on our website at <I>www.aktisoncology.com</I>. We intend to disclose on our website any future amendments of our Code of Conduct or waivers that exempt
any principal executive officer, principal financial officer, principal accounting officer or controller, persons performing similar functions or our directors from provisions in the Code of Conduct. Information contained on, or that can be accessed
through, our website is not incorporated by reference into this prospectus. We have included our website in this prospectus solely as an inactive textual reference. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Compensation committee interlocks and insider participation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">None of the
members of the compensation committee is currently, or has been at any time, one of our officers or employees. None of our executive officers currently serves, or has served during the last completed fiscal year, as a member of the board of
directors or compensation committee of any entity that has one or more executive officers serving as a member of our board of directors or compensation committee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">197 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_12"></A>Executive and director compensation </B></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>The following discussion and analysis of compensation arrangements should be read with the compensation tables and related disclosures set forth below. This
discussion contains forward looking statements that are based on our current plans and expectations regarding future compensation programs. The actual compensation programs that we adopt may differ materially from the programs summarized in this
discussion. </I></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Introduction </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This section describes the material
elements of the compensation awarded to, earned by, or paid to our President and Chief Executive Officer, Matthew Roden, PhD, and our next two most highly compensated executive officers, Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT>
PhD, our Chief Operating Officer, and Paul L. Feldman, PhD, our Chief Scientific Officer, for our fiscal year ended December&nbsp;31, 2024. These executives are collectively referred to as our named executive officers. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Summary compensation table </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth the compensation
awarded to, earned by, or paid to our named executive officers in respect of their service to us for the fiscal year ended December&nbsp;31, 2024: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Name and Principal Position</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Year</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Salary ($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Nonequity<BR>incentive plan<BR>compensation<BR>($)<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Option<BR>Awards<BR>($)<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>All other<BR>compensation<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Total ($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Matthew Roden, PhD <BR><I>President and Chief Executive Officer</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">454,901</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">188,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,213,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,857,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD <BR><I>Chief Operating Officer</I></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">409,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">126,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">872,363</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,409,077</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Paul L. Feldman, PhD <BR><I>Chief Scientific Officer</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">425,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">130,330</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">617,550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,173,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="24" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The amounts shown in this column represent annual bonuses earned with respect to fiscal year 2024 under our annual bonus program. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The amounts reported in this column represent the aggregate grant date fair value of stock awards and option awards granted to the named executive officers during 2024, as calculated in accordance with FASB ASC Topic
718. Such grant date value does not take into account any estimated forfeitures related to service-based vesting conditions. The assumptions used in the grant date fair value of the awards in this column are described in Note
9&#8212;&#8220;Stock-Based Compensation&#8221; to our consolidated financial statements included elsewhere in this prospectus. </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Employment
arrangements with our named executive officers </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have entered into executive employment agreements with each of our named executive officers. Each employment
agreement provides for <FONT STYLE="white-space:nowrap">&#8220;at-will&#8221;</FONT> employment and the compensation and benefits described below. In connection with this offering, we intend to enter into a new employment agreement with our named
executive officers that will be effective as of the closing of this offering. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Matthew Roden, PhD </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We entered into a letter agreement with Dr.&nbsp;Roden, dated September&nbsp;24, 2021, which was effective as of May&nbsp;1, 2021, pursuant to which he agreed to serve
as our President and Chief Executive Officer. The letter agreement provides for <FONT STYLE="white-space:nowrap">at-will</FONT> employment and either party may terminate his employment, for any reason or no reason, upon 30 days prior written notice,
although we may terminate his employment for cause (as defined in the letter agreement) at any time upon written notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">198 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The letter agreement provided that Dr.&nbsp;Roden was entitled to an initial annualized base salary of $400,000, which
reflected his initial 80% time commitment, which was subsequently increased to $557,000 in December 2024 to reflect his increased time commitment. The base salary is reviewed annually, typically in connection with our annual performance review
process and may be adjusted from time to time to realign salaries with market levels. The letter agreement also provides that Dr.&nbsp;Roden is entitled to an annual discretionary bonus, with a target of 40% of his base salary. Dr.&nbsp;Roden is
generally required to remain employed with us through the date of payment in order to earn a discretionary bonus for a fiscal year, but if, after the end of a fiscal year but prior to payment of the bonus for such fiscal year, we terminate his
employment without cause, he resigns for good reason (as defined in the letter agreement) or his employment terminates due to his death or disability (as defined in the letter agreement), he will be deemed to have earned the bonus for such prior
year as if he had remained employed by us through the payment date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We entered into a letter agreement with <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger,</FONT> dated August&nbsp;4, 2022, pursuant to which she agreed to serve as
our Chief Operating Officer. The letter agreement provides for <FONT STYLE="white-space:nowrap">at-will</FONT> employment and either party may terminate her employment, at any time, for any reason or no reason. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The letter agreement provides that <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> is entitled to an initial annualized base salary of $360,000 and also
provides that <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> is entitled to an annual discretionary bonus, with a target of 30% of her base salary. The base salary is reviewed annually, typically in connection with our annual
performance review process and may be adjusted from time to time to realign salaries with market levels. <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> is generally required to remain employed with us through the date of payment in
order to earn a discretionary bonus for a fiscal year, but if, after the end of a fiscal year but prior to payment of the bonus for such fiscal year, we terminate her employment without cause (as defined in the letter agreement), she resigns for
good reason (as defined in the letter agreement) or her employment terminates due to her death or disability (as defined in the letter agreement), she will be deemed to have earned the bonus for such prior year as if he had remained employed by us
through the payment date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> received an option to purchase 1,019,156 shares of our common stock pursuant
to our 2020 Equity Incentive Plan, immediately following the closing of our Series A Extension financing. The option vests over a period of four years, with 25% of the shares subject to the option vesting on the first anniversary of her start date
and the remaining shares vesting in equal monthly increments over the following 3 years, subject to her continued service with us through the applicable vesting date. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger</FONT> received a <FONT STYLE="white-space:nowrap">sign-on</FONT> bonus of $75,000 and a relocation
assistance payment of $90,000, subject to forfeiture in the event that <FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger&#8217;s</FONT> employment was terminated within the first year without cause or for good reason (each as defined in the
letter agreement). </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Paul L. Feldman, PhD </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We entered into a letter
agreement with Dr.&nbsp;Feldman dated October&nbsp;26, 2022, pursuant to which he agreed to serve as our Chief Scientific Officer. The letter agreement provides for <FONT STYLE="white-space:nowrap">at-will</FONT> employment and either party may
terminate his employment, at any time, for any reason or no reason. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The letter agreement provides that Dr.&nbsp;Feldman is entitled to an initial annualized base
salary of $385,000 and also provides that Dr.&nbsp;Feldman is entitled to an annual discretionary bonus, with a target of 30% of his base salary. The base salary is reviewed annually, typically in connection with our annual performance review
process and may be adjusted from time to time to realign salaries with market levels. Dr.&nbsp;Feldman is generally required to remain employed with us through the date of payment in order to earn a discretionary bonus for a fiscal year, but if,
after the end of a fiscal year but prior to payment of the bonus for such fiscal year, we terminate his employment without cause (as defined in the letter agreement), he resigns for good reason (as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">199 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
defined in the letter agreement) or his employment terminates due to his death or disability (as defined in the letter agreement), he will be deemed to have earned the bonus for such prior year
as if he had remained employed by us through the payment date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Potential payments upon termination of employment or change in control </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each of our named executive officers is entitled to severance and other benefits upon a termination of his or her employment in certain circumstances, as described
below. The terms &#8220;cause&#8221;, &#8220;good reason&#8221; and &#8220;change of control&#8221; referred to below are defined in the named executive officer&#8217;s employment agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Matthew Roden, PhD </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Dr.&nbsp;Roden&#8217;s letter agreement provides
that if we terminate Dr.&nbsp;Roden&#8217;s employment without cause (as defined in the letter agreement), he resigns for good reason (as defined in the letter agreement) or his employment terminates due to his death or disability, then, subject to
his timely execution and delivery of a separation agreement that includes a general release of claims, he will be eligible to receive (i)&nbsp;payment of base salary for 12 months (or 18 months if the termination occurs within 12 months after a
change of control(as defined in the letter agreement)), (ii) a prorated bonus for the year of termination, paid at the same time that bonuses are paid to other employees, (iii)&nbsp;payment of his COBRA premiums for the severance period described
above (or if earlier, until he is no longer eligible for COBRA coverage or becomes eligible for comparable health insurance coverage in connection with new employment or self-employment), and (iv)&nbsp;accelerated vesting of equity awards for the
number of shares that would have vested had he continued to provide service through the end of the severance period (provided that if the termination occurs within 12 months after a change of control, he is entitled to full acceleration of his
outstanding equity awards). </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger&#8217;s</FONT> letter agreement provides that if we terminate
<FONT STYLE="white-space:nowrap">Dr.&nbsp;Ron-Bigger&#8217;s</FONT> employment without cause (as defined in the letter agreement), she resigns for good reason (as defined in the letter agreement) or her employment terminates due to her death or
disability, then, subject to her timely execution and delivery of a separation agreement that includes a general release of claims, she will be eligible to receive (i)&nbsp;payment of base salary for 6 months, (ii)&nbsp;payment of her COBRA premiums
for the severance period described above (or, if earlier, until she is no longer eligible for COBRA coverage or becomes eligible for comparable health insurance coverage in connection with new employment or self-employment), and (iii)&nbsp;if the
termination occurs within 12&nbsp;months after a change of control (as defined in the letter agreement), she is entitled to full acceleration of her outstanding equity awards. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Paul L. Feldman, PhD </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Dr.&nbsp;Feldman&#8217;s letter agreement
provides that if we terminate Dr.&nbsp;Feldman&#8217;s employment without cause (as defined in the letter agreement), he resigns for good reason (as defined in the letter agreement) or his employment terminates due to his death or disability, then,
subject to his timely execution and delivery of a separation agreement that includes a general release of claims, he will be eligible to receive (i)&nbsp;payment of base salary for 6 months, (ii)&nbsp;payment of his COBRA premiums for the severance
period described above (or, if earlier, until he is no longer eligible for COBRA coverage or becomes eligible for comparable health insurance coverage in connection with new employment or self-employment), and (iii)&nbsp;if the termination occurs
within 12&nbsp;months after a change of control (as defined in the letter agreement), he is entitled to full acceleration of his outstanding equity awards. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">200 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Employment arrangements in place as of this offering for named executive officers </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Effective as of the closing of this offering, we entered into an employment agreement with each of our named executive officers, or an Executive Agreement. The Executive
Agreements provide for each named executive officer&#8217;s&nbsp;at-will&nbsp;employment and set forth, among other things, the applicable named executive officer&#8217;s annual base salary and annual target cash bonus. Pursuant to his Executive
Agreement, Dr.&nbsp;Roden&#8217;s base salary was increased to $&#8195;&#8195;&#8195; , and he is eligible to receive an annual discretionary bonus with an annual target amount of &#8195;&#8195;% of his base salary. Pursuant to their respective
Executive Agreements, <FONT STYLE="white-space:nowrap">Drs.&nbsp;Ron-Bigger&#8217;s</FONT> and Feldman&#8217;s base salary was increased to $&#8195;&#8195;&#8195; , and each is eligible to receive an annual discretionary bonus with an annual target
amount of &#8195;&#8195;% of their respective base salary. In addition, each named executive officer is&nbsp;eligible to participate in our benefit plans and programs, subject to the terms of such plans. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each of the named executive officers will also be eligible to receive severance payments and benefits in connection with a termination without &#8220;cause&#8221; or for
&#8220;good reason&#8221; (as defined in the Executive Agreements). In connection with such a termination, a named executive officer would be eligible to receive the following payments and benefits subject to the name executive officer&#8217;s
execution of a release and subject to not breaching any of the named executive officer&#8217;s post-employment contractual obligations to us: (i)&nbsp;continued payment of the named executive officer&#8217;s then-current base salary for a period of
9 months (12 months in the case of Dr. Roden) following termination, (ii)&nbsp;a pro-rated target bonus for the year in which the termination occurs, (iii) if the named executive officer was participating in the Company&#8217;s group health plan
immediately prior to the termination date and timely elects continuation coverage under COBRA, company-paid COBRA premiums for the named executive officer and such named executive officer&#8217;s eligible dependents for a period of 9 months (12
months in the case of Dr. Roden) following termination and (iv)&nbsp;in the case of Dr. Roden, accelerated vesting of the unvested portion of any outstanding time-based equity award in an amount equal to the amount that would have vested had the
named executive officer remained employed with us through the 12&nbsp;months following the date of termination. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each of the named executive officers will also be
eligible to receive enhanced severance payments and benefits (in lieu of the payments and benefits described in the immediately preceding sentence) if such a qualifying termination of employment occurs within 12 months following a &#8220;change in
control&#8221; (as defined in the Executive Agreements). In connection with such a termination, a named executive officer would be eligible to receive the following payments and benefits subject to the named executive officer&#8217;s execution of a
release and subject to not breaching any of the named executive officer&#8217;s post-employment contractual obligations to us: (i)&nbsp;a lump sum payment equal to 0.75x (or 1.0x in the case of Dr. Roden) the sum of the named executive
officer&#8217;s (A)&nbsp;then-current base salary, plus (B)&nbsp;the target bonus for the year of termination; (ii) the pro rated target bonus for the year of termination, (iii)&nbsp;if the named executive officer was participating in our group
health plan immediately prior to the termination date and timely elects continuation coverage under COBRA, company-paid COBRA premiums for the named executive officer and the named executive officer&#8217;s eligible dependents for a period of 9
months (or 12 months in the case of Dr.&nbsp;Roden) following termination, and (iii), in the case of Dr.&nbsp;Roden, 100% of all unvested and outstanding time-based equity awards shall accelerate and become fully vested and exercisable or
nonforfeitable. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Employee and retirement benefits </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We currently
provide broad-based health and welfare benefits to our full-time employees, including our named executive officers, including health, life, disability, vision, and dental insurance. In addition, we maintain a safe-harbor 401(k) retirement plan under
which we make discretionary matching <FONT STYLE="white-space:nowrap">non-elective</FONT> contributions to eligible plan participants. We did not provide any matching or discretionary contributions under the 401(k) plan during the fiscal year ended
December&nbsp;31, 2024. Other than the 401(k) plan, we do not provide any qualified or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">201 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
<FONT STYLE="white-space:nowrap">non-qualified</FONT> retirement or deferred compensation benefits to our employees, including our named executive officers. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Outstanding equity awards at fiscal <FONT STYLE="white-space:nowrap">year-end</FONT> 2024 </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth information about the outstanding equity awards held by each of our named executive officers as of December&nbsp;31, 2024: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="17" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" COLSPAN="16" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:arial" ALIGN="right"><B>Option awards</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Number&nbsp;of<BR>securities<BR>underlying<BR>unexercised<BR>options&nbsp;(#)<BR>exercisable</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Number&nbsp;of<BR>securities<BR>underlying<BR>unexercised<BR>options&nbsp;(#)<BR>unexercisable</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Option<BR>exercise<BR>price&nbsp;($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Option<BR>expiration&nbsp;date</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" ROWSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Matthew Roden, PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,105,843</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,017,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11/15/2032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,062,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4/14/2031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,354,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10/10/2034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" ROWSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">573,275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">445,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10/30/2032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6/30/2034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10/10/2034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Paul L. Feldman, PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">236,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">217,384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11/15/2032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">515,625</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">34,375</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/14/2031</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">345,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">10/10/2034</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B><FONT STYLE="white-space:nowrap">Non-Employee</FONT> director compensation </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth the compensation paid to, received by, or earned during fiscal year 2024 by the <FONT STYLE="white-space:nowrap">non-employee</FONT>
directors of our Board. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Fees&nbsp;earned<BR>or paid in<BR>cash ($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>All other<BR>compensation&nbsp;($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Total ($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Todd Foley, MBA<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Ken Herrmann, MD<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">25,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">70,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Helen S. Kim, MBA<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Andrew Levin, MD, PhD<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP><SUP
STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Oleg Nodelman<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Lloyd M. Segal, MBA<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP><SUP
STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="12" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As of December&nbsp;31, 2024, Mr.&nbsp;Foley, Ms.&nbsp;Kim, Dr. Levin and Mr. Nodelman did not hold any outstanding options or any unvested stock awards. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As of December&nbsp;31, 2024, Dr.&nbsp;Herrmann held outstanding options to purchase an aggregate of 485,000&nbsp;shares of our common stock, and did not hold any other unvested stock awards. The amount reflected in
&#8220;All other compensation&#8221; is the payment received for services Dr. Herrmann provided as the chair of our scientific advisory board during fiscal year 2024. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Dr.&nbsp;Levin will resign from our board of directors effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(4)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As of December&nbsp;31, 2024, Mr.&nbsp;Segal held outstanding options to purchase an aggregate of 310,000&nbsp;shares of our common stock, and did not hold any other unvested stock awards. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In connection with this offering, we have adopted a non-employee director compensation policy, which will become effective upon completion of this offering. Under the
policy, our non-employee directors will be compensated as follows: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">each non-employee director will receive an annual cash retainer of $45,000 ($75,000 for the chair of our board of
directors); </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">202 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">each non-employee director who is a member of the audit committee will receive an additional annual cash retainer of
$10,000 ($20,000 for the audit committee chair); </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">each non-employee director who is a member of our compensation committee will receive an additional annual cash retainer of
$7,500 ($15,000 for our compensation committee chair); and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">each non-employee director who is a member of the nominating and corporate governance committee will receive an additional
annual cash retainer of $5,000 ($10,000 for the nominating and corporate governance committee chair). </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We also expect to reimburse our non-employee
directors for reasonable out-of-pocket travel and other expenses incurred in connection with attending meetings of our board of directors and any committee of our board of directors on which they serve. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the policy, we expect that each non-employee director who is first elected or appointed to our board of directors after the completion of this offering will
receive, upon their initial election or appointment to our board of directors, an option to purchase&#8195;&#8195;&#8195; shares of our common stock under our 2026 Plan. We expect one-third of each of these options will vest over three years in
three equal annual installments, subject to the non-employee director&#8217;s continued service as a director. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Further, under the policy, beginning on the date of
each annual meeting of our stockholders occurring after the first annual meeting of our stockholders, we expect that each non-employee director will receive an option to purchase&#8195;&#8195;&#8195; shares of our common stock under our 2026 Plan.
We expect each of these options will vest upon the earlier of the first anniversary of the date of grant or the next annual meeting of our stockholders, subject to the non-employee director&#8217;s continued service as a director. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We expect that all options issued to our non-employee directors under our non-employee director compensation program will become exercisable in full upon specified
change in control events. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Director IPO option grants </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Subject to
the effectiveness of the registration statement of which this prospectus forms a part, our non-employee directors will receive an option under our 2026 Plan to purchase shares of our common stock. Ken&nbsp;Herrmann, Lloyd M. Segal, Mary Thistle and
Michael A. Sherman will each receive an option to purchase&#8195;&#8195;&#8195; shares of our common stock, with an exercise price equal to the initial price per share to the public in this offering, and will vest in full upon the one year
anniversary of the grant date, subject to each director&#8217;s continued service as a director. Todd Foley, Oleg Nodelman and Helen S. Kim will each receive an option to purchase&#8195;&#8195;&#8195; shares of our common stock, with an exercise
price equal to the initial price per share to the public in this offering, and will vest in three years in thirty-six equal monthly installments, subject to each director&#8217;s continued service as a director </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Equity plans </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>2026 Equity incentive plan </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In order to incentivize our employees and other service providers following the completion of this offering, our board of directors and stockholders have adopted the
2026 Equity Incentive Plan, or the 2026 Plan, which will become effective upon the date immediately preceding the date on which the registration statement of which this prospectus is part is declared effective by the Securities and Exchange
Commission, or the SEC. The material terms of the 2026 Plan are summarized below. The purpose of the 2026 Plan is provide incentives for our employees, directors and consultants to exert maximum efforts for the success of the Company and our
affiliates and to provide a means by which such persons may be given an opportunity to benefit from increases </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">203 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
in value of our common stock through the granting of awards. Upon the effectiveness of the 2026 Plan, no further grants may be made under the 2020 Equity Incentive Plan, or the 2020 Plan. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The 2026 Plan provides for the grant of incentive stock options, or ISOs, within the meaning of Section&nbsp;422 of the Internal Revenue Code of 1986, as amended, or the
Code, to our employees and our parent and subsidiary corporations&#8217; employees, and for the grant of nonstatutory stock options, or NSOs, stock appreciation rights, restricted stock awards, restricted stock unit awards and other forms of awards
to our employees, directors and consultants and any of our affiliates&#8217; employees and consultants. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Authorized shares</I>.&#8195;Initially, the maximum
number of shares of our common stock that may be issued under the 2026 Plan will not exceed<B><I> </I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B> shares of our common stock, plus an additional number of
shares not to exceed <B><I></I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B>shares, consisting of any shares of our common stock subject to outstanding stock options or other stock awards granted under the
2020 Plan that, following the effective date of the 2026 Plan, terminate or expire prior to exercise or settlement; are not issued because the award is settled in cash; are forfeited because of the failure to vest; or are reacquired or withheld (or
not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares of our common stock that will be reserved for issuance under the 2026 Plan will automatically increase on January&nbsp;1 of each
year for a period of ten years, beginning on January&nbsp;1, 2027 and continuing through January&nbsp;1, 2036, in an amount equal to&#8195;&#8195;&#8195;&#8195;% of the total number of shares of our common stock, Class A common stock and any
prefunded warrants outstanding on December&nbsp;31 of the immediately preceding calendar year; provided, however, that our board of directors may act prior to January 1st of a given year to provide that the increase for such year will be a lesser
number of shares of our common stock. The maximum number of shares of our common stock that may be issued on the exercise of ISOs under the 2026 Plan is
<B><I></I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B><B><I>&#8195;</I></B> shares. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Shares subject to awards that will be granted under the
2026 Plan that expire or terminate without being exercised in full will not reduce the number of shares available for issuance under the 2026 Plan. The settlement of any portion of an award in cash will not reduce the number of shares available for
issuance under the 2026 Plan. Shares withheld under an award to satisfy the exercise, strike or purchase price of an award or to satisfy a tax withholding obligation will not reduce the number of shares that will be available for issuance under the
2026 Plan. With respect to a stock appreciation right, only shares of our common stock that are issued upon settlement of the stock appreciation right will count towards reducing the number of shares available for issuance under the 2026 Plan. If
any shares of our common stock issued pursuant to an award are forfeited back to or repurchased or reacquired by us (i)&nbsp;because of a failure to meet a contingency or condition required for the vesting of such shares; (ii)&nbsp;to satisfy the
exercise, strike or purchase price of an award; or (iii)&nbsp;to satisfy a tax withholding obligation in connection with an award, the shares that are forfeited or repurchased or reacquired will revert to and again become available for issuance
under the 2026 Plan.<B><I> </I></B> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Plan administration</I>.&#8195;Our board of directors, or a duly authorized committee of our board of directors, will
administer the 2026 Plan. Our board of directors, or a duly authorized committee of our board of directors, may, in accordance with the terms of the 2026 Plan, delegate to one or more of our officers the authority to (i)&nbsp;designate employees
(other than officers) to be recipients of specified awards, and to the extent permitted by applicable law, the terms of such; and (ii)&nbsp;determine the number of shares subject to such awards granted to such employees. Under the 2026 Plan, our
board of directors, or a duly authorized committee of our board of directors, will have the authority to determine award recipients, how and when each award will be granted; the types of awards to be granted, grant dates, the number of shares
subject to each award, the fair market value of our common stock, and the provisions of each award, including the period of exercisability and the vesting schedule applicable to an award. Under the 2026 Plan, (i)&nbsp;our board of directors will
not, without stockholder approval, (A)&nbsp;reduce the exercise or strike price of an option or stock appreciation right (other than in connection with a capitalization adjustment), and (B)&nbsp;at any time when the exercise or strike price of an
option </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">204 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
or stock appreciation right is above the fair market value of a share of our common stock, cancel and <FONT STYLE="white-space:nowrap">re-grant</FONT> or exchange such option or stock
appreciation right for a new award with a lower (or no) purchase price or for cash, and (ii)&nbsp;a participant&#8217;s rights under any award will not be materially adversely affected without the participant&#8217;s written consent. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We will also designate a plan administrator to administer the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of
the 2026 Plan. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Stock options</I>.&#8195;ISOs and NSOs will be granted under stock option agreements adopted by the plan administrator. The plan administrator
will determine the exercise price for stock options, within the terms and conditions of the 2026 Plan, except the exercise price of a stock option generally will not be less than 100% (or 110% in the case of ISOs granted to a person who owns or is
deemed to own stock possessing more than 10% of our total combined voting power or that of any of our parent or subsidiary corporations, or a ten percent stockholder) of the fair market value of our common stock on the date of grant. Options granted
under the 2026 Plan will vest at the rate specified in the stock option agreement as will be determined by the plan administrator. The terms and conditions of separate options need not be identical. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">No option will be exercisable after the expiration of ten years (or five years in the case of ISOs granted to a ten percent stockholder) or a shorter period specified in
the applicable award agreement. Unless the terms of an optionholder&#8217;s stock option agreement, or other written agreement between us and the recipient, provide otherwise, if an optionholder&#8217;s service relationship with us or any of our
affiliates ceases for any reason other than disability, death, or cause, the optionholder may generally exercise any vested options for a period of &#8195;&#8195;&#8195;&#8195; months following the cessation of service. This period may be extended
in the event that exercise of the option is prohibited by applicable securities laws. If an optionholder&#8217;s service relationship with us or any of our affiliates ceases due to death, or an optionholder dies within a certain period following
cessation of service, the optionholder or a beneficiary may generally exercise any vested options for a period of 18 months following the date of death. If an optionholder&#8217;s service relationship with us or any of our affiliates ceases due to
disability, the optionholder may generally exercise any vested options for a period of 12 months following the cessation of service. In the event of a termination for cause, options generally terminate upon the termination date. If a participant is
suspended pending investigation of whether his or her service relationship with us or any of our affiliates shall be terminated for cause, the participant&#8217;s rights to exercise an option will be suspended during the investigation period. An
optionholder may not exercise an option at any time that the issuance of shares upon such exercise would violate applicable law. Unless provided otherwise in the optionholder&#8217;s stock option agreement or other written agreement between an
optionholder and us, if an optionholder&#8217;s service relationship with us or any of our affiliates ceases for any reason other than for cause and, at any time during the last thirty days of the applicable post-termination exercise period:
(i)&nbsp;the exercise of the optionholder&#8217;s option would be prohibited solely because the issuance of shares upon such exercise would violate applicable law, (ii)&nbsp;the immediate sale of any shares issued upon such exercise would violate
our trading policy or (iii)&nbsp;our board of directors has suspended exercisability of such optionholder&#8217;s option pending investigation of whether his or her service relationship with us or any of our affiliates shall be terminated for cause,
then the applicable post-termination exercise period will be extended to the last day of the calendar month that begins after the date the award would otherwise expire, with an additional extension of the exercise period to the last day of the next
calendar month to apply if any of the foregoing restrictions apply at any time during such extended exercise period. There is no limitation as to the maximum permitted number of extensions. However, in no event may an option be exercised beyond the
expiration of its term. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Acceptable consideration for the purchase of common stock issued upon the exercise of a stock option will be determined by the plan
administrator and may include (i)&nbsp;cash, check, bank draft or money order payable to us; (ii)&nbsp;a broker-assisted cashless exercise; (iii)&nbsp;subject to certain conditions, the tender of shares of our common stock previously owned by the
optionholder; (iv)&nbsp;a net exercise of the option if it is an NSO; or (v)&nbsp;other legal consideration approved by the plan administrator. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless the plan administrator provides otherwise, options or stock appreciation rights generally will not be
transferable except by will or the laws of descent and distribution. Subject to approval of the plan administrator or a duly authorized officer, an option may be transferred pursuant to a domestic relations order. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Tax limitations on ISOs</I>.&#8195;The aggregate fair market value, determined at the time of grant, of our common stock with respect to ISOs that are exercisable for
the first time by any participant during any calendar year under all of our stock plans or plans of our affiliates may not exceed $100,000. Options or portions thereof that exceed such limit will generally be treated as NSOs. No ISO may be granted
to any person who, at the time of the grant, is a ten percent stockholder unless (i)&nbsp;the option exercise price is at least 110% of the fair market value of the stock subject to the option on the date of grant; and (ii)&nbsp;the term of the ISO
does not exceed five years from the date of grant. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Restricted stock unit awards</I>.&#8195;Subject to the terms of the 2026 Plan, each restricted stock unit
award will have such terms and conditions as determined by the plan administrator. A restricted stock unit award represents a participant&#8217;s right to be issued on a future date the number of shares of our common stock that is equal to the
number of restricted stock units subject to the award. A participant will not have voting or any other rights as a stockholder of ours with respect to any restricted stock unit award (unless and until shares are actually issued in settlement of a
vested restricted stock unit award). A restricted stock unit award will generally be granted in consideration for a participant&#8217;s services to us or an affiliate, such that the participant will not be required to make any payment to us (other
than such services) with respect to the grant or vesting of the restricted stock unit award, or the issuance of any shares pursuant to the restricted stock unit award. If, at the time of grant, our board of directors determines that a participant
must pay consideration upon the issuance of shares pursuant to a restricted stock unit award, such consideration may be paid in any form of legal consideration that may be acceptable to our board of directors and permissible under applicable law. A
restricted stock unit award may be settled by cash, delivery of stock (or any combination of our common stock and cash), or in any other form of consideration determined by our board of directors and set forth in the restricted stock unit award
agreement. At the time of grant, the plan administrator may impose such restrictions or conditions on the award of restricted stock units that delay delivery to a date following the vesting of the award in a manner intended to comply with
Section&nbsp;409A of the Code, as applicable. Additionally, dividends or dividend equivalents may be paid or credited in respect of shares covered by a restricted stock unit award, subject to the same restrictions on transferability and
forfeitability as the underlying award with respect to which such dividends or dividend equivalents are granted and subject to such other terms and conditions as determined by the plan administrator and specified in the applicable restricted stock
unit award agreement. Except as otherwise provided in the applicable award agreement, or other written agreement between us and the recipient, restricted stock unit awards that have not vested will be forfeited once the participant&#8217;s
continuous service ends for any reason.<B><I> </I></B> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Restricted stock awards</I>.&#8195;Restricted stock awards will be granted under restricted stock award
agreements adopted by the plan administrator. A restricted stock award may be awarded in consideration for cash, check, bank draft or money order, past or future services to us or any of our affiliates, or any other form of legal consideration that
may be acceptable to our board of directors and permissible under applicable law. The plan administrator will determine the terms and conditions of restricted stock awards, including vesting and forfeiture terms. Dividends or dividend equivalents
may be paid or credited with respect to shares subject to a restricted stock award, subject to the same restrictions on transferability and forfeitability as the underlying award with respect to which such dividends or dividend equivalents are
granted and subject to such other terms and conditions as determined by the plan administrator and specified in the applicable restricted stock award agreement. If a participant&#8217;s service relationship with us ends for any reason, we may
receive any or all of the shares of our common stock held by the participant that have not vested as of the date the participant terminates service with us through a forfeiture condition or a repurchase right. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Stock appreciation rights</I>.&#8195;Stock appreciation rights will be granted under stock appreciation right
agreements adopted by the plan administrator and denominated in shares of common stock equivalents. The terms of separation stock appreciation rights need not be identical. The plan administrator will determine the purchase price or strike price for
a stock appreciation right, which generally will not be less than 100% of the fair market value of our common stock on the date of grant. A stock appreciation right granted under the 2026 Plan will vest at the rate specified in the stock
appreciation right agreement as will be determined by the plan administrator. Stock appreciation rights may be settled in cash or shares of our common stock (or any combination of our common stock and cash) or in any other form of payment, as
determined by our board of directors and specified in the stock appreciation right agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The plan administrator will determine the term of stock appreciation
rights granted under the 2026 Plan, up to a maximum of 10 years. If a participant&#8217;s service relationship with us or any of our affiliates ceases for any reason other than cause, disability, or death, the participant may generally exercise any
vested stock appreciation right for a period of three months following the cessation of service. This period may be further extended in the event that exercise of the stock appreciation right following such a termination of service is prohibited by
applicable securities laws. If a participant&#8217;s service relationship with us or any of our affiliates ceases due to disability or death, or a participant dies within a certain period following cessation of service, the participant or a
beneficiary may generally exercise any vested stock appreciation rights for a period of 18&nbsp;months following the date of death. If a participant&#8217;s service relationship with us or any of our affiliates ceases due to disability, the
participant may generally exercise any vested stock appreciation rights for a period of 12&nbsp;months following the cessation of service. In the event of a termination for cause, stock appreciation rights generally terminate upon the termination
date. If a participant is suspended pending investigation of whether his or her service relationship with us or any of our affiliates shall be terminated for cause, the participant&#8217;s rights to exercise a stock appreciation right will be
suspended during the investigation period. A holder of a stock appreciation right may not exercise a stock appreciation right at any time that the issuance of shares upon such exercise would violate applicable law. Unless provided otherwise in the
stock appreciation right agreement or other written agreement between the participant and us, if a participant&#8217;s service relationship with us or any of our affiliates ceases for any reason other than for cause and, at any time during the last
thirty days of the applicable post-termination exercise period: (i)&nbsp;the exercise of the participant&#8217;s stock appreciation right would be prohibited solely because the issuance of shares upon such exercise would violate applicable law,
(ii)&nbsp;the immediate sale of any shares issued upon such exercise would violate our trading policy or (iii)&nbsp;our board of directors has suspended exercisability of such optionholder&#8217;s option pending investigation of whether his or her
service relationship with us or any of our affiliates shall be terminated for cause, then the applicable post-termination exercise period will be extended to the last day of the calendar month that begins after the date the award would otherwise
expire, with an additional extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions apply at any time during such extended exercise period. There is no limitation as to the maximum
permitted number of extensions. However, in no event may a stock appreciation right be exercised beyond the expiration of its term.<B><I> </I></B> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Other stock
awards</I>.&#8195;The plan administrator will be permitted to grant other awards, based in whole or in part by reference to, or otherwise based on, our common stock, either alone or in addition to other awards. The plan administrator will have the
sole and complete discretion to determine the persons to whom and the time or times at which other stock awards will be granted, the number of shares under the other stock award (or cash equivalent) and all other terms and conditions of such awards.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I><FONT STYLE="white-space:nowrap">Non-employee</FONT> director compensation limit</I>.&#8195;The aggregate value of all compensation granted or paid following the
effective date of the 2026 Plan to any individual for service as a <FONT STYLE="white-space:nowrap">non-employee</FONT> director with respect to any fiscal year, including awards granted under the 2026 Plan (valued based on the grant date fair value
for financial reporting purposes) and cash fees paid by us to such <FONT STYLE="white-space:nowrap">non-employee</FONT> director, will not exceed $&#8195;&#8195; in total value, </P>
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except such amount will increase to $&#8195;&#8195; for the year in which a <FONT STYLE="white-space:nowrap">non-employee</FONT> director is first appointed or elected to our board of directors.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Changes to capital structure</I>.&#8195;In the event there is a specified type of change in our capital structure, such as a stock split, reverse stock split, or
recapitalization, our board of directors will appropriately and proportionately adjust (i)&nbsp;the class and maximum number of shares subject to the 2026 Plan; (ii)&nbsp;the class and maximum number of shares that may be issued on the exercise of
ISOs; and (iii)&nbsp;the class and number of shares and exercise price, strike price, or purchase price, if applicable, of all outstanding awards granted under the 2026 Plan. <I>Corporate transactions</I>. In the event of a corporate transaction (as
defined below), unless otherwise provided in a participant&#8217;s award agreement or other written agreement with us or one of our affiliates or unless otherwise expressly provided by the plan administrator at the time of grant, any awards
outstanding under the 2026 Plan may be assumed, continued or substituted for, in whole or in part, by any surviving or acquiring corporation (or its parent company), and any reacquisition or repurchase rights held by us with respect to our common
stock issued pursuant to awards may be assigned to the successor (or its parent company). If the surviving or acquiring corporation (or its parent company) does not assume, continue or substitute for such awards, then (i)&nbsp;with respect to any
such awards that are held by participants whose continuous service has not terminated prior to the effective time of the corporate transaction, or current participants, the vesting (and exercisability, if applicable) of such awards will be
accelerated in full (or, in the case of awards with performance-based vesting with multiple vesting levels depending on the level of performance, unless provided otherwise in the applicable award agreement, vesting will accelerate at 100% of the
target level) to a date prior to the effective time of the corporate transaction (contingent upon the effectiveness of the corporate transaction), and such awards will terminate if not exercised (if applicable) at or prior to the effective time of
the corporate transaction, and any reacquisition or repurchase rights held by us with respect to such awards will lapse (contingent upon the effectiveness of the corporate transaction); and (ii)&nbsp;any such awards that are held by persons other
than current participants will terminate if not exercised (if applicable) prior to the occurrence of the corporate transaction, except that any reacquisition or repurchase rights held by us with respect to such awards will not terminate and may
continue to be exercised notwithstanding the corporate transaction. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the event an award will terminate if not exercised prior to the effective time of a corporate
transaction, the plan administrator may provide, in its sole discretion, that the holder of such award may not exercise such award but instead will receive a payment, in such form as may be determined by our board of directors, equal in value to the
excess (if any) of (i)&nbsp;the value of the property the participant would have received upon the exercise of the award, over (ii)&nbsp;any per share exercise price payable by such holder, if applicable. As a condition to the receipt of an award, a
participant will be deemed to have agreed that the award will be subject to the terms of any agreement under the 2026 Plan governing a corporate transaction involving us. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the 2026 Plan, a &#8220;corporate transaction&#8221; generally will be the consummation, in a single transaction or in a series of related transactions, of
(i)&nbsp;a sale or other disposition of all or substantially all, as determined by our board of directors, of our consolidated assets; (ii)&nbsp;a sale or other disposition of at least 50% of our outstanding securities; (iii)&nbsp;a merger,
consolidation or similar transaction following which we are not the surviving corporation; or (iv)&nbsp;a merger, consolidation or similar transaction following which we are the surviving corporation but the shares of our common stock outstanding
immediately prior to such transaction are converted or exchanged into other property by virtue of the transaction. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Change in control</I>.&#8195;Awards to be
granted under the 2026 Plan may be subject to acceleration of vesting and exercisability upon or after a change in control (as defined below) as may be provided in the applicable stock award agreement or in any other written agreement between us or
any affiliate and the participant, but in the absence of such provision, no such acceleration will automatically occur. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the 2026 Plan, a &#8220;change in control&#8221; generally will be: (i)&nbsp;the acquisition by any person or
company of more than 50% of the combined voting power of our then outstanding stock; (ii)&nbsp;a merger, consolidation or similar transaction in which our stockholders immediately before the transaction do not own, directly or indirectly, more than
50% of the combined voting power of the surviving entity (or the parent of the surviving entity) in substantially the same proportions as their ownership immediately prior to such transaction; (iii)&nbsp;stockholder approval of a complete
dissolution or liquidation; (iv)&nbsp;a sale, lease, exclusive license or other disposition of all or substantially all of our assets other than to an entity more than 50% of the combined voting power of which is owned by our stockholders in
substantially the same proportions as their ownership of our outstanding voting securities immediately prior to such transaction; or (v)&nbsp;when a majority of our board of directors becomes comprised of individuals who were not serving on our
board of directors on the date of the underwriting agreement related to this offering, or the incumbent board, or whose nomination, appointment, or election was not approved by a majority of the incumbent board still in office. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Transferability</I>.&#8195;Except as expressly provided in the 2026 Plan or the form of award agreement, awards granted under the 2026 Plan may not be transferred or
assigned by a participant. After the vested shares subject to an award have been issued, or in the case of a restricted stock award and similar awards, after the issued shares have vested, the holder of such shares is free to assign, hypothecate,
donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with the provisions herein, the terms of our trading policy and applicable law. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Clawback/Recovery</I>.&#8195;All awards granted under the 2026 Plan will be subject to recoupment in accordance with any clawback policy that we are required to adopt
pursuant to the listing standards of any national securities exchange or association on which our securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law and any
clawback policy that we otherwise adopt, to the extent applicable and permissible under applicable law. In addition, our board of directors may impose such other clawback, recovery or recoupment provisions in an award agreement as our board of
directors determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of our common stock or other cash or property upon the occurrence of cause. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Amendment or termination</I>.&#8195;Our board of directors may accelerate the time at which an award granted under the 2026 Plan may first be exercised or the time
during which an award grant under the 2026 Plan or any part thereof will vest, notwithstanding the provisions in the award agreement stating the time at which it may first be exercised or the time during which it will vest. Our board of directors
will have the authority to amend, suspend, or terminate the 2026 Plan at any time, provided that such action does not materially impair the existing rights of any participant without such participant&#8217;s written consent. Certain material
amendments will also require the approval of our stockholders. No ISOs may be granted after the tenth anniversary of the date our board of directors adopts the 2026 Plan. No awards may be granted under the 2026 Plan while it is suspended or after it
is terminated. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We intend to file a registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> to register all of the shares of our common stock
reserved for issuance under the 2026 Plan. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>2020 Equity incentive plan </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In 2020, our board of directors adopted and our stockholders initially approved the 2020 Plan. No further awards will be made under the 2020 Plan after this offering;
however, awards outstanding under the 2020 Plan will continue to be governed by their existing terms. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Share reserve</I>.&#8195;As of December 31, 2024, we have
reserved 2,143,397&nbsp;shares of our common stock for issuance under the 2020 Plan. As of December 31, 2024, options to purchase 20,100,207&nbsp;shares of our common stock, at exercise prices ranging from $0.02 to $2.80 per share, or a
weighted-average exercise price of $1.33 per share were outstanding under the 2020 Plan, and shares of our common stock remained available for future issuance </P>
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under the 2020 Plan. Unissued shares subject to awards that expire or terminate for any reason without being exercised in full, or shares issued pursuant to the 2020 Plan that are reacquired by
us at no more than the price at which the shares were previously issued will again become available for issuance under the 2020 Plan or, following consummation of this offering, under the 2026 Plan. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Administration</I>.&#8195;Our board of directors, or a committee thereof, has administered the 2020 Plan since its adoption; however, following this offering, the
compensation committee of our board of directors will generally administer the 2020 Plan. The administrator has complete discretion to make all decisions relating to the 2020 Plan and outstanding awards. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Eligibility</I>.&#8195;Employees, <FONT STYLE="white-space:nowrap">non-employees</FONT> and directors of ours or our affiliates, as well as any other person who our
board of directors determines to have made (or is expected to make) contributions to us are eligible to participate in the 2020 Plan. However, only employees are eligible to receive incentive stock options. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Types of awards</I>.&#8195;The 2020 Plan provides for the following types of awards granted with respect to shares of our common stock: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">ISOs and NSOs to purchase shares of our common stock; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">restricted stock awards; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">other stock-based awards. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Options</I>. The exercise price for options granted under the 2020 Plan is determined by our board of directors, but may not be less than 100% of the fair market
value of our common stock on the grant date (or 110% in the case of ISOs granted to a ten percent stockholder). Optionees may pay the exercise price in cash or cash equivalents or by one, or any combination of, the following forms of payment, as
permitted by the administrator in its sole discretion: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">by check payable to the order of the Company; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">to the extent provided in an award agreement, delivery of shares of our common stock that the optionee already owns;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">delivery of a full-recourse promissory note; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">through a broker-assisted sale of the option shares pursuant to which a creditworthy broker will deliver sufficient funds
to the Company to pay the exercise price, if the shares of our common stock are publicly traded; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">other lawful consideration as our board of directors may determine. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Options vest as determined by the administrator. In general, we have granted options that vest over a four-year period. Options expire at the time determined by the
administrator, but in no event more than ten years after they are granted (or five years after the grant date for ISOs granted to ten percent stockholders), and generally expire earlier if the optionee&#8217;s service terminates. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Restricted shares</I>.&#8195;Restricted shares may be awarded or sold under the 2020 Plan in return for cash or a check for at least the par value of the shares,
delivery of a promissory note or any other form of consideration acceptable to the administrator in its sole discretion, in exchange for services rendered to us, by delivery of a full-recourse promissory note or through any other means permitted by
applicable law. Restricted shares vest as determined by the administrator. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Other stock-based awards</I>.&#8195;The administrator may grant other awards based on
our common stock having such terms and conditions that it may determine, including stock appreciation rights, phantom stock awards or stock units. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Change of control</I>.&#8195;In the event of a change of control (as defined in the 2020 Plan to include the
acquisition 50% or more of our voting stock other than pursuant to an equity financing, a reorganization, merger or consolidation, a sale of all or substantially all of our stock or assets, or a liquidation or dissolution), unless otherwise provided
in an award agreement, our board of directors, in its discretion, will take one or more of the following actions with respect to awards granted under the 2020 Plan: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the continuation or assumption of an award by the surviving or acquiring entity; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">accelerate the vesting of an award; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">permit the exchange of any award for the right to participate in any stock option or benefit plan of a successor
corporation; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">provide for the repurchase of an award in exchange for an amount equal to the excess, if any, of the consideration received
for a share underlying the award in the change of control over any exercise price per share applicable to the award; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">provide for the termination of the award immediately prior to the change of control. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The administrator is not obligated to treat all awards in the same manner. The administrator has the discretion, at any time, to provide that an award under the 2020
Plan will vest on an accelerated basis in connection with a corporate transaction or to amend or modify an award so long as such amendment or modification is not inconsistent with the terms of the 2020 Plan or would not result in the impairment of a
participant&#8217;s rights without the participant&#8217;s consent. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Changes in capitalization</I>.&#8195;In the event of certain specified changes in the capital
structure of our common stock, such as a stock split, reverse stock split, stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, <FONT
STYLE="white-space:nowrap">spin-off,</FONT> <FONT STYLE="white-space:nowrap">split-up,</FONT> or other similar change in capitalization or similar event, proportionate adjustments will automatically be made in (i)&nbsp;each of the number and class
of shares available for future grants under the 2020 Plan, (ii)&nbsp;the number and class of shares, as well as the vesting schedule and exercise price per share subject to each outstanding option, (iii)&nbsp;any repurchase price applicable to
shares granted under the 2020 Plan and (iv)&nbsp;any other terms of outstanding awards as determined by the administrator to be appropriate. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Amendments or
termination</I>.&#8195;The administrator may at any time amend, suspend or terminate the 2020 Plan at any time. No awards may be granted under the 2020 Plan after the completion of ten years after the date when our board of directors adopted the
plan, provided, however, that in any event, it will terminate upon the completion of this offering, but as noted above, awards outstanding under the 2020 Plan will remain outstanding and will continue to be governed by their existing terms. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We intend to file a registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> to register all of the shares of our common stock reserved for issuance
pursuant to outstanding awards granted under the 2020 Plan. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>2026 Employee stock purchase plan </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In order to incentivize our employees following the completion of this offering, our board of directors and stockholders have adopted the 2026 Employee Stock Purchase
Plan, or the ESPP, which will become effective on the date immediately preceding the date on which the registration statement of which this prospectus forms a part is declared effective by the SEC. The material terms of the ESPP are summarized
below. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Purpose</I>.&#8195;The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees, and to provide
incentives for such individuals to exert maximum efforts toward our success and </P>
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that of our related corporations. The ESPP will include two components. One component is designed to allow eligible U.S. employees to purchase our common stock in a manner that may qualify for
favorable tax treatment under Section&nbsp;423 of the Code, or the 423 Component, and accordingly, it will be construed in a manner that is consistent with the requirements of Section&nbsp;423 of the Code. We intend (but make no undertaking or
representation to maintain) the 423 Component to qualify as an employee stock purchase plan, as that term is defined in Section&nbsp;423(b) of the Code. The other component will permit the grant of purchase rights that do not qualify for such
favorable tax treatment, or the <FONT STYLE="white-space:nowrap">Non-423</FONT> Component, in order to allow deviations necessary to permit participation by eligible employees who are foreign nationals or employed outside of the United States while
complying with applicable foreign laws, and except as otherwise provided in the ESPP or determined by our board of directors, it will operate and be administered in the same manner as the 423 Component. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Share reserve</I>.&#8195;Initially, the maximum number of shares of our common stock that may be issued under the ESPP will not exceed&#8195;&#8195;&#8195;&#8195;
shares of our common stock. The number of shares of our common stock that will be reserved for issuance will automatically increase on January&nbsp;1 of each year for a period of ten years, beginning on January&nbsp;1, 2027 and ending on (and
continuing through) January&nbsp;1, 2036, in an amount equal to the lesser of (i) &#8195;% of the total number of shares of our common stock, Class A common stock and any prefunded warrants outstanding on December&nbsp;31 of the immediately
preceding calendar year; and (ii)&#8195;&#8195;&#8195;&#8195; shares; provided, however, that our compensation committee may act prior to January&nbsp;1 of a given year to provide that there will be no increase for such calendar year or the increase
for such year will be a lesser number of shares than the amount set forth in clauses (i)&nbsp;and (ii) above. For the avoidance of doubt, up to the maximum number of shares of our common stock reserved may be used to satisfy purchases of our common
stock under the 423 Component and any remaining portion of such maximum number of shares may be used to satisfy the purchases of our common stock under the <FONT STYLE="white-space:nowrap">Non-423</FONT> Component.</P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If any purchase right granted under the ESPP terminates without having been exercised in full, the shares of our common stock not purchased under such purchase right
will again become available for issuance under the ESPP. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired common
stock, including shares repurchased by us on the open market. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Administration</I>.&#8195;Our board of directors will administer the ESPP. Our board of directors
may delegate some or all of the administration of the ESPP to a committee or committees of our board of directors. All references to our board of directors in this summary shall include a duly authorized committee of our board of directors except
where the context dictates otherwise. Further, to the extent not prohibited by applicable law, our board of directors may, from time to time, delegate some or all of its authority under the ESPP to one or more of our officers or other persons or
groups of persons as it deems necessary, appropriate or advisable under conditions or limitations that it may set at or after the time of the delegation. Our board of directors will have the authority to determine how and when purchase rights are
granted and the provisions of each offering; to designate, from time to time, which of our related corporations will be eligible to participate in the 423&nbsp;Component or the <FONT STYLE="white-space:nowrap">Non-423</FONT> Component, or which
related corporations will be eligible to participate in each separate offering; to construe and interpret the ESPP and purchase rights thereunder, and to establish, amend and revoke rules and regulations for the ESPP&#8217;s administration; to
settle all controversies regarding the ESPP and purchase rights granted thereunder; to amend, suspend or terminate the ESPP; to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of us and
our related corporations and to carry out the intent of the ESPP to be treated as an employee stock purchase plan with respect to the 423 Component; and to adopt such rules, procedures and <FONT STYLE="white-space:nowrap">sub-plans</FONT> as are
necessary or appropriate to permit or facilitate participation in the ESPP by employees who are foreign nationals or employed or located outside the United States. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">All determinations, interpretations and constructions made by our board of directors in good faith will not be subject
to review by any person and will be final, binding and conclusive on all persons. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Offerings</I>.&#8195;Our board of directors may grant or provide for the grant
of purchase rights to eligible employees under an offering (consisting of one or more purchase periods) on an offering date or offering dates selected by our board of directors. Each offering will be in the form and will contain those terms and
conditions as our board of directors deems appropriate, and, with respect to the 423 Component, will comply with the requirements of Section&nbsp;423(b)(5) of the Code. The provisions of separate offerings do not need to be identical, but each
offering will include the period during which the offering will be effective, which period will not exceed 27 months beginning with the offering date, and the substance of the applicable provisions contained in the&nbsp;ESPP. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If a participant has more than one purchase right outstanding under the ESPP, unless he or she otherwise indicates in forms delivered to us or a third party designee of
ours: (i)&nbsp;each form will apply to all of his or her purchase rights under the ESPP, and (ii)&nbsp;a purchase right with a lower exercise price (or an earlier-granted purchase right, if different purchase rights have identical exercise prices)
will be exercised to the fullest possible extent before a purchase right with a higher exercise price (or a later-granted purchase right if different purchase rights have identical exercise prices) will be exercised. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our board of directors will have the discretion to structure an offering so that if the fair market value of a share of our common stock on the first trading day of a
new purchase period within that offering is less than or equal to the fair market value of a share of our common stock on the first day of that offering, then (i)&nbsp;that offering will terminate immediately as of that first trading day, and
(ii)&nbsp;the participants in such terminated offering will be automatically enrolled in a new offering beginning on the first trading day of such new purchase period. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Eligibility</I>.&#8195;Generally, purchase rights may only be granted to employees, including executive officers, employed by us (or by any of our affiliates or
related corporations as designated by our board of directors) on the first day of an offering if such employee has been employed by us or by one of our designated affiliates or related corporations for such continuous period preceding such date as
our board of directors may require, but in no event will the required period of continuous employment be equal to or greater than two years with respect to the 423 Component. Our board of directors may (unless prohibited by applicable law) require
that employees have to satisfy one or both of the following service requirements with respect to the 423&nbsp;Component: (i)&nbsp;being customarily employed by us, or any of our related corporations or affiliates, for more than 20 hours per week and
more than five months per calendar year; or (ii)&nbsp;such other criteria as our board of directors may determine consistent with Section&nbsp;423 of the Code with respect to the 423 Component. Our board of directors may provide that each person
who, during the course of an offering, first becomes an eligible employee will, on the date or dates specified in the offering which coincides with the day on which the person becomes an eligible employee or which occurs thereafter, receive a
purchase right under that offering, and the purchase right will thereafter be deemed to be part of the offering with substantially identical characteristics. With respect to the 423 Component, no employee will be eligible for the grant of any
purchase rights under the ESPP if immediately after such rights are granted, such employee owns stock possessing five percent or more of the total combined voting power or value of all classes of our outstanding capital stock (or the stock of any
related corporation) determined in accordance with the rules of Section&nbsp;424(d) of the Code. With respect to the 423 Component, as specified by Section&nbsp;423(b)(8) of the Code, an employee may be granted purchase rights only if such purchase
rights, together with any other rights granted under all employee stock purchase plans of ours or any of our related corporations, do not permit such employee&#8217;s rights to purchase our stock or the stock of any of our related corporations to
accrue at a rate which, when aggregated, exceeds $25,000 (based on the fair market value per share of such common stock on the date that the purchase right is granted) for each calendar year such purchase rights are outstanding at any time. Our
board of directors may also exclude from participation in the ESPP or any offering employees of ours, or of any of our related corporation, who are highly </P>
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compensated employees, as within the meaning of Section&nbsp;423(b)(4)(D) of the Code, or a subset of such highly compensated employees. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Notwithstanding anything in the foregoing paragraph to the contrary, in the case of an offering under the <FONT STYLE="white-space:nowrap">Non-423</FONT> Component, an
employee (or a group of employees) may be excluded from participation in the ESPP or an offering if our board of directors has determined, in its sole discretion, that participation of such employee is not advisable or practical for any reason. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Purchase rights; purchase price</I>.&#8195;On the first day of each offering, each eligible employee, pursuant to an offering made under the ESPP, will be granted a
purchase right to purchase up to that number of shares purchasable either with a percentage or with a maximum dollar amount, as designated by our board of directors, which will not exceed 15% of such employee&#8217;s earnings (as defined by our
board of directors) during each period that begins on the first day of the offering (or such later date as our board of directors determines for a particular offering) and ends on the date stated in the offering, which date will be no later than the
end of the offering. Our board of directors will establish one or more purchase dates during an offering on which purchase rights granted for that offering will be exercised and shares of our common stock will be purchased in accordance with such
offering. Each eligible employee may purchase of up to&#8195;&#8195;&#8195;&#8195; shares of our common stock in an offering (or such lesser number of shares determined by our board of directors prior to the start of the offering). Our board of
directors may also specify (i)&nbsp;a maximum number of shares that may be purchased by any participant on any purchase date during an offering, (ii)&nbsp;a maximum aggregate number of shares that may be purchased by all participants in an offering
and/or (iii)&nbsp;a maximum aggregate number of shares that may be purchased by all participants on any purchase date under an offering. If the aggregate number of shares issuable upon exercise of purchase rights granted under the offering would
exceed any such maximum aggregate number, then, in the absence of any action by our board of directors otherwise, a pro rata allocation of the shares (rounded down to the nearest whole share) available, based on each participant&#8217;s accumulated
contributions, will be made in as nearly a uniform manner as will be practicable and equitable. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The purchase price of shares acquired pursuant to purchase rights
will not be less than the lesser of (i) 85% of the fair market value of a share of our common stock on the first day of an offering; or (ii) 85% of the fair market value of a share of our common stock on the date of purchase. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Participation; withdrawal; termination</I>.&#8195;An eligible employee may elect to participate in an offering and authorize payroll deductions as the means of making
contributions by completing and delivering to us or our designee, within the time specified in the offering, an enrollment form provided by us or our designee. The enrollment form will specify the amount of contributions not to exceed the maximum
amount specified by our board of directors, but in any event not to exceed 15% of the eligible employee&#8217;s base wages. Each participant&#8217;s contributions will be credited to a bookkeeping account for the participant under the ESPP and will
be deposited with our general funds except where applicable law requires that contributions be deposited with a third party. If permitted in the offering, a participant may begin such contributions with the first payroll occurring on or after the
first day of the applicable offering (or, in the case of a payroll date that occurs after the end of the prior offering but before the first day of the next new offering, contributions from such payroll will be included in the new offering). If
permitted in the offering, a participant may thereafter reduce (including to zero) or increase his or her contributions. If required under applicable law or if specifically provided in the offering, in addition to or instead of making contributions
by payroll deductions, a participant may make contributions through payment by cash, check or wire transfer prior to a purchase date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During an offering, a
participant may cease making contributions and withdraw from the offering by delivering to us or our designee a withdrawal form provided by us. We may impose a deadline before a purchase date for withdrawing. Upon such withdrawal, such
participant&#8217;s purchase right in that offering will immediately terminate and we will distribute as soon as practicable to such participant all of his or her accumulated but unused contributions and such participant&#8217;s purchase right in
that offering shall then terminate. A participant&#8217;s </P>
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withdrawal from that offering will have no effect upon his or her eligibility to participate in any other offerings under the ESPP, but such participant will be required to deliver a new
enrollment form to participate in subsequent offerings. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless otherwise required by applicable law, purchase rights granted pursuant to any offering under the ESPP
will terminate immediately if the participant either (i)&nbsp;is no longer an employee for any reason or for no reason (subject to any post-employment participation period required by applicable law) or (ii)&nbsp;is otherwise no longer eligible to
participate. We will distribute the individual&#8217;s accumulated but unused contributions as soon as practicable to such individual. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Unless otherwise determined
by our board of directors, a participant whose employment transfers or whose employment terminates with an immediate rehire (with no break in service) by or between us and one of our designated companies designated to participate in an offering (or
between such designated companies) will not be treated as having terminated employment for purposes of participating in the ESPP or an offering. However, if a participant transfers from an offering under the 423 Component to an offering under the <FONT
STYLE="white-space:nowrap">Non-423</FONT> Component, the exercise of the participant&#8217;s purchase right will be qualified under the 423 Component only to the extent such exercise complies with Section&nbsp;423 of the Code. If a participant
transfers from an offering under the <FONT STYLE="white-space:nowrap">Non-423</FONT> Component to an Offering under the 423 Component, the exercise of the purchase right will remain <FONT STYLE="white-space:nowrap">non-qualified</FONT> under the <FONT
STYLE="white-space:nowrap">Non-423</FONT> Component. Our board of directors may establish different and additional rules governing transfers between separate offerings within the 423 Component and between offerings under the 423 Component and
offerings under the <FONT STYLE="white-space:nowrap">Non-423</FONT> Component. Unless otherwise specified in the offering or as required by applicable law, we will have no obligation to pay interest on contributions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Purchase of shares</I>.&#8195;On each purchase date, each participant&#8217;s accumulated contributions will be applied to the purchase of shares, up to the maximum
number of shares permitted by the ESPP and the applicable offering, at the purchase price specified in the offering. Unless otherwise provided in the offering, if any amount of accumulated contributions remains in a participant&#8217;s account after
the purchase of shares on the final purchase date of an offering, then such remaining amount will not roll over to the next offering and will instead be distributed in full to such participant after the final purchase date of such offering without
interest (unless otherwise required by applicable law). No purchase rights may be exercised to any extent unless the shares of our common stock to be issued upon such exercise under the ESPP are covered by an effective registration statement
pursuant to the Securities Act of 1933, as amended, or the Securities Act, and the ESPP is in material compliance with all applicable U.S. federal and state, foreign and other securities, exchange control and other laws applicable to the ESPP. If on
a purchase date the shares of our common stock are not so registered or the ESPP is not in such compliance, no purchase rights will be exercised on such purchase date, and the purchase date will be delayed until the shares of our common stock are
subject to such an effective registration statement and the ESPP is in material compliance, except that the purchase date will in no event be more than 27 months from the first day of an offering. If, on the purchase date, as delayed to the maximum
extent permissible, the shares of our common stock are not registered and the ESPP is not in material compliance with all applicable laws, as determined by us in our sole discretion, no purchase rights will be exercised and all accumulated but
unused contributions will be distributed to the ESPP participants without interest (unless the payment of interest is otherwise required by applicable law). </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A
participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of our common stock subject to purchase rights unless and until the participant&#8217;s shares of our common stock acquired upon
exercise of purchase rights are recorded in our books (or the books of our transfer agent). </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Changes to capital structure</I>.&#8195;The ESPP provides that in the
event of a change in our capital structure through actions such as a stock split, merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend,
liquidating dividend, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">215 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
combination of shares, exchange of shares, change in corporate structure, or similar transaction, our board of directors will appropriately and proportionately adjust: (i)&nbsp;the class(es) and
maximum number of shares subject to the ESPP; (ii)&nbsp;the class(es) and maximum number of shares by which the share reserve is to increase automatically each year; (iii)&nbsp;the class(es) and number of shares subject to, and purchase price
applicable to, outstanding offerings and purchase rights; and (iv)&nbsp;the class(es) and number of shares that are subject to purchase limits under each ongoing offering. Our board of directors will make these adjustments, and its determination
will be final, binding and conclusive. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Corporate transactions</I>.&#8195;The ESPP provides that in the event of a corporate transaction (as defined below), any
then-outstanding rights to purchase our common stock under the ESPP may be assumed, continued, or substituted for by any surviving or acquiring corporation (or its parent company). If the surviving or acquiring corporation (or its parent company)
elects not to assume, continue, or substitute for such purchase rights, then (i)&nbsp;the participants&#8217; accumulated payroll contributions will be used to purchase shares of our common stock (rounded down to the nearest whole share) within 10
business days (or such other period specified by our board of directors) before such corporate transaction under the outstanding purchase rights, and such purchase rights will terminate immediately after such purchase, or (ii)&nbsp;our board of
directors, in its discretion, may terminate outstanding offerings, cancel the outstanding purchase rights and refund the participants&#8217; accumulated contributions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the ESPP, a &#8220;corporate transaction&#8221; is generally the consummation, in a single transaction or in a series of related transactions, of: (i)&nbsp;a sale
or other disposition of all or substantially all, as determined by our board of directors, of the consolidated assets of us and our subsidiaries; (ii)&nbsp;a sale or other disposition of at least 50% of our outstanding securities; (iii)&nbsp;a
merger, consolidation or similar transaction following which we are not the surviving corporation; or (iv)&nbsp;a merger, consolidation or similar transaction following which we are the surviving corporation but the shares of our common stock
outstanding immediately prior to such transaction are converted or exchanged into other property by virtue of the transaction. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Transferability</I>.&#8195;During
a participant&#8217;s lifetime, purchase rights will be exercisable only by a participant. Purchase rights are not transferable by a participant, except by will, by the laws of descent and distribution, or, if permitted by us, by a beneficiary
designation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Tax withholding</I>.&#8195;Each participant must make arrangements, satisfactory to us and any applicable related corporation, to enable us or our
related corporation to fulfill any withholding obligation for taxes arising out of or in relation to a participant&#8217;s participation in the ESPP. In our sole discretion and subject to applicable law, such withholding obligation may be satisfied
in whole or in part by (i)&nbsp;withholding from the participant&#8217;s salary or any other cash payment due to the participant from us or any related corporation; (ii)&nbsp;withholding from the proceeds of the sale of shares of our common stock
acquired under the ESPP, either through a voluntary sale or a mandatory sale arranged by us; or (iii)&nbsp;any other method deemed acceptable by our board of directors. We will not be required to issue any shares of our common stock under the ESPP
until such obligations are satisfied. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Amendment, suspension or termination</I>.&#8195;Our board of directors will have the authority to amend, suspend or
terminate the ESPP. Any benefits, privileges, entitlements and obligations under any outstanding purchase right granted before an amendment, suspension or termination of the ESPP will not be materially impaired by any such amendment, suspension or
termination except (i)&nbsp;with the consent of the person to whom such purchase rights were granted, (ii)&nbsp;as necessary to facilitate compliance with any laws, listing requirements, or governmental regulations (including, without limitation,
the provisions of Section&nbsp;423 of the Code), or (iii)&nbsp;as necessary to obtain or maintain favorable tax, listing, or regulatory treatment. Except with respect to certain changes in our capital structure, stockholder approval is required for
any amendment to the ESPP if such approval is required by applicable law or listing requirements. No purchase rights may be granted under the ESPP while it is suspended or after it is terminated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">216 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We intend to file a registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> to register all of the
shares of our common stock reserved for issuance under the ESPP. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Emerging growth company status </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are an &#8220;emerging growth company,&#8221; as defined in the Jumpstart Our Business Startups Act, as amended. As an emerging growth company we will be exempt from
certain requirements related to the disclosure of executive compensation, including the requirements to hold a nonbinding advisory vote on executive compensation and to provide information relating to the ratio of total compensation of our chief
executive officer to the median of the annual total compensation of all of our employees, each as required by the Investor Protection and Securities Reform Act of 2010, which is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Other compensation and benefits </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">All of our current named
executive officers are eligible to participate in our employee benefit plans, in each case on the same basis as all of our other employees. These employee benefit plans include medical, dental, vision, short- and long-term disability and life and
accidental dismemberment insurance plans. We pay a portion of the premiums for the medical, dental, vision and life and accidental death and dismemberment insurance for all of our employees, including our named executive officers. In addition, we
provide the opportunity to participate in a 401(k) plan to our employees, including each of our named executive officers, as discussed in the section titled &#8220;Executive and director compensation&#8212;Employee and retirement benefits.&#8221;
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Compensation recovery policy </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have adopted a compensation
recovery policy, effective upon the closing of this offering, that applies to our officers. Under the Sarbanes-Oxley Act of 2022, in the event of misconduct that results in a financial restatement that would have reduced a previously paid incentive
amount, we can recoup those improper payments from our chief executive officer and chief financial officer. The SEC also recently adopted rules which direct national stock exchanges to require listed companies to implement policies intended to
recoup bonuses paid to executives if the company is found to have misstated its financial results. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Limitations on liability and indemnification </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our amended and restated certificate of incorporation, or Restated Charter, which will become effective immediately prior to the completion of this offering, will
contain provisions that limit the liability of our current and former directors and officers for monetary damages to the fullest extent permitted by Delaware law. Delaware law provides that directors and officers of a corporation will not be
personally liable for monetary damages for any breach of fiduciary duties as directors or officers, except liability for: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">any breach of the director&#8217;s or officer&#8217;s duty of loyalty to the corporation or its stockholders;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">as a director, unlawful payments of dividends or unlawful stock repurchases or redemptions; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">as an officer, derivative claims brought on behalf of the corporation by a stockholder; or </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">any transaction from which the director or officer derived an improper personal benefit. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Such limitation of liability does not apply to liabilities arising under federal securities laws and does not affect the availability of equitable remedies such as
injunctive relief or rescission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">217 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our Restated Charter will authorize us to indemnify our directors, officers, employees and other agents to the fullest
extent permitted by Delaware law. Our amended and restated bylaws, or Restated Bylaws, will provide that we are required to indemnify our directors and officers to the fullest extent permitted by Delaware law and may indemnify our other employees
and agents. Our Restated Bylaws will also provide that, on satisfaction of certain conditions, we will advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit us to secure
insurance on behalf of any officer, director, employee, or other agent for any liability arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under the provisions of
Delaware law. We have entered and expect to continue to enter into agreements to indemnify our directors, executive officers and other employees as determined by the board of directors. With certain exceptions, these agreements provide for
indemnification for related expenses including attorneys&#8217; fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We believe that these Restated Charter and Restated Bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors
and officers. We also maintain customary directors&#8217; and officers&#8217; liability insurance. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The limitation of liability and indemnification provisions in our
Restated Charter and Restated Bylaws may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and officers, even
though an action, if successful, might benefit us and other stockholders. Further, a stockholder&#8217;s investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and officers as
required by these indemnification provisions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Insofar as indemnification for liabilities arising under the Securities Act may be permitted for directors, executive
officers, or persons controlling us, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> plans </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our
directors, officers and key employees may adopt written plans, known as Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic basis. Under a Rule <FONT
STYLE="white-space:nowrap">10b5-1</FONT> plan, a broker executes trades under parameters established by the director or officer when entering into the plan, without further direction from them. The director or officer may amend a Rule <FONT
STYLE="white-space:nowrap">10b5-1</FONT> plan in some circumstances and may terminate a plan at any time. Our directors and executive officers may also buy or sell additional shares outside of a Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT>
plan when they do not possess of material nonpublic information, subject to compliance with the terms of our insider trading policy. Prior to 180 days after the date of this offering, subject to early termination, the sales of any shares under such
Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> plan would be subject to the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement that the director, executive officer or key employee has entered into with the underwriters in connection with
this offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">218 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_13"></A>Certain relationships and related party transactions </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following is a description of transactions since January&nbsp;1, 2022 to which we have been a participant in which the amount involved exceeded or will exceed the
lesser of (i) $120,000 or (ii) 1% of the average of our total assets for the last two completed fiscal years, and in which any of our directors, executive officers or holders of 5% or more of any class of our capital stock, or any members of their
immediately family or affiliated entities, had or will have a direct or indirect material interest, other than compensation arrangements that are described under &#8220;Executive and director
<FONT STYLE="white-space:nowrap">compensation&#8212;Non-Employee</FONT> director compensation&#8221; and &#8220;Executive and director compensation&#8212;Employment arrangements with our named executive officers.&#8221; </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Agreements and transactions with stockholders </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Series A redeemable
convertible preferred stock financing </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In February 2021, and January 2022, we issued and sold an aggregate of 36,000,000 shares of our Series A redeemable
convertible preferred stock in a series of related transactions, at a purchase price of $2.00 per share for aggregate gross proceeds of $72.0&nbsp;million pursuant to a preferred stock purchase agreement with certain investors. Each share of our
Series&nbsp;A redeemable convertible preferred stock will convert into one share of common stock immediately prior to the completion of this offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The table
below sets forth the aggregate number of shares of Series A redeemable convertible preferred stock purchased by holders of more than 5% of our capital stock as of the date of the closing of the Series A redeemable convertible preferred stock
financing and entities affiliated with certain of our executive officers and directors: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Series&nbsp;A&nbsp;redeemable<BR>convertible&nbsp;preferred<BR>stock&nbsp;(#)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Aggregate&nbsp;purchase<BR>price&nbsp;($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with MPM BioImpact LLC<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with VV Manager II, LLC<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with EcoR1 Capital, LLC<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 6,354,996 shares of Series A redeemable convertible preferred stock held by MPMBioVentures 2018, L.P., (ii) 337,762 shares of Series A redeemable convertible preferred stock held by MPMBioVentures 2018
(B), L.P., (iii) 125,424 shares of Series A redeemable convertible preferred stock held by MPM Asset Management Investors BV2018 LLC, (iv) 6,818,182 shares of Series A redeemable convertible preferred stock held by Oncology Impact Private Investment
Fund 2, L.P., and (v) 1,363,636 shares of Series A redeemable convertible preferred stock held by MPM Oncology Innovations Fund, L.P., or collectively, the MPM BioImpact Funds. Matthew Roden, our President and Chief Executive Officer and a member of
our board of directors, is an entrepreneur partner at MPM BioImpact LLC. Todd Foley, a member of our board of directors, is a managing director at MPM BioImpact LLC. Entities affiliated with MPM BioImpact LLC collectively hold more than 5% of our
voting securities. MPM BioImpact LLC consists of affiliated entities MPM Asset Management LLC and MPM BioImpact LLC. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 7,784,000 shares of Series A redeemable convertible preferred stock held by Vida Ventures II, LLC, and (ii) 216,000 shares of Series A redeemable convertible preferred stock held by Vida Ventures <FONT
STYLE="white-space:nowrap">II-A,</FONT> LLC, or collectively, the Vida Ventures Funds. Helen S. Kim, a member of our board of directors, is a senior managing director of the Vida Ventures Funds. Entities affiliated with VV Manager II, LLC
collectively hold more than 5% of our voting securities. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 860,799 shares of Series A redeemable convertible preferred stock held by EcoR1 Capital Fund, L.P., (ii) 6,150,310 shares of Series A redeemable convertible preferred stock held by EcoR1 Capital Fund
Qualified, L.P., and (iii) 488,891 shares of Series A redeemable convertible preferred stock held by EcoR1 Venture Opportunity Fund, L.P., or collectively, the EcoR1 Capital Funds. Oleg Nodelman, a member of our board of directors, is the founder
and portfolio manager of the EcoR1 Capital Funds. Entities affiliated with EcoR1 Capital, LLC collectively hold more than 5% of our voting securities. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Second Series A redeemable convertible preferred stock financing </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In
August 2022, we entered into a second preferred stock purchase agreement with certain investors pursuant to which we issued and sold an aggregate of 42,067,500 shares of our Series A redeemable convertible preferred stock at a purchase price of
$2.00 per share for aggregate gross proceeds of approximately $84.1&nbsp;million. Each share of our Series&nbsp;A redeemable convertible preferred stock will convert into one share of common stock immediately prior to the completion of this
offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">219 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The table below sets forth the aggregate number of shares of Series A redeemable convertible preferred stock purchased
by holders of more than 5% of our capital stock as of the date of the closing of the Series A redeemable convertible preferred stock financing and entities affiliated with certain of our executive officers and directors: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Series&nbsp;A&nbsp;redeemable<BR>convertible<BR>preferred&nbsp;stock&nbsp;(#)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Aggregate<BR>purchase&nbsp;price<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with MPM BioImpact LLC<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with VV Manager II, LLC<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with EcoR1 Capital, LLC<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,900,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,800,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with Blue Owl Capital Holdings
LP<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 3,177,498 shares of Series A redeemable convertible preferred stock held by MPM BioVentures 2018, L.P., (ii) 168,881 shares of Series A redeemable convertible preferred stock held by MPM BioVentures 2018
(B), L.P., (iii) 62,712 shares of Series A redeemable convertible preferred stock held by MPM Asset Management Investors BV2018 LLC, (iv) 3,409,091 shares of Series A redeemable convertible preferred stock held by Oncology Impact Private Investment
Fund 2, L.P., and (v) 681,818 shares of Series A redeemable convertible preferred stock held by MPM Oncology Innovations Fund, L.P. Matthew Roden, our President and Chief Executive Officer and a member of our board of directors, is an entrepreneur
partner at MPM BioImpact LLC. Todd Foley, a member of our board of directors, is a managing director at MPM BioImpact LLC. Entities affiliated with MPM BioImpact LLC collectively hold more than 5% of our voting securities. MPM BioImpact LLC consists
of affiliated entities MPM Asset Management LLC and MPM BioImpact LLC. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 7,054,250 shares of Series A redeemable convertible preferred stock held by Vida Ventures II, LLC, and (ii) 195,750 shares of Series A redeemable convertible preferred stock held by Vida Ventures <FONT
STYLE="white-space:nowrap">II-A,</FONT> LLC. Helen S. Kim, a member of our board of directors, is a senior managing director of the Vida Ventures Funds. Entities affiliated with VV Manager II, LLC collectively hold more than 5% of our voting
securities. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 136,500 shares of Series A redeemable convertible preferred stock held by EcoR1 Capital Fund, L.P., and (ii) 3,763,500 shares of Series A redeemable convertible preferred stock held by EcoR1 Capital Fund
Qualified, L.P., or collectively, the EcoR1 Capital Funds. Oleg Nodelman, a member of our board of directors, is the founder and portfolio manager of the EcoR1 Capital Funds. Entities affiliated with EcoR1 Capital, LLC collectively hold more than 5%
of our voting securities. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(4)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (a) 174,730&nbsp;shares of Series A redeemable convertible preferred stock held by Blue Owl Healthcare Opportunities EF IV LP and (b)&nbsp;4,825,270&nbsp;shares of Series A redeemable convertible preferred
stock held by Blue Owl Healthcare Opportunities IV LP, or collectively, the Blue Owl Healthcare Holders. Blue Owl Healthcare Opportunities Advisors LLC, an indirect subsidiary of Blue Owl Capital Holdings LP, is the investment manager of the Blue
Owl Healthcare Holders. Blue Owl Healthcare Opportunities GP IV LLC is the general partner of the Blue Owl Healthcare Holders. Entities affiliated with Blue Owl Capital Holdings LP collectively hold more than 5% of our voting securities.
</TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Series B redeemable convertible preferred stock financing </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In September 2024, we entered into a preferred stock purchase agreement with certain investors pursuant to which we issued and sold an aggregate of 43,750,000 shares of
our Series B redeemable convertible preferred stock at a purchase price of $4.00 per share for aggregate gross proceeds of $175.0&nbsp;million. Each share of our Series&nbsp;B redeemable convertible preferred stock will convert into one share of
common stock immediately prior to the completion of this offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The table below sets forth the aggregate number of shares of Series B redeemable convertible
preferred stock purchased by holders of more than 5% of our capital stock as of the date of the closing of the Series B redeemable convertible preferred stock financing and entities affiliated with certain of our executive officers and directors:
</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Series&nbsp;B&nbsp;redeemable<BR>convertible&nbsp;preferred<BR>stock&nbsp;(#)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;"><B>Aggregate<BR>purchase&nbsp;price ($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with MPM BioImpact LLC<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">24,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with VV Manager II, LLC<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with EcoR1 Capital, LLC<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with Blue Owl Capital Holdings
LP<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with RA Capital Management,
L.P.<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">20,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:7.5pt">Consists of (i) 2,541,999 shares of Series B redeemable convertible preferred stock held by MPM BioVentures 2018, L.P.,
(ii) 135,105 shares of Series B redeemable convertible preferred stock held by MPM BioVentures 2018 (B), L.P., (iii) 50,169 shares of Series B redeemable convertible preferred stock held by MPM Asset Management Investors BV2018 LLC, (iv) 2,727,273
shares of Series B redeemable convertible preferred stock </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">220 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:7.5pt">
held by Oncology Impact Private Investment Fund 2, L.P., and (v) 545,454 shares of Series B redeemable convertible preferred stock held by MPM Oncology Innovations Fund, L.P. Matthew Roden, our
President and Chief Executive Officer and a member of our board of directors, is an entrepreneur partner at MPM BioImpact LLC. Todd Foley, a member of our board of directors, is a managing director at MPM BioImpact LLC. Entities affiliated with MPM
BioImpact LLC collectively hold more than 5% of our voting securities. MPM BioImpact LLC consists of affiliated entities MPM Asset Management LLC and MPM BioImpact LLC. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 3,648,750 shares of Series B redeemable convertible preferred stock held by Vida Ventures II, LLC, and (ii) 101,250 shares of Series B redeemable convertible preferred stock held by Vida Ventures <FONT
STYLE="white-space:nowrap">II-A,</FONT> LLC. Helen S. Kim, a member of our board of directors, is a senior managing director of the Vida Ventures Funds. Entities affiliated with VV Manager II, LLC collectively hold more than 5% of our voting
securities. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 102,500 shares of Series B redeemable convertible preferred stock held by EcoR1 Capital Fund, L.P., and (ii) 2,397,500 shares of Series B redeemable convertible preferred stock held by EcoR1 Capital Fund
Qualified, L.P., or collectively, the EcoR1 Capital Funds. Oleg Nodelman a member of our board of directors, is the founder and portfolio manager of the EcoR1 Capital Funds. Entities affiliated with EcoR1 Capital, LLC collectively hold more than 5%
of our voting securities. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(4)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 4,101,478 shares of Series B redeemable convertible preferred stock held by Blue Owl Healthcare Opportunities IV LP and (ii)&nbsp;148,522 shares of Series B redeemable convertible preferred stock held by
Blue Owl Healthcare Opportunities EF IV LP. Blue Owl Healthcare Opportunities Advisors LLC, an indirect subsidiary of Blue Owl Capital Holdings LP, is the investment manager of the Blue Owl Healthcare Holders. Blue Owl Healthcare Opportunities GP IV
LLC is the general partner of the Blue Owl Healthcare Holders. Entities affiliated with Blue Owl Capital Holdings LP collectively hold more than 5% of our voting securities. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(5)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 4,000,000 shares of Series B redeemable convertible preferred stock held by RA Capital Healthcare Fund, L.P., and (ii) 1,000,000 shares of Series B redeemable convertible preferred stock held by RA
Capital Nexus Fund III, L.P., or collectively, the RA Capital Funds. Andrew Levin, a member of our board of directors, is a managing director of the RA Capital Funds. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Royalty Transfer Agreement with MPM Oncology Charitable Foundation and UBS Optimus Foundation </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In August 2020, we entered into a royalty transfer agreement, or the Royalty Transfer Agreement, with MPM Oncology Charitable Foundation, Inc., or MPM Charitable
Foundation, an affiliate of a stockholder holding more than 5% of our total outstanding stock, and the UBS Optimus Foundation, or UBS, together with MPM Charitable Foundation, the Charitable Foundations. Pursuant to the Royalty Transfer Agreement,
we will pay 0.5% of annual global net sales to each of the Charitable Foundations, for a total of 1.0% of net sales, subject to customary reductions, for products that incorporate or utilize intellectual property that was discovered or developed by
us prior to our initial public offering. Our payment obligations for each product will continue on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis upon the later of the twelfth anniversary
of the first commercial sale of such product in such country or the expiration of the last to expire of certain patents owned or controlled by us covering such products in such country. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our payment obligations to MPM Charitable Foundation will terminate immediately upon authorization of the MPM Charitable Foundation&#8217;s board of directors (or
similar body) or upon the winding up or dissolution of MPM Charitable Foundation. Our payment obligations to UBS will terminate immediately upon the winding up of Oncology Impact Fund 2, L.P., a Cayman Islands exempt limited partnership which is
associated with MPM Charitable Foundation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Consulting and management services with MPM BioImpact LLC </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have received consulting and management services from entities affiliated with MPM BioImpact LLC, a holder of more than 5% of our capital stock. In connection with
the services, we incurred costs of $0.1&nbsp;million, $0.3&nbsp;million and $0.5 million for the years ended December&nbsp;31, 2024, 2023 and 2022, respectively. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Investors&#8217; rights, voting and right of first refusal agreements </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In connection with our preferred stock financings, we entered into an amended and restated investors&#8217; rights agreement, the Third Amended and Restated Voting
Agreement, as amended, or the Voting Agreement and an amended and restated right of first refusal and <FONT STYLE="white-space:nowrap">co-sale</FONT> agreement, containing registration rights, information rights, rights of first offer, voting rights
and rights of first refusal, among other things, with certain holders of our capital stock, including the MPM BioImpact Funds, the Vida Ventures Funds, the EcoR1 Capital Funds, the RA Capital Funds and entities affiliated with Blue Owl Capital
Holdings LP. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The foregoing stockholder agreements will terminate upon the closing of this offering, except for the registration rights granted under our amended and
restated investors&#8217; rights agreement, as more fully described in the section titled &#8220;Description of capital stock&#8212;Registration rights.&#8221; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">221 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Director affiliations </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Certain of our directors are affiliated with and, prior to the completion of this offering, have served on our board of directors as representatives of entities which
beneficially own or owned 5% or more of our voting securities, as indicated in the table below: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="47%"></TD></TR>
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<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Director</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Affiliated stockholder</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Todd Foley, MBA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Entities affiliated with MPM BioImpact LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Helen S. Kim, MBA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Entities affiliated with VV Manager II, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Andrew Levin, MD, PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Entities affiliated with RA Capital Management, L.P.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Oleg Nodelman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Entities affiliated with EcoR1 Capital, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Matthew Roden, PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Entities affiliated with MPM BioImpact LLC</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each of the directors identified above was elected pursuant to the board composition provisions of the Voting Agreement. The Voting
Agreement, including the board composition provisions therein, will terminate upon the completion of this offering, after which there will be no further contractual obligations regarding the election of our directors. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Employment arrangements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have entered into employment agreements with our
executive officers. For more information regarding such employment agreements, see &#8220;Executive and director compensation&#8212;Employment arrangements with our named executive officers.&#8221; </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Indemnification agreements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our amended and restated certificate of
incorporation, or Restated Charter, that will be in effect upon the closing of this offering will contain provisions limiting the liability of directors and executive officers, and our amended and restated bylaws, or Restated Bylaws, will provide
that we will indemnify each of our directors and executive officers to the fullest extent permitted under Delaware law. Our Restated Charter and Restated Bylaws will also provide our board of directors with discretion to indemnify our employees and
other agents when determined appropriate by the board. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, we have entered into or intend to enter into indemnification agreements with each of our
directors and executive officers. For more information regarding these agreements, see &#8220;Executive and director compensation&#8212;Limitations on liability and indemnification.&#8221; </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Related person transaction policy </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our board of directors has adopted a
written related person transaction policy, to be effective upon the effectiveness of the registration statement of which this prospectus forms a part, setting forth the policies and procedures for the review and approval or ratification of related
person transactions. This policy will cover, with certain exceptions set forth in Item 404 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Securities Act, any transaction, arrangement or relationship, or any series of similar
transactions, arrangements or relationships, in which we were or are to be a participant, where the amount involved exceeds in any fiscal year the lesser of (i) $120,000 or (ii) 1% of the average of our total assets at year end for the last two
completed fiscal years and a related person had, has or will have a direct or indirect material interest, including, without limitation, purchases of goods or services by or from the related person or entities in which the related person has a
material interest, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">indebtedness, guarantees of indebtedness and employment by us of a related person. In reviewing and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">222 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
approving any such transactions, our audit committee is tasked with considering all relevant facts and circumstances, including, but not limited to, whether the transaction is on terms comparable
to those that could be obtained in an arm&#8217;s length transaction and the extent of the related person&#8217;s interest in the transaction. All of the transactions described in this section occurred prior to the adoption of this policy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">223 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_14"></A>Principal stockholders </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth certain information regarding beneficial ownership of our capital stock as of October&nbsp;31, 2025: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">each person, or group of affiliated persons, known by us to beneficially own more than 5% of our common stock;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">each of our directors; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our named executive officers; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">all of our current executive officers and directors as a group. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have determined beneficial ownership in accordance with the rules of the Securities and Exchange Commission. Under these rules, beneficial ownership includes any
shares of common stock as to which the individual or entity has sole or shared voting power or investment power. Percentage ownership of our common stock before this offering is based on 132,668,349&nbsp;shares of common stock outstanding as of
October 31, 2025, after giving effect to the automatic conversion of all of our redeemable convertible preferred stock into shares of our common stock immediately prior to the closing of this offering, as if such conversion had occurred as of
October 31, 2025, assuming an initial public offering price of $&#8195;&#8195;&#8195;&#8195; per share, which is the midpoint of the price range set forth on the cover page of this prospectus. Percentage ownership of our common stock after this
offering is based on shares of our common stock outstanding as of October 31, 2025, after giving effect to the transactions described above and our issuance of shares of our common stock in this offering. In computing the number of shares
beneficially owned by an individual or entity and the percentage ownership of that person, shares of common stock subject to options held by such person that are currently exercisable or will become exercisable within 60 days of October 31, 2025,
are considered outstanding, although these shares are not considered outstanding for purposes of computing the percentage ownership of any other person. Unless noted otherwise, the address of all listed stockholders is c/o 17&nbsp;Drydock Avenue,
Suite <FONT STYLE="white-space:nowrap">17-401,</FONT> Boston, Massachusetts 02210. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Except as indicated by the footnotes below, we believe, based on information
furnished to us, that each of the stockholders listed has sole voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise, subject to community property laws where applicable. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Number&nbsp;of<BR>shares&nbsp;of&nbsp;voting<BR>common&nbsp;stock<BR>beneficially<BR>owned</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Number of<BR>Class A<BR>common&nbsp;stock<BR>beneficially<BR>owned</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Percentage&nbsp;of&nbsp;shares<BR>beneficially&nbsp;owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Name of beneficial owner</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Before<BR>offering</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>After<BR>offering</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Greater than 5% stockholders</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with MPM BioImpact LLC<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with VV Manager II, LLC<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with EcoR1 Capital, LLC<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,900,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Entities affiliated with Blue Owl Capital Holdings
LP<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Named Executive Officers and Directors</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Matthew Roden, PhD<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,873,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger,</FONT> PhD<SUP
STYLE="font-size:75%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,017,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Paul L. Feldman, PhD<SUP STYLE="font-size:75%; vertical-align:top">(7)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,250,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Todd Foley, MBA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Ken Herrmann, MD</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Helen S. Kim, MBA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Andrew Levin, MD, PhD</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Oleg Nodelman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Lloyd M. Segal, MBA<SUP STYLE="font-size:75%; vertical-align:top">(8)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">315,832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Michael A. Sherman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Mary Thistle</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8212;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">All current executive officers and directors as a group (12&nbsp;persons)<SUP
STYLE="font-size:75%; vertical-align:top">(9)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,227,999</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">224 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Represents beneficial ownership of less than one percent. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 1,300,000 shares of common stock held by MPM Asset Management LLC, (ii) 41,808 shares of common stock issuable upon conversion of Series Seed redeemable convertible preferred stock held by MPM Asset
Management Investors BV2018 LLC, or MPM BV2018, (iii)&nbsp;188,136 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock held by MPM BV2018, (iv)&nbsp;50,169 shares of common stock issuable upon
conversion of Series B redeemable convertible preferred stock held by MPM BV2018, (v)&nbsp;112,587 shares of common stock issuable upon conversion of Series Seed redeemable convertible preferred stock held by MPM BioVentures 2018(B), L.P., or MPM
2018(B) (vi) 506,643 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock held by MPM 2018(B), (vii) 135,105 shares of common stock issuable upon conversion of Series B redeemable convertible preferred
stock held by MPM 2018(B), (viii) 2,118,332 shares of common stock issuable upon conversion of Series Seed redeemable convertible preferred stock held by MPM BioVentures 2018, L.P., or MPM BioVentures 2018, (ix) 9,532,494 shares of common stock
issuable upon conversion of Series A redeemable convertible preferred stock held by MPM BioVentures 2018, (x) 2,541,999 shares of common stock issuable upon conversion of Series B redeemable convertible preferred stock held by MPM BioVentures 2018,
(xi) 454,546 shares of common stock issuable upon conversion of Series Seed redeemable convertible preferred stock held by MPM Oncology Innovations Fund, L.P., or MPM Oncology, (xii) 2,045,454 shares of common stock issuable upon conversion of
Series A redeemable convertible preferred stock held by MPM Oncology, (xiii) 545,454 shares of common stock issuable upon conversion of Series B redeemable convertible preferred stock held by MPM Oncology, (xiv) 2,272,727 shares of common stock
issuable upon conversion of Series Seed redeemable convertible preferred stock held by Oncology Impact Private Investment Fund 2, L.P., or MPM Oncology Impact, (xv) 10,227,273 shares of common stock issuable upon conversion of Series A redeemable
convertible preferred stock held by MPM Oncology Impact, and (xvi) 2,727,273 shares of common stock issuable upon conversion of Series B redeemable convertible preferred stock held by MPM Oncology Impact. MPM Asset Management LLC, MPM BV2018, MPM
2018(B), MPM BioVentures 2018, MPM Oncology and MPM Oncology Impact are collectively referred to as the MPM BioImpact Entities. Todd Foley, a member of our board of directors, Luke Evnin and Ansbert Gadicke are the Managing Directors of MPM
BioVentures 2018 LLC, or BV2018 LLC. BV2018 LLC is the Managing Member of MPM BioVentures 2018 GP LLC, which is the General Partner of MPM BioVentures 2018 and MPM 2018 (B) and the Manager of MPM BV2018. Each of Dr.&nbsp;Evnin, Dr.&nbsp;Gadicke, and
Mr.&nbsp;Foley shares power to vote, acquire, hold and dispose of the shares held by each of the BV2018 funds. MPM Oncology Innovations Fund GP LLC is the General Partner of MPM Oncology. Ansbert Gadicke and Luke Evnin are Managers of MPM Oncology
Innovations Fund GP LLC and share the power to vote, acquire, hold and dispose of all shares owned by the fund along with designated agents. MPM Oncology Investments 2 LLC is the General Partner of MPM Oncology Impact. Ansbert Gadicke is the
Managing Member of MPM Oncology Investments 2 LLC and has sole authority to designate agents. If agents are designated, he shares the power to vote, acquire, hold and dispose of all shares owned by MPM Oncology Impact with such designated agents.
MPM Asset Management LLC is the Management Company of the BV2018 family of funds and the MPM Oncology Fund. Ansbert Gadicke is the Manager of MPM Asset Management LLC and has the primary decision-making power to vote, acquire, hold and dispose of
all shares owned. MPM BioImpact LLC is the Management Company of MPM Oncology Impact. Each of the entities and individuals listed above expressly disclaims beneficial ownership of the securities listed above except to the extent of any pecuniary
interest therein. The address of each of the MPM BioImpact Entities is 399 Boylston Street, Suite 1100, Boston, Massachusetts 02116. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 14,838,250 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock held by Vida Ventures II, LLC, or Vida II, (ii) 3,648,750 shares of common stock issuable
upon conversion of Series B redeemable convertible preferred stock held by Vida II, (iii) 411,750 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock held by Vida Ventures
<FONT STYLE="white-space:nowrap">II-A,</FONT> LLC, or Vida <FONT STYLE="white-space:nowrap">II-A,</FONT> and (iv) 101,250 shares of common stock issuable upon conversion of Series B redeemable convertible preferred stock held by Vida <FONT
STYLE="white-space:nowrap">II-A.</FONT> VV Manager II, LLC, or VV Manager is the manager of Vida II and <FONT STYLE="white-space:nowrap">Vida&nbsp;II-A&nbsp;and</FONT> may be deemed to have voting, investment and dispositive power with respect to
the shares held by each of Vida II and <FONT STYLE="white-space:nowrap">Vida&nbsp;II-A.</FONT> Arie Belldegrun, Fred Cohen, and Leonard Potter, the members of the management committee of VV Manager II, along with the other members of the investment
committee, Stefan Vitorovic, Arjun Goyal, Rajul Jain, Joshua Kazam, and Helen S. Kim, a member of our board of directors, may be deemed to share voting and dispositive power over the shares held by Vida II and Vida
<FONT STYLE="white-space:nowrap">II-A.</FONT> The principal business address of the VV Manager II, LLC is 40 Broad Street, Suite 201, Boston, Massachusetts, 02109. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(3)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 9,913,810 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock held by EcoR1 Capital Fund Qualified, L.P., or Qualified Fund, (ii) 2,397,500 shares of common
stock issuable upon conversion of Series B redeemable convertible preferred stock held by Qualified Fund, (iii) 997,299 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock held by EcoR1 Capital Fund,
L.P., or Capital Fund, (iv) 102,500 shares of common stock issuable upon conversion of Series B redeemable convertible preferred stock held by Capital Fund, and (v) 488,891 shares of common stock issuable upon conversion of Series A redeemable
convertible preferred stock held by EcoR1 Venture Opportunity Fund, L.P., or Venture Fund. The Qualified Fund, the Capital Fund and the Venture Fund are collectively referred to as the EcoR1 Capital Funds. The EcoR1 Capital Funds are managed by
EcoR1 Capital, LLC, which is managed by Oleg Nodelman, a member of our board of directors, and as a result may be deemed to have voting and dispositive power over the securities held by these funds. The business address of EcoR1 Capital, LLC is 357
Tehama Street, #3, San Francisco, California 94103. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(4)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 174,730&nbsp;shares issuable upon conversion of Series A redeemable convertible preferred stock held by Blue Owl Healthcare Opportunities EF IV LP, or Blue Owl EF IV, (ii) 148,522&nbsp;shares issuable
conversion of Series B redeemable convertible preferred stock held by Blue Owl EF IV, (iii) 4,825,270&nbsp;shares issuable upon conversion of Series A redeemable convertible preferred stock held by Blue Owl Healthcare Opportunities IV LP, or Blue
Owl IV and (iv) 4,101,478&nbsp;shares issuable upon conversion of Series B redeemable convertible preferred stock held by Blue Owl IV. Blue Owl EF IV and Blue Owl IV are collectively referred to as the Blue Owl Healthcare Holders. Blue Owl
Healthcare Opportunities Advisors LLC, an indirect subsidiary of Blue Owl Capital Holdings LP, is the investment manager of the Blue Owl Healthcare Holders and exercises voting and investment power through an investment committee comprised of Kevin
Raidy, Timothy Anderson, Sandip Agarwala and Brandyn Itzkowitz who each disclaims beneficial ownership over these securities. The address for Blue Owl Healthcare Advisers&nbsp;LLC is c/o 399 Park Avenue, 38th Floor, New York, New York 10022.
</TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(5)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 350,000 shares of common stock and (ii) 4,523,231&nbsp;shares of common stock underlying outstanding stock options exercisable within 60 days of October&nbsp;31, 2025. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(6)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of 1,017,107 shares of common stock underlying outstanding stock options exercisable within 60 days of October&nbsp;31, 2025. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(7)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 450,000 shares of common stock and (ii) 800,328&nbsp;shares of common stock underlying outstanding stock options exercisable within 60 days of October&nbsp;31, 2025. </TD></TR></TABLE>
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<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i)&nbsp;50,000 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock held by Arvala, Inc., (ii)&nbsp;24,687 shares of common stock issuable upon conversion of
Series B redeemable convertible preferred stock held by Arvala, Inc., and (iii)&nbsp;241,145&nbsp;shares of common stock underlying outstanding stock options exercisable within 60 days of October&nbsp;31, 2025. Mr. Segal is the president of Arvala,
Inc. and as a result may be deemed to have voting and dispositive power over the securities held by Arvala, Inc. The business address of Arvala, Inc. is 1681 McGill College, Suite 1200, Montreal Quebec H3A0G6, Canada. </TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(9)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consists of (i) 50,000 shares of common stock issuable upon conversion of Series A redeemable convertible preferred stock, (ii) 24,687 shares of common stock issuable upon conversion of Series B redeemable convertible
preferred stock, (iii)&nbsp;800,000 shares of common stock and (iv)&nbsp;7,353,312&nbsp;shares of common stock underlying outstanding stock options exercisable within 60 days of October&nbsp;31, 2025. </TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_15"></A>Description of capital stock </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>The following description of our capital stock and certain provisions of our amended and restated certificate of incorporation, or Restated Charter, and our amended
and restated bylaws, or Restated Bylaws, as they will be in effect immediately prior to the completion of this offering are summaries and are qualified by reference to our Restated Charter and Restated Bylaws. Copies of these documents are filed as
exhibits to the registration statement of which this prospectus is a part. </I></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>General </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the completion of this offering, our Restated Charter will authorize us to issue up to&#8195;&#8195;&#8195;&#8195;&nbsp;shares of common stock, $0.0001 par value
per share, &#8195;&#8195;&#8195;&#8195;&nbsp;shares of Class A common stock, $0.0001 par value per share and &#8195;&#8195;&#8195;&#8195;&nbsp;shares of preferred stock, $0.0001 par value per share, all of which shares of preferred stock will be
undesignated. Our board of directors may establish the rights and preferences of the preferred stock from time to time. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, we had outstanding
132,668,349&nbsp;shares of common stock held by 57 stockholders of record (assuming the conversion of all of our outstanding shares of redeemable convertible preferred stock into shares of our common stock) and no outstanding shares of Class A
common stock. As of September 30, 2025, after giving effect to the automatic conversion of all of the outstanding shares of our redeemable convertible preferred stock into an aggregate of 129,567,500&nbsp;shares of our voting common stock,
immediately prior to the completion of this offering, there would have been &#8195;&#8195;&#8195;&#8195;&nbsp;shares of common stock issued and outstanding held by &#8195;&#8195;&#8195;&#8195; stockholders of record, no shares of Class A common
stock outstanding (assuming no conversion of convertible preferred stock into shares of Class A common stock immediately prior to the closing of this offering) and no shares of preferred stock outstanding. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Common stock and Class A common stock </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our Restated Charter authorizes the
issuance of up to &#8195;&#8195;&#8195;&#8195;shares of our common stock and&#8195;&#8195;&#8195;&#8195; shares of our Class A common stock. All outstanding shares of our common stock and Class A common stock are validly issued, fully paid and
nonassessable, and the shares of our common stock to be issued in connection with this offering will be validly issued, fully paid and nonassessable. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The holders of
our common stock and our Class A common stock have identical rights, provided that, (i)&nbsp;except as otherwise expressly provided in our Restated Charter or as required by applicable law, on any matter that is submitted to a vote by our
stockholders, holders of our common stock are entitled to one vote per share of common stock, and holders of our Class A common stock are not entitled to any votes per share of Class A common stock, including for the election of directors, and
(ii)&nbsp;holders of our common stock have no conversion rights, while holders of our Class A common stock shall have the right to convert each share of our Class A common stock into one share of common stock at such holder&#8217;s election,
provided that as a result of such conversion, such holder, together with its affiliates and any members of a Schedule&nbsp;13(d) group with such holder, would not beneficially own in excess of 4.99% of our common stock immediately prior to and
following such conversion, unless otherwise as expressly provided for in our Restated Charter. However, the beneficial ownership limitation may be increased or decreased to any other&nbsp;percentage (not to exceed 19.99%) designated by such holder
of non-voting common stock upon 61&nbsp;days&#8217; notice to us. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Voting rights</I><B><I>.</I></B>&nbsp;Our common stock is entitled to one vote per share on any
matter that is submitted to a vote of our stockholders, except on matters relating solely to terms of preferred stock, and our Class A common stock is not entitled to any votes per share. However, as long as any shares of Class A common stock are
outstanding, we will not, without the affirmative vote of the holders of a majority of the then outstanding shares of Class A common stock, alter or change adversely the powers, preferences or rights given to the Class A common stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Except as otherwise expressly provided in our Restated Charter or required by applicable law, all shares of common
stock and Class A common stock have the same rights and privileges and rank equally, share ratably, and be identical in all respects for all matters, including those described below. Our Restated Charter does not provide for cumulative voting in the
election of directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Dividends.</I>&nbsp;Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of our
common stock and Class A common stock are entitled to receive ratably any dividends declared by our board of directors out of funds legally available therefor if our board of directors, in its discretion, determines to issue dividends and then only
at the times and in the amounts that our board of directors may determine. See the section titled &#8220;Dividend policy&#8221; for further information. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Liquidation rights</I><B><I>.</I></B>&nbsp;In the event of our liquidation, dissolution or winding-up, the holders of our common stock and Class A common stock will
be entitled to share equally, identically, and ratably in all assets remaining after payment of or provision for any liabilities, liquidation preferences and accrued or declared but unpaid dividends, if any, with respect to any outstanding preferred
stock, unless a different treatment is approved by the affirmative vote of the holders of a majority of the outstanding shares of such affected class, voting separately as a class. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Other rights.</I>&nbsp;The holders of our common stock and Class A common stock have no preemptive rights. There are no redemption or sinking fund provisions
applicable to our common stock and non-voting common stock. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Options and restricted shares </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, there were options to purchase 20,524,896&nbsp;shares of our common stock outstanding, at a weighted average exercise price of $1.38 per share,
of which 10,810,559 were vested and exercisable as of that date. For additional information regarding the terms of our 2020 Plan, see the sections titled &#8220;Executive and director compensation&#8212;Equity plans.&#8221; </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Preferred stock </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of September 30, 2025, there were 129,567,500 shares of
our redeemable convertible preferred stock outstanding, consisting of 250,000 shares of our Partner Preferred redeemable convertible preferred stock, 5,000,000 shares of our Series Seed redeemable convertible preferred stock, 78,067,500 shares of
our Series A redeemable convertible preferred stock, 2,500,000 shares of <FONT STYLE="white-space:nowrap">Series&nbsp;A-1</FONT> redeemable convertible preferred and 43,750,000 shares of our Series B redeemable convertible preferred stock. All
currently outstanding shares of redeemable convertible preferred stock will be converted into an an aggregate of 129,567,500 shares of our voting common stock assuming no conversion of the convertible preferred stock into shares of non-voting Class
A common stock immediately prior to the closing of this offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the terms of our Restated Charter that will be in effect immediately prior to the completion
of this offering, our board of directors is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and
restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing
flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from seeking to acquire, a
majority of our outstanding voting stock. Upon the </P>
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completion of this offering, there will be no shares of preferred stock outstanding, and we have no present plans to issue any shares of preferred stock. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have no present plans to issue any shares of preferred stock following the completion of this offering. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Registration rights </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the completion of this offering, holders of
129,567,500 shares of our common stock, which includes all of the shares of common stock issuable upon the automatic conversion of the redeemable convertible preferred stock outstanding immediately prior to the closing of this offering and shares
issuable upon the conversion of Class A common stock into common stock, will be entitled to the following rights with respect to the registration of such shares for public resale under the Securities Act of 1933, as amended, or the Securities Act,
pursuant to an investors&#8217; rights agreement by and among us and certain investors. These shares are collectively referred to herein as &#8220;registrable securities.&#8221; The registration of shares of common stock as a result of the following
rights being exercised would enable holders to trade these shares without restriction under the Securities Act when the applicable registration statement is declared effective. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Demand registration rights </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At any time beginning 180 days following
the effective date of the registration statement of which this prospectus is a part, the holders of a majority of registrable securities then outstanding have the right to demand that we file a registration statement covering at least 40% of the
registrable securities then outstanding. These registration rights are subject to specified conditions and limitations, including the right of the underwriters, if any, to limit the number of shares included in any such registration under specified
circumstances. Upon such a request, we are required to effect the registration as soon as practicable, but in any event no later than 60 days after the receipt of such request; provided, however, that we will not be required to effect such a
registration if, among other things, we have already effected two registrations for the holders of registrable securities in response to these demand registration rights. An aggregate of 129,567,500 shares of common stock, including any shares
issuable upon the conversion of Class A common stock, will be entitled to these demand registration rights. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Piggyback registration rights </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we propose to register any of our securities under the Securities Act either for our own account or for the account of other stockholders, the holders of registrable
securities will each be entitled to notice of the registration and will be entitled to include their shares of common stock in the registration statement. These piggyback registration rights are subject to specified conditions and limitations,
including the right of the underwriters to limit the number of shares included in any such registration under specified circumstances. An aggregate of 129,567,500 shares of common stock, including any shares issuable upon the conversion of Class A
common stock, will be entitled to these piggyback registration rights. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Registration on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At any time after we become eligible to file a registration statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3,</FONT> the holders of registrable securities
then outstanding will be entitled to request to have such shares registered by us on a <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> registration statement. These <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> registration rights are
subject to other specified conditions and limitations, including the condition that the anticipated aggregate offering price, net of certain selling expenses, is at least $5.0&nbsp;million. Upon receipt of this request, the holders of registrable
securities will each be entitled to participate in this registration. Upon such a request, we are required to effect the registration as soon as practicable, but in any event no later than 45 days after the receipt of such request; provided,
however, that we will not be required to effect such a registration if, among other things, we have already effected two registrations on Form <FONT STYLE="white-space:nowrap">S-3</FONT> for the holders of registrable securities in response to these
demand registration rights within the preceding 12&nbsp;months. </P>
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An aggregate of 129,567,500 shares of common stock, including any shares issuable upon the conversion of Class A common stock into common stock, will be entitled to these <FONT
STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> registration rights. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Expenses of registration </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are required to pay all expenses, including fees and expenses of one counsel to represent the selling stockholders (up to $75,000 total), relating to any demand,
piggyback or <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> registration, other than underwriting discounts and commissions, stock transfer taxes and any additional fees of counsel for the selling stockholders, subject to specified conditions
and limitations. We are not required to pay registration expenses if a demand registration request is withdrawn at the request of a majority of holders of registrable securities to be registered, unless holders of a majority of the registrable
securities agree to forfeit their right to one demand registration. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The amended and restated investors&#8217; rights agreement contains customary
cross-indemnification provisions, pursuant to which we are obligated to indemnify the selling stockholders in the event of material misstatements or omissions in the applicable registration statement attributable to us, and the selling stockholders
are obligated to indemnify us for material misstatements or omissions in the registration statement attributable to them, subject to certain limitations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Termination of registration rights </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The registration rights granted
under the investors&#8217; rights agreement will terminate with respect to any particular stockholder upon the earlier of (a)&nbsp;the closing of a deemed liquidation event, as defined in our certificate of incorporation, in which the consideration
received by the stockholders is in the form of cash and/or publicly traded securities, or if the stockholders receive registration rights from the acquiring company or other successor to us that are reasonably comparable to those granted under the
investors&#8217; rights agreement, (b)&nbsp;with respect to each stockholder, at such time such stockholder, together with its &#8220;affiliates&#8221; (as that term is defined in Rule 144 under the Securities Act) holds less than 1% of our
outstanding capital stock and is able to sell all of its shares pursuant to Rule 144 or another similar exemption under the Securities Act during a three-month period without registration and (c)&nbsp;the third anniversary of the closing of this
offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Anti-takeover effects of our Restated Charter and our Restated Bylaws </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Section&nbsp;203 of the Delaware General Corporation Law </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our Restated
Charter and Restated Bylaws, which will be in effect prior to the consummation of this offering, will contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors but
which may have the effect of delaying, deferring or preventing a future takeover or change in control of us unless such takeover or change in control is approved by our board of directors. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">These provisions include: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Classified board.</I>&#8195;Our Restated Charter will
provide that our board of directors will be divided into three classes of directors, with the classes as nearly equal in number as possible. As a result, approximately <FONT STYLE="white-space:nowrap">one-third</FONT> of our board of directors will
be elected each year. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors. Our Restated Charter will also provide that, subject to any rights of
holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed exclusively pursuant to a resolution adopted by our board of directors. Upon completion of this offering, we expect that
our board of directors will have eight directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Action by written consent; special meetings of stockholders.&#8195;</I>Our Restated Charter will provide that
stockholder action can be taken only at an annual or special meeting of stockholders and cannot be taken by written </P>
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consent in lieu of a meeting. Our Restated Charter and the Restated Bylaws will also provide that, except as otherwise required by law, special meetings of the stockholders can only be called
pursuant to a resolution adopted by a majority of our board of directors. Except as described above, stockholders will not be permitted to call a special meeting or to require our board of directors to call a special meeting. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Removal of directors.</I>&#8195;Our Restated Charter will provide that our directors may be removed only for cause by the affirmative vote of at least two-thirds of
the voting power of our outstanding shares of capital stock, voting together as a single class. This requirement of a supermajority vote to remove directors could enable a minority of our stockholders to prevent a change in the composition of our
board of directors. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Advance notice procedures.&#8195;</I>Our Restated Bylaws will establish an advance notice procedure for stockholder proposals to be brought
before an annual meeting of our stockholders, including proposed nominations of persons for election to our board of directors. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of
meeting or brought before the meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary
timely written notice, in proper form, of the stockholder&#8217;s intention to bring that business before the meeting. Although the Restated Bylaws will not give our board of directors the power to approve or disapprove stockholder nominations of
candidates or proposals regarding other business to be conducted at a special or annual meeting, the Restated Bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may
discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Supermajority approval requirements.&#8195;</I>The DGCL generally provides that the affirmative vote of a majority of the shares entitled to vote on any matter is
required to amend a corporation&#8217;s certificate of incorporation or bylaws, unless either a corporation&#8217;s certificate of incorporation or bylaws requires a greater percentage. Our Restated Charter and Restated Bylaws will provide that the
affirmative vote of holders of at least 75% of the total votes eligible to be cast in the election of directors will be required to amend, alter, change or repeal specified provisions. This requirement of a supermajority vote to approve amendments
to our Restated Charter and Restated Bylaws could enable a minority of our stockholders to exercise veto power over any such amendments. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Authorized but unissued
shares.</I>&#8195;Our authorized but unissued shares of common stock and preferred stock will be available for future issuance without stockholder approval. These additional shares may be utilized for a variety of corporate purposes, including
future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of common stock and preferred stock could render more difficult or discourage an attempt to
obtain control of a majority of our common stock by means of a proxy contest, tender offer, merger or otherwise. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Choice of forum.&#8195;</I>Our Restated Bylaws
provide that the Court of Chancery of the State of Delaware is the sole and exclusive forum for the following claims or causes of action under the Delaware statutory or common law: (i)&nbsp;any derivative action or proceeding brought on our behalf,
(ii)&nbsp;any action asserting a claim of, or a claim based on, a breach of a fiduciary duty owed by any of our current or former directors, officers, or other employees or stockholders to us or our stockholders, (iii)&nbsp;any action asserting a
claim arising pursuant to any provision of the Delaware General Corporation Law, or the DGCL, or our Restated Charter or Restated Bylaws (including the interpretation, validity or enforceability thereof) or as to which the DGCL confers jurisdiction
on the Court of Chancery of the State of Delaware, or (iv)&nbsp;any action asserting a claim governed by the internal affairs doctrine. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">However, Section&nbsp;27 of
the&nbsp;Securities Exchange Act of 1934, as amended, or the Exchange Act, creates exclusive federal jurisdiction over all claims brought to enforce any duty or liability created by the&nbsp;Exchange Act&nbsp;or the
</P>
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rules and regulations thereunder. Consequently, this choice of forum provision would not apply to claims or causes of action brought to enforce a duty or liability created by the&nbsp;Exchange
Act&nbsp;or any other claim for which the federal courts have exclusive jurisdiction or the&nbsp;Securities Act. Moreover, Section&nbsp;22 of the&nbsp;Securities Act&nbsp;creates concurrent jurisdiction for federal and state courts over all claims
brought to enforce any duty or liability created by the&nbsp;Securities Act&nbsp;or the rules and regulations thereunder. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, our Restated Bylaws provide
that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint
asserting a cause or causes of action arising under the&nbsp;Securities Act, including all causes of action asserted against any defendant to such complaint. For the avoidance of doubt, this provision is intended to benefit and may be enforced by
us, our officers and directors, the underwriters to any offering giving rise to such complaint, and any other professional entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any
part of the documents underlying the offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">While the Delaware courts have determined that such choice of forum provisions are facially valid, a stockholder may
nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions, and there can be no assurance that such provisions will be enforced by a court in those other jurisdictions. We note that investors cannot
waive compliance with the federal securities laws and the rules and regulations thereunder. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Additionally, our Restated Bylaws provide that any person or entity
holding, owning or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented to these provisions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">See the section
titled &#8220;Risk factors&#8212;Risks related to our common stock and this offering&#8212;Our amended and restated certificate of incorporation that will be effective upon the completion of this offering will designate the state courts in the State
of Delaware or, if no state court located within the State of Delaware has jurisdiction, the federal court for the District of Delaware, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our
stockholders, which could discourage lawsuits against us or our directors, officers, or employees.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Section&nbsp;203 of the DGCL </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon completion of this offering, we will be subject to the provisions of Section&nbsp;203 of the DGCL. In general, Section&nbsp;203 prohibits a publicly held Delaware
corporation from engaging in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is
approved in a prescribed manner. A &#8220;business combination&#8221; includes, among other things, a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An &#8220;interested
stockholder&#8221; is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation&#8217;s voting stock. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under Section&nbsp;203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:
before the stockholder became interested, the corporation&#8217;s board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; upon consummation of the
transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of
determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or at or after the time the stockholder became interested, the business combination was approved by
the board of directors of the corporation and authorized at an annual or </P>
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special meeting of the stockholders by the affirmative vote of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding voting stock which is not owned by the interested
stockholder. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A Delaware corporation may &#8220;opt out&#8221; of these provisions with an express provision in its original certificate of incorporation or an
express provision in its certificate of incorporation or bylaws resulting from a stockholders&#8217; amendment approved by at least a majority of the outstanding voting shares. We have not opted out of these provisions. As a result, mergers or other
takeover or change in control attempts of us may be discouraged or prevented. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Transfer Agent and Registrar </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. The transfer agent&#8217;s address is 150 Royall Street, Canton, Massachusetts
02021. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Listing </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have applied for listing of our common stock on the
Nasdaq Global Market under the trading symbol &#8220;AKTS.&#8221; </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Limitations of Liability and Indemnification Matters </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For a discussion of liability and indemnification, see the section titled &#8220;Executive and director compensation&#8212;Limitations of liability and
indemnification.&#8221; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_16"></A>Shares eligible for future sale </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Immediately prior to this offering, there was no public market for our common stock, and no predictions can be made about the effect, if any, that market sales of our
common stock or the availability of such shares for sale will have on the market price prevailing from time to time. Nevertheless, future sales of our common stock in the public market, or the perception that such sales may occur, could adversely
affect the market price of our common stock and could impair our ability to raise capital through future sales of our securities. See the section titled &#8220;Risk factors&#8212;Risks related to our common stock and this offering&#8212; Future
sales of our common stock in the public market could cause our common stock price to fall.&#8221; Furthermore, although we have applied to have our common stock approved for listing on the Nasdaq Global Market, or Nasdaq, we cannot assure you that
there will be an active public trading market for our common stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the completion of this offering, based on the number of shares of our common stock
outstanding as of September 30, 2025, and after giving effect to the issuance of (i) 129,567,500 shares of our voting common stock upon automatic conversion of our redeemable convertible preferred stock immediately prior to the completion of this
offering and (ii) no shares of non-voting Class A common stock, we will have an aggregate of &#8195;&#8195;&#8195;&#8195;shares of our common stock (or &#8195;&#8195;&#8195;&#8195;shares of our common stock if the underwriters exercise their option
to purchase additional shares in full) and no shares of Class A common stock outstanding. Of these shares of our common stock, all of the shares sold in this offering (or &#8195;&#8195;&#8195;&#8195; shares if the underwriters exercise their option
to purchase additional shares in full) will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or the Securities Act, except for any shares purchased by our &#8220;affiliates,&#8221; as that
term is defined in Rule 144 under the Securities Act, whose sales would be subject to the Rule 144 resale restrictions described below, other than the holding period requirement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">All remaining shares of common stock held by existing stockholders immediately prior to the completion of this offering will be &#8220;restricted securities&#8221; as
such term is defined in Rule 144. These restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rules 144 or 701 under the Securities Act,
which are summarized below. We expect that substantially all of these shares held by existing investors will be subject to the <FONT STYLE="white-space:nowrap">180-day</FONT> <FONT STYLE="white-space:nowrap">lock-up</FONT> period under the <FONT
STYLE="white-space:nowrap">lock-up</FONT> agreements described below. Upon expiration of the <FONT STYLE="white-space:nowrap">lock-up</FONT> period, we estimate that approximately &#8195;&#8195;&#8195;&#8195;shares of our common stock will be
available for sale in the public market, subject in some cases to applicable volume limitations under Rule 144. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B><FONT STYLE="white-space:nowrap">Lock-up</FONT>
agreements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We and each of our directors and executive officers and the holders of substantially all of our outstanding capital stock have entered into <FONT
STYLE="white-space:nowrap">lock-up</FONT> agreements with the underwriters or otherwise agreed, among other things and subject to certain exceptions, not to sell or transfer any common stock or securities convertible into, exchangeable for,
exercisable for, or repayable with common stock, for 180 days after the date of this prospectus without first obtaining the written consent of J.P. Morgan Securities LLC, BofA Securities, Inc., Leerink Partners LLC and TD Securities (USA) LLC. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the expiration of the <FONT STYLE="white-space:nowrap">lock-up</FONT> period, substantially all of the shares subject to such
<FONT STYLE="white-space:nowrap">lock-up</FONT> restrictions will become eligible for sale, subject to the limitations discussed above. For a further description of these <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements, please see the
section titled &#8220;Underwriting.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">After the date of the initial public filing of the prospectus, certain of our employees, including our executive
officers, and/or directors may enter into written trading plans that are intended to comply with Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> under the Securities Exchange Act of 1934, as amended, or the Exchange Act. Sales under these
trading plans would not be permitted until the expiration of the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements relating to the offering described above. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Rule 144 </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Affiliate
resales of restricted securities </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In general, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, a
person who is an affiliate of ours, or who was an affiliate at any time during the 90 days before a sale, who has beneficially owned shares of our common stock for at least six months would be entitled to sell (subject to the <FONT
STYLE="white-space:nowrap">lock-up</FONT> agreement referred to above, if applicable) in &#8220;broker&#8217;s transactions&#8221; or certain &#8220;riskless principal transactions&#8221; or to market makers, a number of shares within any
three-month period that does not exceed the greater of: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">1% of the number of shares of our common stock then outstanding, which will equal approximately
&#8195;&#8195;&#8195;&#8195;shares (or&#8195;&#8195;&#8195;&#8195;shares if the underwriters exercise their option to purchase additional shares in full) of our common stock immediately after this offering; or </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the average weekly trading volume in shares of our common stock on Nasdaq during the four calendar weeks preceding the
filing of a notice on Form 144 with respect to such sale. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">An &#8220;affiliate&#8221; is a person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with an issuer. Affiliate resales under Rule 144 are also subject to the availability of current public information about us. In addition, if the number of shares being sold
under Rule 144 by an affiliate during any three-month period exceeds 5,000 shares or has an aggregate sale price in excess of $50,000, the seller must file a notice on Form 144 with the Securities and Exchange Commission, or the SEC, concurrently
with either the placing of a sale order with the broker or the execution directly with a market maker. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I><FONT STYLE="white-space:nowrap">Non-affiliate</FONT>
resales of restricted securities </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In general, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, a
person who is not an affiliate of ours at the time of sale, and has not been an affiliate at any time during the three months preceding a sale, and who has beneficially owned shares of our common stock for at least six months but less than a year,
is entitled to sell such shares subject only to the availability of current public information about us (as well as the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement referred to above, if applicable). If such person has held our shares
for at least one year, such person can resell under Rule 144(b)(1) without regard to any Rule 144 restrictions, including the <FONT STYLE="white-space:nowrap">90-day</FONT> public company requirement and the current public information requirement.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-affiliate</FONT> resales are not subject to the manner of sale, volume limitation or notice filing provisions of Rule&nbsp;144.
</P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Rule 701 </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In general, under Rule 701, any of an issuer&#8217;s
employees, directors, officers, consultants or advisors who purchases shares from the issuer in connection with a compensatory stock or option plan or other written agreement before the effective date of a registration statement under the Securities
Act is entitled to sell such shares 90 days after such effective date in reliance on Rule 144. An affiliate of the issuer can resell shares in reliance on Rule 144 without having to comply with the holding period requirement, and <FONT
STYLE="white-space:nowrap">non-affiliates</FONT> of the issuer can resell shares in reliance on Rule 144 without having to comply with the current public information and holding period requirements. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The SEC has indicated that Rule 701 will apply to typical options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along
with the shares acquired upon exercise of such options, including exercises after an issuer becomes subject to the reporting requirements of the Exchange Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">235 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Equity plans </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We
intend to file one or more registration statements on Form <FONT STYLE="white-space:nowrap">S-8</FONT> under the Securities Act to register all shares of our common stock subject to outstanding options, restricted stock units and shares of our
common stock issued or issuable under our incentive plans. We expect to file the registration statement covering shares offered pursuant to our incentive plans shortly after the date of this prospectus, permitting the resale of such shares by <FONT
STYLE="white-space:nowrap">non-affiliates</FONT> in the public market without restriction under the Securities Act and the sale by affiliates in the public market, subject to compliance with the resale provisions of Rule 144. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Registration rights </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the completion of this offering, the holders
of 129,567,500 shares of our common stock or their transferees, after giving effect to the automatic conversion of all of the shares of our redeemable convertible preferred stock into shares of our common stock, will be entitled to various rights
with respect to the registration of these shares under the Securities Act. Registration of these shares under the Securities Act would result in these shares becoming fully tradable without restriction under the Securities Act immediately upon the
effectiveness of the registration, except for shares purchased by affiliates. See the section titled &#8220;Description of capital stock&#8212;Registration rights&#8221; for additional information. Shares covered by a registration statement will be
eligible for sale in the public market upon the expiration or release from the terms of the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">236 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_17"></A>Certain material U.S. federal income tax consequences to
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following is a summary of the material U.S. federal income tax consequences to <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holders (as defined below) of the ownership and disposition of our common stock issued pursuant to this offering. This discussion is not a complete analysis of all potential U.S federal income tax
consequences relating thereto, does not address the potential application of the federal tax on net investment income, and does not address any estate or gift tax consequences (other than those specifically set forth below) or any tax consequences
arising under any state, local or foreign tax laws, or any other U.S. federal tax laws. This discussion is based on the Internal Revenue Code of 1986, as amended, or the Code, Treasury Regulations promulgated thereunder, judicial decisions and
published rulings and administrative pronouncements of the Internal Revenue Service, all as in effect on the date of this prospectus. These authorities are subject to differing interpretations and may change, possibly retroactively, resulting in
U.S. federal income tax consequences different from those discussed below. We have not requested a ruling from the IRS with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the
IRS or a court will agree with such statements and conclusions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This discussion is limited to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders who purchase
our common stock pursuant to this offering and who hold our common stock as a &#8220;capital asset&#8221; within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment). This discussion does not address all of the U.S.
federal income tax consequences that may be relevant to a specific holder in light of such holder&#8217;s particular circumstances. This discussion also does not consider any specific facts or circumstances that may be relevant to <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holders subject to special rules under the U.S. federal income tax laws, including: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">certain former citizens or long-term residents of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">partnerships or other pass-through entities (and investors therein); </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8220;controlled foreign corporations&#8221;; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#8220;passive foreign investment companies&#8221;; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">corporations that accumulate earnings to avoid U.S. federal income tax; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations, governmental organizations and sovereign wealth funds;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-qualified</FONT> retirement plans; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">persons subject to any alternative minimum tax; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">persons subject to special tax accounting rules under Section&nbsp;451(b) of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">persons that own or have owned, actually or constructively, (whether or not for USRPHC, as defined below, purposes), more
than 5% of any class of our common stock; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">persons who have elected to mark securities to market; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">persons holding our common stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or
other risk reduction strategy or integrated investment. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">237 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds our common
stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Partnerships holding our common stock and the partners in such partnerships are
urged to consult their tax advisors about the particular U.S. federal income tax consequences to them of holding and disposing of our common stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">PROSPECTIVE
INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF ACQUIRING, OWNING AND DISPOSING OF OUR COMMON STOCK, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL OR FOREIGN TAX
LAWS AND ANY OTHER U.S. FEDERAL TAX LAWS. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Definition of <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For purposes of this discussion, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is any beneficial owner of our common stock that is not a &#8220;U.S.
person&#8221; or a partnership (including any entity or arrangement treated as a partnership) or other pass-through entity for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated
as any of the following: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">an individual who is a citizen or resident (including a &#8220;green card&#8221; holder) of the United States;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a corporation (including any entity treated as a corporation for U.S. federal income tax purposes) created or organized
under the laws of the United States, any state thereof or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">a trust (1)&nbsp;whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S.
persons who have the authority to control all substantial decisions of the trust or (2)&nbsp;that has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">An individual <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizen may, in some cases, be deemed to be a resident alien (as opposed to a nonresident alien) by virtue
of being present in the United States for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three-year period ending in the current calendar year. Generally, for this purpose, all the days present in the
current year, <FONT STYLE="white-space:nowrap">one-third</FONT> of the days present in the immediately preceding year, and <FONT STYLE="white-space:nowrap">one-sixth</FONT> of the days present in the second preceding year, are counted. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Resident aliens are generally subject to U.S. federal income tax as if they were U.S. citizens. Individuals who are uncertain of their status as resident or nonresident
aliens for U.S. federal income tax purposes are urged to consult their own tax advisors regarding the U.S. federal income tax consequences of the ownership or disposition of our common stock. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Distributions on our common stock </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If we distribute cash or other property on
our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts distributed
in excess of our current and accumulated earnings and profits will constitute a return of capital and will first be applied against and reduce a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s tax basis in our common stock, but not
below zero. Any distribution in excess of a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s tax basis will be treated as gain realized on the sale or other taxable disposition of our common stock and will be treated as described in
the section titled &#8220;&#8212;Gain on disposition of our common stock&#8221; below. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Subject to the discussion below regarding effectively connected income,
backup withholding and FATCA (as defined below), dividends paid to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of our common stock generally will be subject to U.S. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">238 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
federal withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty. To receive the benefit of a reduced treaty rate, a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder must furnish the applicable withholding agent with a valid IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or other applicable form) certifying such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s qualification for the reduced rate. This
certification must be provided to the applicable withholding agent before the payment of dividends and must be updated periodically when required. If the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder holds our common stock through a
financial institution or other agent acting on the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s behalf, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be required to provide appropriate documentation to the
agent, which then will be required to provide certification to the applicable withholding agent, either directly or through other intermediaries. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder holds our common stock in connection with the conduct of a trade or business in the United States, and dividends paid on our common stock are effectively connected with such holder&#8217;s U.S. trade
or business (and are attributable to such holder&#8217;s permanent establishment or fixed base maintained by such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder in the United States if required by an applicable tax treaty), the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder will generally be exempt from U.S. federal withholding tax, provided that the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder furnishes a valid IRS Form
<FONT STYLE="white-space:nowrap">W-8ECI</FONT> (or applicable successor form) to the applicable withholding agent. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">However, any such effectively connected dividends
paid on our common stock generally will be subject to U.S. federal income tax on a net (assuming a U.S. tax return is timely filed, otherwise gross) income basis at the regular U.S. federal income tax rates in the same manner as if such <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder were a U.S. person as defined under the Code. A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a foreign corporation also may be subject to an additional branch profits tax equal to
30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders that do not provide the required certification on a timely basis, but that qualify for a reduced treaty rate,
may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their tax advisors regarding any applicable income tax treaties
that may provide for different rules. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Gain on disposition of our common stock </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Subject to the discussion below regarding backup withholding and FATCA (as defined below), a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder generally will not
be subject to U.S. federal income tax on any gain realized on the sale or other disposition of our common stock, unless: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the gain is effectively connected with the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s conduct of a
trade or business in the United States and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder in the United States, in
which case such gain will generally be subject to U.S. federal income tax in the same manner as effectively connected dividend income as described above; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a nonresident alien individual present in the United States
for 183 days or more during the taxable year of the disposition, and certain other requirements are met; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our common stock constitutes a &#8220;U.S. real property interest&#8221; by reason of our status as a U.S. real property
holding corporation, or USRPHC, for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding the disposition or the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s holding period for our
common stock, and our common stock is not regularly traded on an established securities market. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Determining whether we are a USRPHC depends on the
fair market value of our U.S. real property interests relative to the fair market value of our other trade or business assets and our foreign real property interests. We believe we are not currently and we do not anticipate becoming a USRPHC for
U.S. federal income tax purposes, although there can be no assurance we will not in the future become a USRPHC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">239 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net (assuming
a U.S. tax return is timely filed, otherwise gross) income basis at the regular U.S. federal income tax rates in the same manner as if such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder were a resident of the United States. A <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected
earnings and profits for the taxable year, as adjusted for certain items. Gain described in the second bullet point above will be subject to U.S. federal income tax at a flat 30% rate (or such lower rate specified by an applicable income tax
treaty), but may be offset by certain U.S.-source capital losses (even though the individual is not considered a resident of the United States), provided that the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder has timely filed U.S. federal
income tax returns with respect to such losses. Gain described in the third bullet point above will generally be subject to U.S. federal income tax in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business
(subject to any provisions under an applicable income tax treaty), except that the branch profits tax generally will not apply. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different
rules. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>U.S. federal estate tax </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The estates of nonresident alien
individuals generally are subject to U.S. federal estate tax on property with a U.S. situs. Because we are a U.S. corporation, our common stock will be U.S. situs property and, therefore, will be included in the taxable estate of a nonresident alien
decedent, unless an applicable estate tax treaty between the United States and the decedent&#8217;s country of residence provides otherwise. The terms &#8220;resident&#8221; and &#8220;nonresident&#8221; are defined differently for U.S. federal
estate tax purposes than for U.S. federal income tax purposes. Investors are urged to consult their own tax advisors regarding the U.S. federal estate tax consequences of the acquisition, ownership and disposition of our common stock. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Information reporting and backup withholding </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Annual reports are required to
be filed with the IRS and provided to each <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder indicating the amount of dividends on our common stock paid to such holder and the amount of any tax withheld with respect to those dividends. These
information reporting requirements apply even if no withholding was required because the dividends were effectively connected with the holder&#8217;s conduct of a U.S. trade or business, or withholding was reduced or eliminated by an applicable
income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is established. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Backup withholding, currently at a 24% rate, generally will not apply to payments to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of dividends on or the
gross proceeds of a disposition of, our common stock provided the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder furnishes the required certification for its <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status, such as by providing a
valid IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or IRS Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> or certain other
requirements are met. Backup withholding may apply if the payor has actual knowledge, or reason to know, that the holder is a U.S. person who is not an exempt recipient. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Backup withholding is not an additional tax. If any amount is withheld under the backup withholding rules, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder
should consult with a U.S. tax advisor regarding the possibility of and procedure for obtaining a refund or a credit against the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s U.S. federal income tax liability, if any. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Withholding on foreign entities </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Foreign Account Tax Compliance Act, or
FATCA, as reflected in Sections 1471 through 1474 of the Code, imposes a U.S. federal withholding tax of 30% on certain payments, including dividends paid in respect of our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">240 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
common stock, made to a &#8220;foreign financial institution&#8221; (as specially defined under these rules) unless such institution enters into an agreement with the U.S. government to withhold
on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding certain U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain
account holders that are foreign entities with U.S. owners) or an exemption applies. FATCA also generally will impose a U.S. federal withholding tax of 30% on certain payments, including dividends paid in respect of our common stock, made to a <FONT
STYLE="white-space:nowrap">non-financial</FONT> foreign entity unless such entity provides the withholding agent a certification identifying certain direct and indirect U.S. owners of the entity or an exemption applies. An intergovernmental
agreement between the United States and an applicable foreign country may modify these requirements. Under certain circumstances, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder might be eligible for refunds or credits of such taxes. FATCA
currently applies to dividends paid on our common stock. Proposed Treasury Regulations, which may be relied upon until final Treasury Regulations are finalized, currently eliminate possible FATCA withholding on the gross proceeds from sales or other
dispositions of our common stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Prospective investors are encouraged to consult with their own tax advisors regarding the possible implications of FATCA on their
investment in our common stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF
OUR COMMON STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAW, AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> OR U.S. FEDERAL INCOME AND <FONT
STYLE="white-space:nowrap">NON-INCOME</FONT> TAX LAWS SUCH AS ESTATE AND GIFT TAX. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">241 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_18"></A>Underwriting </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We are offering the shares of common stock described in this prospectus through a number of underwriters. J.P. Morgan Securities LLC, BofA Securities, Inc., Leerink
Partners LLC and TD Securities (USA) LLC are acting as joint <FONT STYLE="white-space:nowrap">book-running</FONT> managers of the offering and as representatives of the underwriters. We have entered into an underwriting agreement with the
underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, at the public offering price less the underwriting discounts and
commissions set forth on the cover page of this prospectus, the number of shares of common stock listed next to its name in the following table: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="90%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Number&nbsp;of<BR>shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">J.P. Morgan Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">BofA Securities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Leerink Partners LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">TD Securities (USA) LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="4" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The underwriters are committed to purchase all the common shares offered by us if they purchase any shares. The underwriting agreement
also provides that if an underwriter defaults, the purchase commitments of <FONT STYLE="white-space:nowrap">non-defaulting</FONT> underwriters may also be increased or the offering may be terminated. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The underwriters propose to offer the common shares directly to the public at the initial public offering price set forth on the cover page of this prospectus and to
certain dealers at that price less a concession not in excess of $&#8195;&#8195;&#8195;&#8195; per share. Any such dealers may resell shares to certain other brokers or dealers at a discount of up to $&#8195;&#8195;&#8195;&#8195; per share from the
initial public offering price. After the initial offering of the shares to the public, if all of the common shares are not sold at the initial public offering price, the underwriters may change the offering price and the other selling terms. Sales
of any shares made outside of the United States may be made by affiliates of the underwriters. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The underwriters have an option to buy up to
&#8195;&#8195;&#8195;&#8195; additional shares of common stock from us to cover sales of shares by the underwriters which exceed the number of shares specified in the table above. The underwriters have 30&nbsp;days from the date of this prospectus
to exercise this option to purchase additional shares. If any shares are purchased with this option to purchase additional shares, the underwriters will purchase shares in approximately the same proportion as shown in the table above. If any
additional shares of common stock are purchased, the underwriters will offer the additional shares on the same terms as those on which the shares are being offered. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The underwriting fee is equal to the public offering price per share of common stock less the amount paid by the underwriters to us per share of common stock. The
underwriting fee is $&#8195;&#8195;&#8195;&#8195; per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters assuming both no exercise and full exercise of the
underwriters&#8217; option to purchase additional shares. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Without<BR>option&nbsp;to<BR>purchase<BR>additional<BR>shares<BR>exercise</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>With&nbsp;full<BR>option&nbsp;to<BR>purchase<BR>additional<BR>shares<BR>exercise</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Per Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">242 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We estimate that the total expenses of this offering, including registration, filing and listing fees, printing fees
and legal and accounting expenses, but excluding the underwriting discounts and commissions, will be approximately $&#8195;&#8195;&#8195;&#8195;. We have agreed to reimburse the underwriters for up to $40,000 of expenses relating to the clearance of
this offering with the Financial Industry Regulatory Authority. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A prospectus in electronic format may be made available on the websites maintained by one or more
underwriters, or selling group members, if any, participating in the offering. The underwriters may agree to allocate a number of shares to underwriters and selling group members for sale to their online brokerage account holders. Internet
distributions will be allocated by the representatives to underwriters and selling group members that may make Internet distributions on the same basis as other allocations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We<I> </I>have agreed that we will not (i)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the Securities and Exchange Commission a registration statement under the Securities Act relating to, any
shares of our common stock or securities convertible into or exercisable or exchangeable for any shares of our common stock, or publicly disclose the intention to make any offer, sale, pledge, loan, disposition or filing, or (ii)&nbsp;enter into any
swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any shares of common stock or any such other securities (regardless of whether any of these transactions are to be settled by the
delivery of shares of common stock or such other securities, in cash or otherwise), in each case without the prior written consent of J.P. Morgan Securities LLC, BofA Securities, Inc., Leerink Partners LLC and TD Securities (USA) LLC for a period of
180 days after the date of this prospectus, other than the shares of our common stock to be sold in this offering. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The restrictions on our actions, as described
above, do not apply to certain transactions, including (i)&nbsp;the issuance of shares of common stock or securities convertible into or exercisable for shares of our common stock pursuant to the conversion or exchange of convertible or exchangeable
securities or the exercise of warrants or options (including net exercise) or the settlement of RSUs (including net settlement), in each case outstanding on the date of the underwriting agreement and described in this prospectus; (ii)&nbsp;grants of
stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of shares of our common stock or securities convertible into or exercisable or exchangeable for shares of our common stock (whether upon the exercise of
stock options or otherwise) to our employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan in effect as of the closing of this offering and described in this prospectus, provided that such
recipients enter into a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement with the underwriters; (iii)&nbsp;the issuance of up to 5% of the outstanding shares of our common stock, or securities convertible into, exercisable for, or which are
otherwise exchangeable for, our common stock, immediately following the closing of this offering, in acquisitions or other similar strategic transactions, provided that such recipients enter into a <FONT STYLE="white-space:nowrap">lock-up</FONT>
agreement with the underwriters; or (iv)&nbsp;our filing of any registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> relating to securities granted or to be granted pursuant to any plan in effect on the date of the underwriting
agreement and described in this prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our directors and executive
officers, and substantially all of our shareholders (such persons, the <FONT STYLE="white-space:nowrap">&#8220;lock-up</FONT> parties&#8221;) have entered into <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements with the underwriters prior to
the commencement of this offering pursuant to which each <FONT STYLE="white-space:nowrap">lock-up</FONT> party, with limited exceptions, for a period of 180&nbsp;days after the date of this prospectus (such period, the &#8220;restricted
period&#8221;), may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of J.P. Morgan Securities LLC, BofA Securities, Inc., Leerink Partners LLC and TD Securities (USA) LLC (1)&nbsp;offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of our
common stock or any securities convertible into or exercisable or exchangeable for our common stock (including, without limitation, common </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
stock or such other securities which may be deemed to be beneficially owned by such <FONT STYLE="white-space:nowrap">lock-up</FONT> parties in accordance with the rules and regulations of the SEC
and securities which may be issued upon exercise of a stock option or warrant (collectively with the common stock, the <FONT STYLE="white-space:nowrap">&#8220;lock-up</FONT> securities&#8221;)), (2)&nbsp;enter into any hedging, swap or other
agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the <FONT STYLE="white-space:nowrap">lock-up</FONT> securities, whether any such transaction described in clause&nbsp;(1) or&nbsp;(2)
above is to be settled by delivery of <FONT STYLE="white-space:nowrap">lock-up</FONT> securities, in cash or otherwise, (3)&nbsp;make any demand for, or exercise any right with respect to, the registration of any
<FONT STYLE="white-space:nowrap">lock-up</FONT> securities, or (4)&nbsp;publicly disclose the intention to do any of the foregoing. Such persons or entities have further acknowledged that these undertakings preclude them from engaging during the
restricted period in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative
transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (by any person or entity, whether or not a signatory to such agreement)
of any economic consequences of ownership, in whole or in part, directly or indirectly, of any <FONT STYLE="white-space:nowrap">lock-up</FONT> securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be
settled by delivery of <FONT STYLE="white-space:nowrap">lock-up</FONT> securities, in cash or otherwise. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The restrictions described in the immediately preceding
paragraph and contained in the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements between the underwriters and the <FONT STYLE="white-space:nowrap">lock-up</FONT> parties do not apply, subject in certain cases to various conditions, to
certain transactions, including (a)&nbsp;transfers, distributions or the causing of the disposition of or surrender of <FONT STYLE="white-space:nowrap">lock-up</FONT> securities: (i) as bona fide gifts, or for bona fide estate planning purposes, or
as a charitable contribution, (ii)&nbsp;by will, other testamentary document or intestacy, (iii)&nbsp;to any (A)&nbsp;immediate family member of the lock-up party or (B)&nbsp;trust for the direct or indirect benefit of the <FONT
STYLE="white-space:nowrap">lock-up</FONT> party or any immediate family member, or in the case of a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust, (iv)&nbsp;to a corporation, partnership, limited
liability company or other entity of which the <FONT STYLE="white-space:nowrap">lock-up</FONT> party and/or its immediate family members are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v)&nbsp;to
a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i)&nbsp;through (iv), (vi) in the case of a corporation, partnership, limited liability company, trust or other business entity,
(A)&nbsp;to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate of the <FONT STYLE="white-space:nowrap">lock-up</FONT> party, or to any investment fund or other entity controlling,
controlled by, managing or managed by or under common control with the <FONT STYLE="white-space:nowrap">lock-up</FONT> party or its affiliates or (B)&nbsp;as part of a distribution to members, stockholders, partners, beneficiaries or other equity
holders of the <FONT STYLE="white-space:nowrap">lock-up</FONT> party, (vii)&nbsp;by operation of law or pursuant to an order of a court or regulatory agency, (viii)&nbsp;to us from an employee or other service provider upon death, disability or
termination of employment or service relationship, including without limitation, pursuant to a right of first refusal or an option to repurchase that we have with respect to transfers of such <FONT STYLE="white-space:nowrap">lock-up</FONT>
securities or other of our securities (ix)&nbsp;as part of a sale or transfer of <FONT STYLE="white-space:nowrap">lock-up</FONT> securities acquired in this offering or in open market transactions after the completion of this offering, (x)&nbsp;to
us in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or other rights to purchase shares of our common stock (including &#8220;net&#8221; or &#8220;cashless&#8221; exercise), including for the payment
of exercise price and tax and remittance payments, or (xi)&nbsp;pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction approved by our board of directors and made to all shareholders involving a change
in control, provided that if such transaction is not completed, all such <FONT STYLE="white-space:nowrap">lock-up</FONT> securities would remain subject to the restrictions in the immediately preceding paragraph; (b)&nbsp;exercise of the options,
settlement of RSUs or other equity awards, or the exercise of warrants granted pursuant to plans described in this prospectus, provided that any <FONT STYLE="white-space:nowrap">lock-up</FONT> securities received upon such exercise, vesting or
settlement would be subject to restrictions similar to those in the immediately preceding paragraph; (c)&nbsp;the conversion of outstanding preferred stock, warrants to acquire preferred stock, or convertible securities into shares of our common
stock or warrants to acquire shares of our common stock, provided that any common stock or warrant received upon such conversion would be subject to restrictions similar to those in the immediately preceding paragraph; and (d)&nbsp;the establishment
or amendment </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
by <FONT STYLE="white-space:nowrap">lock-up</FONT> parties of trading plans under Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> under the Exchange Act, provided that such plans do not
provide for the transfer of <FONT STYLE="white-space:nowrap">lock-up</FONT> securities during the restricted period. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">J.P. Morgan Securities LLC, BofA Securities,
Inc., Leerink Partners LLC and TD Securities (USA) LLC in their sole discretion, may release the securities subject to any of the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements with the underwriters described above, in whole or in part
at any time. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have applied to have our common stock approved for listing/quotation on the Nasdaq Global Market under the symbol &#8220;AKTS.&#8221; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In connection with this offering, the underwriters may engage in stabilizing transactions, which involves making bids for, purchasing and selling shares of common stock
in the open market for the purpose of preventing or retarding a decline in the market price of the common stock while this offering is in progress. These stabilizing transactions may include making short sales of common stock, which involves the
sale by the underwriters of a greater number of shares of common stock than they are required to purchase in this offering, and purchasing shares of common stock on the open market to cover positions created by short sales. Short sales may be
&#8220;covered&#8221; shorts, which are short positions in an amount not greater than the underwriters&#8217; option to purchase additional shares referred to above, or may be &#8220;naked&#8221; shorts, which are short positions in excess of that
amount. The underwriters may close out any covered short position either by exercising their option to purchase additional shares, in whole or in part, or by purchasing shares in the open market. In making this determination, the underwriters will
consider, among other things, the price of shares available for purchase in the open market compared to the price at which the underwriters may purchase shares through the option to purchase additional shares. A naked short position is more likely
to be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market that could adversely affect investors who purchase in this offering. To the extent that the underwriters create a
naked short position, they will purchase shares in the open market to cover the position. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The underwriters have advised us that, pursuant to Regulation&nbsp;M of
the Securities Act of 1933, they may also engage in other activities that stabilize, maintain or otherwise affect the price of the common stock, including the imposition of penalty bids. This means that if the representatives of the underwriters
purchase common stock in the open market in stabilizing transactions or to cover short sales, the representatives can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">These activities may have the effect of raising or maintaining the market price of the common stock or preventing or retarding a decline in the market price of the
common stock, and, as a result, the price of the common stock may be higher than the price that otherwise might exist in the open market. If the underwriters commence these activities, they may discontinue them at any time. The underwriters may
carry out these transactions on the Nasdaq Global Market, in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or otherwise. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Prior to this offering, there has been no public market for our common stock. The initial public offering price will be determined by negotiations between us and the
representatives of the underwriters. In determining the initial public offering price, we and the representatives of the underwriters expect to consider a number of factors including: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the information set forth in this prospectus and otherwise available to the representatives; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our prospects and the history and prospects for the industry in which we compete; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">an assessment of our management; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">our prospects for future earnings; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">245 </P>

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<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the general condition of the securities markets at the time of this offering; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">other factors deemed relevant by the underwriters and us. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Neither we nor the underwriters can assure investors that an active trading market will develop for our common shares, or that the shares will trade in the public market
at or above the initial public offering price. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Certain of the underwriters and their affiliates have provided in the past to us and our affiliates and may provide
from time to time in the future certain commercial banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have received and may continue to receive
customary fees and commissions. In addition, from time to time, certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or
short positions in our debt or equity securities or loans, and may do so in the future. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Selling restrictions </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>General </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Other than in the United States, no action has been taken by
us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or
indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of
this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Canada </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of our common
stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument <FONT STYLE="white-space:nowrap">45-106</FONT> Prospectus Exemptions or subsection 73.3(1) of
the Securities Act (Ontario), and are permitted clients, as defined in National <FONT STYLE="white-space:nowrap">Instrument&nbsp;31-103</FONT> Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of our
common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any
amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The
purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars of these rights or consult with a legal advisor. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Pursuant to section 3A.3 of National Instrument <FONT STYLE="white-space:nowrap">33-105</FONT> Underwriting Conflicts (NI
<FONT STYLE="white-space:nowrap">33-105),</FONT> the underwriters are not required to comply with the disclosure requirements of NI <FONT STYLE="white-space:nowrap">33-105</FONT> regarding underwriter conflicts of interest in connection with this
offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">246 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in the European Economic Area </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In relation to each Member State of the European Economic Area (each a &#8220;Relevant State&#8221;), no shares of common stock have been offered or will be offered
pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares of common stock which has been approved by the competent authority in that Relevant State or, where appropriate,
approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares of common stock may be made to the public in that Relevant State at any
time under the following exemptions under the Prospectus Regulation: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation; </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters; or </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in any other circumstances falling within Article 1(4) of the Prospectus Regulation, </TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>provided</I> that no such offer
of shares of common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation. and each person who initially
acquires any shares of common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each of the underwriters and the company that it is a &#8220;qualified investor&#8221; within the meaning of
Article 2(e) of the Prospectus Regulation. In the case of any shares of common stock being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented,
acknowledged and agreed that the shares of common stock acquired by it in the offer have not been acquired on a <FONT STYLE="white-space:nowrap">non-discretionary</FONT> basis on behalf of, nor have they been acquired with a view to their offer or
resale to, persons in circumstances which may give rise to an offer of any shares of common stock to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior consent
of the underwriters have been obtained to each such proposed offer or resale. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For the purposes of this provision, the expression an &#8220;offer to the
public&#8221; in relation to shares of common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an
investor to decide to purchase or subscribe for any shares of common stock, and the expression &#8220;Prospectus Regulation&#8221; means Regulation (EU) 2017/1129. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in the United Kingdom </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">No shares of
common stock have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares of common stock which (i)&nbsp;has been approved by the Financial
Conduct Authority or (ii)&nbsp;is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provisions in Article 74 (transitional provisions) of the Prospectus Amendment etc. (EU Exit)
Regulations 2019/1234, except that the shares of common stock may be offered to the public in the United Kingdom at any time: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation; </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of underwriters for any such offer; or
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">247 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in any other circumstances falling within Section&nbsp;86 of the FSMA, </TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>provided</I> that no such offer of the shares
of common stock shall require the Issuer or any Manager to publish a prospectus pursuant to Section&nbsp;85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the
expression an &#8220;offer to the public&#8221; in relation to the shares of common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock
to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock and the expression &#8220;UK Prospectus Regulation&#8221; means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer
subsequently made may only be directed at persons who are &#8220;qualified investors&#8221; (as defined in the Prospectus Regulation)&nbsp;(i) who have professional experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#8220;Order&#8221;) and/or (ii)&nbsp;who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article
49(2)(a) to (d)&nbsp;of the Order (all such persons together being referred to as &#8220;relevant persons&#8221;) or otherwise in circumstances which have not resulted and will not result in an offer to the public of shares of common stock in the
United Kingdom within the meaning of the Financial Services and Markets Act 2000. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Any person in the United Kingdom that is not a relevant person should not act or
rely on the information included in this document or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by relevant persons. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Switzerland </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus does
not constitute an offer to the public or a solicitation to purchase or invest in any shares of common stock. No shares of common stock have been offered or will be offered to the public in Switzerland, except that offers of shares of common stock
may be made to the public in Switzerland at any time under the following exemptions under the Swiss Financial Services Act (&#8220;FinSA&#8221;): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to any person which is a professional client as defined under the FinSA; </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to obtaining the prior consent of the representatives for any such offer; or </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the Swiss Financial Services Ordinance, </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>provided</I> that no such offer of shares of common stock shall require the Company or any investment bank to publish a prospectus pursuant to Article 35 FinSA. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of common stock have not been and will not be listed or admitted to trading on a trading venue in Switzerland. Neither this document nor any other offering or
marketing material relating to the shares of common stock constitutes a prospectus as such term is understood pursuant to the FinSA and neither this document nor any other offering or marketing material relating to the shares of common stock may be
publicly distributed or otherwise made publicly available in Switzerland. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Australia </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the
&#8220;Corporations Act&#8221;); </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">248 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">has not been, and will not be, lodged with the Australian Securities and Investments Commission (&#8220;ASIC&#8221;), as a
disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the
categories of investors, available under section 708 of the Corporations Act (&#8220;Exempt Investors&#8221;). </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of common stock may not
be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares of common stock may be issued, and no draft or definitive offering memorandum, advertisement or other offering material
relating to any shares of common stock may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations.
By submitting an application for the shares of common stock, you represent and warrant to us that you are an Exempt Investor. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As any offer of shares of common stock
under this prospectus will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure
to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares of common stock you undertake to us that you will not, for a period of 12 months from the date of issue of the shares of
common stock, offer, transfer, assign or otherwise alienate those shares of common stock to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant
disclosure document is prepared and lodged with ASIC. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Japan </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of common stock have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none
of the shares of common stock nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any &#8220;resident&#8221; of Japan (which term as used herein means any person resident in Japan,
including any corporation or other entity organized under the laws of Japan), or to others for <FONT STYLE="white-space:nowrap">re-offering</FONT> or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except
pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant
time. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Hong Kong </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of
common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a)&nbsp;to &#8220;professional investors&#8221; as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws
of Hong Kong) (the &#8220;SFO&#8221;) of Hong Kong and any rules made thereunder; or (b)&nbsp;in other circumstances which do not result in this prospectus being a &#8220;prospectus&#8221; as defined in the Companies (Winding Up and Miscellaneous
Provisions) Ordinance (Cap. 32) of Hong Kong) (the &#8220;CO&#8221;) or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation or document relating to the shares of common stock has been or may be
issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if
permitted to do so under the securities laws of Hong Kong) other than with respect to shares of common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; as defined in
the SFO and any rules made thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">249 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Singapore </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each underwriter has acknowledged that this prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each underwriter
has represented and agreed that it has not offered or sold any shares of common stock or caused the shares of common stock to be made the subject of an invitation for subscription or purchase and will not offer or sell any shares of common stock or
cause the shares of common stock to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other document or material in connection with
the offer or sale, or invitation for subscription or purchase, of the shares of common stock, whether directly or indirectly, to any person in Singapore other than: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(a)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to an institutional investor (as defined in Section&nbsp;4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the &#8220;SFA&#8221;)) pursuant to Section&nbsp;274 of
the SFA; </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(b)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to a relevant person (as defined in Section&nbsp;275(2) of the SFA) pursuant to Section&nbsp;275(1) of the SFA and in accordance with the conditions specified in Section&nbsp;275 of the SFA; or </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(c)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. </TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Where shares
of common stock are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(a)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals,
each of whom is an accredited investor; or </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(b)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">securities or securities-based derivatives contracts (each term as defined in Section&nbsp;2(1) of the SFA) of that corporation or the beneficiaries&#8217; rights and
interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares of common stock pursuant to an offer made under Section&nbsp;275 of the SFA except: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section&nbsp;276(4)(c)(ii) of the SFA; </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">where no consideration is or will be given for the transfer; </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">where the transfer is by operation of law; </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">as specified in Section&nbsp;276(7) of the SFA; or </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018. </TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in China </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus will not be
circulated or distributed in the PRC and the shares of common stock will not be offered or sold, and will not be offered or sold to any person for <FONT STYLE="white-space:nowrap">re-offering</FONT> or resale directly or indirectly to any residents
of the PRC (for such purposes, not including the Hong Kong and Macau Special Administrative Regions or Taiwan), except pursuant to any applicable laws and regulations of the PRC. Neither this prospectus nor any advertisement or other offering
material may be distributed or published in the PRC, except under circumstances that will result in compliance with applicable laws and regulations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">250 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to Prospective Investors in Korea </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of common stock have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and
regulations thereunder (the &#8220;FSCMA&#8221;), and the shares of common stock have been and will be offered in Korea as a private placement under the FSCMA. None of the shares of common stock may be offered, sold or delivered directly or
indirectly, or offered or sold to any person for <FONT STYLE="white-space:nowrap">re-offering</FONT> or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including
the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the &#8220;FETL&#8221;). The shares of common stock have not been listed on any of securities exchanges in the world including, without
limitation, the Korea Exchange in Korea. Furthermore, the purchaser of the shares of common stock shall comply with all applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with the purchase of
the shares of common stock. By the purchase of the shares of common stock, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the shares of common stock pursuant to the
applicable laws and regulations of Korea. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Taiwan </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of our common stock have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and
regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the
Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the shares of common stock in Taiwan. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Saudi Arabia </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus may
not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by the board of the Saudi Arabian Capital Market Authority
(&#8220;CMA&#8221;) pursuant to resolution number <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">3-123-2017</FONT></FONT> dated 27&nbsp;December 2017, as amended (the &#8220;CMA Regulations&#8221;). The CMA does not make any
representation as to the accuracy or completeness of this prospectus and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. Prospective purchasers of the securities
offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this prospectus, you should consult an authorized financial adviser. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Dubai International Financial Centre (&#8220;DIFC&#8221;) </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus relates to an Exempt Offer in accordance with the Markets Law, DIFC Law No.&nbsp;1 of 2012, as amended. This prospectus is intended for distribution only
to persons of a type specified in the Markets Law, DIFC Law No.&nbsp;1 of 2012, as amended. It must not be delivered to, or relied on by, any other person. The Dubai Financial Services Authority (&#8220;DFSA&#8221;) has no responsibility for
reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for this prospectus. The securities to
which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this
prospectus you should consult an authorized financial advisor. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In relation to its use in the DIFC, this prospectus is strictly private and confidential and is being
distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. The interests in the securities may not be offered or sold directly or
indirectly to the public in the DIFC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">251 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in United Arab Emirates </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of our common stock have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the DIFC) other
than in compliance with the laws of the United Arab Emirates (and the DIFC) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the
DIFC) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority or the DFSA. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Bermuda </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Shares of our common stock
may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in Bermuda. Additionally, <FONT STYLE="white-space:nowrap">non-Bermudian</FONT> persons
(including companies) may not carry on or engage in any trade or business in Bermuda unless such persons are permitted to do so under applicable Bermuda legislation. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in the British Virgin Islands </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
shares of our common stock are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf of the issuer. The shares of our common stock may be offered to companies
incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands), (&#8220;BVI Companies&#8221;), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the British Virgin Islands. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in South Africa </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Due to restrictions
under the securities laws of South Africa, no &#8220;<I>offer to the public</I>&#8221; (as such term is defined in the South African Companies Act, No.&nbsp;71 of 2008 (as amended or <FONT STYLE="white-space:nowrap">re-enacted)</FONT> (the
&#8220;South African Companies Act&#8221;)) is being made in connection with the issue of the shares of our common stock in South Africa. Accordingly, this document does not, nor is it intended to, constitute a &#8220;<I>registered
prospectus</I>&#8221; (as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and has not been approved by, and/or filed with, the South African Companies and Intellectual Property
Commission or any other regulatory authority in South Africa. The shares of our common stock are not offered, and the offer shall not be transferred, sold, renounced or delivered, in South Africa or to a person with an address in South Africa,
unless one or other of the following exemptions stipulated in section 96 (1) applies: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="83%"></TD></TR>


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<TD VALIGN="top">Section&nbsp;96&nbsp;(1)&nbsp;(a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">the offer, transfer, sale, renunciation or delivery is to:</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:arial">(i)&#8195;&#8202;persons whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or
agent;</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:arial">(ii)&#8194;&#8201;&#8202;the South African
Public Investment Corporation;</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:arial">(iii)&#8194;&#8202;persons or entities regulated by the Reserve Bank of South Africa;</P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:arial">(iv)&#8194;&#8202;authorised financial service providers
under South African law;</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:arial">(v)&#8194;&#8201;&#8201;financial institutions recognised as such under South African law;</P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:arial">(vi)&#8194;&#8202;a wholly-owned subsidiary of any person
or entity contemplated in (c), (d) or (e), acting as agent in the capacity of an authorised portfolio</P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:arial">manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law); or</P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:arial">(vii)&#8201;&#8201;any combination of the person in
(i)&nbsp;to (vi); or</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">252 </P>

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<TD VALIGN="top">Section&nbsp;96&nbsp;(1)&nbsp;(b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the total contemplated acquisition cost of the securities, for any single addressee acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may be promulgated by notice in the Government Gazette of
South Africa pursuant to section 96(2)(a) of the South African Companies Act.</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Notice to prospective investors in Israel </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Israeli Securities Law, and has not been filed with or approved by
the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the shares of common stock is directed only at, (i)&nbsp;a limited number of persons in accordance with the Israeli
Securities Law and (ii)&nbsp;investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment
advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50&nbsp;million and &#8220;qualified individuals,&#8221; each as defined in the Addendum (as it may be amended from time to
time), or, collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are
required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">253 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_19"></A>Legal matters </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The validity of the shares of common stock offered by this prospectus will be passed upon for us by Paul Hastings LLP, New York, New York. Certain legal matters will be
passed upon for the underwriters by Davis Polk&nbsp;&amp; Wardwell LLP, New York, New York. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_20"></A>Experts </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The financial statements of Aktis Oncology, Inc. as of December&nbsp;31, 2024 and 2023, and for each of the years then ended, included in this Prospectus, have been
audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting
and auditing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">254 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="toc875386_21"></A>Where you can find more information </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have filed with the Securities and Exchange Commission, or the SEC, a registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> under the Securities
Act of 1933, as amended, or the Securities Act, with respect to the shares of common stock being offered by this prospectus. This prospectus, which constitutes part of the registration statement, does not contain all of the information set forth in
the registration statement or the exhibits and schedules filed therewith. For further information with respect to our company and the common stock offered by this prospectus, we refer you to the registration statement and the exhibits and schedules
filed thereto. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Statements contained in this prospectus as to the contents of any contract or any other document that is filed as an exhibit to the registration
statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. The SEC also maintains an internet
website that contains reports, proxy statements and other information about registrants, like us, that file electronically with the SEC. The address of that site is www.sec.gov. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon the effectiveness of the registration statement, we will be subject to the informational requirements of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, and, in accordance with the Exchange Act, will file reports, proxy and information statements and other information with the SEC. Such annual, quarterly and special reports, proxy and information statements and other information can be
accessed at the SEC&#8217;s website referenced above. We also intend to make this information available on the investor relations section of our website, which is located at www.aktisoncology.com. Information contained on or accessible through our
website is not a part of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">255 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="index"></A><A NAME="toc875386_22"></A>Index to Consolidated financial statements </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><U>Audited consolidated financial statements for the years ended December 31, 2024 and 2023:</U></B> </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_1">Report of independent registered public accounting firm</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-2</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_2">Consolidated balance sheets for the years ended December&nbsp;31, 2024 and
2023</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-3</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_3">Consolidated statements of operations and comprehensive loss for the years ended December&nbsp;31,
 2024 and 2023</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-4</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_4">Consolidated statements of redeemable convertible preferred stock and stockholders&#8217;
 deficit for the years ended December&nbsp;31, 2024 and 2023</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-5</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_5">Consolidated statements of cash flows for the years ended December&nbsp;
31, 2024 and 2023</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-6</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_6">Notes to consolidated financial statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-7</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><U>Unaudited interim consolidated financial statements for the
nine months ended September 30, 2025 and 2024:</U></B> </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_7">Consolidated balance sheets as of September 30, 2025 and December 31,
2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-38</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_8">Consolidated statements of operations and comprehensive loss for the nine months ended September&nbsp;30,
 2025 and 2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-39</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_9">Consolidated statements of redeemable convertible preferred stock and stockholders&#8217;
 deficit for the nine&nbsp;months ended September 30, 2025 and 2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-40</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_10">Consolidated statements of cash flows for the nine months ended September 30, 2025 and
 2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-41</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_11">Notes to consolidated financial statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-42</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_1"></A>Report of independent registered public accounting firm </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">To the stockholders and the Board of Directors of Aktis Oncology, Inc. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Opinion
on the financial statements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have audited the accompanying consolidated balance sheets of Aktis Oncology, Inc. and subsidiary (the &#8220;Company&#8221;) as
of December&nbsp;31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, redeemable convertible preferred stock and stockholders&#8217; deficit, and cash flows, for each of the years then ended, and the related
notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December&nbsp;31, 2024 and 2023, and the
results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Basis for opinion </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">These financial statements are the responsibility of the
Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We conducted our audits in accordance with the standards<SUP STYLE="font-size:75%; vertical-align:top"> </SUP>of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal
control over financial reporting. Accordingly, we express no such opinion. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Our audits included performing procedures to assess the risks of material misstatement of
the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our
audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our
opinion. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">/s/ Deloitte&nbsp;&amp; Touche LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Boston, Massachusetts </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">May&nbsp;22, 2025 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have served as the Company&#8217;s auditor since 2021. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_2"></A>Consolidated balance sheets </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands, except shares and par value data)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Current assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">37,159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Prepaid expenses and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,853</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Property and equipment, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">7,298</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">5,512</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease <FONT STYLE="white-space:nowrap">right-of-use</FONT> assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">326,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">122,355</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Liabilities, Redeemable Convertible Preferred Stock and Stockholders&#8217; Deficit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Current liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">957</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,752</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Deferred revenue, current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease liabilities, current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,237</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Deferred revenue, net of current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease liabilities, net of current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,714</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Preferred stock warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,575</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commitments and contingencies (Note 13)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Redeemable convertible preferred stock:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed redeemable convertible preferred stock, $0.0001 par value; 5,000,000 shares authorized, issued
and outstanding; aggregate liquidation preference of $5,000 as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A redeemable convertible preferred stock, $0.0001 par value; 78,067,500 shares authorized, issued and
outstanding; aggregate liquidation preference of $156,135 as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred stock, $0.0001 par
value; 2,500,000 shares and no shares authorized, issued and outstanding as of December&nbsp;31, 2024 and 2023, respectively; aggregate liquidation preference of $10,000 as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series B redeemable convertible preferred stock, $0.0001 par value; 43,750,000 shares and no shares
authorized, issued and outstanding as of December&nbsp;31, 2024 and 2023, respectively; aggregate liquidation preference of $175,000 as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Partner preferred stock, $0.0001 par value; 250,000 shares and 2,000,000 shares authorized as of
December&nbsp;31 2024 and 2023, respectively; 250,000 shares and no shares issued and outstanding as of December&nbsp;31, 2024 and 2023, respectively; aggregate liquidation preference of $500 as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Stockholders&#8217; deficit:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock, $0.0001 par value; 155,000,000 and 102,500,000 shares authorized as of December&nbsp;31, 2024
and 2023, respectively; 2,971,249 shares and 2,600,000 shares issued as of December&nbsp;31, 2024 and 2023, respectively; 2,971,249 shares and 2,471,875 shares outstanding as of December&nbsp;31, 2024 and 2023, respectively</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,465</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accumulated other comprehensive income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(92,833</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total stockholders&#8217; deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(87,803</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,306</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total liabilities, redeemable convertible preferred stock and stockholders&#8217; deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">326,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">122,355</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_3"></A>Consolidated statements of operations and comprehensive loss </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands, except share and per share data)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Collaboration revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative (includes $143 and $303 for related parties, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Loss from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(52,050</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other income (expense):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Change in fair value of preferred stock warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other expense, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total other income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss per share&#8212;basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(16.42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12.24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average common stock outstanding, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,678,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,340,553</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Comprehensive loss:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other comprehensive income:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net unrealized gain on marketable securities held</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,938</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,559</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these
consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_4"></A>Consolidated statements of redeemable convertible preferred stock and stockholders&#8217;
deficit </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B>Series seed<BR>redeemable<BR>convertible<BR>preferred&nbsp;stock</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:5pt; font-family:arial; " ALIGN="right"><B>Series A
redeemable<BR>convertible&nbsp;preferred&nbsp;stock</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B><FONT STYLE="white-space:nowrap">Series&nbsp;A-1&nbsp;redeemable</FONT><BR>convertible&nbsp;preferred<BR>stock</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:5pt; font-family:arial; " ALIGN="right"><B>Series
B&nbsp;redeemable<BR>convertible&nbsp;preferred&nbsp;stock</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B>Partner<BR>redeemable<BR>convertible<BR>preferred stock</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B>Common stock</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B>Additional<BR><FONT STYLE="white-space:nowrap">paid-in</FONT><BR>capital</B></FONT></TD>

<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B>Accumulated<BR>other<BR>comprehensive<BR>income</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B>Accumulated<BR>deficit</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><FONT STYLE="font-size:5pt"><B>Total<BR>stockholders&#8217;<BR>deficit</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands, except share amounts)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial"><B>Balance as of January&nbsp;1, 2023</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,166,318</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">982</TD>
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<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(20,212</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(19,230</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Vesting of restricted stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">305,557</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,478</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Unrealized gain on marketable securities held</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="37" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial"><B>Balance as of December&nbsp;31, 2023</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,471,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,465</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(46,306</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="37" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Vesting of restricted stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Issuance of Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred
stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Issuance of Series B redeemable convertible preferred stock, net of issuance costs of&nbsp;$346</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Issuance of Partner redeemable convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Exercise of common stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Unrealized gain on marketable securities held</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="37" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial"><B>Balance as of December&nbsp;31, 2024</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,971,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(92,833</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(87,803</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="65" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_5"></A>Consolidated statements of cash flows </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Cash flows provided by (used in) operating activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Adjustments to reconcile net loss to net cash flows used in operating activities:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,575</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Change in fair value of preferred stock warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(800</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net amortization of premiums and accretion of discounts on investments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,081</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,146</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Changes in operating assets and liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Prepaid expenses and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(482</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">265</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Interest receivable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(861</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(257</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Operating lease <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT>
assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,150</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(227</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,522</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,284</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net cash provided by (used in) operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,762</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,004</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Cash flows used in investing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(288,396</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(145,806</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from maturities of marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,862</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,764</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Sale of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(190,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(68,828</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Cash flows provided by financing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from issuance of Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred
stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from issuance of Series B redeemable convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Payment of issuance costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(346</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Payment of deferred offering costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,549</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from exercise of common stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net cash provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">183,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Net increase (decrease) in cash, cash equivalents and restricted cash equivalents</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,646</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(98,832</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Cash, cash equivalents and restricted cash equivalents at beginning of period</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Cash, cash equivalents and restricted cash equivalents at end of period</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">38,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Reconciliation of cash, cash equivalents and restricted cash equivalents</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">37,159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Long-term restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Total cash, cash equivalents and restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">38,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Supplemental disclosure of cash flow information:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-of-use</FONT></FONT> assets obtained
in exchange for lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Remeasurement of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT>
asset and lease liability due to lease modification</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Supplemental disclosure of <FONT STYLE="white-space:nowrap">non-cash</FONT> investing and financing
activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Fair value adjustment of Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred
stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Vesting of restricted stock included in additional <FONT STYLE="white-space:nowrap">paid-in</FONT>
capital</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Early exercises of restricted stock included in accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of property and equipment included in accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of property and equipment included in accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Deferred offering costs included in accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Deferred offering costs included in accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">326</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Issuance of Partner redeemable convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-6 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_6"></A>Notes to consolidated financial statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>As of and for the years ended December&nbsp;31, 2024 and 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>(In thousands, except for per share and share amounts) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>1. Nature of the
business and basis of presentation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Aktis Oncology, Inc. (&#8220;Aktis&#8221; or the &#8220;Company&#8221;) was incorporated under the laws of the State of
Delaware in August 2020. Its principal office is in Boston, Massachusetts. Aktis Security Corporation, its wholly owned subsidiary, was formed under the laws of the State of Delaware in November 2022. The Company is a clinical-stage oncology company
focused on unlocking the breakthrough potential of targeted radiopharmaceuticals for large patient populations not currently addressed by existing technologies. The Company has built a proprietary miniprotein radioconjugate platform that aims to
safely confer breakthrough efficacy to a broader range of patient populations. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Risks and uncertainties </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical
trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technologies, compliance with government regulations, ability to secure additional capital to fund operations, and potential
delays associated with the Company&#8217;s anticipated and planned trials. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There can be no assurance that the Company will be able to successfully complete the
development of, or receive regulatory approval for, any products developed, and if approved, that any products will be commercially viable. Any products resulting from the Company&#8217;s current research and development efforts will require
significant additional research and development, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel,
infrastructure, and extensive compliance reporting capabilities. The Company has not generated any revenue from the sale of any products to date. Even if the Company&#8217;s product development efforts are successful, it is uncertain when, if ever,
the Company will realize significant revenue from product sales. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Liquidity </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In accordance with Accounting Standards Update (&#8220;ASU&#8221;) <FONT STYLE="white-space:nowrap">2014-15,</FONT> <I>Disclosure of Uncertainties About an
Entity&#8217;s Ability to Continue as a Going Concern (Subtopic <FONT STYLE="white-space:nowrap">205-40),</FONT></I> the Company has evaluated whether there are conditions and events that raise substantial doubt about the Company&#8217;s ability to
continue as a going concern within one year after the date the consolidated financial statements are issued. The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets
and satisfaction of liabilities in the normal course of business. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">From the Company&#8217;s inception, the Company has primarily funded its operations with proceeds
from the issuance of common stock and redeemable convertible preferred stock (see Note 7) and upfront payments upon entering into a Research and Collaboration Agreement (the &#8220;Collaboration Agreement&#8221;) with Eli Lilly and Company
(&#8220;Eli Lilly&#8221;) (see Note 12). As of December&nbsp;31, 2024, the Company has raised an aggregate of $345.5&nbsp;million in net proceeds through the sale of redeemable convertible preferred stock and received $60.0&nbsp;million in upfront
payments from the Collaboration Agreement with Eli Lilly. The Company has incurred losses since inception, including net losses of $44.0&nbsp;million and $28.6&nbsp;million for the years ended December&nbsp;31, 2024 and 2023, respectively. As of
December&nbsp;31, 2024, the Company had an accumulated deficit of $92.8&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise
substantial doubt about the Company&#8217;s ability to continue as a going concern within the twelve months after the date that these consolidated financial statements are available to be issued. The Company believes that its existing cash, cash
equivalents and marketable securities of $297.2&nbsp;million as of December&nbsp;31, 2024 will be sufficient to allow the Company to fund operations at least twelve months from the date that the financial statements are available to be issued. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Basis of presentation and consolidation </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The accompanying consolidated
financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). The accompanying consolidated financial statements include the accounts of the Company&#8217;s
wholly-owned subsidiary, Aktis Security Corporation. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the
Accounting Standards Codification (&#8220;ASC&#8221;) and ASUs of the Financial Accounting Standards Board (&#8220;FASB&#8221;). </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>2. Summary of significant
accounting policies </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Use of estimates </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The preparation of
consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent liabilities as of the date of the
consolidated financial statements as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in
developing the estimates and assumptions that are used in the preparation of the consolidated financial statements. Management must apply significant judgment in this process. Estimates are based on several factors including the facts and
circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends, and the assessment of the probable future outcome. Estimates are used in the following areas, among others:
revenue recognition, determining the fair value of the Company&#8217;s common stock; determination of accrued expenses, and research and development expenses, preferred stock warrant liability and valuation allowance for deferred tax assets.
Additionally, in calculating the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets and lease liabilities, estimates and assumptions were used to determine the incremental borrowing rates and expected
lease terms. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the consolidated statements of operations and comprehensive loss in the period that they are determined. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Segment information </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Operating segments are defined as components of an
enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker (&#8220;CODM&#8221;), in deciding how to allocate resources and assess performance. The Company has one operating segment
focused on the research and development of targeted radiopharmaceuticals. The Company&#8217;s CODM, its President and Chief Executive Officer (&#8220;CEO&#8221;), manages its operations on a consolidated basis for the purpose of allocating
resources. As of December&nbsp;31, 2024 and 2023, all of the Company&#8217;s long-lived assets are held in the United States and, for the year ended December&nbsp;31, 2024, all of the Company&#8217;s revenue is derived from the United States. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Comprehensive Loss </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Comprehensive loss includes net loss, as well as
other changes in stockholders&#8217; deficit that result from transactions and economic events other than those with stockholders. Comprehensive loss is composed of net loss and other comprehensive income. Other comprehensive income consists of
unrealized gains on marketable securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-8 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Cash and cash equivalents </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Cash and cash equivalents consist primarily of demand deposit accounts and deposits in short-term money market funds. Cash equivalents are stated at cost, which
approximates fair value. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Restricted cash equivalents </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Restricted cash equivalents are comprised
of cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements. Restricted cash equivalents are used as collateral for letters of credit issued by banks related to the Company&#8217;s operating
leases and laboratory decommissioning commitment and are considered a <FONT STYLE="white-space:nowrap">non-current</FONT> asset on the consolidated balance sheets. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Marketable securities </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Marketable securities are composed of U.S.
treasury bills, corporate debt securities, commercial paper and agency bonds with maturities of less than one year from the balance sheet date. The Company determines the appropriate classification of marketable securities at the time of purchase
and reevaluates such designation at each balance sheet date. The Company classifies all of its marketable securities as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> pursuant to ASC 320,
<I>Investments&#8211;Debt and Equity Securities. </I>The Company records <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> securities at fair value with unrealized gains and losses included in
accumulated other comprehensive income. The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts until maturity. Such amortization and accretion, along with any interest income received, are included in
interest income, which is a component of other income (expense). Realized gains and losses are included in other expense, net. The Company reviews any investment when its fair value is less than its amortized cost and when evidence indicates that
the investment&#8217;s carrying amount is not recoverable within a reasonable period. The Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the
extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss
exists and if the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is recorded on its consolidated balance sheets, limited by the amount that the fair value is less than the
amortized cost basis. Any impairment that is not related to a credit loss is recognized in other comprehensive income. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Changes in the allowance for credit losses
are recorded as a provision for (or reversal of) credit loss. Losses are charged against the allowance for credit losses when the Company believes the uncollectibility of an investment is confirmed or when the Company intends to sell, or more likely
than not will be required to sell the security before recovery of its amortized cost basis. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company evaluates marketable securities for other-than-temporary
impairment at the balance sheet dates. Declines in fair value, if any, determined to be other than temporary are also included in other income (expense). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Concentration of credit risk </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Financial instruments that subject the
Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company places its cash, cash equivalents and marketable securities in financial institutions that management believes to
be of high credit quality, and accordingly, the Company believes such funds are subject to minimal credit risk. The Company maintains its cash in bank deposit accounts that at times exceed federally insured limits. The Company has not experienced
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-9 </P>

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any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Property and equipment </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Property and equipment are recorded at cost,
less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are charged to expense while the costs of
significant improvements are capitalized. Upon retirement or sale, the costs of the assets disposed of and the related accumulated depreciation or amortization is eliminated from the consolidated balance sheets and any related gains or losses are
reflected in the consolidated statements of operations and comprehensive loss. The range of useful lives of property and equipment is as follows: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
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<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Description</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Useful life</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Computer equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3 Years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Computer software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3 Years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Office equipment&nbsp;&amp; furniture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5 Years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Lab equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5 Years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">The shorter of the life of the leasehold improvement or the remaining term of the lease</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Impairment of long-lived assets </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset
may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying value, the assets are
recorded at the lesser of the carrying value or fair value. To date, the Company has not recorded any impairment losses on long-lived assets. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Patent-related
costs </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the
recovery of the expenditure. Amounts incurred are classified as general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Fair value measurements </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Certain assets and liabilities are carried at
fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Valuation techniques used to measure fair value require the Company to maximize the use of
observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last
is considered unobservable: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Level 1&#8212;Quoted prices in active markets for identical assets or liabilities. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-10 </P>

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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Level 2&#8212;Inputs other than quoted prices included in Level&nbsp;1 that are observable for the asset or liability, such
as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Level 3&#8212;Unobservable inputs that are supported by little or no market activity that are significant to determining
the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques. </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
Company&#8217;s financial instruments consist of cash equivalents, restricted cash equivalents, marketable securities, other current assets, accounts payable, accrued expenses, preferred stock warrant liabilities and other current liabilities. The
Company&#8217;s marketable securities are carried at fair value, determined according to Level&nbsp;1 and Level&nbsp;2 inputs to the fair value hierarchy described above. Preferred stock warrant liabilities are measured at fair value on a recurring
basis utilizing a hybrid approach (see Note 3). The remaining financial instruments are stated at their respective carrying amounts, which approximate fair value due to the short-term nature of these assets and liabilities. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Research and development costs </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company expenses research and
development costs as incurred. Research and development expenses consist principally of personnel costs including employee payroll and stock-based compensation, consumable laboratory materials and supplies, contracted external laboratory services
and facility costs including allocated overhead such as rent, depreciation, utilities and maintenance expense, license and milestones fees, and other related costs. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Accrued research and development costs </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has entered into
various research and development contracts. The payments under these contracts are recorded as research and development expenses as incurred. The Company records accrued expenses for estimated ongoing research costs. When evaluating the adequacy of
the accrued liabilities, the Company analyzes progress of its R&amp;D studies, including the phase or completion of events, invoices received and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of
any reporting period. Actual results could differ from the Company&#8217;s estimates. The Company&#8217;s historical accrual estimates have not been materially different from the actual costs. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Asset acquisitions and acquired <FONT STYLE="white-space:nowrap">in-process</FONT> research and development expense </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company accounts for acquisitions of assets or a group of assets that do not meet the definition of a business as asset acquisitions based on the cost to acquire the
asset or group of assets, which include certain transaction costs. In an asset acquisition, the cost to acquire is allocated to the identifiable assets acquired and liabilities assumed based on their relative fair values as of the acquisition date.
No goodwill is recorded in an asset acquisition. Assets that are acquired in an asset acquisition for use in research and development activities that have an alternative future use are capitalized as in process research and development
(&#8220;IPR&amp;D&#8221;) while those acquired that have no alternative future use as of the acquisition date are recognized as research and development expense as of the acquisition date. The Company will recognize additional research and
development expenses in the future if and when the Company becomes obligated to make contingent milestone payments under the terms of the agreements by which it acquired the IPR&amp;D assets. Contingent consideration in the form of milestone
payments related to IPR&amp;D with no alternative future use is charged to expense when the related milestone is achieved and becomes payable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Stock-based compensation expense </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company accounts for stock-based compensation under the provisions of ASC <FONT STYLE="white-space:nowrap">718-10,</FONT> <I>Compensation&#8212;Stock Compensation
</I>(&#8220;ASC <FONT STYLE="white-space:nowrap">718-10&#8221;),</FONT> which requires all stock-based payments (such as grants of stock options and restricted stock) to employees, <FONT STYLE="white-space:nowrap">non-employees</FONT> and directors,
to be recognized in the consolidated statements of operations and comprehensive loss based on their fair values on the date of grant over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are
accounted for as they occur. Generally, the Company issues stock option awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company classifies stock-based compensation
expenses in the same manner in which the awards recipient&#8217;s payroll or service provider&#8217;s costs are classified. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The fair value of each restricted stock
award is estimated on the date of grant based on the fair value of the Company&#8217;s common stock on that same date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The fair value of each stock option grant is
estimated on the date of grant using the Black-Scholes option pricing model (&#8220;Black-Scholes&#8221;), which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the award,
the risk-free interest rate, and expected dividends. As there is no public market for the Company&#8217;s common stock, the estimated fair value of common stock was determined by the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) as of
the date of each stock option grant, with inputs from management, considering third-party valuations of its common stock as well as the Board&#8217;s assessment of additional objective and subjective factors that it believed were relevant and which
may have changed from the date of the most recent third-party valuation through the date of the grant. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public
Accountants&#8217; Accounting and Valuation Guide, <I>Valuation of Privately Held Company Equity Securities Issued as Compensation</I>. The Company estimates its expected stock price volatility based on the historical volatility of publicly traded
peer companies. The Company uses the simplified method as prescribed by the Securities and Exchange Commission&#8217;s Staff Accounting Bulletin No.&nbsp;107, <I>Share-Based Payment</I>, to calculate the expected term for stock options granted to
employees as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at
the time of grant of the award for time periods approximately equal to the expected term of the award. There is no expected dividend yield since the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends
in the foreseeable future. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Warrant liability </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company accounts
for issued warrants as either a liability or equity in accordance with ASC Topic 480, <I>Distinguishing Liabilities from Equity</I> (&#8220;ASC 480&#8221;) or ASC Topic <FONT STYLE="white-space:nowrap">815-40,</FONT> <I>Accounting for Derivative
Financial Instruments Indexed to, and Potentially Settled in, a Company&#8217;s Own Stock</I> (&#8220;ASC <FONT STYLE="white-space:nowrap">815-40&#8221;).</FONT> Under ASC 480, warrants are accounted for as a liability if they are mandatorily
redeemable and if they require settlement in cash or other assets, or in a variable number of shares. If warrants do not meet the criteria to be accounted for as a liability under ASC 480, the Company considers the requirements of ASC <FONT
STYLE="white-space:nowrap">815-40</FONT> to determine whether the warrants should be accounted for as a liability or equity. Under ASC <FONT STYLE="white-space:nowrap">815-40,</FONT> warrants that may require settlement for cash are accounted for as
a liability, regardless of the probability of the occurrence of the triggering event. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If warrants do not meet the criteria to be accounted for as a liability under
ASC <FONT STYLE="white-space:nowrap">815-40,</FONT> in order to conclude warrants should be accounted for as equity, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are accounted for as equity under
ASC <FONT STYLE="white-space:nowrap">815-40</FONT> or other applicable GAAP. Warrants that meet the criteria to be accounted for as equity are recorded at fair value on the issuance </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-12 </P>

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date with no changes in fair value recognized after the issuance date. Also, warrants that meet the criteria to be accounted for as equity will be recorded within additional <FONT
STYLE="white-space:nowrap">paid-in</FONT> capital. After all relevant assessments, the Company concludes whether the warrants are accounted for as liability or equity. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Freestanding warrants related to shares that are contingently redeemable are classified as a liability on the Company&#8217;s consolidated balance sheets. The warrants
are initially recorded at fair value on the date of issuance and are subsequently remeasured to fair value at each balance sheet date. Changes in fair value of these warrants are recognized as a component of other income (expense) in the
Company&#8217;s consolidated statements of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants, or when the warrants become
indexed to the Company&#8217;s own stock. The Company classifies the liabilities as noncurrent if the settlement of the warrants is not expected within the next twelve months. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Redeemable convertible preferred stock </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has classified its
redeemable convertible preferred stock as temporary equity in the accompanying consolidated balance sheets due to redemption provisions related to a change in control event that are outside of the control of the Company (see Note 7). The Company did
not accrete the carrying values of the redeemable convertible preferred stock to the redemption values since a change in control event was not considered probable at period end. Subsequent adjustments of the carrying values to the redemption values
will be made only when it becomes probable that such a change in control event will occur. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Derivative instruments </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company enters into, from time to time, financial instrument agreements in which a derivative instrument is &#8220;embedded&#8221;. Upon issuing the financial
instrument, the Company assesses whether the economic characteristics of the embedded derivative instrument are clearly and closely related to the economic characteristics of the host contract and whether a separate, instrument with the same terms
as the embedded derivative instrument would meet the definition of a derivative instrument. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">When it is determined that (1)&nbsp;the embedded derivative instrument
possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2)&nbsp;a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative
instrument is separated from the host contract and carried at fair value with any changes in fair value recorded in current period earnings. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Income taxes
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities represent future tax consequences of
temporary differences between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences
reverse. A valuation allowance is established to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is &#8220;more likely than not&#8221; that the
position is sustainable based on its technical merits. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has not incurred interest and penalties related
to uncertain tax positions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Contingencies </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">From time to time, the
Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues loss contingencies when losses become probable and are reasonably </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-13 </P>

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estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability on the Company&#8217;s
consolidated balance sheets. The Company does not accrue contingent losses that, in its judgment, are considered to be reasonably possible, but not probable; however, it discloses the range of reasonably possible losses. There were no loss
contingencies recorded in the Company&#8217;s consolidated financial statements for the years ended December&nbsp;31, 2024 and 2023. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Leases </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company accounts for its leases in accordance with ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2016-02,</FONT> <I>Leases </I>(Topic 842) (&#8220;ASU <FONT
STYLE="white-space:nowrap">2016-02&#8221;</FONT> or &#8220;ASC 842&#8221;). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease. A contract is or contains a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration. At the lease commencement date, when control of the underlying asset is transferred from the lessor to the Company, the Company classifies a lease as
either an operating or finance lease and recognizes a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> (&#8220;ROU&#8221;) asset and a current and <FONT STYLE="white-space:nowrap">non-current</FONT> lease
liability as applicable, in the consolidated balance sheet if the lease has a term greater than one year. As permitted under ASC 842, the Company has made an accounting policy election, for all classes of underlying assets, to not recognize ROU
assets and lease liabilities for leases having a term of twelve months or less. When it determines the lease term, the Company considers the committed lease term and any options available in the lease agreement. The Company&#8217;s lease terms may
include options to extend the lease, or the option to purchase the asset, only when it is reasonably certain that the Company will exercise that option. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company
enters into contracts that contain both lease and <FONT STYLE="white-space:nowrap">non-lease</FONT> components. <FONT STYLE="white-space:nowrap">Non-lease</FONT> components include costs that do not provide a right to use a leased asset but instead
provide a service, such as maintenance costs. In accordance with ASC 842, the Company has elected to combine the lease and <FONT STYLE="white-space:nowrap">non-lease</FONT> components together as a single lease component for all existing classes of
underlying assets. Lease cost for operating leases is recognized on a straight-line basis over the lease term as an operating expense on the consolidated statements of operations and comprehensive loss. For finance leases, amortization expense and
interest expense are recognized separately in the consolidated statements of operations, and comprehensive loss with amortization expense recognized on a straight-line basis and interest expense recognized using the effective interest method.
Variable costs associated with the lease, such as maintenance and utilities, are not included in the measurement of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-to-use</FONT></FONT> assets and lease liabilities but rather
are expensed when the events determining the amount of variable consideration to be paid have occurred. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Net loss per common share </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company follows the <FONT STYLE="white-space:nowrap">two-class</FONT> method when computing net loss per share as the Company has issued shares that meet the
definition of participating securities, which includes warrants, outstanding stock options, and redeemable convertible preferred stock. The <FONT STYLE="white-space:nowrap">two-class</FONT> method determines net loss per share for each class of
common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The <FONT STYLE="white-space:nowrap">two-class</FONT> method requires income available to common stockholders for
the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Basic net loss per share attributable to common stockholders is computed by dividing net loss by the weighted-average number of common shares outstanding during the
period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of diluted securities and dividing the resulting
amount by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. For the purpose of this calculation, warrants, outstanding stock options, and redeemable convertible preferred stock are
considered potential dilutive common shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s redeemable convertible preferred stock contractually entitles the holders of such shares to
participate in dividends but does not contractually require those holders to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders, such losses are not allocated to
such participating securities. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common
stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Emerging growth company status </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company is an emerging growth company (&#8220;EGC&#8221;), as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the &#8220;JOBS Act&#8221;) and
may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section&nbsp;107 of
the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company&#8217;s consolidated financial statements may not be comparable to companies that
comply with public company FASB standards&#8217; effective dates. The Company intends to take advantage of the reduced reporting requirements and exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or
such earlier time that it is no longer an EGC. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Deferred offering costs </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company capitalizes certain legal, professional accounting and other third-party fees that are incremental and directly associated with the planned initial public
offering (&#8220;IPO&#8221;) and other <FONT STYLE="white-space:nowrap">in-process</FONT> equity financings as deferred offering costs until such financing is consummated. After consummation of the IPO or equity financing, these costs are recorded
as a reduction of the proceeds generated as a result of the offering within additional paid in capital. Should the planned IPO or equity financing be abandoned, the deferred offering costs, currently recorded within other <FONT
STYLE="white-space:nowrap">non-current</FONT> assets, will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. The Company recorded deferred offering costs of $2.1 million within other <FONT
STYLE="white-space:nowrap">non-current</FONT> assets as of December&nbsp;31, 2024. There were no deferred offering costs as of December&nbsp;31, 2023. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Collaborative arrangements </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company enters into license and
collaboration arrangements with third parties, under which the Company licenses or may license rights to certain of the Company&#8217;s product candidates and performs research and development services in connection with such arrangements. The terms
of these arrangements typically include payment of one or more of the following: <FONT STYLE="white-space:nowrap">non-refundable,</FONT> upfront fees; reimbursement of research and development costs; development, clinical, regulatory and commercial
sales milestone payments, and royalties on net sales of licensed products. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">At contract inception, the Company analyzes its license and collaboration arrangements to
assess whether such arrangements are within the scope of ASC Topic 808, <I>Collaborative Arrangements</I> (&#8220;ASC 808&#8221;). This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all
parties in the arrangement. For arrangements within the scope of ASC 808 that contain multiple units of account, the Company first determines which units of the arrangements are deemed to be within the scope of ASC 808 and which units of the
arrangements are more reflective of a vendor-customer relationship and, therefore, within the scope of ASC Topic 606,<I> Revenue from Contracts with Customers </I>(&#8220;ASC 606&#8221;). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Contracts are considered to be collaborative arrangements when they satisfy the following criteria defined in ASC 808: (i) the parties to the contract must actively
participate in the joint operating activity and (ii)&nbsp;the joint </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-15 </P>

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operating activity must expose the parties to the possibility of significant risks and rewards, based on whether or not the activity is successful. For elements of collaboration arrangements that
are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Revenue recognition </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Revenue from contracts with customers
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company recognizes revenue in accordance with ASC 606. ASC 606 provides a five-step framework whereby revenue is recognized when control of promised
goods or services is transferred to a customer at an amount that reflects the consideration to which the Company expects to be entitled. To determine the appropriate amount of revenue to be recognized on a contract, the Company performs the
following five steps: (i)&nbsp;identification of the contract(s) with a customer; (ii)&nbsp;identification of the promised goods and services in the contract and determination of whether the promised goods or services are performance obligations
including whether they are distinct; (iii)&nbsp;measurement of the transaction price, including the constraint on variable consideration; (iv)&nbsp;allocation of the transaction price to the performance obligations; and (v)&nbsp;recognition of
revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model once the contract is determined to be within scope of ASC 606 and when the Company determines that collection of substantially all
consideration for goods and services that are transferred is probable based on the customer&#8217;s intent and ability to pay the promised consideration. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
promised goods or services in the Company&#8217;s contracts typically consist of a grant of a license to the Company&#8217;s intellectual property and provision of research and development services. The Company provides options to additional items
in such contracts, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer. Performance obligations are promised goods or services in a contract to
transfer a distinct good or service to the customer and are considered distinct when (i)&nbsp;the customer can benefit from the good or service on its own or together with other readily available resources and (ii)&nbsp;the promised good or service
is separately identifiable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of
the customer to develop the intellectual property on its own or whether the required expertise is readily available and whether the goods or services are integral or dependent to other goods or services in the contract. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. To
the extent the transaction price includes variable consideration, including research, development, clinical, regulatory and sales-based milestone payments, the Company estimates the amount of variable consideration that should be included in the
transaction price utilizing either the expected value method or the most likely amount method, depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in management&#8217;s judgment, it
is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any
changes. Determining the transaction price requires significant judgment and is discussed in further detail for each of the Company&#8217;s license and collaboration agreements in Note 12. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">If the contract contains a single performance obligation, the entire transaction price relates to that single performance obligation. Contracts that contain multiple
performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a
performance obligation or to a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-16 </P>

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distinct service that forms part of a single performance obligation. Determining the standalone selling price requires significant judgment and is discussed in further detail for each of the
Company&#8217;s license and collaboration agreements in Note 12. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company satisfies performance obligations either over time or at a point in time. Revenue is
recognized over time if either (i)&nbsp;the customer simultaneously receives and consumes the benefits provided by the entity&#8217;s performance, (ii)&nbsp;the entity&#8217;s performance creates or enhances an asset that the customer controls as
the asset is created or enhanced, or (iii)&nbsp;the entity&#8217;s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does
not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s contracts often include development and regulatory milestone payments, which are variable considerations, that are assessed under the most likely
amount method and constrained until it is probable that a significant revenue reversal would not occur. Due to the uncertainty of development and regulatory based milestones that are not within the control of the Company, payment becomes probable
upon achievement. At the end of each reporting period, the Company <FONT STYLE="white-space:nowrap">re-evaluates</FONT> the probability of achievement of such development and regulatory milestones and any related constraint, and if necessary,
adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative <FONT STYLE="white-space:nowrap">catch-up</FONT> basis, which would affect collaboration revenue in the period of adjustment. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license granted is deemed to be the predominant
item to which the royalties relate, the Company recognizes revenue at the later of (i)&nbsp;when the related sales occur, or (ii)&nbsp;when the performance obligation related to the royalty, has been satisfied (or partially satisfied). To date, the
Company has not recognized any royalty revenue resulting from any of the Company&#8217;s license and collaboration agreements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Deferred revenue expected to be
recognized within the next twelve months is classified as a current liability. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Contract balances </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due,
excluding any amounts presented as an account or other receivable. A contract asset represents the Company&#8217;s right to consideration in exchange for goods or services that the Company has transferred to a customer. The contract liabilities, or
deferred revenue, relate to contracts where the Company has received payment, but it has not yet satisfied or fully satisfied the related performance obligations. Upfront payments and fees are recorded as deferred revenue upon receipt and may
require deferral of revenue recognition to a future period until the Company satisfies its obligations under the contracts. Upfront payment contract liabilities resulting from the Company&#8217;s license and collaboration agreements do not include a
financing component as the payment is not financing the transfer of goods or services, and the technology underlying the licenses granted reflects research and development expenses already incurred by the Company. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Recently adopted accounting pronouncements </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In June 2016, the FASB
issued ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2016-13,</FONT> <I>Financial Instruments&#8212;Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments</I> (&#8220;ASU
<FONT STYLE="white-space:nowrap">2016-13&#8221;).</FONT> The provisions of ASU <FONT STYLE="white-space:nowrap">2016-13</FONT> modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss
methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses relating to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The Company adopted ASU <FONT
STYLE="white-space:nowrap">2016-13</FONT> effective January&nbsp;1, 2023, with no material impact on its consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In November 2023, the FASB issued ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2023-07,</FONT> <I>Segment Reporting
(Topic 280: Improvements to Reportable Segment Disclosures)</I> (&#8220;ASU <FONT STYLE="white-space:nowrap">2023-07&#8221;).</FONT> The amendments in this update improve reportable segment disclosure requirements through enhanced disclosures about
significant segment expenses. All disclosure requirements of the update are required for entities with a single reportable segment. The amendments are effective for fiscal years beginning after December&nbsp;15, 2023, and interim periods within
fiscal years beginning after December&nbsp;15, 2024, and should be applied on a retrospective basis to all periods presented. As of December&nbsp;31, 2024, the Company only has one reportable segment. The Company adopted this accounting standard as
of January&nbsp;1, 2024. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Recent accounting pronouncements not yet adopted </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In December 2023, the FASB issued ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2023-09,</FONT> <I>Income Taxes (Topic 740):</I> <I>Improvement to Income Tax
Disclosures</I>, (&#8220;ASU <FONT STYLE="white-space:nowrap">2023-09&#8221;).</FONT> ASU <FONT STYLE="white-space:nowrap">2023-09</FONT> provides more transparency about income tax information through improvements to income tax disclosures
primarily related to the rate reconciliation and income taxes paid information. For public and private companies, the amendments are effective for annual periods beginning after December&nbsp;15, 2024, and 2025, respectively, with retrospective
application permitted. The Company has determined that the effects of adopting the amendments in ASU <FONT STYLE="white-space:nowrap">2023-09</FONT> will not have a material impact on its consolidated financial position, the results of its
operations, or related disclosures when such amendment is adopted. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In November 2024, the FASB issued ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2024-03,</FONT>
<I>Income Statement&#8212;Reporting Comprehensive Income&#8212;Expense Disaggregation Disclosures</I>, (&#8220;ASU <FONT STYLE="white-space:nowrap">2024-03&#8221;).</FONT> ASU <FONT STYLE="white-space:nowrap">2024-3</FONT> requires disclosure of
additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December&nbsp;15, 2026, and for interim periods beginning
after December&nbsp;15, 2027, with prospective or retrospective application and early adoption permitted. The Company is currently evaluating the disclosure requirements related to this new standard. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>3. Fair value measurements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth by level, within
the fair value hierarchy, the financial assets and liabilities carried at fair value on a recurring basis (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Fair value measurements as of<BR>December&nbsp;31, 2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;1</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;2</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;3</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Financial assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Money market funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">36,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">36,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Marketable securities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Agency bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">154,119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">143,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">297,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Fair value measurements as of<BR>December&nbsp;31, 2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;1</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;2</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;3</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Financial assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Money market funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Marketable securities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,532</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,532</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Agency bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,226</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,226</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,532</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">58,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">98,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Financial liabilities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Preferred stock warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8199;500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">$</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">$</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During the years ended December&nbsp;31, 2024 and 2023, there were no transfers or reclassifications between fair value measurement
levels of assets or liabilities. The carrying values of prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and
liabilities. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Valuation of marketable securities </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company classifies
its treasury bills as Level&nbsp;1 assets under the fair value hierarchy, as these securities have been valued using quoted market prices for identical assets in active markets without any valuation adjustment. The Company classifies its commercial
paper, corporate debt securities, and agency bonds as Level&nbsp;2 assets under the fair value hierarchy, as these assets have been valued using quoted prices in active markets for similar securities. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Preferred stock warrant liability </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In connection with the Discovery, License
and Option Agreement (the &#8220;Blaze Agreement&#8221;) entered into with Blaze Bioscience Inc. (&#8220;Blaze&#8221;) as described more fully in Note 11, the Company issued to Blaze warrants to purchase 2,000,000 shares of Partner preferred stock
(&#8220;Partner Preferred Stock&#8221;), with exercisability subject to vesting criteria related to the achievement of development and regulatory milestones (the &#8220;Preferred Stock Warrants&#8221;). The Preferred Stock Warrants require liability
classification (&#8220;Preferred Stock Warrant Liability&#8221;) under the guidance of&nbsp;ASC 480. The Preferred Stock Warrant Liability was measured at fair value at the date of issuance and will be subsequently remeasured to fair value at each
reporting date as long as the warrant is outstanding, with the change in fair value recorded as a component of other income (expense) on the consolidated statements of operations and comprehensive loss. As of December&nbsp;31, 2023, there were
250,000 Preferred Stock Warrants vested. In March 2024, the Company notified Blaze of the termination of the Blaze Agreement. In May 2024, Blaze exercised 250,000 Preferred Stock Warrants for nominal consideration and the remaining unvested
Preferred Stock Warrants were cancelled upon serving the notice of termination. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The fair value of the Preferred Stock Warrant Liability was determined based on
significant inputs not observable in the market, which represents a Level&nbsp;3 measurement within the fair value hierarchy. In determining the fair value, the Company used a hybrid approach, which is a scenario analysis with one or more scenarios
utilizing the Option Pricing Model (&#8220;OPM&#8221;) to allocate the equity value to the respective share classes </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
and, if applicable, a Monte Carlo simulation to estimate cash milestone payout. The Company determines the fair value of the Preferred Stock Warrant Liability based on the probability of
achieving various scenarios, the related timing, and to a lesser extent, an appropriate discount rate. Significant judgment is used in determining the appropriateness of these assumptions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Key assumptions as of December&nbsp;31, 2023 included probabilities of achieving (or not achieving) certain triggering events prior to and/or after a liquidity event,
which included the probability of the vesting of the 1,750,000 unvested shares to be <I>de minimis</I>, estimated timing of potential triggering event scenarios ranging between 2.0 years and 7.0 years, estimated time to liquidity ranging between 2.0
years and 7.0 years, and volatility ranging between 74.0% and 78.0% corresponding to the estimated time to liquidity. There were no material changes to these key assumptions between December&nbsp;31, 2023 and the exercise of the Preferred Stock
Warrants in May 2024. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Changes in the significant unobservable inputs to a different amount might result in a significantly higher or lower fair value measurement at
the reporting date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table presents a roll-forward of the aggregate fair values of the Preferred Stock Warrant Liability (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="92%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">Balance as of January&nbsp;1, 2023</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$1,300</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Change in fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(800</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Balance as of December&nbsp;31, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Change in fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Exercise of Preferred Stock Warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(508</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Balance as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="4" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>4. Marketable securities </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of
December&nbsp;31, 2024 and 2023, the Company&#8217;s security portfolio consisted of 49 securities and 26&nbsp;securities, respectively, related to marketable securities in debt securities <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">available-for-sale,</FONT></FONT> of which there were 10 securities and five securities in unrealized loss positions as of December&nbsp;31, 2024 and 2023, respectively. There were no securities in an unrealized loss
position for greater than 12 months as of December&nbsp;31, 2024 or 2023. The Company does not intend to sell the marketable securities and it is not more likely than not that the Company will be required to sell the marketable securities before
recovery of their amortized cost basis. The Company did not record an allowance for credit losses as of December&nbsp;31, 2024 or 2023. Accrued interest receivable relating to the Company&#8217;s <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">available-for-sale</FONT></FONT> securities is presented within prepaid expenses and other current assets in the accompanying consolidated balance sheets, and amounted to $1.1&nbsp;million and $0.3&nbsp;million as of
December&nbsp;31, 2024 and 2023, respectively. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Marketable securities, which are classified as
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale,</FONT></FONT> consisted of the following (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="53%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31, 2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amortized&nbsp;costs<BR>basis</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>gain</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>loss</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Fair&nbsp;value</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8201;&#8194;93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8194;39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;(39</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Agency bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">259,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(50</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">260,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

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<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD></TD>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31, 2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amortized&nbsp;costs<BR>basis</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>gain</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>loss</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Fair&nbsp;value</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8201;&#8194;32,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8194;39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;32,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,532</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Agency bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,226</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>5. Property and equipment, net </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Property and
equipment consisted of the following (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Laboratory equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Computer equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Computer software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Office equipment&nbsp;&amp; furniture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Assets under construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">395</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Less: Accumulated depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,229</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,653</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Property and equipment, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company recorded depreciation expense of $1.6&nbsp;million and $1.1&nbsp;million for the years ended December&nbsp;31, 2024 and 2023,
respectively. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>6. Accrued expenses and other current liabilities </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Accrued
expenses and other current liabilities consisted of the following (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued compensation and benefit costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,033</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued research and development costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued professional costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">502</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued facility and laboratory costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other accrued expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">851</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,752</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>7. Redeemable convertible preferred stock </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In
August 2020, the Company issued 5,000,000 shares of Series Seed redeemable convertible preferred stock (the &#8220;Series Seed Preferred Stock&#8221;) for total net proceeds of $5.0&nbsp;million pursuant to the Series Seed Preferred Stock Purchase
Agreement (the &#8220;Series Seed Agreement&#8221;) between the Company and certain investors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In February 2021, the Company entered into the first Series A Preferred Stock Purchase Agreement (the &#8220;First
Series A Agreement&#8221;) which provided for the purchase of Series A redeemable convertible preferred stock (the &#8220;Series A Preferred Stock&#8221;). The Company in the initial closing of Series A Preferred Stock issued 18,000,000&nbsp;shares
for net proceeds of approximately $35.9&nbsp;million. The First Series A Agreement granted investors the right to purchase an additional 18,000,000 shares of Series A Preferred Stock at a price of $2.00&nbsp;per share (the &#8220;Preferred Stock
Tranche Right&#8221;) upon the earlier of (i)&nbsp;satisfaction of a milestone event, which is when the Company identifies at least one molecule that meets the criteria for lead nomination or (ii)&nbsp;a waiver of such condition by holders of sixty
five percent of the Preferred Shares then issued and outstanding (the &#8220;Milestone Closing&#8221;) prior to February&nbsp;26, 2023. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company determined that
the Preferred Stock Tranche Right was a freestanding instrument as it was both legally detachable and separately exercisable. The initial fair value of the Preferred Stock Tranche Right was determined to be $10.8&nbsp;million and was extinguished in
January 2022 upon the Milestone Closing, which resulted in 18,000,000 shares of Series A Preferred Stock being issued to the investors for net proceeds of approximately $35.9&nbsp;million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In August 2022, the Company entered into a second Series A Preferred Stock Purchase Agreement (the &#8220;Second Series A Agreement&#8221;) and issued an additional
42,067,500 shares of Series A Preferred Stock for net proceeds of approximately $84.0&nbsp;million. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2024, the Preferred Stock Warrants were exercised for
nominal consideration and the Company issued 250,000 shares of Partner Preferred Stock. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2024, the Company entered into the Series <FONT
STYLE="white-space:nowrap">A-1</FONT> Preferred Stock Purchase Agreement (the &#8220;Series <FONT STYLE="white-space:nowrap">A-1</FONT> Agreement&#8221;) in connection with the Collaboration Agreement that the Company entered into with Eli Lilly
(see Note 12). Under the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Agreement, the Company issued 2,500,000 shares of Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred stock (the &#8220;Series <FONT
STYLE="white-space:nowrap">A-1</FONT> Preferred Stock&#8221;) at $4.00 per share for gross proceeds of $10.0&nbsp;million. The Company determined the fair value of the shares sold under this transaction to be $8.2&nbsp;million with the excess
consideration received being allocated to the transaction price of the Collaboration Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In September 2024, the Company entered into the Series B Preferred
Stock Purchase Agreement (the &#8220;Series B Agreement&#8221;), which resulted in the issuance of 43,750,000 shares of Series B redeemable convertible preferred stock (&#8220;Series B Preferred Stock&#8221;, together with the Series Seed Preferred
Stock, Series A Preferred Stock, Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock and Partner Preferred Stock, the &#8220;Preferred Stock&#8221;) at $4.00 per share for net proceeds of approximately $174.7&nbsp;million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Preferred Stock consisted of the following (in thousands, except share amounts): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="20" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31, 2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Authorized</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Issued and<BR>outstanding</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Carrying<BR>value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Liquidation<BR>preference</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Common&nbsp;stock<BR>issuable upon<BR>conversion</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series B Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Partner Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">333,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">346,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="20" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


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<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="20" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31, 2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Authorized</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Issued and<BR>outstanding</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Carrying<BR>value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Liquidation<BR>preference</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Common&nbsp;stock<BR>issuable upon<BR>conversion</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">150,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">161,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="20" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of December&nbsp;31, 2024, the holders of the Preferred Stock have the following rights and preferences: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Voting </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Holders of the Preferred Stock are entitled to one vote with
the common stockholders on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis at all meetings of stockholders. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Dividends </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Holders of outstanding shares of Preferred Stock are entitled to <FONT STYLE="white-space:nowrap">non-cumulative</FONT> dividends at a rate of 8% of the Original Issue
Price per share, per annum, payable if, and when declared by the Board of Directors (the &#8220;Board&#8221;). The Original Issue Price is $1.00 per share for Series Seed Preferred Stock, $2.00 per share for Partner Preferred Stock and Series A
Preferred Stock, and $4.00 per share for Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock and Series B Preferred Stock subject to appropriate adjustment in the event of any stock dividend, stock split, or other similar
recapitalization with respect to the Preferred Stock. Holders of the Preferred Stock participate in any dividends payable to common shareholders on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Liquidation </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the corporation, or upon the occurrence of a Deemed Liquidation Event (defined below), the holders of shares of the Series A Preferred Stock, Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock and Series
B Preferred Stock are entitled to preferential payments, in an amount calculated as the greater of (i)&nbsp;the applicable Original Issue Price, plus dividends declared but unpaid and (ii)&nbsp;the amount payable with respect to such share as if it
was converted to common stock immediately prior to settlement (the &#8220;Preferred Stock Liquidation Amount&#8221;). After payments due to holders of Series A Preferred Stock, Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock and
Series B Preferred Stock, the holders of Series Seed Preferred Stock will be paid out the Preferred Stock Liquidation Amount. Subsequent to the payment to the holders of Series Seed Preferred Stock, the holders of the Partner Preferred Stock will be
paid out the Preferred Stock Liquidation Amount. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">A &#8220;Deemed Liquidation Event&#8221; is defined as (i)&nbsp;a merger or consolidation, or (ii)&nbsp;(1) the
sale, lease transfer, exclusive license or other disposition in a single transaction or series of related transactions of all assets of the Company, or (2)&nbsp;the sale or disposition of one or more subsidiaries of the Company if substantially all
of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Conversion </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each share of the Preferred Stock may convert, at any time, into shares of common stock at the Conversion Price. The Conversion Price is equal to the original issue
price, subject to adjustments, resulting in an initial conversion ratio of 1:1. The Preferred Stock will automatically convert into common stock at the then effective conversion price upon (a)&nbsp;a qualified IPO pursuant to the Company&#8217;s
amended Articles of Incorporation or (b)&nbsp;upon the written consent of the holders of the Preferred Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Redemption </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The
Preferred Stock does not contain any mandatory redemption features. In accordance with ASC 480, preferred stock issued with redemption provisions that are outside of the control of the Company, including a deemed liquidation event, is required to be
presented outside of stockholders&#8217; deficit on the face of the consolidated balance sheets. The Company&#8217;s Preferred Stock contains redemption provisions that require it to be presented outside of stockholders&#8217; deficit. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>8. Stockholders&#8217; deficit </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Common stock </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company&#8217;s stockholders provided, however, that, except as
otherwise required by law, holders of common stock are not be entitled to vote on any amendment to the Company&#8217;s Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders
of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation or pursuant to the General Corporation Law. There is no cumulative
voting. Common stockholders are entitled to receive dividends, as may be declared by the Company&#8217;s Board, if any, subject to the preferential dividend rights of the Preferred Stock. During the year ended December&nbsp;31, 2024, the Company
increased the total number of common shares authorized from 102,500,000 shares to 155,000,000&nbsp;shares. Through December&nbsp;31, 2024, no dividends have been declared or paid. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s common stock available for future issuance is summarized below: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock authorized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,971,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,471,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock authorized and reserved for future issuances:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series B Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Partner Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unvested restricted stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Stock options outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,100,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,167,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Preferred Stock Warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock reserved for future grant under the 2020 Equity Incentive Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,143,397</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,597,438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total common stock authorized and reserved for future issuance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,811,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,960,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unreserved common stock available for future issuance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">217,647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>9. Equity-based compensation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Stock
options </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On August&nbsp;27, 2020, the Board adopted and approved the 2020 Equity Incentive Plan (the &#8220;2020 Plan&#8221;) under which stock options,
restricted stock, and other awards as determined by the Board could be granted to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
employees, <FONT STYLE="white-space:nowrap">non-employees</FONT> and directors of the Company. Each award granted may be evidenced by an award agreement between the Company and the grantee. Under
the 2020 Plan, both incentive stock options (&#8220;ISOs&#8221;) and <FONT STYLE="white-space:nowrap">non-qualified</FONT> stock options (&#8220;NSOs&#8221;) could be granted. ISOs may be granted only to the Company&#8217;s employees. The 2020 Plan
is administered by the Board. The terms of the awards issued under the 2020 Plan, including vesting requirements, are determined by the Board or compensation committee of the Board. As of December&nbsp;31, 2024, there were 2,143,397 shares of common
stock available for future grant under the 2020 Plan. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The exercise price of stock options granted under the 2020 Plan generally may not be less than the market
price of the common stock at the time of grant. Stock options generally vest over four years with a 25% vesting on the <FONT STYLE="white-space:nowrap">one-year</FONT> anniversary of the grant date and the remainder vesting in equal monthly
installments thereafter and have a maximum term of 10 years. The stock options granted contain only service conditions as the grantees are only required to provide services to the Company over the requisite service period to continue to vest in the
awards. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Compensation cost is recognized on a straight-line basis over the requisite service period. As of December&nbsp;31, 2024, the total unrecognized
compensation related to unvested stock option awards was $14.1&nbsp;million which the Company expects to recognize over a weighted-average period of approximately 3.05 years. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes the stock option activity under the 2020 Plan during the year ended December&nbsp;31, 2024: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


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<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Number of<BR>stock<BR>options</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Weighted<BR>average<BR>exercise<BR>price</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Weighted<BR>average<BR>remaining<BR>contractual<BR>life<BR>(in&nbsp;years)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Aggregate<BR>intrinsic&nbsp;value<BR>(in&nbsp;thousands)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Outstanding as of January&nbsp;1, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,167,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8201;0.74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8196;2,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Granted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,360,291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Exercised</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(371,249</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cancelled</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(56,250</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Outstanding as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,100,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Options vested and exercisable as of<BR>December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,455,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,715</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Options unvested and expected to vest as of <BR>December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,645,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,797</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The weighted-average grant date fair value per share of stock options granted during the years ended December&nbsp;31, 2024 and 2023 was
$1.56 and $0.58, respectively. The total intrinsic value of stock options exercised during the year ended December&nbsp;31, 2024 was $0.4&nbsp;million. There were no stock options exercised during the year ended December&nbsp;31, 2023. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table presents, on a weighted-average basis, the assumptions used in the Black Scholes option-pricing model to determine the grant-date fair value of the
stock options granted during the years ended: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Fair value of common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Expected term (in years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Risk-free interest rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.12%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.00%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Expected volatility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82.83%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70.96%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Dividend yield</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-25 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Restricted stock awards </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During 2020, the Company issued 1,300,000 shares of restricted stock to employees, <FONT STYLE="white-space:nowrap">non-employees</FONT> and directors of the Company, of
which 600,000 shares of restricted stock were issued pursuant to the 2020 Plan and the remaining 700,000 shares of restricted stock were issued pursuant to standalone restricted stock agreements entered into prior to the adoption of the 2020 Plan
(&#8220;Restricted Stock Agreements&#8221;). The restricted stock generally vests over three or four years. The restricted stock contains only service conditions as the grantees are only required to provide services to the Company over the requisite
service period to continue to vest in the awards. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of restricted stock granted under the 2020 Plan and the Restricted Stock Agreements were purchased by
the grantees on the grant date for $12,000. Based on the forfeiture provisions discussed below, although the shares of the restricted stock were legally issued, they were not considered outstanding for accounting purposes. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Compensation cost related to the shares of restricted stock granted under the Restricted Stock Agreements and the 2020 Plan were measured using the fair value of common
stock. <FONT STYLE="white-space:nowrap">Non-cash</FONT> compensation expense recorded by the Company for the years ended December&nbsp;31, 2024 and 2023 related to restricted stock was <I>de minimis</I>. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table presents the restricted stock activity during the year ended December&nbsp;31, 2024: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Number&nbsp;of<BR>shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Weighted-<BR>average&nbsp;grant<BR>date<BR>fair value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unvested as of January&nbsp;1, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8194;&#8201;0.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Vested</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(128,125</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unvested as of December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of December&nbsp;31, 2024, there was no unrecognized compensation related to unvested restricted stock awards granted under the 2020
Plan. The total fair value of the restricted stock vested (measured on the date of vesting) for both of the years ended December&nbsp;31, 2024 and 2023 was $0.3&nbsp;million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Stock-based compensation expense </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes
stock-based compensation expense included in operating expenses (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">853</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>10. Income taxes </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s loss
before income taxes and net loss for the years ended December&nbsp;31, 2024 and December&nbsp;31, 2023 was from its U.S. domestic operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-26 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The difference between the Company&#8217;s effective income tax rate and the U.S. federal statutory rate of 21% was
primarily driven by the change in valuation allowance. A reconciliation of the U.S. federal statutory income tax rate to the Company&#8217;s effective income tax rate is as follows: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">U.S. federal statutory rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">State taxes, net of federal benefit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.5%</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Valuation allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29.3%</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31.7%</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Tax credits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Effective income tax rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The components of the Company&#8217;s deferred taxes are as follows (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Deferred tax assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net operating loss carryforwards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,962</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Federal and state R&amp;D credits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,620</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,502</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Start up and amortized costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accruals and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,688</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,449</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Section&nbsp;174&#8211;R&amp;D expenses capitalized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,020</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Gross deferred tax assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,759</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Valuation allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,710</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,235</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net deferred tax assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Deferred tax liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,543</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(188</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT>
asset</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,506</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,890</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total deferred tax liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(5,049</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4,078</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net deferred tax assets (liability)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which are
comprised primarily of net operating loss carryforwards (&#8220;NOLs&#8221;), the capitalization of research and experimental expenditures, and tax credits. Management has considered the Company&#8217;s history of cumulative net losses in the United
States, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of its U.S. federal and state deferred tax assets and as such
the Company has provided a valuation allowance for the full amount of the net deferred tax assets. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of December&nbsp;31, 2024, the Company had NOLs for federal
and state income tax purposes of $37.7&nbsp;million and $21.3&nbsp;million, respectively. As of December&nbsp;31, 2023, the Company had NOLs for federal and state income tax purposes of $20.3&nbsp;million and $8.9&nbsp;million, respectively. The
entire federal NOL balance of $37.7&nbsp;million were generated after 2017 and will be carried forward indefinitely and could be used to offset up to 80% of taxable income of each future tax year. State NOLs of $21.3&nbsp;million will be carried
forward and begin to expire in 2041. As of December&nbsp;31, 2024 and 2023, the Company has federal tax credits of $4.1&nbsp;million and $2.4&nbsp;million, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-27 </P>

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respectively, and state R&amp;D credits of $0.5&nbsp;million and $0.3&nbsp;million which begin to expire in 2041 and 2037, respectively. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The valuation allowance increased in 2024 by $13.5&nbsp;million due to the increase in net deferred tax assets having a full valuation allowance (primarily due to the
increase in section <FONT STYLE="white-space:nowrap">174-R&amp;D</FONT> expenses capitalized, NOL carryforwards and R&amp;D credits). The valuation allowance increased in 2023 by $9.1&nbsp;million due to the increase in net deferred tax assets
having a full valuation allowance (primarily due to the increase in section <FONT STYLE="white-space:nowrap">174-R&amp;D</FONT> expenses capitalized, the NOL carryforwards and R&amp;D tax credits). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Future realization of the tax benefits of existing temporary differences related to NOLs and federal and state R&amp;D credits, ultimately depends on the existence of
sufficient taxable income within the carryforward period. As of December&nbsp;31, 2024 and 2023, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive
and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all the
deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance against its net deferred tax assets as of December&nbsp;31, 2024 and 2023. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under Internal Revenue Code Section&nbsp;382, if a corporation undergoes an &#8220;ownership change,&#8221; the corporation&#8217;s ability to use its <FONT
STYLE="white-space:nowrap">pre-change</FONT> NOL carryforwards and other <FONT STYLE="white-space:nowrap">pre-change</FONT> tax attributes to offset its post-change income may be limited. As a result, the Company is not able to estimate the effect
of the change in control, if any, on the Company&#8217;s ability to utilize NOL and federal and state R&amp;D credits carryforwards in the future. At this time, the Company has not completed an Internal Revenue Code 382 analysis. However, at such
time that the Company does conduct such analysis, the Company may conclude that some or all of the Company&#8217;s tax attributes are limited. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Tax Cuts and Jobs
Act resulted in significant changes to the treatment of research and developmental expenditures under Section&nbsp;174 of the Internal Revenue Code. For tax years beginning after December&nbsp;31, 2021, taxpayers are required to capitalize and
amortize all research and developmental expenditures that are paid or incurred in connection with their trade or business. Specifically, costs for U.S.-based research and developmental activities must be amortized over five years and costs for
foreign research and developmental activities must be amortized over 15 years. As of December&nbsp;31, 2024 and 2023, the Company capitalized $37.8&nbsp;million and $26.9&nbsp;million, respectively, of research and developmental expenditures
primarily related to research and development activities performed in the U.S. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of December&nbsp;31, 2024 and 2023, the Company had no uncertain tax positions
relevant to the jurisdictions where it is required to file income tax returns requiring recognition in the consolidated financial statements. As of December&nbsp;31, 2024 and 2023, the Company had no accrued interest or penalties related to
uncertain tax positions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business,
the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company&#8217;s tax years are all still open since inception and will remain open to examination by the
major taxing jurisdictions to which the Company is subject, as carryforward attributes generated in years past may still be adjusted upon examination by the Internal Revenue Service or other authorities if they have or will be used in a future
period. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>11. License agreements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Blaze Agreement </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On July&nbsp;22, 2021, the Company entered into the Blaze Agreement, as amended on March&nbsp;3, 2022, May&nbsp;20, 2022 and December&nbsp;19, 2022, pursuant to which
the Company and Blaze will grant to each other certain exclusive </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
and <FONT STYLE="white-space:nowrap">non-exclusive</FONT> licenses and an option to license Blaze&#8217;s platform technology to use in conducting certain research and development activities. The
Company made a <FONT STYLE="white-space:nowrap">one-time,</FONT> non-refundable, upfront payment of $1.8&nbsp;million to Blaze, as partial consideration for the rights and licenses granted to the Company under the Blaze Agreement, which was
recognized immediately as research and development expense, as the acquired license represented IPR&amp;D with no alternative future use. The Company paid an additional <FONT STYLE="white-space:nowrap">one-time</FONT> payment of $0.2&nbsp;million in
connection with the December&nbsp;19, 2022 amendment, which was recognized immediately as research and development expense. The Blaze Agreement requires the Company to make specified <FONT STYLE="white-space:nowrap">non-refundable,</FONT> <FONT
STYLE="white-space:nowrap">non-creditable</FONT> discovery milestones milestone payments to Blaze of up to $0.7&nbsp;million per collaboration target as well as royalty payments on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis until the later of (a)&nbsp;the date of expiration of the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">last-to-expire</FONT></FONT> valid claim covering such collaboration target, or (b)&nbsp;ten years following the date of the first commercial sale of such collaboration target. The
milestone payments will be recognized when the milestone is achieved, and the royalties will be recognized when the sales occur. As of December&nbsp;31, 2023, no such milestones had been achieved. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Upon execution of the Blaze Agreement, the Company also issued the Preferred Stock Warrants to Blaze to purchase 2,000,000 shares of Partner Preferred Stock, as a
partial consideration for the rights and licenses granted to the Company. The Preferred Stock Warrants will expire either upon a change of control or on July&nbsp;22, 2031. The Preferred Stock Warrants represent an additional upfront payment and is
treated in a similar manner to the <FONT STYLE="white-space:nowrap">one-time</FONT> upfront payment. The initial fair value of the Preferred Stock Warrants of $0.6&nbsp;million was recognized immediately as research and development expense for the
year ended December&nbsp;31, 2021. In connection with the amendment on May&nbsp;20, 2022, the Company replaced the original terms of the Preferred Stock Warrants with revised vesting dates. As of December&nbsp;31, 2023, 250,000 Preferred Stock
Warrants were vested. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In March 2024, the Company notified Blaze of the termination of the Blaze Agreement. Upon termination, Blaze exercised the 250,000 of vested
Preferred Stock Warrants for nominal consideration. The remaining unvested Preferred Stock Warrants were cancelled upon the notice of termination. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Institute
for Protein Innovation, Inc. license agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On November&nbsp;1, 2021, the Company entered into an exclusive license agreement (the &#8220;IPI
Agreement&#8221;) with the Institute for Protein Innovation, Inc. (&#8220;IPI&#8221;) pursuant to which IPI granted to the Company an exclusive, worldwide license, with the right to sublicense (subject to certain conditions), on certain of
IPI&#8217;s patents and <FONT STYLE="white-space:nowrap">know-how</FONT> related to certain binder proteins, targeting up to 14 target proteins, to research, develop, make, have made and commercialize certain products. The Company made a <FONT
STYLE="white-space:nowrap">one-time</FONT> upfront payment of $0.2&nbsp;million and will make annual payments of less than $0.1&nbsp;million on each anniversary up to the date of the first commercial sale of the first licensed product in order to
retain the license, pursuant to which the Company has paid an aggregate of $0.1&nbsp;million through December&nbsp;31, 2024. The <FONT STYLE="white-space:nowrap">one-time</FONT> upfront payment was recognized immediately as research and development
expense, as the acquired license represented IPR&amp;D with no alternative future use. Under the IPI Agreement, the Company is also required to pay <FONT STYLE="white-space:nowrap">non-refundable,</FONT>
<FONT STYLE="white-space:nowrap">non-creditable</FONT> development and regulatory milestone payments of up to $24.0&nbsp;million. In addition, if the Company successfully commercializes a licensed product under the IPI Agreement, the Company is
required to pay low single-digit royalties on net sales, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, subject to specified reductions, until the later of (a)&nbsp;the expiration of the last to expire valid claim covering the manufacture, use or
sale of such licensed product in such country or (b)&nbsp;ten years after the first licensed product sale in such country. The milestone payments will be recognized when the milestone is achieved, and the royalties will be recognized when the sales
occur. As of December&nbsp;31, 2024 and 2023, no such milestones have been achieved. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>TRIUMF license agreement </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On July&nbsp;21, 2022, the Company entered into a license agreement (the &#8220;TRIUMF License&#8221;) with TRIUMF Inc., a Canadian
<FONT STYLE="white-space:nowrap">non-profit,</FONT> TRIUMF Innovations Inc. (&#8220;TRIUMF&#8221;), a Canadian <FONT STYLE="white-space:nowrap">non-profit,</FONT> University of British Columbia, and BC Cancer, a provincial health services authority,
collectively referred to as the &#8220;Licensors.&#8221; Pursuant to the TRIUMF License, the Licensors granted the Company a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> worldwide license, with right to sublicense (subject to certain
conditions), on certain patents and <FONT STYLE="white-space:nowrap">know-how</FONT> related to the Licensors&#8217; chelator technology to make, use, sell, offer for sale, import, and export certain radiopharmaceutical products for the diagnosis,
treatment, amelioration, and prevention of human diseases and conditions. None of the Company&#8217;s product candidates currently incorporate, or rely on, the licensed patents and <FONT STYLE="white-space:nowrap">know-how</FONT> from the TRIUMF
License. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company made a <FONT STYLE="white-space:nowrap">one-time</FONT> upfront payment of $0.1&nbsp;million which was recognized immediately as research and
development expense, as the acquired license represented IPR&amp;D with no alternative future use. The TRIUMF License requires the Company to pay up to an aggregate of $2.0&nbsp;million upon achievement of certain regulatory and development
milestones. The Company is also obligated to pay low single digit royalties on net sales of licensed products, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis. For licensed products not
covered by a valid claim of a licensed patent, our royalty obligation terminates on the tenth anniversary of the first commercial use of such licensed product in each country. The milestone payments will be recognized when the milestone is achieved,
and the royalties will be recognized when the sales occur. As of December&nbsp;31, 2024 and 2023, no such milestones have been achieved. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>University of
Minnesota license agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On March&nbsp;3, 2023, the Company entered into an exclusive license agreement (the &#8220;Minnesota License&#8221;) with
Regents of the University of Minnesota (the &#8220;University of Minnesota&#8221;) under which the Company licensed certain rights to the licensed patents of a known target-binding miniprotein (the &#8220;Licensed Patents&#8221;) for
commercialization throughout the term of the Minnesota License, pursuant to which the Company has paid an aggregate of $0.4&nbsp;million through December&nbsp;31, 2024. The Company made an initial payment of $0.1&nbsp;million and will pay a yearly
license fee of less than $0.1&nbsp;million. The initial payment was recognized immediately as research and development expense, as the acquired license represented IPR&amp;D with no alternative future use. The Company will make the <FONT
STYLE="white-space:nowrap">non-refundable,</FONT> <FONT STYLE="white-space:nowrap">non-creditable</FONT> performance milestone payments to the University of Minnesota of up to an aggregate of $14.7&nbsp;million upon achievement of certain regulatory
and development milestones, subject to specified reductions upon regulatory approvals of the first therapeutic licensed product, and up to $35.0&nbsp;million upon the achievement of certain commercial milestones. In the event that the Company is not
developing a therapeutic licensed product and are only developing a diagnostic licensed product, the Company will be required to pay up to an aggregate of $1.5&nbsp;million upon specified regulatory approvals for up to three diagnostic licensed
products. In addition, the Company will make running royalty payments on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis based on a low single digit percentages of net sales, until
expiration of the Minnesota License, which is when there is no longer a valid claim covering a licensed product, unless earlier terminated. The developmental milestone payment will be recognized when the milestone is achieved, and the commercial
milestone payment and royalties will be recognized when the sales occur. As of December&nbsp;31, 2024 and 2023, no such milestones have been achieved. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>12.
Collaboration revenue </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Eli Lilly Collaboration agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On
May&nbsp;16, 2024, the Company entered into the Collaboration Agreement with Eli Lilly to generate anticancer radiopharmaceuticals using the Company&#8217;s novel miniprotein technology platform. Pursuant to the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
Collaboration Agreement, the Company granted Eli Lilly an exclusive (even as to the Company and its affiliates), royalty-bearing, worldwide license, with the right to sublicense, to certain of
the Company&#8217;s patents and other intellectual property rights to exploit certain compounds and therapeutic or diagnostic products that contain such compounds solely as products that contain a radioactive isotope. The Company also granted Eli
Lilly a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> royalty-bearing, worldwide license, with the right to sublicense, to the intellectual property necessary or useful to exploit the licensed compounds and licensed products solely as
products that contain a radioactive isotope and a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> fully <FONT STYLE="white-space:nowrap">paid-up</FONT> license, with the right to sublicense, to exploit certain other intellectual property
developed under the Collaboration Agreement for any and all purposes (subject to certain limitations). In addition, the Company and Eli Lilly agreed to negotiate in good faith to enter into a separate agreement in the event the parties agree that
the clinical development of a licensed compound requires, or would be benefited by, a license to one of the Company&#8217;s other compounds. Eli Lilly may, at any time in its sole discretion and without cause, terminate the Collaboration Agreement
on a collaboration <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">target-by-collaboration</FONT></FONT> target or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">region-by-</FONT></FONT> region basis (or any
combination thereof) upon 60 days&#8217; prior written notice to the Company. Eli Lilly may, in its sole discretion, terminate the Collaboration Agreement in its entirety at any time and without cause upon 60 days&#8217; prior written notice to the
Company. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Under the Collaboration Agreement, Eli Lilly may designate a specified number of initial collaboration targets, with one substitution right per initial
collaboration target. The Company is responsible for research activities through initial human imaging studies for each selected target, and Eli Lilly will thereafter be responsible for regulatory filings, clinical development and commercialization
activities worldwide. There is a separate research plan for each collaboration target, and the Company&#8217;s development costs are capped, on a research
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plan-by-research</FONT></FONT> plan basis. Eli Lilly will reimburse reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and
full-time employee equivalent costs incurred in excess of the cap. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Collaboration Agreement requires Eli Lilly to pay $60.0&nbsp;million as a nonrefundable
upfront cash payment. The Collaboration Agreement requires Eli Lilly to pay up to an aggregate of $525.0&nbsp;million upon achievement of certain research, development, regulatory and commercial launch milestones and up to an aggregate of
$630.0&nbsp;million upon achievement of certain sales milestones. In addition, if Eli Lilly successfully commercializes a therapeutic or diagnostic product under the Collaboration Agreement, Eli Lilly is required, unless earlier terminated, to pay
the Company a tiered royalty of up to <FONT STYLE="white-space:nowrap">low-double</FONT> digits based on annual net sales, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, subject to specified reductions, until the later of the expiration of licensed patent rights in a country, expiration of regulatory exclusivity, or
ten years after the first product sale in such country. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company evaluated the Collaboration Agreement and determined it was within the scope of ASC 606. The
Company determined the promised goods and services included the exclusive and <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license grants granted to Eli Lilly to use the Company&#8217;s intellectual property and <FONT
STYLE="white-space:nowrap">know-how</FONT> to research, develop, and commercialize products related to each of the initial collaboration targets selected by Eli Lilly, as well as corresponding research activities to be provided by the Company during
a specified research term for each of the collaboration targets. The Company determined that the exclusive license granted under the Collaboration Agreement and the research activities are not individually distinct and represents a combined
performance obligation, one for each of the distinct initial collaboration targets. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Eli Lilly also has the right to replace each of the initial collaboration
targets once during a specified period for additional consideration of reimbursement of the actual research costs incurred for each replaced initial collaboration target. The Company concluded the consideration to be paid by Eli Lilly for each
replacement right represented a discount to the standalone selling price. Accordingly, the replacement right was determined to represent a material right and thus represents a performance obligation for each initial collaboration target. Therefore,
there are two separate performance obligations for each initial collaboration target within the context of the Collaboration Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-31 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Concurrently, the Company also entered into the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Agreement with Eli
Lilly and issued 2,500,000&nbsp;shares of Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock (see Note 7) to Eli Lilly for total proceeds of $10.0&nbsp;million (the &#8220;Eli Lilly Equity Transaction&#8221;). The Company determined
the fair value of the shares sold under the Eli Lilly Equity Transaction to be $1.8&nbsp;million less than the contractual purchase price stipulated in the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Agreement. The Company recorded the
issuance of the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock at fair value and, therefore, allocated the excess proceeds received to the Collaboration Agreement, which, along with the
<FONT STYLE="white-space:nowrap">non-refundable</FONT> upfront payment of $60.0&nbsp;million, was allocated to each of the initial collaboration targets and each replacement right. For each initial collaboration target, the allocated transaction
price is being recognized as revenue over the total estimated period of performance. For each replacement right, the allocated transaction price will be recognized as revenue over the total estimated period of performance if the material right is
exercised, or it will be recognized as revenue immediately upon expiration of the replacement right. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The transaction price was allocated to the performance
obligation for each initial collaboration target and the material right to replace each of the initial collaboration targets on a relative stand-alone selling price basis using the expected cost plus a margin approach under ASC 606. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company recognizes revenue related to each initial collaboration target over time using the costs incurred input method, such that revenue is recognized based on the
Company&#8217;s efforts or inputs to the satisfaction of a performance obligation, which provides an appropriate depiction of the Company&#8217;s progress toward fulfilling its performance obligations. Through this method, the Company applies a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cost-to-cost</FONT></FONT> method and compares the actual costs incurred to date with the current estimate of total costs to complete (&#8220;ETCs&#8221;) to measure the satisfaction of
each performance obligation and recognize revenue as research activities progress and costs are incurred. Throughout the research term for each initial collaboration target, the Company monitors its ETCs to determine if an adjustment is needed to
ensure that revenue is recognized proportionally for costs incurred to date relative to the total costs expected to be incurred for the total performance obligation. As there are changes in facts and circumstances that impact management&#8217;s ETCs
with respect to ongoing and prospective research activities, the ETCs are updated accordingly. The Company recognized $1.5&nbsp;million of collaboration revenue for the year ended December&nbsp;31, 2024. The remaining transaction price of
$60.3&nbsp;million is expected to be recognized as revenue through 2029. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>13. Commitments and contingencies </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Legal proceedings </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company was not subject to any material legal
proceedings during the years ended December&nbsp;31, 2024 and 2023, and the Company is not aware of any material legal proceedings that are currently pending or threatened. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Royalty transfer agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On August&nbsp;27, 2020, concurrent with
entering into the Series Seed Agreement, the Company entered into a royalty transfer agreement (the &#8220;Royalty Transfer Agreement&#8221;) with MPM Oncology Charitable Foundation, Inc. (the &#8220;MPM Charitable Foundation&#8221;), an affiliate
of a stockholder holding more than 5% of the total outstanding stock of the Company, and the UBS Optimus Foundation (&#8220;UBS&#8221; and together with MPM Charitable Foundation, the &#8220;Charitable Foundations&#8221;). Pursuant to the Royalty
Transfer Agreement, the Company will pay 0.5% of annual global net sales to each of the Charitable Foundations, for a total of 1.0% of net sales, subject to customary reductions, for products that incorporate or utilize intellectual property that
was discovered or developed by the Company prior to an initial public offering. The Company&#8217;s payment obligations for each product will continue on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis upon the later of the twelfth anniversary of the first </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-32 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
commercial sale of such product in such country or the expiration of the last to expire of certain patents owned or controlled by the Company covering such products in such country. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s payment obligations to MPM Charitable Foundation will terminate immediately upon authorization of the MPM Charitable Foundation&#8217;s board of
directors (or similar body) or upon the winding up or dissolution of MPM Charitable Foundation. The Company&#8217;s payment obligations to UBS will terminate immediately upon the winding up of Oncology Impact Fund 2, L.P., a Cayman Islands exempt
limited partnership which is affiliated with MPM Charitable Foundation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company will record a liability when the associated net sales are generated. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>14. Related party transactions </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has received consulting and
management services from entities affiliated with MPM Asset Management LLC (&#8220;MPM&#8221;), a beneficial owner holding more than 5% of the total outstanding common stock of the Company as of December&nbsp;31, 2024 and 2023. In connection with
these services, the Company has incurred costs of $0.1&nbsp;million and $0.3&nbsp;million for the years ended December&nbsp;31, 2024 and 2023, respectively, which are included in general and administrative expenses on the consolidated statements of
operations and comprehensive loss. As of December&nbsp;31, 2024, no amounts were owed to the MPM affiliates. As of December&nbsp;31, 2023, the Company owed the MPM affiliates $0.1&nbsp;million, which is included in accounts payable on the
consolidated balance sheet. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>15. Leases </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Operating leases
</I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In March 2021, the Company entered into a lease agreement for a research and development laboratory and related office space located in Durham, North
Carolina (the &#8220;Durham Lease&#8221;). The term of the Durham Lease commenced in March 2021 and had an original termination date of March&nbsp;31, 2024. During the year ended December&nbsp;31, 2023, the Durham Lease was extended with a revised
termination date of September&nbsp;30, 2025, resulting in a revision to the lease term, which has been accounted for as a modification in accordance with ASC&nbsp;842. As a result of the lease extension, the Company has reassessed the lease
liability and ROU asset related to the lease. The reassessment involves the remeasurement of the present value of future lease payments, considering the revised lease term and any changes in lease payments, including any adjustments due to changes
in discount rate. The Company reassessed its incremental borrowing rate at the time of the lease extension to be 11.48%, which was used as the discount rate in the remeasurement of the lease liabilities. The lease extension resulted in an increase
of $0.5&nbsp;million to the related operating lease ROU asset and lease liability on the date of the extension. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In January 2022, Aktis entered into a sublease
agreement for shared office space in Boston, Massachusetts. The premises will be used for general office and laboratory space. The lease commencement date was June&nbsp;15, 2022, and expires on June&nbsp;14, 2025. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In January 2022, the Company entered into a lease for office, laboratory and storage space located in Boston, Massachusetts. Since as of the signing of the lease, the
space was in process of being constructed, and therefore certain improvements needed to be made to before being ready for occupancy, the Company did not record a ROU asset or lease liability related to this lease until January&nbsp;4, 2023, when the
Company had taken control of the premises. The lease is set to expire 10 years from the rent commencement date of January&nbsp;4, 2023. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2022, Aktis entered
into a sublease agreement for general office and laboratory space in Durham, North Carolina. The lease commenced on May&nbsp;1, 2022, and had an original termination date of April&nbsp;30, 2025. In </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
September 2024, the lease was extended with a revised termination date of April&nbsp;30, 2027. The lease remained classified as an operating lease, and the extension resulted in an increase of
$0.1&nbsp;million to the related operating lease ROU asset and lease liability on the date of the modification. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table presents weighted-average
remaining lease term and discount rates which are used in the calculation of the Company&#8217;s ROU assets and lease liabilities: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average remaining lease term (in years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Components of lease costs are presented below (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Variable lease cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total lease cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,081</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Maturity analysis of operating lease liabilities as of December&nbsp;31, 2024, were as detailed below (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:2.00pt solid #000000;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2025</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;" ALIGN="right">2,518</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2026</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,063</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2027</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,068</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2028</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2029</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2030 and beyond</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,083</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total undiscounted lease payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,998</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Less: imputed interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,988</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="4" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Other information related to leases was as follows (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash flows included in the measurement of lease liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash paid for amounts included in the measurement of operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,901</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-of-use</FONT></FONT> lease assets
obtained in exchange for new operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Remeasurement of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset and lease liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-34 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>16. Net loss per share </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the periods presented (in thousands, except share and per share
amounts): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Numerator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss attributable to common stockholders, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Denominator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average number of common stock used in net loss per share, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,678,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,340,553</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss per share of common stock, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(16.42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12.24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect
would be to reduce the net loss per share. Therefore, the weighted-average number of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following outstanding
potentially dilutive securities have been excluded from the computation of diluted net loss per share attributable to common stockholders, as including them would have had an anti-dilutive effect: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Options to purchase common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,100,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,167,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unvested restricted stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Preferred Stock Warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149,667,707</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,363,040</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>17. Segment information </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has one
operating segment focused on the research and development of targeted radiopharmaceuticals to treat a broad range of solid tumor cancers. The accounting policies of the single operating segment are identical to those described in Note 2. The CODM
manages the Company&#8217;s operations on a consolidated basis and assesses performance based on consolidated net loss, which is reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated
balance sheets as total consolidated assets. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by the CODM and are reported on the consolidated
statements of cash flows. The CODM uses consolidated net loss and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">budget-to-actual</FONT></FONT> variances to allocate resources and assess the performance of the entire company. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-35 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following information represents significant segment expenses regularly provided to the CODM with the following
categories (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Year ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Collaboration revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,558</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,895</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Consulting and contractor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,335</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(663</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">External research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,827</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,572</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Lab supplies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,413</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,217</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">IT, facilities, office and other<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,821</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,572</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,369</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,029</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Consulting and contractor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,298</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,053</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Legal and professional services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,252</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">IT, facilities, office and other<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(664</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,137</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other segment items<SUP STYLE="font-size:75%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(43,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IT, facilities, office and other includes depreciation, amortization, stock-based compensation expense, and allocations. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Other segment items consist of interest income, change in fair value of the Preferred Stock Warrant Liability, and other expense, net. Interest income consists of interest earned on cash equivalents and marketable
securities and amortization or accretion of discounts or premiums on marketable securities. Other expense, net consists of gains and losses on currency revaluation related to the payment of foreign vendor invoices. </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>18. Subsequent events </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has evaluated subsequent events through
May&nbsp;22, 2025, which represents the date these consolidated financial statements were available to be issued. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-36 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>Index to Condensed Consolidated Financial Statements </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Unaudited Interim Condensed Consolidated Financial Statements for the Nine Months Ended September&nbsp;30, 2025 and 2024: </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_7">Condensed consolidated balance sheets as of September&nbsp;30, 2025 and December&nbsp;
31, 2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-38</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_8">Condensed consolidated statements of operations and comprehensive loss for the nine months
 ended September&nbsp;30, 2025 and 2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-39</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_9">Condensed consolidated statements of redeemable convertible preferred stock and stockholders&#8217;
 deficit for the nine months ended September&nbsp;30, 2025 and 2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-40</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_10">Condensed consolidated statements of cash flows for the nine months ended September&nbsp;30,
 2025 and 2024</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-41</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#fin875386_11">Notes to condensed consolidated financial statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">F-42</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-37 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_7"></A>Condensed consolidated balance sheets </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands, except shares and par value data) (unaudited)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Current assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">180,253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">37,159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Prepaid expenses and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">249,422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,853</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Property and equipment, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">11,231</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">7,298</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease <FONT STYLE="white-space:nowrap">right-of</FONT> use assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">279,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">326,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Liabilities, Redeemable Convertible Preferred Stock and Stockholders&#8217; Deficit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Current liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Deferred revenue, current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease liabilities, current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,911</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Deferred revenue, net of current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease liabilities, net of current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,498</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,714</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,575</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commitments and contingencies (Note 13)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Redeemable convertible preferred stock:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed redeemable convertible preferred stock, $0.0001 par value; 5,000,000 shares authorized, issued
and outstanding; aggregate liquidation preference of $5,000 as of September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A redeemable convertible preferred stock, $0.0001 par value; 78,067,500 shares authorized, issued and
outstanding; aggregate liquidation preference of $156,135 as of September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred stock, $0.0001 par
value; 2,500,000 shares authorized, issued and outstanding; aggregate liquidation preference of $10,000 as of September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series B redeemable convertible preferred stock, $0.0001 par value; 43,750,000 shares authorized, issued and
outstanding; aggregate liquidation preference of $175,000 as of September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Partner redeemable convertible preferred stock, $0.0001 par value; 250,000 shares authorized, issued and
outstanding; aggregate liquidation preference of $500 as of September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Stockholders&#8217; deficit:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock, $0.0001 par value; 155,000,000 shares authorized; 3,100,849 shares and 2,971,249 shares issued
and outstanding as of September&nbsp;30, 2025 and December&nbsp;31, 2024, respectively</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accumulated other comprehensive income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(141,426</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(92,833</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total stockholders&#8217; deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(132,393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(87,803</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total liabilities, redeemable convertible preferred stock and stockholders&#8217; deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">279,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">326,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-38 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_8"></A>Condensed consolidated statements of operations and comprehensive loss </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"><B>Nine months ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands, except share and per share data) (unaudited)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Revenue:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Collaboration revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative (includes $3 and $143 for related parties, respectively)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,978</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Loss from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,309</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other income (expense):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,761</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,523</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Change in fair value of preferred stock warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other expense, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total other income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss per share&#8212;basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(15.81</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12.19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average common stock outstanding, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,072,602</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,619,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Comprehensive loss:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other comprehensive income:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net unrealized (loss) gain on marketable securities held</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(108</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,701</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,798</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-39 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_9"></A>Condensed consolidated statements of redeemable convertible preferred stock and
stockholders&#8217; deficit </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Series Seed<BR>Redeemable<BR>Convertible<BR>Preferred&nbsp;Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:5pt; font-family:arial; " ALIGN="right"><B>Series A
Redeemable<BR>Convertible&nbsp;Preferred&nbsp;Stock</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B><FONT STYLE="white-space:nowrap">Series&nbsp;A-1&nbsp;Redeemable</FONT><BR>Convertible&nbsp;Preferred<BR>Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:5pt; font-family:arial; " ALIGN="right"><B>Series B
Redeemable<BR>Convertible&nbsp;Preferred&nbsp;Stock</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Partner<BR>Redeemable<BR>Convertible<BR>Preferred Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Common Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Additional<BR><FONT STYLE="white-space:nowrap">Paid-in</FONT><BR>Capital</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Accumulated<BR>Other<BR>Comprehensive<BR>Income</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Accumulated<BR>Deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Total<BR>Shareholders&#8217;<BR>Deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands, except share<BR>amounts) (unaudited)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial"><B>Balance as of December&nbsp;31, 2024</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,971,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(92,833</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(87,803</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,033</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,033</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Exercise of common stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Unrealized loss on marketable <BR>securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(108</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(108</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="37" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial"><B>Balance as of September&nbsp;30, 2025</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,100,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(141,426</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(132,393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="65" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Series Seed<BR>Redeemable<BR>Convertible<BR>Preferred Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:5pt; font-family:arial; " ALIGN="right"><B>Series A
Redeemable<BR>Convertible&nbsp;Preferred&nbsp;Stock</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B><FONT STYLE="white-space:nowrap">Series&nbsp;A-1&nbsp;Redeemable</FONT><BR>Convertible Preferred<BR>Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:5pt; font-family:arial; " ALIGN="right"><B>Series B
Redeemable<BR>Convertible&nbsp;Preferred&nbsp;Stock</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Partner<BR>Redeemable<BR>Convertible<BR>Preferred Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Common Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Additional<BR><FONT STYLE="white-space:nowrap">Paid-in</FONT><BR>Capital</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Accumulated<BR>Other<BR>Comprehensive<BR>Income</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Accumulated<BR>Deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000; border-bottom:1.00px solid #000000"><B>Total<BR>Shareholders&#8217;<BR>Deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Shares</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial"><B>Balance as of December&nbsp;31, 2023</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,471,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,465</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(46,306</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Vesting of restricted stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Issuance of Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable <BR>convertible preferred
stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Issuance of Series B redeemable <BR>convertible preferred stock, net <BR>of issuance costs of $331</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Issuance of Partner redeemable <BR>convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Exercise of common stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">231,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Unrealized gain on marketable <BR>securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="37" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:5pt; font-family:arial"><B>Balance as of September&nbsp;30, 2024</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">174,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,815,624</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,785</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(80,777</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(76,784</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="65" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-40 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_10"></A>Condensed consolidated statements of cash flows </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right"><B>Nine months ended<BR>September&nbsp;30,</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>(In thousands) (unaudited)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Cash flows (used in) provided by operating activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,634</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,033</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Change in fair value of preferred stock warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net amortization of premiums and accretion of discounts on investments in marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,919</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,410</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Changes in operating assets and liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Prepaid expenses and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(657</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Interest receivable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Operating lease <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT>
assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(511</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(703</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(267</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,387</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,084</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,125</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,628</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net cash (used in) provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,886</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">27,561</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Cash flows provided by (used in) investing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(83,523</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from maturities of marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,638</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,430</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(633</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net cash provided by (used in) investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,518</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Cash flows (used in) provided by financing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from issuance of Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred
stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from issuance of Series B redeemable convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Payment of issuance costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Payment of deferred offering costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(518</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Issuance of common stock due to restricted stock awards</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Proceeds from exercise of common stock options</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net cash (used in) provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(440</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">185,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Net increase in cash, cash equivalents and restricted cash equivalents</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143,094</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">195,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Cash, cash equivalents and restricted cash equivalents at beginning of period</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Cash, cash equivalents and restricted cash equivalents at end of period</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">181,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">225,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Reconciliation of cash, cash equivalents and restricted cash equivalents</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">180,253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">224,644</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Long-term restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Total cash, cash equivalents and restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">181,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">225,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Supplemental disclosure of cash flow information:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Remeasurement of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT>
asset and lease liability due to lease modification</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><B>Supplemental disclosure of <FONT STYLE="white-space:nowrap">non-cash</FONT> investing and financing
activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Fair value adjustment of Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred
stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Vesting of restricted stock included in additional <FONT STYLE="white-space:nowrap">paid-in</FONT>
capital</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of property and equipment included in accrued expenses</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Purchases of property and equipment included in accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net unrealized (loss) gain on marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(108</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Deferred offering costs included in accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Deferred offering costs included in accrued expenses</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Series B redeemable convertible preferred stock issuance costs in accrued expenses</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Issuance of Partner redeemable convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial"><I>The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-41 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="fin875386_11"></A>Notes to condensed consolidated financial statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>As of and for the nine months ended September&nbsp;30, 2025 and 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>(In thousands, except for per share and share amounts) (unaudited) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>1.
Nature of the business and basis of presentation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Aktis Oncology, Inc. (&#8220;Aktis&#8221; or the &#8220;Company&#8221;) was incorporated under the laws of the
State of Delaware in August 2020. Its principal office is in Boston, Massachusetts. Aktis Security Corporation, its wholly owned subsidiary, was formed under the laws of the State of Delaware in November 2022. The Company is a clinical-stage
oncology company focused on unlocking the breakthrough potential of targeted radiopharmaceuticals for large patient populations not currently addressed by existing technologies. The Company has built a proprietary miniprotein radioconjugate platform
that aims to safely confer breakthrough efficacy to a broader range of patient populations. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Risks and uncertainties </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical
trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technologies, compliance with government regulations, ability to secure additional capital to fund operations, and potential
delays associated with the Company&#8217;s anticipated and planned trials. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">There can be no assurance that the Company will be able to successfully complete the
development of, or receive regulatory approval for, any products developed, and if approved, that any products will be commercially viable. Any products resulting from the Company&#8217;s current research and development efforts will require
significant additional research and development, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel,
infrastructure, and extensive compliance reporting capabilities. The Company has not generated any revenue from the sale of any products to date. Even if the Company&#8217;s product development efforts are successful, it is uncertain when, if ever,
the Company will realize significant revenue from product sales. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Liquidity </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In accordance with Accounting Standards Update (&#8220;ASU&#8221;) <FONT STYLE="white-space:nowrap">2014-15,</FONT> <I>Disclosure of Uncertainties About an
Entity&#8217;s Ability to Continue as a Going Concern (Subtopic <FONT STYLE="white-space:nowrap">205-40),</FONT></I> the Company has evaluated whether there are conditions and events that raise substantial doubt about the Company&#8217;s ability to
continue as a going concern within one year after the date the condensed consolidated financial statements are issued. The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the
realization of assets and satisfaction of liabilities in the normal course of business. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">From the Company&#8217;s inception, the Company has primarily funded its
operations with proceeds from the issuance of common stock and redeemable convertible preferred stock (see Note 7) and upfront payments upon entering into a Research and Collaboration Agreement (the &#8220;Collaboration Agreement&#8221;) with Eli
Lilly and Company (&#8220;Eli Lilly&#8221;) (see Note 12). As of September&nbsp;30, 2025, the Company has raised an aggregate of $345.5&nbsp;million in net proceeds through the sale of redeemable convertible preferred stock and received
$60.0&nbsp;million in upfront payments and $1.0 million from the achievement of the first milestone under the Collaboration Agreement with Eli Lilly. The Company has incurred losses since inception, including net losses of $48.6&nbsp;million and
$31.9&nbsp;million for the nine months ended September&nbsp;30, 2025 and 2024, respectively. As of September&nbsp;30, 2025, the Company had an accumulated deficit of $141.4&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-42 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise
substantial doubt about the Company&#8217;s ability to continue as a going concern within the twelve months after the date that these condensed consolidated financial statements are available to be issued. The Company believes that its existing
cash, cash equivalents and marketable securities of $246.2&nbsp;million as of September&nbsp;30, 2025 will be sufficient to allow the Company to fund operations at least twelve months from the date that the financial statements are available to be
issued. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Basis of presentation and consolidation </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The accompanying
condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). The accompanying condensed consolidated financial statements include the
accounts of the Company&#8217;s wholly-owned subsidiary, Aktis Security Corporation. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the
authoritative GAAP as found in the Accounting Standards Codification (&#8220;ASC&#8221;) and ASUs of the Financial Accounting Standards Board (&#8220;FASB&#8221;). </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>2. Summary of significant accounting policies </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s
significant accounting policies are disclosed in Note 2, &#8220;<I>Summary of significant accounting policies</I>,&#8221; in the audited consolidated annual financial statements for the years ended December&nbsp;31, 2024 and 2023, included elsewhere
in this prospectus. Since the date of those annual financial statements, there have been no changes to the Company&#8217;s significant accounting policies, except as noted below. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Unaudited interim financial information </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The accompanying condensed
consolidated balance sheet as of September&nbsp;30, 2025, and the condensed consolidated statements of operations and comprehensive loss, statements of redeemable convertible preferred stock and stockholders&#8217; deficit and statements of cash
flows for the nine months ended September&nbsp;30, 2025 and 2024 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the December&nbsp;31, 2024 and 2023 audited annual financial statements
and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company&#8217;s financial position as of September&nbsp;30, 2025 and the results of its operations
and its cash flows for the nine months ended September&nbsp;30, 2025 and 2024. The financial data and other information disclosed in these notes related to the nine months ended September&nbsp;30, 2025 and 2024 are also unaudited. The results for
the nine months ended September&nbsp;30, 2025 are not necessarily indicative of results to be expected for the year ending December&nbsp;31, 2025, or for any other subsequent period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-43 </P>

</DIV></Center>


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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>3. Fair value measurements </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table sets forth by level, within the fair value hierarchy, the financial assets and liabilities carried at fair value on a recurring basis (in thousands):
</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Fair value measurements as of<BR>September&nbsp;30, 2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;1</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;2</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;3</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Financial assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Money market funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">179,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">179,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Marketable securities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">206,044</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">40,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">246,872</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Fair value measurements as of<BR>December&nbsp;31, 2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;1</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;2</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Level&nbsp;3</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><B>Financial assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Money market funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">36,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">36,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Marketable securities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Agency bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Restricted cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">154,119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">143,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">297,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During the nine months ended September&nbsp;30, 2025 and the year ended December&nbsp;31, 2024, there were no transfers or
reclassifications between fair value measurement levels of financial assets. The carrying values of prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to
the short-term nature of these assets and liabilities. The Company had no other financial liabilities for the periods presented above. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Valuation of marketable
securities </I></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company classifies its treasury bills as Level&nbsp;1 assets under the fair value hierarchy, as these securities have been valued using quoted
market prices for identical assets in active markets without any valuation adjustment. The Company classifies its commercial paper, corporate debt securities, and agency bonds as Level&nbsp;2 assets under the fair value hierarchy, as these assets
have been valued using quoted prices in active markets for similar securities. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><I>Preferred stock warrant liability </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In connection with the Discovery, License and Option Agreement (the &#8220;Blaze Agreement&#8221;) entered into with Blaze Bioscience Inc., (&#8220;Blaze&#8221;) the
Company issued to Blaze warrants to purchase 2,000,000 shares of Partner </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-44 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
preferred stock (&#8220;Partner Preferred Stock&#8221;), with exercisability subject to vesting criteria related to the achievement of development and regulatory milestones (the &#8220;Preferred
Stock Warrants&#8221;). For additional information regarding the Blaze Agreement, see Note 11, &#8220;<I>License Agreements</I>&#8221; in the audited consolidated annual financial statements for the years ended December&nbsp;31, 2024 and 2023,
included elsewhere in this prospectus. The Preferred Stock Warrants required liability classification (&#8220;Preferred Stock Warrant Liability&#8221;) under the guidance of ASC Topic 480, <I>Distinguishing Liabilities from Equity</I> (&#8220;ASC
480&#8221;). The Preferred Stock Warrant Liability was measured at fair value at the date of issuance and was subsequently remeasured to fair value at each reporting date until settlement with changes recorded within other income (expense) within
the condensed consolidated statement of operations and comprehensive loss. In May 2024, Blaze exercised 250,000 Preferred Stock Warrants for nominal consideration and the remaining unvested Preferred Stock Warrants were cancelled upon serving the
notice of termination. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The fair value of the Preferred Stock Warrant Liability was determined based on significant inputs not observable in the market, which
represents a Level&nbsp;3 measurement within the fair value hierarchy. In determining the fair value, the Company used a hybrid approach, which is a scenario analysis with one or more scenarios utilizing the Option Pricing Model (&#8220;OPM&#8221;)
to allocate the equity value to the respective share classes and, if applicable, a Monte Carlo simulation to estimate cash milestone payout. The Company determines the fair value of the Preferred Stock Warrant Liability based on the probability of
achieving various scenarios, the related timing, and to a lesser extent, an appropriate discount rate. Significant judgment is used in determining the appropriateness of these assumptions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Key assumptions as of December&nbsp;31, 2023 included probabilities of achieving (or not achieving) certain triggering events prior to and/or after a liquidity event,
which included the probability of the vesting of the 1,750,000 unvested shares to be <I>de minimis</I>, estimated timing of potential triggering event scenarios ranging between 2.0 years and 7.0 years, estimated time to liquidity ranging between 2.0
years and 7.0 years, and volatility ranging between 74.0% and 78.0% corresponding to the estimated time to liquidity. There were no material changes to these key assumptions between December&nbsp;31, 2023 and the exercise of the Preferred Stock
Warrants in May 2024. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Changes in the significant unobservable inputs to a different amount might result in a significantly higher or lower fair value measurement at
the reporting date. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table presents a roll-forward of the aggregate fair values of the Preferred Stock Warrant Liability (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:2.00pt solid #000000;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Balance as of January&nbsp;1, 2024</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Change in fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Exercise of Preferred Stock Warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(508</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Balance as of September&nbsp;30, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="4" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>4. Marketable securities </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As of
September&nbsp;30, 2025 and December&nbsp;31, 2024, the Company&#8217;s security portfolio consisted of 12 securities and 49 securities, respectively, related to marketable securities in debt securities <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">available-for-sale,</FONT></FONT> of which there were no securities and 10 securities in unrealized loss positions as of September&nbsp;30, 2025 and December&nbsp;31, 2024, respectively. There were no securities in an
unrealized loss position for greater than 12&nbsp;months as of September&nbsp;30, 2025 or December&nbsp;31, 2024. The Company does not intend to sell the marketable securities prior to the value of the securities being recovered and it is not more
likely than not that the Company will be required to sell the marketable securities before recovery of their amortized cost basis. The Company did not record an allowance for credit losses as of September&nbsp;30, 2025 or December&nbsp;31, 2024.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-45 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
Accrued interest receivable relating to the Company&#8217;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> securities is presented within
prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, and amounted to $0.9&nbsp;million and $1.1&nbsp;million as of September&nbsp;30, 2025 and December&nbsp;31, 2024, respectively. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Marketable securities, which are classified as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale,</FONT></FONT> consisted of the
following (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="54%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
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<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30, 2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amortized&nbsp;Costs<BR>Basis</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>Gain</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>Loss</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Fair&nbsp;Value</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8201;&#8194;30,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8201;&#8194;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8199;30,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">65,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">65,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="16" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31, 2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amortized&nbsp;Costs<BR>Basis</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>Gain</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Unrealized<BR>Loss</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Fair&nbsp;Value</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8201;&#8194;93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8201;&#8194;39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(39</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Treasury bills</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Corporate debt securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Agency bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">259,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(50</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#8195;260,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>5. Property and equipment, net </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Property and
equipment consisted of the following (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Laboratory equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Computer equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Computer software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Office equipment&nbsp;&amp; furniture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Assets under construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,081</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Less: Accumulated depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,850</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,229</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Property and equipment, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company recorded depreciation expense of $1.6&nbsp;million and $1.1&nbsp;million for the nine months ended September&nbsp;30, 2025
and 2024, respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-46 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>6. Accrued expenses and other current liabilities </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Accrued expenses and other current liabilities consisted of the following (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued compensation and benefit costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued research and development costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,379</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accrued professional costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other accrued expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">851</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>7. Redeemable convertible preferred stock </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has previously issued Series Seed redeemable convertible preferred stock (the &#8220;Series Seed Preferred Stock&#8221;), Series A redeemable convertible
preferred stock (the &#8220;Series A Preferred Stock&#8221;), Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred stock (the &#8220;Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock&#8221;) and Series
B redeemable convertible preferred stock (the &#8220;Series B Preferred Stock, together with the Series Seed Preferred Stock, Series A Preferred Stock, Series A-1 Preferred Stock and Partner Preferred Stock, the &#8220;Preferred Stock&#8221;). There
have been no material changes to the previously issued redeemable convertible preferred stock during the nine months ended September&nbsp;30, 2025. For additional information, see Note 7, &#8220;<I>Redeemable convertible preferred stock</I>&#8221;
in the audited consolidated annual financial statements for the years ended December&nbsp;31, 2024 and 2023 included elsewhere in this prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Preferred Stock
consisted of the following (in thousands, except share amounts): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="20" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30, 2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Authorized</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Issued and<BR>outstanding</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Carrying<BR>value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Liquidation<BR>preference</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Common&nbsp;stock<BR>issuable upon<BR>conversion</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series B Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Partner Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">333,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">346,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="20" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="20" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31, 2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Authorized</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Issued and<BR>outstanding</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Carrying<BR>value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Liquidation<BR>preference</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Common&nbsp;stock<BR>issuable upon<BR>conversion</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series B Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Partner Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="17" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">333,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">346,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="20" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The holders of Preferred Stock have rights, preferences and privileges which are disclosed within Note 7, &#8220;<I>Redeemable
convertible preferred stock</I>&#8221; in the audited consolidated annual financial statements for the years </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-47 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
ended December&nbsp;31, 2024 and 2023 included elsewhere in this prospectus. There have been no material changes to rights, preferences and privileges during the nine months ended
September&nbsp;30, 2025. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>8. Stockholders&#8217; deficit </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Common
stock </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company&#8217;s stockholders provided, however,
that, except as otherwise required by law, holders of common stock are not entitled to vote on any amendment to the Company&#8217;s Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if
the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation or pursuant to the General Corporation Law. There is no
cumulative voting. Common stockholders are entitled to receive dividends, as may be declared by the Company&#8217;s Board, if any, subject to the preferential dividend rights of the Preferred Stock. Through September&nbsp;30, 2025, no dividends have
been declared or paid. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s common stock available for future issuance is summarized below: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock authorized</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,100,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,971,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock authorized and reserved for future issuances:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series Seed Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series A Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,067,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Series B Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Partner Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Stock options outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,524,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,100,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Common stock reserved for future grant under the 2020 Equity Incentive Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,589,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,143,397</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total common stock authorized and reserved for future issuance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,681,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,811,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unreserved common stock available for future issuance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">217,647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">217,647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>9. Equity-based compensation </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Stock
options </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On August&nbsp;27, 2020, the Board adopted and approved the 2020 Equity Incentive Plan (the &#8220;2020 Plan&#8221;) under which stock options,
restricted stock, and other awards as determined by the Board could be granted to employees, <FONT STYLE="white-space:nowrap">non-employees</FONT> and directors of the Company. Each award granted may be evidenced by an award agreement between the
Company and the grantee. Under the 2020 Plan, both incentive stock options (&#8220;ISOs&#8221;) and <FONT STYLE="white-space:nowrap">non-qualified</FONT> stock options (&#8220;NSOs&#8221;) could be granted. ISOs may be granted only to the
Company&#8217;s employees. The 2020 Plan is administered by the Board. The terms of the awards issued under the 2020 Plan, including vesting requirements, are determined by the Board or compensation committee of the Board. As of September&nbsp;30,
2025, there were 1,589,108 shares of common stock available for future grant under the 2020 Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-48 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The exercise price of stock options granted under the 2020 Plan generally may not be less than the market price of the
common stock at the time of grant. Stock options generally vest over four years with a 25% vesting on the <FONT STYLE="white-space:nowrap">one-year</FONT> anniversary of the grant date and the remainder vesting in equal monthly installments
thereafter and have a maximum term of 10 years. The stock options granted contain only service conditions as the grantees are only required to provide services to the Company over the requisite service period to continue to vest in the awards. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Compensation cost is recognized on a straight-line basis over the requisite service period. As of September&nbsp;30, 2025, the total unrecognized compensation related to
unvested stock option awards was $12.4&nbsp;million which the Company expects to recognize over a weighted-average period of approximately 2.65 years. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following
table summarizes the stock option activity under the 2020 Plan during the nine months ended September&nbsp;30, 2025: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Number of<BR>stock<BR>options</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Weighted<BR>average<BR>exercise<BR>price</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Weighted<BR>average<BR>remaining<BR>contractual<BR>life<BR>(in&nbsp;years)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Aggregate<BR>intrinsic&nbsp;value<BR>(in&nbsp;thousands)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Outstanding as of January&nbsp;1, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,100,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Granted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">681,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Exercised</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(129,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cancelled</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(127,611</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Outstanding as of September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,524,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">21,740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Options vested and exercisable as of<BR>September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,810,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="13" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Options unvested and expected to vest as of<BR>September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,714,337</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="16" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The weighted-average grant date fair value per share of stock options granted during the nine months ended September&nbsp;30, 2025 and
2024 was $2.04 and $0.92, respectively. The total intrinsic value of stock options exercised during the nine months ended September&nbsp;30, 2025 and 2024 was $0.3&nbsp;million and $0.1&nbsp;million, respectively. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table presents, on a weighted-average basis, the assumptions used in the Black Scholes option-pricing model to determine the grant-date fair value of the
stock options granted during the years ended: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Expected term (in years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Risk-free interest rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.29%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.42%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Expected volatility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92.57%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81.43%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Dividend yield</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Restricted stock awards </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">During 2020,
the Company issued 1,300,000 shares of restricted stock to employees, <FONT STYLE="white-space:nowrap">non-employees</FONT> and directors of the Company, of which 600,000 shares of restricted stock were issued pursuant to the 2020 Plan and the
remaining 700,000 shares of restricted stock were issued pursuant to standalone restricted stock agreements entered into prior to the adoption of the 2020 Plan (&#8220;Restricted Stock Agreements&#8221;). The restricted
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-49 </P>

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stock generally vests over three or four years. The restricted stock contains only service conditions as the grantees are only required to provide services to the Company over the requisite
service period to continue to vest in the awards. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The shares of restricted stock granted under the 2020 Plan and the Restricted Stock Agreements were purchased by
the grantees on the grant date for $12,000. Based on the forfeiture provisions discussed below, although the shares of the restricted stock were legally issued, they were not considered outstanding for accounting purposes. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Compensation cost related to the shares of restricted stock granted under the Restricted Stock Agreements and the 2020 Plan were measured using the fair value of common
stock. <FONT STYLE="white-space:nowrap">Non-cash</FONT> compensation expense recorded by the Company for the nine months ended September&nbsp;30, 2024 related to restricted stock was <I>de minimis</I>. As of December&nbsp;31, 2024, all restricted
stock awards granted under the 2020 Plan were fully vested and there was no unrecognized compensation expense. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Stock-based compensation expense </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table summarizes stock-based compensation expense included in operating expenses (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine&nbsp;months&nbsp;ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">547</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,033</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>10. Income taxes </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On July&nbsp;4, 2025,
legislation referred to as the One Big Beautiful Bill Act (&#8220;OBBBA&#8221;) was signed into law. The OBBBA makes certain provisions&nbsp;of the Tax Cuts and Jobs Act of 2017 permanent and makes changes to some United States (&#8220;U.S.&#8221;)
corporate tax provisions, many of which have different effective dates. Key corporate tax provisions of the OBBBA include the restoration of 100% bonus depreciation, the introduction of new Section&nbsp;174A permitting immediate expensing of
domestic research and experimental expenditures, modifications to Section&nbsp;163(j) interest expense limitations, and the expansion of Section&nbsp;162(m) aggregation requirements. The provisions of the OBBBA did not have a material impact on the
accompanying condensed consolidated financial statements for the nine months ended September&nbsp;30, 2025. The Company continues to evaluate the impact of the OBBBA, but does not expect the OBBBA to have a material impact on its effective tax rate.
However, the Company does anticipate future cash tax benefits due to changes in the tax laws for depreciation and research and development expenses. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>11. License
agreements </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has entered into several license agreements with third parties that typically involve payments from the Company,
including&nbsp;upfront&nbsp;payments, milestone payments and royalty payments. The terms and conditions as well as accounting analysis for the Company&#8217;s significant license agreements are described in Note 11, &#8220;<I>License
Agreements</I>&#8221; in the audited consolidated annual financial statements for the years ended December&nbsp;31, 2024 and 2023 included elsewhere in this prospectus. As of September&nbsp;30, 2025, no milestones have been achieved under these
agreements. There have been no other material changes to the terms and conditions or accounting conclusions except as noted below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-50 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>University of Minnesota license agreement </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On March&nbsp;3, 2023, the Company entered into an exclusive license agreement (the &#8220;Minnesota License&#8221;) with Regents of the University of Minnesota under
which the Company licensed certain rights to the licensed patents of a known target-binding miniprotein for commercialization throughout the term of the Minnesota License. In September 2025, the Company terminated the Minnesota License. No
additional payment obligations on the Company&#8217;s part or any other costs remain associated with the Minnesota License. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>12. Collaboration revenue </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Eli Lilly collaboration agreement </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On May&nbsp;16, 2024, the Company
entered into the Collaboration Agreement with Eli Lilly to generate anticancer radiopharmaceuticals using the Company&#8217;s novel miniprotein technology platform. Pursuant to the Collaboration Agreement, the Company granted Eli Lilly an exclusive
(even as to the Company and its affiliates), royalty-bearing, worldwide license, with the right to sublicense, to certain of the Company&#8217;s patents and other intellectual property rights to exploit certain compounds and therapeutic or
diagnostic products that contain such compounds solely as products that contain a radioactive isotope. The Company also granted Eli Lilly a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> royalty-bearing, worldwide license, with the right to
sublicense, to the intellectual property necessary or useful to exploit the licensed compounds and licensed products solely as products that contain a radioactive isotope and a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> fully <FONT
STYLE="white-space:nowrap">paid-up</FONT> license, with the right to sublicense, to exploit certain other intellectual property developed under the Collaboration Agreement for any and all purposes (subject to certain limitations). In addition, the
Company and Eli Lilly agreed to negotiate in good faith to enter into a separate agreement in the event the parties agree that the clinical development of a licensed compound requires, or would be benefited by, a license to one of the
Company&#8217;s other compounds. The details of the Eli Lilly collaboration agreement are further described in Note 12, &#8220;<I>Collaboration revenue,</I>&#8221; in the audited consolidated financial statements for the years ended
December&nbsp;31, 2024 and 2023, included elsewhere in this prospectus. Since the date of the audited consolidated financial statements for the&nbsp;years ended December&nbsp;31, 2024 and 2023, there have been no changes to the Collaboration
Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Collaboration Agreement requires Eli Lilly to pay $60.0&nbsp;million as a nonrefundable upfront cash payment. The Collaboration Agreement requires
Eli Lilly to pay up to an aggregate of $525.0&nbsp;million upon achievement of certain research, development, regulatory and commercial launch milestones and up to an aggregate of $630.0&nbsp;million upon achievement of certain sales milestones. In
addition, if Eli Lilly successfully commercializes a therapeutic or diagnostic product under the Collaboration Agreement, Eli Lilly is required, unless earlier terminated, to pay the Company a tiered royalty of up to
<FONT STYLE="white-space:nowrap">low-double</FONT> digits based on annual net sales, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, subject to specified reductions, until the later of the expiration of licensed patent rights in a country, expiration of regulatory exclusivity, or ten years after the first product
sale in such country. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company evaluated the Collaboration Agreement and determined it was within the scope of ASC 606. The Company determined the promised goods
and services included the exclusive and <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license grants to Eli Lilly to use the Company&#8217;s intellectual property and <FONT STYLE="white-space:nowrap">know-how</FONT> to research, develop, and
commercialize products related to each of the initial collaboration targets selected by Eli Lilly, as well as corresponding research activities to be provided by the Company during a specified research term for each of the collaboration targets. The
Company determined that the exclusive license granted under the Collaboration Agreement and the research activities are not individually distinct and represents a combined performance obligation, one for each of the distinct initial collaboration
targets. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Eli Lilly also has the right to replace each of the initial collaboration targets once during a specified period for additional consideration of
reimbursement of the actual research costs incurred for each replaced initial </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-51 </P>

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collaboration target. The Company concluded the consideration to be paid by Eli Lilly for each replacement right represented a discount to the standalone selling price. Accordingly, the
replacement right was determined to represent a material right and thus represents a performance obligation for each initial collaboration target. Therefore, there are two separate performance obligations for each initial collaboration target within
the context of the Collaboration Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Concurrently, the Company also entered into the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Agreement with Eli
Lilly and issued 2,500,000 shares of Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock to Eli Lilly for total proceeds of $10.0&nbsp;million (the &#8220;Eli Lilly Equity Transaction&#8221;). Refer to Note&nbsp;7,
&#8220;<I>Redeemable convertible preferred stock</I>&#8221; in the audited consolidated annual financial statements for the years ended December&nbsp;31, 2024 and 2023, included elsewhere in this prospectus. The Company determined the fair value of
the shares sold under the Eli Lilly Equity Transaction to be $1.8&nbsp;million less than the total proceeds received of $10.0&nbsp;million. The Company recorded the issuance of the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock
at fair value and, therefore, allocated the excess proceeds received as transaction price to the Collaboration Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The transaction price was allocated to the
performance obligation for each initial collaboration target and the material right to replace each of the initial collaboration targets on a relative stand-alone selling price basis using the expected cost plus a margin approach under ASC 606. In
September 2025, the transaction price was adjusted to include $1.0&nbsp;million in variable consideration, upon the achievement of the first milestone under the Collaboration Agreement, which was previously excluded based on the Company&#8217;s
evaluation of the constraint of estimated variable consideration. All other remaining milestones remained fully constrained and excluded from the transaction price. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company recognizes revenue related to each initial collaboration target over time using the costs incurred input method, such that revenue is recognized based on the
Company&#8217;s efforts or inputs to the satisfaction of a performance obligation, which provides an appropriate depiction of the Company&#8217;s progress toward fulfilling its performance obligations. The Company recognized $4.6&nbsp;million and
$0.5&nbsp;million of collaboration revenue during the nine months ended September&nbsp;30, 2025 and 2024, respectively. Since contract inception, the Company recognized $6.1 million of collaboration revenue. The remaining transaction price of
$56.7&nbsp;million is expected to be recognized as revenue through 2030. As of September&nbsp;30, 2025, one development milestone under the Collaboration Agreement totaling $1.0&nbsp;million was achieved. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>13. Commitments and contingencies </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Legal proceedings </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company was not subject to any material legal proceedings during the nine months ended September&nbsp;30, 2025 and 2024, and the Company is not aware of any material
legal proceedings that are currently pending or threatened. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Royalty transfer agreement </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">On August&nbsp;27, 2020, concurrent with entering into the Series Seed Agreement, the Company entered into a royalty transfer agreement (the &#8220;Royalty Transfer
Agreement&#8221;) with MPM Oncology Charitable Foundation, Inc. (the &#8220;MPM Charitable Foundation&#8221;), an affiliate of a stockholder holding more than 5% of the total outstanding stock of the Company, and the UBS Optimus Foundation
(&#8220;UBS&#8221; and together with MPM Charitable Foundation, the &#8220;Charitable Foundations&#8221;). Pursuant to the Royalty Transfer Agreement, the Company will pay 0.5% of annual global net sales to each of the Charitable Foundations, for a
total of 1.0% of net sales, subject to customary reductions, for products that incorporate or utilize intellectual property that was discovered or developed by the Company prior to an initial public offering. The Company&#8217;s payment obligations
for each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
product will continue on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis upon the later of the twelfth anniversary of the first
commercial sale of such product in such country or the expiration of the last to expire of certain patents owned or controlled by the Company covering such products in such country. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s payment obligations to MPM Charitable Foundation will terminate immediately upon authorization of the MPM Charitable Foundation&#8217;s board of
directors (or similar body) or upon the winding up or dissolution of MPM Charitable Foundation. The Company&#8217;s payment obligations to UBS will terminate immediately upon the winding up of Oncology Impact Fund 2, L.P., a Cayman Islands exempt
limited partnership which is affiliated with MPM Charitable Foundation. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company will record a liability when the associated net sales are generated. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>14. Related party transactions </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has received consulting and
management services from entities affiliated with MPM Asset Management LLC (&#8220;MPM&#8221;), a beneficial owner holding more than 5% of the total outstanding common stock of the Company as of September&nbsp;30, 2025 and December&nbsp;31, 2024. In
connection with these services, the costs incurred for the nine months ended September&nbsp;30, 2025 were immaterial, and the Company incurred costs of $0.1&nbsp;million for the nine months ended September&nbsp;30, 2024, which are included in
general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. As of September&nbsp;30, 2025 and December&nbsp;31, 2024, no amounts were owed to the MPM affiliates. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>15. Leases </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Operating leases </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In March 2021, the Company entered into a lease agreement for a research and development laboratory and related office space located in Durham, North Carolina (the
&#8220;Durham Lease&#8221;). The term of the Durham Lease commenced in March 2021 and had an original termination date of March&nbsp;31, 2024. During the year ended December&nbsp;31, 2024, the Durham Lease was extended with a revised termination
date of September&nbsp;30, 2025,. The lease was extended again in January 2025, with a revised termination date of September 30, 2026. The lease extensions were accounted for as modifications in accordance with ASC 842 and the Company reassessed the
lease liability and right-of-use (&#8220;ROU&#8221;) asset related to the lease at each inflection date. The reassessment involves the remeasurement of the present value of future lease payments, considering the revised lease term and any changes in
lease payments, including any adjustments due to changes in discount rate. The Company reassessed its incremental borrowing rate at the time of the first lease extension to be 11.48%, which was used as the discount rate in the remeasurement of the
lease liabilities. The first lease extension resulted in an increase of $0.5&nbsp;million to the related operating lease ROU asset and lease liability on the date of the extension. The Company reassessed its incremental borrowing rate at the time of
the second lease extension to be 8.62%, which was used as the discount rate in the remeasurement of the lease liabilities. The second lease extension resulted in an increase of $0.4 million to the related operating lease ROU asset and lease
liability on the date of the extension. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In January 2022, Aktis entered into a sublease agreement for shared office space in Boston, Massachusetts. The premises were
used for general office and laboratory space. The lease expired on June&nbsp;14, 2025. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In January 2022, the Company entered into a lease for office, laboratory and
storage space located in Boston, Massachusetts. Since the space was under construction, and certain improvements needed to be made before taking occupancy, the Company did not record a ROU asset or lease liability related to this lease until
January&nbsp;4, 2023, when the Company took control of the premises. In April 2025, the Company entered into an amendment to increase the lab space in the same building. The amendment provided for additional operating lease
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-53 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
payments of $0.6&nbsp;million for the additional lab space and includes annual base rent escalation clauses during the lease term. The lease is set to expire 10 years from the rent commencement
date of January&nbsp;4, 2023. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2022, Aktis entered into a sublease agreement, as the sublessee, for additional general office and laboratory space in Durham,
North Carolina. The lease commenced on May&nbsp;1, 2022, and had an original termination date of April&nbsp;30, 2025. In September 2024, the lease was extended with a revised termination date of April&nbsp;30, 2027. The lease remained classified as
an operating lease, and the extension resulted in an increase of $0.1&nbsp;million to the related operating lease ROU asset and lease liability on the date of the modification. The sublease was extended again in March 2025, with a revised
termination date of May&nbsp;31, 2027. The extension resulted in an immaterial increase to the related operating lease ROU asset and lease liability on the date of the modification. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table presents weighted-average remaining lease term and discount rates which are used in the calculation of the Company&#8217;s ROU assets and lease
liabilities: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average remaining lease term (in years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.07&nbsp;years</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.82&nbsp;years</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Components of lease costs are presented below (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine&nbsp;months&nbsp;ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Operating lease cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Variable lease cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total lease cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,968</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,992</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Maturity analysis of operating lease liabilities as of September&nbsp;30, 2025, were as detailed below (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:2.00pt solid #000000;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Remainder of 2025</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;" ALIGN="right">618</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2026</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2027</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2028</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2029</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">2030 and beyond</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,324</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total undiscounted lease payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,935</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Less: imputed interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,070</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="4" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Other information related to leases was as follows (in thousands): </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine&nbsp;months&nbsp;ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash flows included in the measurement of lease liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Cash paid for amounts included in the measurement of operating lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Remeasurement of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset and lease liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-54 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>16. Net loss per share </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the periods presented (in thousands, except share and per share
amounts): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine months ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Numerator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss attributable to common stockholders, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Denominator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Weighted-average number of common stock used in net loss per share, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,072,602</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,619,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss per share of common stock, basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(15.81</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12.19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company&#8217;s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect
would be to reduce the net loss per share. Therefore, the weighted-average number of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following outstanding
potentially dilutive securities have been excluded from the computation of diluted net loss per share attributable to common stockholders, as including them would have had an anti-dilutive effect: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine months ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,567,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Options to purchase common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,524,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,384,193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Unvested restricted stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150,092,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143,967,318</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>17. Segment information </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has one
operating and reportable segment focused on the research and development of targeted radiopharmaceuticals to treat a broad range of solid tumor cancers. The accounting policies of the single operating segment are identical to those described in Note
2, &#8220;<I>Summary of significant accounting policies,</I>&#8221; in the audited consolidated annual financial statements for the years ended December 31, 2024 and 2023, included elsewhere in this prospectus. The chief operating decision-maker
(&#8220;CODM&#8221;) manages the Company&#8217;s operations on a consolidated basis and assesses performance based on consolidated net loss, which is reported on the condensed consolidated statements of operations. The measure of segment assets is
reported on the condensed consolidated balance sheets as total consolidated assets. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by the CODM
and are reported on the condensed consolidated statements of cash flows. The CODM uses consolidated net loss and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">budget-to-actual</FONT></FONT> variances to allocate resources and
assess the performance of the entire company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-55 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following information represents significant segment expenses regularly provided to the CODM with the following
categories (in thousands): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1.00px solid #000000"><B>Nine months ended<BR>September&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2025</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>2024</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Collaboration revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Research and development expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,695</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,026</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Consulting and contractor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(798</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(859</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">External research and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,588</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,790</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Laboratory supplies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,941</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,375</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Scientific advisory board</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Information technology, facilities, office and
other<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,863</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,236</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">General and administrative expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Employee-related</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,620</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,583</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Consulting and contractor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,301</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(847</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Legal and professional services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,583</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,319</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Information technology, facilities, office and
other<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,474</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,872</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Other segment items<SUP STYLE="font-size:75%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,593</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,924</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="8" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IT, facilities, office and other includes depreciation, amortization, and stock-based compensation expense. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Other segment items consist of interest income, change in fair value of the Preferred Stock Warrant Liability, and other expense, net. Interest income consists of interest earned on cash equivalents and marketable
securities and amortization or accretion of discounts or premiums on marketable securities. Other expense, net consists of gains and losses on currency revaluation related to the payment of foreign vendor invoices. </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>18. Subsequent events </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The Company has evaluated subsequent events through
November&nbsp;14, 2025, which represents the date these condensed consolidated financial statements were available to be issued. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">F-56 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Through and including&#8195;&#8195;&#8195;&#8195;, 2026 (the 25th day after the commencement of this offering), all
dealers that buy, sell or trade shares of our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealers&#8217; obligation to deliver a prospectus
when acting as underwriters and with respect to their unsold allotments or subscriptions. </B></P> <P STYLE="margin-top:96pt; margin-bottom:0pt; font-size:18pt; font-family:arial" ALIGN="center"><B><I>&#8195;&#8195;&#8195;&#8195;shares </I></B></P>
<P STYLE="font-size:110pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875386g01h01.jpg" ALT="LOGO" STYLE="width:2.77778in;height:1.16349in;">
 </P> <P STYLE="margin-top:110pt; margin-bottom:0pt; font-size:18pt; font-family:arial" ALIGN="center"><B><I>Common stock </I></B></P> <P STYLE="font-size:110pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:16pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:16pt">
<TD VALIGN="top" ALIGN="center"><B>J.P.&nbsp;Morgan</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BofA&nbsp;Securities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Leerink&nbsp;Partners</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>TD&nbsp;Cowen</B></TD></TR>
</TABLE> <P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:10pt; font-family:arial">&#8195;&#8195;&#8195;&#8195;, 2026 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B>Part II </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Information not
required in prospectus </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Item&#8201;13.&nbsp;Other&nbsp;expenses of issuance and distribution. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following table indicates the costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in connection with the offering
described in this registration statement. All amounts are estimated except the Securities and Exchange Commission, or the SEC, registration fee, the Financial Industry Regulatory Authority, Inc., or FINRA, filing fee and the Nasdaq Global Market
initial listing fee. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Amount</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">SEC registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$13,810</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">FINRA filing fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,500</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Exchange listing fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8194;&#8199;&#8194;&#8201;&#8195;&#8195;&#8195;*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Accountants&#8217; fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8194;&#8199;&#8194;&#8201;&#8195;&#8195;&#8195;*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8194;&#8199;&#8194;&#8201;&#8195;&#8195;&#8195;*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Transfer agent&#8217;s fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8194;&#8199;&#8194;&#8201;&#8195;&#8195;&#8195;*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Printing and engraving expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8194;&#8199;&#8194;&#8201;&#8195;&#8195;&#8195;*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#8194;&#8199;&#8194;&#8201;&#8195;&#8195;&#8195;*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Total expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$&#8199;&#8199;&#8201;&#8199;&#8199;*</TD></TR>
<TR STYLE="font-size:1px; font-family:arial; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To be provided by amendment </TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Item&#8201;14. Indemnification of directors and officers. </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">As permitted by Section&nbsp;102(b)(7) of the Delaware General Corporation Law, or the DGCL, we plan to include in our amended and restated certificate of incorporation,
or Restated Charter, a provision to eliminate the personal liability of our directors for monetary damages for breach of their fiduciary duties as directors, subject to certain exceptions. In addition, our Restated Charter and our amended and
restated bylaws, or Restated Bylaws, will provide that we are required to indemnify our officers and directors under certain circumstances, including those circumstances in which indemnification would otherwise be discretionary, and we are required
to advance expenses to our officers and directors as incurred in connection with proceedings against them for which they may be indemnified, in each case except to the extent that the DGCL prohibits the elimination or limitation of liability of
directors for breaches of fiduciary duty. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Section&nbsp;145(a) of the DGCL provides that a corporation shall have the power to indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact
that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and
in a manner the person reasonably believed to be in or not opposed to the best interest of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person&#8217;s conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which
the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person&#8217;s conduct was unlawful. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">II-1 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Section&nbsp;145(b) of the DGCL provides that a corporation shall have the power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#8217;
fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
of the corporation and except that no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery
of the State of Delaware, or Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We have entered into indemnification
agreements with our directors and, prior to the completion of this offering, intend to enter into indemnification agreements with certain of our officers. These indemnification agreements will provide broader indemnity rights than those provided
under the DGCL and our Restated Charter. These indemnification agreements are not intended to deny or otherwise limit third-party or derivative suits against us or our directors or officers, but to the extent a director or officer were entitled to
indemnity or contribution under the indemnification agreement, the financial burden of a third-party suit would be borne by us, and we would not benefit from derivative recoveries against the director or officer. Such recoveries would accrue to our
benefit but would be offset by our obligations to the director or officer under the indemnification agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The underwriting agreement will provide that the
underwriters are obligated, under certain circumstances, to indemnify our directors, officers and controlling persons against certain liabilities, including liabilities under the&nbsp;Securities Act of 1933, as amended, or the Securities Act. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">We maintain directors&#8217; and officers&#8217; liability insurance for the benefit of our directors and officers. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Item&#8201;15. Recent sales of unregistered securities. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The following
list sets forth information regarding all unregistered securities sold by us in the three years preceding the filing of this registration statement. None of the following transactions involved any underwriters, underwriting discounts or commissions,
or any public offering. Unless otherwise specified above, we believe these transactions were exempt from registration under the Securities Act in reliance on Sections&nbsp;3(a)(9) and 4(a)(2) of the Securities Act (and Regulation D or Regulation S
promulgated thereunder) or Rule 701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or under benefit plans and contracts relating to compensation as provided under Rule 701.
The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were
placed on the share certificates issued in these transactions. All recipients had adequate access, through their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>(a) Issuances of common stock, stock options and restricted shares pursuant to our equity compensation plans </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">From January&nbsp;1, 2022 and through the date of this registration statement, the registrant has granted to its employees, directors, consultants and other service
providers options to purchase an aggregate of 16,304,586 shares of our common stock under the 2020 Plan, with exercise prices ranging from $0.88 to $2.80 per share. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">II-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>(b) Issuances of preferred stock </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In February 2021, and January 2022, we issued and sold an aggregate of 36,000,000 shares of our Series A redeemable convertible preferred stock in a series of related
transactions, at a purchase price of $2.00 per share for aggregate gross proceeds of $72.0&nbsp;million. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In connection with a Discovery, License and Option
Agreement, or the Blaze Agreement, dated July&nbsp;22, 2021, entered into with Blaze BioSciences Inc., or Blaze, we issued warrants to purchase up to 2,000,000 shares of Partner redeemable convertible preferred stock to Blaze in July 2021. On
May&nbsp;20, 2022, we entered into Amendment #2 to the Blaze Agreement, pursuant to which, the originally issued warrants were replaced by an amended warrant to purchase up to 2,000,000 shares of Partner redeemable convertible preferred stock. As of
December&nbsp;31, 2023, 250,000 shares of the warrants were vested and exercisable. In March 2024, we provided Blaze with notice of termination of the Blaze Agreement and Blaze exercised the 250,000 shares of vested warrants for a nominal purchase
price. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In August 2022, we issued and sold an aggregate of 42,067,500 shares of our Series A redeemable convertible preferred stock at a purchase price of $2.00 per
share for aggregate gross proceeds of approximately $84.1&nbsp;million. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In May 2024, we entered into a Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable
preferred stock purchase agreement with Eli Lilly and Company pursuant to which we issued and sold an aggregate of 2,500,000 shares of our Series <FONT STYLE="white-space:nowrap">A-1</FONT> redeemable convertible preferred stock at a purchase price
of $4.00 per share for aggregate gross proceeds of $10.0&nbsp;million. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In September 2024, we issued and sold an aggregate of 43,750,000 shares of our Series B
redeemable convertible preferred stock at a purchase price of $4.00 per share for aggregate gross proceeds of approximately $175.0&nbsp;million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Item&#8201;16. Exhibits and financial statement schedules. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>(a)
Exhibits. </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The exhibits listed below are filed as part of this registration. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Exhibit&nbsp;No.</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Description of exhibit</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="d875386dex11.htm">Form of Underwriting Agreement. </A></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="d875386dex31.htm">Fifth Amended and Restated Certificate of Incorporation of the Registrant (as currently
 in effect). </A></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex32.htm">Certificate of Amendment to the Fifth Amended and Restated Certificate of Incorporation of the Registrant. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;3.3*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sixth Amended and Restated Certificate of Incorporation of the Registrant.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;3.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex34.htm">Form of Amended and Restated Certificate of Incorporation of the Registrant (to be effective prior to the completion of this offering). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;3.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex35.htm">Bylaws of the Registrant (as currently in effect). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;3.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex36.htm">Form of Amended and Restated Bylaws of the Registrant (to be effective prior to the completion of this offering). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;4.1&#043;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex41.htm">Third Amended and Restated Investors&#8217; Rights Agreement, by and among the Registrant and certain of its stockholders, dated September&nbsp;20, 2024.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;4.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Specimen Stock Certificate.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;&#8199;5.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Opinion of Paul Hastings LLP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.1#</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex101.htm">2020 Equity Incentive Plan, and forms of award agreements thereunder.</A></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">II-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="88%"></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Exhibit&nbsp;No.</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Description of exhibit</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.2#*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2026 Equity Incentive Plan, and form of awards thereunder.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.3#*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2026 Employee Stock Purchase Plan.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.4#</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex104.htm">Senior Executive Cash Incentive Plan.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.5#*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director Compensation Policy.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.6#</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex106.htm">Form of Indemnification Agreement.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.7#*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated &#8195;&#8195;&#8195;&#8195;, between the Registrant and Matthew Roden.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.8#*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated &#8195;&#8195;&#8195;&#8195;, between the Registrant and Kyle D. Kuvalanka.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.9#*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated &#8195;&#8195;&#8195;&#8195;, between the Registrant and Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.10#*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated &#8195;&#8195;&#8195;&#8195;, between the Registrant and Paul L. Feldman.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.11&#043;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex1011.htm">License, Research and Collaboration Agreement, dated May&nbsp;16, 2024, between the Registrant and Eli Lilly and Company.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.12&#043;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex1012.htm">License Agreement, dated November&nbsp;1, 2021, between the Registrant and Institute for Protein Innovation, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex1013.htm">Royalty Transfer Agreement, dated August&nbsp;27, 2020, among the Registrant (formerly known as HotKnot Therapeutics, Inc.), MPM Oncology Charitable Foundation, Inc. and the UBS Optimus Foundation.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.14&#043;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex1014.htm">Lease Agreement, dated January&nbsp;13, 2022, between the Registrant and <FONT STYLE="white-space:nowrap">IDB&nbsp;17-19</FONT> Drydock Limited Partnership.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;10.15&#043;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex1015.htm">First Amendment to Lease Agreement, dated February&nbsp;1, 2023, between the Registrant and <FONT STYLE="white-space:nowrap">IDB&nbsp;17-19</FONT> Drydock Limited Partnership.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;21.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex211.htm">Subsidiaries of the Registrant. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dex231.htm">Consent of Deloitte&nbsp;&amp; Touche LLP, independent registered public accounting firm.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;23.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Consent of Paul Hastings LLP (included in Exhibit 5.1).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#sig">Power of Attorney (included on signature page to this registration statement). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">&#8199;107</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d875386dexfilingfees.htm">Filing Fee Table. </A></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To be filed by amendment. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">#</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Indicates management contract or compensatory plan. </TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#043;</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Portions of this exhibit (indicated by asterisks) have been redacted pursuant to Item 601 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> because they are both not material and the registrant customarily and
actually treats such information as private or confidential. </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>(b) Financial statement schedules. </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes
thereto. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B><I>Item&#8201;17. Undertakings. </I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The undersigned Registrant
hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">II-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The undersigned Registrant hereby undertakes that: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective. </TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD WIDTH="1%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">II-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:arial"><B><A NAME="sig"></A>Signatures </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of Boston, Commonwealth of Massachusetts, on this 19th day of December, 2025. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Aktis Oncology, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Matthew Roden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Matthew Roden, PhD</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">President, Chief Executive Officer and
Director</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Matthew Roden and Kyle
D. Kuvalanka, and each of them, as their true and lawful agents, proxies and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact,</FONT></FONT> with full power of substitution and resubstitution, for him or her and in
his or her name, place and stead, in any and all capacities, to (i)&nbsp;act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all
schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii)&nbsp;act on, sign and file such
certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii)&nbsp;act on and file any supplement to any prospectus included in this registration statement or any such amendment or any
subsequent registration statement filed pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, as amended, and (iv)&nbsp;take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he
might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> or any of his substitutes may lawfully do or
cause to be done by virtue thereof. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons
in the capacities and on the dates indicated. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-TOP:2.00pt solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Signature</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Title</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000;"><B>Date</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Matthew Roden</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Matthew Roden,
PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">President, Chief Executive Officer and Director <I>(Principal Executive Officer)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Kyle D. Kuvalanka</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Kyle D.
Kuvalanka</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer <I>(Principal Financial and Accounting Officer)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Todd Foley</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Todd Foley,
MBA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director and Chair</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Ken Herrmann</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Ken Herrmann,
MD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December 19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Helen S. Kim</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Helen S. Kim,
MBA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December 19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Andrew Levin</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Andrew Levin, MD,
PhD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December 19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Oleg Nodelman</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Oleg
Nodelman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December 19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Lloyd M. Segal</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Lloyd M. Segal,
MBA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December 19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Michael A. Sherman</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Michael A.
Sherman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December 19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:arial">/s/ Mary Thistle</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:arial">Mary
Thistle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;19, 2025</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">II-6 </P>

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<TYPE>EX-1.1
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<FILENAME>d875386dex11.htm
<DESCRIPTION>EX-1.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Aktis Oncology, Inc. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#149;]
Shares of Common Stock </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Underwriting Agreement </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">[&#149;], 2026 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Leerink Partners LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TD Securities (USA) LLC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Representatives of the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8195;several Underwriters listed </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8195;in Schedule 1 hereto
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o J.P. Morgan Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o BofA Securities, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Leerink Partners LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">53 State Street, 40<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02109 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o TD Securities (USA) LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 Vanderbilt Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Aktis Oncology, Inc<I>.</I>, a Delaware corporation (the &#8220;Company&#8221;), proposes to issue and sell to the several underwriters listed
in Schedule 1 hereto (the &#8220;Underwriters&#8221;), for whom you are acting as representatives (the &#8220;Representatives&#8221;), an aggregate of [&#149;] shares of common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;), of
the Company (the &#8220;Underwritten Shares&#8221;) and, at the option of the Underwriters, up to an additional [&#149;] shares of common stock of the Company (the &#8220;Option Shares&#8221;). The Underwritten Shares and the Option Shares are
herein referred to as the &#8220;Shares&#8221;. The shares of common stock of the Company to be outstanding after giving effect to the sale of the Shares are referred to herein as the &#8220;Stock&#8221;. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby confirms its agreement with the several Underwriters concerning the
purchase and sale of the Shares, as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Registration Statement</U>. The Company has prepared and filed with the Securities and
Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#8220;Securities Act&#8221;), a registration statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-[&#149;]),</FONT> including a prospectus, relating to the Shares. Such registration statement, as amended at the time it became effective, including the
information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness (&#8220;Rule 430 Information&#8221;), is referred to herein as the &#8220;Registration
Statement&#8221;; and as used herein, the term &#8220;Preliminary Prospectus&#8221; means each prospectus included in such registration statement (and any amendments thereto) before effectiveness, any prospectus filed with the Commission pursuant to
Rule 424(a) under the Securities Act and the prospectus included in the Registration Statement at the time of its effectiveness that omits Rule 430 Information, and the term &#8220;Prospectus&#8221; means the prospectus in the form first used (or
made available upon request of purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales of the Shares. If the Company has filed an abbreviated registration statement pursuant to Rule 462(b) under the
Securities Act (the &#8220;Rule 462 Registration Statement&#8221;), then any reference herein to the term &#8220;Registration Statement&#8221; shall be deemed to include such Rule 462 Registration Statement. Capitalized terms used but not defined
herein shall have the meanings given to such terms in the Registration Statement and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At or prior to the Applicable Time
(as defined below), the Company had prepared the following information (collectively with the pricing information set forth on Annex A, the &#8220;Pricing Disclosure Package&#8221;): a Preliminary Prospectus dated [&#149;], 2026 and each
&#8220;free-writing prospectus&#8221; (as defined pursuant to Rule 405 under the Securities Act) listed on Annex A hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Applicable Time&#8221; means [&#149;] [A/P].M., New York City time, on [&#149;], 2026. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Purchase of the Shares</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company agrees to issue and sell the Underwritten Shares to the several Underwriters as provided in this underwriting agreement (this
&#8220;Agreement&#8221;), and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase at a price per share of
$[&#149;] (the &#8220;Purchase Price&#8221;) from the Company the respective number of Underwritten Shares set forth opposite such Underwriter&#8217;s name in Schedule 1 hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Company agrees to issue and sell the Option Shares to the several Underwriters as provided in this Agreement, and the
Underwriters, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option to purchase, severally and not jointly, from the Company the Option Shares at the
Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Underwritten Shares but not payable on the Option Shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Option Shares are to be purchased, the number of Option Shares to be purchased by
each Underwriter shall be the number of Option Shares which bears the same ratio to the aggregate number of Option Shares being purchased as the number of Underwritten Shares set forth opposite the name of such Underwriter in Schedule 1 hereto (or
such number increased as set forth in Section&nbsp;10 hereof) bears to the aggregate number of Underwritten Shares being purchased from the Company by the several Underwriters, subject, however, to such adjustments to eliminate any fractional Shares
as the Representatives in their sole discretion shall make. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Underwriters may exercise the option to purchase Option Shares at any
time in whole, or from time to time in part, on or before the thirtieth day following the date of the Prospectus, by written notice from the Representatives to the Company. Such notice shall set forth the aggregate number of Option Shares as to
which the option is being exercised and the date and time when the Option Shares are to be delivered and paid for, which may be the same date and time as the Closing Date (as hereinafter defined) but shall not be earlier than the Closing Date nor
later than the tenth full business day (as hereinafter defined) after the date of such notice (unless such time and date are postponed in accordance with the provisions of Section&nbsp;10 hereof). Any such notice shall be given at least two business
days prior to the date and time of delivery specified therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company understands that the Underwriters intend to make a public
offering of the Shares, and initially to offer the Shares on the terms set forth in the Pricing Disclosure Package. The Company acknowledges and agrees that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Payment for the Shares shall be made by wire transfer in immediately available funds to the account specified by the Company to the
Representatives in the case of the Underwritten Shares, at the offices of Davis Polk&nbsp;&amp; Wardwell LLP, 450 Lexington Avenue, New York, New York 10017, at 10:00 A.M. New York City time on [&#149;], 2026, or at such other time or place on the
same or such other date, not later than the fifth business day thereafter, as the Representatives and the Company may agree upon in writing or, in the case of the Option Shares, on the date and at the time and place specified by the Representatives
in the written notice of the Underwriters&#8217; election to purchase such Option Shares. The time and date of such payment for the Underwritten Shares is referred to herein as the &#8220;Closing Date,&#8221; and the time and date for such payment
for the Option Shares, if other than the Closing Date, is herein referred to as the &#8220;Additional Closing Date.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment for
the Shares to be purchased on the Closing Date or the Additional Closing Date, as the case may be, shall be made against delivery to the Representatives for the respective accounts of the several Underwriters of the Shares to be purchased on such
date registered in such names and in such denominations as the Representatives shall request in writing not later than two full business days prior to the Closing Date or the Additional Closing Date, as the case may be, with any transfer taxes
payable in connection with the sale of such Shares duly paid by the Company. Delivery of the Shares shall be made through the facilities of The Depository Trust Company (&#8220;DTC&#8221;) unless the Representatives shall otherwise instruct. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Company acknowledges and agrees that the Representatives and the other Underwriters
are acting solely in the capacity of an arm&#8217;s length contractual counterparty to the Company with respect to the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a financial
advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, neither the Representatives nor any other Underwriter is advising the Company or any other person as to any legal, tax, investment, accounting or regulatory
matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and neither the
Representatives nor the other Underwriters shall have any responsibility or liability to the Company with respect thereto. Any review by the Representatives and the other Underwriters of the Company, the transactions contemplated hereby or other
matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Representations and Warranties of the Company</U>. The Company represents and warrants to each Underwriter that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Preliminary Prospectus.</I> No order preventing or suspending the use of any Preliminary Prospectus has been issued by
the Commission, and each Preliminary Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, complied in all material respects with the Securities Act, and no Preliminary Prospectus, at the time of filing thereof,
contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <U>provided</U> that the Company
makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives
expressly for use in any Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section&nbsp;7(b) hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Pricing Disclosure Package</I>. The Pricing Disclosure Package as of the Applicable Time did not, and as of the Closing
Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; <U>provided</U> that the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to
the Company in writing by such Underwriter through the Representatives expressly for use in such Pricing Disclosure Package, it being understood and agreed that the only such information furnished by any Underwriter consists of the information
described as such in Section&nbsp;7(b) hereof. No statement of material fact included in the Prospectus has been omitted from the Pricing Disclosure Package and no statement of material fact included in the Pricing Disclosure Package that is
required to be included in the Prospectus has been omitted therefrom. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Issuer Free Writing Prospectus. </I>Other than the Registration
Statement, the Preliminary Prospectus and the Prospectus, the Company (including its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not
prepare, make, use, authorize, approve or refer to any &#8220;written communication&#8221; (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares (each such communication by
the Company or its agents and representatives (other than a communication referred to in clause (i)&nbsp;below) an &#8220;Issuer Free Writing Prospectus&#8221;) other than (i)&nbsp;any document not constituting a prospectus pursuant to
Section&nbsp;2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act or (ii)&nbsp;the documents listed on Annex A hereto, each electronic road show and any other written communications approved in writing in advance by the
Representatives. Each such Issuer Free Writing Prospectus complies in all material respects with the Securities Act, has been or will be (within the time period specified in Rule 433 under the Securities Act) filed in accordance with the Securities
Act (to the extent required thereby) and does not conflict with the information contained in the Registration Statement or the Pricing Disclosure Package, and, when taken together with the Preliminary Prospectus accompanying, or delivered prior to
delivery of, such Issuer Free Writing Prospectus, did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <U>provided</U> that the Company makes no representation or warranty with respect to any statements or omissions made in each such
Issuer Free Writing Prospectus or Preliminary Prospectus in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in such
Issuer Free Writing Prospectus or Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section&nbsp;7(b) hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Emerging Growth Company</I>. From the time of initial confidential submission of the Registration Statement to the
Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT>
Communication (as defined below) through the date hereof, the Company has been and is an &#8220;emerging growth company,&#8221; as defined in Section&nbsp;2(a) of the Securities Act (an &#8220;Emerging Growth Company&#8221;). <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#8220;Testing-the-Waters</FONT></FONT> Communication&#8221; means any oral or written communication with potential investors undertaken in reliance on either Section&nbsp;5(d) of, or Rule
163B under, the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)
<I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Materials. </I>The Company (i)&nbsp;has not alone engaged in any
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications other than <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications with the
consent of the Representatives (x)&nbsp;with entities that are qualified institutional buyers (&#8220;QIBs&#8221;) within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule
501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act (&#8220;IAIs&#8221;) and otherwise in compliance with the </P>
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requirements of Section&nbsp;5(d) of the Securities Act or (y)&nbsp;with entities that the Company reasonably believed to be QIBs or IAIs and otherwise in compliance with the requirements of Rule
163B under the Securities Act and (ii)&nbsp;has not authorized anyone other than the Representatives to engage in <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications. The Company
reconfirms that the Representatives have been authorized to act on its behalf in undertaking <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications by virtue of a writing substantially in
the form of Exhibit A hereto. The Company has not distributed or approved for distribution any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications other than those listed on Annex
B hereto. &#8220;Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication&#8221; means any
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication that is a written communication within the meaning of Rule 405 under the Securities Act. Any individual Written <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication does not conflict with the information contained in the Registration Statement or the Pricing Disclosure Package, complied in all material
respects with the Securities Act, and when taken together with the Pricing Disclosure Package as of the Applicable Time, did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Registration Statement and Prospectus.</I> The Registration Statement has been declared effective by the Commission. No
order suspending the effectiveness of the Registration Statement has been issued by the Commission, and no proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act against the Company or related to the offering of the Shares
has been initiated or, to the knowledge of the Company, threatened by the Commission; as of the applicable effective date of the Registration Statement and any post-effective amendment thereto, the Registration Statement and any such post-effective
amendment complied and will comply in all material respects with the applicable requirements of the Securities Act, and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date and as of the Additional Closing Date, as the case may be, the
Prospectus will comply in all material respects with the Securities Act and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; <U>provided</U> that the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement and the Prospectus and any amendment or supplement thereto, it being understood and agreed that the only
such information furnished by any Underwriter consists of the information described as such in Section&nbsp;7(b) hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Financial Statements.</I> The financial statements (including the
related notes thereto) of the Company and its consolidated subsidiaries included in the Registration Statement, the Pricing Disclosure Package and the Prospectus comply in all material respects with the applicable requirements of the Securities Act
and present fairly in all material respects the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such
financial statements have been prepared in conformity with generally accepted accounting principles (&#8220;GAAP&#8221;) in the United States applied on a consistent basis throughout the periods covered thereby, except in the case of any unaudited
interim financial statements, which are subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments and do not contain certain footnotes as permitted by the applicable rules of the Commission, and any supporting schedules included
in the Registration Statement present fairly in all material respects the information required to be stated therein and; the other financial information included in the Registration Statement, the Pricing Disclosure Package and the Prospectus has
been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby; any disclosures included in the Registration statement, the Pricing Disclosure
Package and the Prospectus regarding <FONT STYLE="white-space:nowrap">&#8220;non-GAAP</FONT> financial measures&#8221; (as such term is defined by the rules and regulations of Commission) comply with Registration G of the Exchange Act and item 10 of
Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> of the Securities Act, to the extent applicable; and no <I>pro forma</I> financial information within the meaning of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the Securities Act
was required to be included in the Pricing Disclosure Package or the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>No Material Adverse Change.</I>
Since the date of the most recent financial statements of the Company included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (i)&nbsp;there has not been any change in the capital stock (other than the issuance of
shares of Common Stock upon exercise of stock options and warrants described as outstanding in, and the grant of options and awards under existing equity incentive plans described in, the Registration Statement, the Pricing Disclosure Package and
the Prospectus), short-term debt or long-term debt of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock, or any material
adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, management, financial position, stockholders&#8217; equity, results of operations or prospects of the Company and its
subsidiaries taken as a whole; (ii)&nbsp;neither the Company nor any of its subsidiaries has entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as
a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole; and (iii)&nbsp;neither the Company nor any of its subsidiaries has sustained any loss or interference with
its business that is material to the Company and its subsidiaries taken as a whole and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order
or decree of any court or arbitrator or governmental or regulatory authority, except in each case as otherwise disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Organization and Good Standing.</I> The Company and each of its
subsidiaries have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction in which their
respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they
are engaged, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position,
stockholders&#8217; equity, results of operations or prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company of its obligations under this Agreement (a &#8220;Material Adverse Effect&#8221;). The Company
does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21 to the Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Capitalization.</I> The Company has an authorized capitalization as set forth in the Registration Statement, the Pricing
Disclosure Package and the Prospectus under the heading &#8220;Capitalization&#8221;; all the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and
<FONT STYLE="white-space:nowrap">non-assessable</FONT> and are not subject to any <FONT STYLE="white-space:nowrap">pre-emptive</FONT> or similar rights that have not been duly waived or satisfied; except as described in or expressly contemplated by
the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no outstanding rights (including, without limitation, <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights), warrants or options to acquire, or
instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the
issuance of any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital stock of the Company conforms in all material respects to the description
thereof contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and all the outstanding shares of capital stock or other equity interests of each subsidiary owned, directly or indirectly, by the Company have been
duly and validly authorized and issued, are fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on
voting or transfer or any other claim of any third party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>Stock Options. </I>With respect to the stock options (the
&#8220;Stock Options&#8221;) granted pursuant to the stock-based compensation plans of the Company and its subsidiaries (the &#8220;Company Stock Plans&#8221;), (i) each Stock Option intended to qualify as an &#8220;incentive stock option&#8221;
under Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), so qualifies, (ii)&nbsp;each grant of a Stock Option was duly authorized no later than the date on which the grant of such Stock Option was by its
terms to be effective by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary
number of votes or written consents, and the award agreement governing such grant (if any) was duly </P>
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executed and delivered by each party thereto, (iii)&nbsp;each such grant was made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable laws and
regulatory rules or requirements, including the rules of the Nasdaq Global Market (the &#8220;Exchange&#8221;) and any other exchange on which Company securities are traded, and (iv)&nbsp;each such grant was properly accounted for in accordance with
GAAP in the financial statements (including the related notes) of the Company. The Company has not knowingly granted, and there is no and has been no policy or practice of the Company of granting, Stock Options prior to, or otherwise coordinating
the grant of Stock Options with, the release or other public announcement of material information regarding the Company or its subsidiaries or their results of operations or prospects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <I>Due Authorization.</I> The Company has full right, power and authority to execute and deliver this Agreement and to
perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been duly and validly
taken. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <I>Underwriting Agreement. </I>This Agreement has been duly authorized, executed and delivered by the Company.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <I>The Shares. </I>The Shares to be issued and sold by the Company hereunder have been duly authorized by the Company
and, when issued and delivered and paid for as provided herein, will be duly and validly issued, will be fully paid and nonassessable and will conform to the descriptions thereof in the Registration Statement, the Pricing Disclosure Package and the
Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) [<I>Reserved</I>]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <I>No Violation or Default.</I> Neither the Company nor any of its subsidiaries is (i)&nbsp;in violation of its charter or <FONT
STYLE="white-space:nowrap">by-laws</FONT> or similar organizational documents; (ii)&nbsp;in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any
term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound
or to which any property or asset of the Company or any of its subsidiaries is subject; or (iii)&nbsp;in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority
having jurisdiction over the Company, except, in the case of clauses (ii)&nbsp;and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <I>No Conflicts. </I>The execution, delivery and performance by the
Company of this Agreement, the issuance and sale of the Shares and the consummation by the Company of the transactions contemplated by this Agreement or the Pricing Disclosure Package and the Prospectus will not (i)&nbsp;conflict with or result in a
breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right
or asset of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its
subsidiaries is bound or to which any property, right or asset of the Company or any of its subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions of the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> or similar
organizational documents of the Company or any of its subsidiaries or (iii)&nbsp;result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority having
jurisdiction over the Company, except, in the case of clauses (i)&nbsp;and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, have a Material Adverse Effect.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <I>No Consents Required.</I> No consent, approval, authorization, order, registration or qualification of or with any
court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and the consummation by the Company of the transactions
contemplated by this Agreement, except for (i)&nbsp;the filing of the amended and restated certificate of incorporation of the Company with the Secretary of State of the State of Delaware, (ii)&nbsp;the registration of the Shares under the
Securities Act and (iii)&nbsp;such consents, approvals, authorizations, orders and registrations or qualifications as may be required by the Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;), the Exchange and under applicable state
securities laws in connection with the purchase and distribution of the Shares by the Underwriters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <I>Legal
Proceedings.</I> Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or
proceedings (&#8220;Actions&#8221;) pending to which the Company or any of its subsidiaries is or may reasonably be expected to become a party or to which any property of the Company or any of its subsidiaries is or may reasonably be expected to
become the subject that, individually or in the aggregate, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to have a Material Adverse Effect; to the knowledge of the Company, no such Actions are
threatened or contemplated by any governmental or regulatory authority or threatened by others; and (i)&nbsp;there are no current or pending Actions that are required under the Securities Act to be described in the Registration Statement, the
Pricing Disclosure Package or the Prospectus that are not so described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and (ii)&nbsp;there are no statutes, regulations or contracts or other documents that are
required under the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Disclosure Package or the Prospectus that are not so filed as exhibits to the Registration Statement or
described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <I>Independent Accountants</I>. Deloitte&nbsp;&amp; Touche LLP, who have
certified certain financial statements of the Company and its subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission
and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <I>Title to
Real and Personal Property</I>. The Company and its subsidiaries have good and marketable title in fee simple (in the case of real property) to, or have valid rights to lease or otherwise use, all items of real and personal property that are
material to the respective businesses of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i)&nbsp;do not materially interfere with the use made
and proposed to be made of such property by the Company and its subsidiaries or (ii)&nbsp;would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <I>Intellectual Property.</I> (i)&nbsp;The Company and its subsidiaries own or have the right to use all patents, patent
applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names and other source indicators, copyrights and copyrightable works, <FONT STYLE="white-space:nowrap">know-how,</FONT> trade secrets,
systems, procedures, proprietary or confidential information and all other worldwide intellectual property, industrial property and proprietary rights (collectively, &#8220;Intellectual Property&#8221;) used in the conduct of their respective
businesses; (ii)&nbsp;to the knowledge of the Company, the Company&#8217;s and its subsidiaries&#8217; conduct of their respective businesses<SUP STYLE="font-size:75%; vertical-align:top"> </SUP>does not infringe, misappropriate or otherwise violate
any Intellectual Property of any person; (iii)&nbsp;the Company and its subsidiaries have not received any written notice of any claim relating to Intellectual Property; and (iv)&nbsp;to the knowledge of the Company, the Intellectual Property of the
Company and its subsidiaries is not being infringed, misappropriated or otherwise violated by any person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) <I>No
Undisclosed Relationships</I>. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders, customers, suppliers or other affiliates of the Company
or any of its subsidiaries, on the other, that is required by the Securities Act to be described in each of the Registration Statement and the Prospectus and that is not so described in such documents and in the Pricing Disclosure Package. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <I>Investment Company Act</I>. The Company is not and, after giving effect to the offering and sale of the Shares and the
application of the proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an
&#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#8220;Investment Company Act&#8221;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) <I>Taxes.</I> The Company and its subsidiaries have paid all federal,
state, local and foreign taxes and filed all tax returns required to be paid or filed through the date hereof; and except as otherwise disclosed in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, there is no
tax deficiency that has been, or would reasonably be expected to be, asserted against the Company or any of its subsidiaries or any of their respective properties or assets, except in each case, as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) <I>Licenses and Permits.</I> The Company and its
subsidiaries possess all licenses, <FONT STYLE="white-space:nowrap">sub-licenses,</FONT> certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign
governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in each of the Registration Statement, the Pricing Disclosure Package and
the Prospectus, including, without limitation, from the U.S. Food and Drug Administration (the &#8220;FDA&#8221;), except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and
except as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, <FONT
STYLE="white-space:nowrap">sub-license,</FONT> certificate, permit or authorization or has any reason to believe that any such license, <FONT STYLE="white-space:nowrap">sub-license,</FONT> certificate, permit or authorization will not be renewed in
the ordinary course. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) <I>No Labor Disputes.</I> No labor disturbance by or dispute with employees of the Company or
any of its subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of its or its subsidiaries&#8217;
principal suppliers, contractors or customers, except as would not have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice of cancellation or termination with respect to any collective bargaining
agreement to which it is a party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) <I>Certain Environmental Matters</I>. (i)&nbsp;The Company and its subsidiaries
(x)&nbsp;are in compliance with all, and have not violated any, applicable federal, state, local and foreign laws (including common law), rules, regulations, requirements, decisions, judgments, decrees, orders and other legally enforceable
requirements relating to pollution or the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, &#8220;Environmental Laws&#8221;); (y) have
received and are in compliance with all, and have not violated any, permits, licenses, certificates or other authorizations or approvals required of them under any Environmental Laws to conduct their respective businesses; and (z)&nbsp;have not
received notice of any actual or potential liability or obligation under or relating to, or any actual or potential violation of, any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic
substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that would reasonably be expected to result in any such notice; (ii)&nbsp;there are no costs or liabilities associated with Environmental Laws of or
relating to the Company or its </P>
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subsidiaries, except in the case of each of (i)&nbsp;and (ii) above, for any such matter as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;
and (iii)&nbsp;except as described in each of the Pricing Disclosure Package and the Prospectus, (x)&nbsp;there is no proceeding that is pending, or that is known by the Company to be contemplated, against the Company or any of its subsidiaries
under any Environmental Laws in which a governmental entity is also a party, other than such proceeding regarding which the Company reasonably believes no monetary sanctions of $100,000 or more will be imposed, (y)&nbsp;the Company and its
subsidiaries are not aware of any facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that
would reasonably be expected to have a material effect on the capital expenditures, earnings or competitive position of the Company and its subsidiaries, and (z)&nbsp;none of the Company or its subsidiaries anticipates material capital expenditures
relating to any Environmental Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) <I>Compliance with ERISA</I>. (i)&nbsp;Each employee benefit plan, within the
meaning of Section&nbsp;3(3) of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), for which the Company or any member of its &#8220;Controlled Group&#8221; (defined as any entity, whether or not incorporated,
that is under common control with the Company within the meaning of Section&nbsp;4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company under Section&nbsp;414(b),(c),(m) or (o)&nbsp;of the Code) would have
any liability (each, a &#8220;Plan&#8221;) has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii)&nbsp;no prohibited
transaction, within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or administrative exemption; (iii)&nbsp;for each Plan that
is subject to the funding rules of Section&nbsp;412 of the Code or Section&nbsp;302 of ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of
Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code) applicable to such Plan; (iv)&nbsp;no Plan is, or is reasonably expected to be, in &#8220;at risk status&#8221; (within the meaning of Section&nbsp;303(i) of ERISA) and no Plan that is a
&#8220;multiemployer plan&#8221; within the meaning of Section&nbsp;4001(a)(3) of ERISA is in &#8220;endangered status&#8221; or &#8220;critical status&#8221; (within the meaning of Sections 304 and 305 of ERISA)&nbsp;(v) the fair market value of
the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi) no &#8220;reportable event&#8221; (within the meaning of Section&nbsp;4043(c) of ERISA and
the regulations promulgated thereunder) has occurred or is reasonably expected to occur; (vii)&nbsp;each Plan that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified, and nothing has occurred, whether by action or by
failure to act, which would cause the loss of such qualification; (viii)&nbsp;neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions
to the Plan or premiums to the Pension Benefit Guarantee Corporation, in the ordinary course and without default) in respect of a Plan (including a &#8220;multiemployer plan&#8221; within the meaning of Section&nbsp;4001(a)(3) of ERISA); and
(ix)&nbsp;none of the following events has occurred or is reasonably likely to occur: (A)&nbsp;a material </P>
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increase in the aggregate amount of contributions required to be made to all Plans by the Company or its Controlled Group affiliates in the current fiscal year of the Company and its Controlled
Group affiliates compared to the amount of such contributions made in the Company&#8217;s and its Controlled Group affiliates&#8217; most recently completed fiscal year; or (B)&nbsp;a material increase in the Company and its subsidiaries&#8217;
&#8220;accumulated post-retirement benefit obligations&#8221; (within the meaning of Accounting Standards Codification Topic <FONT STYLE="white-space:nowrap">715-60)</FONT> compared to the amount of such obligations in the Company and its
subsidiaries&#8217; most recently completed fiscal year, except in each case with respect to the events or conditions set forth in (i)&nbsp;through (ix) hereof, as would not, individually or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) <I>Clinical Trials. </I>(i)&nbsp;The <FONT STYLE="white-space:nowrap">pre-clinical</FONT> studies and clinical trials
conducted by or, to the knowledge of the Company, on behalf of the Company or its subsidiaries, that are described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or the results of which are referred to in the
Registration Statement, the Pricing Disclosure Package and the Prospectus, as applicable, were, and if still pending are, being conducted in all material respects in accordance with the protocols submitted to the FDA and other applicable regulatory
authorities (including, without limitation, any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA) (collectively, the &#8220;Regulatory Healthcare Authorities&#8221;),
the applicable rules and regulations of the Regulatory Healthcare Authorities, and current Good Clinical Practices and Good Laboratory Practices; (ii)&nbsp;the descriptions in the Registration Statement, the Pricing Disclosure Package and the
Prospectus of the results of such studies and trials are accurate and fairly present the data derived therefrom; (iii)&nbsp;the Company has no knowledge of any other studies or trials not described in the Registration Statement, the Pricing
Disclosure Package and the Prospectus, the results of which call into question the results described or referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iv)&nbsp;the Company and its subsidiaries have
operated at all times and are currently in material compliance with all applicable statutes, rules and regulations of the Regulatory Healthcare Authorities; (v)&nbsp;neither the Company nor any of its subsidiaries have received any written notices,
correspondence or other communications from the Regulatory Healthcare Authorities or any other governmental agency requiring or threatening the termination, modification or suspension of any <FONT STYLE="white-space:nowrap">pre-clinical</FONT>
studies or clinical trials that are described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or the results of which are referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
other than ordinary course communications with respect to modifications in connection with the design and implementation of such studies or trials, and, to the Company&#8217;s best knowledge, there are no reasonable grounds for the same; and
(vi)&nbsp;to the knowledge of the Company and its subsidiaries, the investigator-initiated trials described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, were, and if still pending are, being conducted in all
material respects in accordance with the protocols submitted to the Regulatory Healthcare Authorities, the applicable rules and regulations of the Regulatory Healthcare Authorities, and current Good Clinical Practices and Good Laboratory Practices.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee) <I>Regulatory Filings.</I> The Company has not failed to file with the
applicable Regulatory Healthcare Authorities any material filing, declaration, listing, registration, report or submission that is a responsibility with the Company with respect to the Company&#8217;s product candidates that are described or
referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus; all such filings, declarations, listings, registrations, reports or submissions were in material compliance with applicable laws when filed and no
deficiencies have been asserted by any applicable Regulatory Healthcare Authority with respect to any such filings, declarations, listings, registrations, reports or submissions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff) <I>Compliance with Healthcare Laws</I>. The Company and its subsidiaries are, and at all times have been, in material
compliance with all applicable Health Care Laws. For purposes of this Agreement, &#8220;Health Care Laws&#8221; means: (i)&nbsp;the Federal Food, Drug, and Cosmetic Act (21 U.S.C. &#167;&#167; 301 et seq.), the Public Health Service Act (42 U.S.C.
&#167;&#167; 201 et seq.); (ii) all applicable federal, state, local and all applicable foreign health care related fraud and abuse laws, including, without limitation, the U.S. Anti-Kickback Statute (42 U.S.C. &#167;
<FONT STYLE="white-space:nowrap">1320a-7b(b)),</FONT> the U.S. False Statements Law (42 U.S.C. &#167; <FONT STYLE="white-space:nowrap">1320a-7b(a)),</FONT> the Civil Monetary Penalties Law (42 U.S.C.
<FONT STYLE="white-space:nowrap">&#167;1320a-7a),</FONT> the U.S. Civil False Claims Act (31 U.S.C. &#167; 3729 et seq.), all criminal laws relating to health care fraud and abuse, including but not limited to 18 U.S.C. &#167;&#167; 286 and 287, and
the health care fraud criminal provisions under the U.S. Health Insurance Portability and Accountability Act of 1996 (&#8220;HIPAA&#8221;) (42 U.S.C. &#167;&#167; 1320d et seq.), the Physician Payments Sunshine Act (42 U.S.C. &#167; <FONT
STYLE="white-space:nowrap">1320a-7h),</FONT> the exclusion law (42 U.S.C. <FONT STYLE="white-space:nowrap">&#167;1320a-7);</FONT> (iii) HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C.
&#167;&#167; 17921 et seq.); (iv) regulations promulgated pursuant to such statutes; and (v)&nbsp;any and all other applicable federal, state, or foreign health care laws and regulation applicable to the ownership, testing, development, manufacture,
packaging, processing, use, distribution, marketing, advertising, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company. Neither the Company nor its subsidiaries has
received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any court or arbitrator or governmental or regulatory authority or third party alleging that it is in violation of
any Health Care Laws, and, to the Company&#8217;s knowledge, no such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action is threatened. Neither the Company nor its subsidiaries, nor their respective
officers, directors, employees, contractors or agents, is a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any governmental or regulatory authority.
Additionally, neither the Company nor any of its employees, officers, directors, contractors or agents, nor its subsidiaries or any of the subsidiary&#8217;s employees, officers, directors, contractors or agents, has been excluded, suspended or
debarred from participation in any U.S. federal health care program (as defined in 42 U.S.C. &#167; <FONT STYLE="white-space:nowrap">1320a-7b(f))</FONT> or human clinical research or, to the knowledge of the Company, is subject to a governmental
inquiry, investigation, proceeding, or other similar action that could reasonably be expected to result in such debarment, suspension, or exclusion. The Company and its subsidiaries have filed, obtained, maintained or submitted all material reports,
documents, forms, </P>
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notices, applications, records, claims, submissions and supplements or amendments as required by the Health Care Laws, and all such reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments were timely, complete, accurate and not misleading on the date filed in all material respects (or were corrected or supplemented by a subsequent submission). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg) <I>Regulatory Disclosure. </I>The statements included in the Registration Statement, the Pricing Disclosure Package and
the Prospectus under the captions &#8220;Risk factors &#8211; Risks related to government regulation&#8221; and &#8220;Business &#8211; Government regulation,&#8221; in each case, fairly summarize the matters described therein in all material
respects. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh) <I>Disclosure Controls</I>. The Company and its subsidiaries maintain an effective system of
&#8220;disclosure controls and procedures&#8221; (as defined in Rule <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> of the Exchange Act) that complies with the applicable requirements of the Exchange Act and that has been designed to ensure that
information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&#8217;s rules and forms, including
controls and procedures designed to ensure that such information is accumulated and communicated to the Company&#8217;s management as appropriate to allow timely decisions regarding required disclosure. To the extent applicable, the Company and its
subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule <FONT STYLE="white-space:nowrap">13a-15</FONT> of the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Accounting Controls.</I> The Company and its subsidiaries maintain systems of &#8220;internal control over financial
reporting&#8221; (as defined in Rule <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> of the Exchange Act) that are designed to comply with the applicable requirements of the Exchange Act and have been designed by, or under the supervision of,
their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP. The Company and its subsidiaries maintain internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#8217;s general or specific
authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with
management&#8217;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. There are no
material weaknesses in the Company&#8217;s internal controls. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj) <I>Insurance. </I>The Company and its subsidiaries have insurance
covering their respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as the Company reasonably believes, after reasonable
inquiry, are adequate to protect the Company and its subsidiaries and their respective businesses; and neither the Company nor any of its subsidiaries has (i)&nbsp;received notice from any insurer or agent of such insurer that capital improvements
or other expenditures are required or necessary to be made in order to continue such insurance or (ii)&nbsp;any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage at reasonable cost from similar insurers as may be necessary to continue its business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk)
<I>Cybersecurity; Data Protection. </I>The Company and its subsidiaries&#8217; information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &#8220;<U>IT
Systems</U>&#8221;) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted, in each case, to the knowledge of the
Company, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and
safeguards designed to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of the IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (&#8220;Personal Data&#8221;)) used in connection with their businesses, and, to the knowledge of the Company, there have been no breaches, violations, outages or unauthorized uses of or accesses to any IT Systems or Personal Data,
except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company and its subsidiaries are presently in
material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and
security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll) <I>No Unlawful Payments.</I> Neither the Company nor any of its subsidiaries nor any director, officer or employee of the
Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i)&nbsp;used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or
domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party
or party official or candidate for political office; (iii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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corruption law; or (iv)&nbsp;made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff,
influence payment, kickback or other unlawful or improper payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure
compliance with all applicable anti-bribery and anti-corruption laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm) <I>Compliance with Anti-Money Laundering
Laws</I>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or
guidelines issued, administered or enforced by any governmental agency (collectively, the &#8220;Anti-Money Laundering Laws&#8221;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn) <I>No Conflicts with Sanctions Laws. </I>Neither the Company nor any of its subsidiaries, directors, officers, or
employees, nor, to the knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by
the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#8220;OFAC&#8221;) or the U.S. Department of State and including, without limitation, the designation as a
&#8220;specially designated national&#8221; or &#8220;blocked person&#8221;), the United Nations Security Council (&#8220;UNSC&#8221;), the European Union, His Majesty&#8217;s Treasury (&#8220;HMT&#8221;) or other relevant sanctions authority
(collectively, &#8220;Sanctions&#8221;), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, the Crimea Region of Ukraine,
the <FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk People&#8217;s Republic, the <FONT STYLE="white-space:nowrap">so-called</FONT> Luhansk People&#8217;s Republic, Cuba, Iran, North Korea and Syria (each, a &#8220;Sanctioned
Country&#8221;); and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or
entity (i)&nbsp;to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii)&nbsp;to fund or facilitate any activities of or business in any
Sanctioned Country or (iii)&nbsp;in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Since incorporation, the
Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any
Sanctioned Country. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo) <I>No Restrictions on Subsidiaries</I>. No subsidiary of the Company is
currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary&#8217;s capital stock or
similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&#8217;s properties or assets to the Company or any other subsidiary of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp) <I>No Broker&#8217;s Fees.</I> Neither the Company nor any of its subsidiaries is a party to any contract, agreement or
understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Underwriter for a brokerage commission, finder&#8217;s fee or like payment in connection with the offering and sale of the
Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq) <I>No Registration Rights</I>. No person has the right to require the Company or any of its subsidiaries to
register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission or the issuance and sale of the Shares, other than such rights that have been validly waived. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr) <I>No Stabilization.</I> Neither the Company nor any of its subsidiaries or affiliates has taken, directly or indirectly,
any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ss) <I>Margin Rules</I>. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by
the Company as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of
Governors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(tt) <I>Forward-Looking Statements</I>. No forward-looking statement (within the meaning of Section&nbsp;27A of
the Securities Act and Section&nbsp;21E of the Exchange Act) included in any of the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in
good faith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(uu) <I>Statistical and Market Data.</I> Nothing has come to the attention of the Company that has caused the
Company to believe that the statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus is not based on or derived from sources that are reliable and accurate in all material
respects. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vv) <I>Sarbanes-Oxley Act</I>. There is and has been no failure on the part of the Company or any of the
Company&#8217;s directors or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith (the &#8220;Sarbanes-Oxley
Act&#8221;), including Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ww) <I>Status under the Securities Act</I>. At the time of filing the
Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or any offering participant made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Shares
and at the date hereof, the Company was not and is not an &#8220;ineligible issuer,&#8221; as defined in Rule 405 under the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xx) <I>No Ratings</I>. There are (and prior to the Closing Date, will be) no debt securities, convertible securities or
preferred stock issued or guaranteed by the Company or any of its subsidiaries that are rated by a &#8220;nationally recognized statistical rating organization,&#8221; as such term is defined in Section&nbsp;3(a)(62) under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Further Agreements of the Company</U>. The Company covenants and agrees with each Underwriter that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Required Filings.</I> The Company will file the final Prospectus with the Commission within the time periods specified
by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the Securities Act; and the Company will furnish copies of the Prospectus and each Issuer Free
Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York City prior to 10:00 A.M., New York City time, on the business day next succeeding the date of this Agreement in such quantities as the Representatives may
reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Delivery of Copies.</I> The Company will deliver, if requested by the Representatives, without
charge, (i)&nbsp;to the Representatives, two signed copies of the Registration Statement as originally filed and each amendment thereto as the Representatives may reasonably request, in each case including all exhibits and consents filed therewith
and (ii)&nbsp;to each Underwriter (A)&nbsp;a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) and (B)&nbsp;during the Prospectus Delivery Period (as defined below), as many copies of the
Prospectus (including all amendments and supplements thereto and each Issuer Free Writing Prospectus) as the Representatives may reasonably request. As used herein, the term &#8220;Prospectus Delivery Period&#8221; means such period of time after
the first date of the public offering of the Shares as in the opinion of counsel for the Underwriters a prospectus relating to the Shares is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in
connection with sales of the Shares by any Underwriter or dealer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Amendments or Supplements, Issuer Free Writing
Prospectuses.</I> Before making, preparing, using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement, the Pricing Disclosure Package or the
Prospectus, the Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not make, prepare, use, authorize, approve, refer to or
file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives reasonably object in a timely manner. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Notice to the Representatives.</I> The Company will advise the
Representatives promptly, and confirm such advice in writing (which may be by email), (i) when the Registration Statement has become effective; (ii)&nbsp;when any amendment to the Registration Statement has been filed or becomes effective;
(iii)&nbsp;when any supplement to the Pricing Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication or
any amendment to the Prospectus has been filed or distributed; (iv)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the
Commission relating to the Registration Statement or any other request by the Commission for any additional information including, but not limited to, any request for information concerning any <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication; (v)&nbsp;of the issuance by the Commission or any other governmental or regulatory authority of any order suspending the effectiveness of the Registration Statement or
preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package, the Prospectus or any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication or
the initiation or, to the knowledge of the Company, threatening of any proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act; (vi)&nbsp;of the occurrence of any event or development within the Prospectus Delivery Period as
a result of which the Prospectus, any of the Pricing Disclosure Package, any Issuer Free Writing Prospectus or any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication as then
amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Pricing Disclosure
Package, any such Issuer Free Writing Prospectus or any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication is delivered to a purchaser, not misleading; and (vii)&nbsp;of the
receipt by the Company of any notice with respect to any suspension of the qualification of the Shares for offer and sale in any jurisdiction or the initiation or, to the knowledge of the Company, threatening of any proceeding for such purpose; and
the Company will use its reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure
Package, the Prospectus or any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication or suspending any such qualification of the Shares and, if any such order is issued, will use
reasonable best efforts obtain as soon as possible the withdrawal thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Ongoing Compliance.</I> (1)&nbsp;If
during the Prospectus Delivery Period (i)&nbsp;any event or development shall occur or condition shall exist as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Prospectus to
comply with law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c)&nbsp;above, file with the Commission and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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furnish to the Underwriters and to such dealers as the Representatives may designate such amendments or supplements to the Prospectus as may be necessary so that the statements in the Prospectus
as so amended or supplemented will not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with law and (2)&nbsp;if at any time prior to the Closing Date
(i)&nbsp;any event or development shall occur or condition shall exist as a result of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Pricing Disclosure
Package to comply with law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c)&nbsp;above, file with the Commission (to the extent required) and furnish to the Underwriters and to such
dealers as the Representatives may designate such amendments or supplements to the Pricing Disclosure Package as may be necessary so that the statements in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the
circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, be misleading or so that the Pricing Disclosure Package will comply with law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Blue Sky Compliance.</I> The Company will qualify the Shares for offer and sale under the securities or Blue Sky laws of
such jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution of the Shares; <U>provided</U> that the Company shall not be required to (i)&nbsp;qualify as a
foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii)&nbsp;file any general consent to service of process in any such jurisdiction or (iii)&nbsp;subject
itself to taxation in any such jurisdiction if it is not otherwise so subject. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Earning Statement. </I>The Company
will make generally available to its security holders and the Representatives as soon as practicable an earning statement that satisfies the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder
covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the &#8220;effective date&#8221; (as defined in Rule 158) of the Registration Statement; provided that the Company will be deemed to
have furnished such statements to its security holders and the Representatives to the extent they are filed on the Commission&#8217;s Electronic Data Gathering, Analysis and Retrieval system (&#8220;EDGAR&#8221;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Clear Market.</I> For a period of 180 days after the date of the Prospectus, the Company will not (i)&nbsp;offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, or submit to, or
file with, the Commission a registration statement under the Securities Act relating to, any shares of Stock or any securities convertible into or exercisable or exchangeable for Stock, or publicly disclose the intention to undertake any of the
foregoing, or (ii)&nbsp;enter </P>
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into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction
described in clause (i)&nbsp;or (ii) above is to be settled by delivery of Stock or such other securities, in cash or otherwise, without the prior written consent of the Representatives, other than the Shares to be sold hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">The restrictions described above do not apply to (i)&nbsp;the issuance of shares of Stock or securities convertible into or
exercisable for shares of Stock pursuant to the conversion or exchange of convertible or exchangeable securities, the exercise of warrants or options (including net exercise) or the vesting or settlement of restricted stock units
(&#8220;RSUs&#8221;) or other awards granted under the Company Stock Plans (including net settlement), in each case outstanding on the date of this Agreement and described in the Prospectus; (ii)&nbsp;grants of stock options, stock awards,
restricted stock, RSUs, or other equity awards and the issuance of shares of Stock or securities convertible into or exercisable or exchangeable for shares of Stock (whether upon the exercise of stock options or otherwise) to the Company&#8217;s
employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan in effect as of the Closing Date and described in the Prospectus, provided that such recipients enter into a
<FONT STYLE="white-space:nowrap">lock-up</FONT> agreement with the Underwriters; (iii)&nbsp;the issuance by the Company of up to 5% of the outstanding shares of Stock, or securities convertible into, exercisable for, or which are otherwise
exchangeable for, Stock, immediately following the Closing Date, in connection with joint ventures, commercial relationships or other strategic transactions in one or more transactions from time to time, provided that such recipients enter into a <FONT
STYLE="white-space:nowrap">lock-up</FONT> agreement with the Underwriters for the remainder of the <FONT STYLE="white-space:nowrap">180-day</FONT> period; or (iv)&nbsp;the filing of one or more registration statements on Form <FONT
STYLE="white-space:nowrap">S-8</FONT> relating to securities granted or to be granted pursuant to any plan in effect on the date of this Agreement and described in the Prospectus or any assumed benefit plan pursuant to an acquisition or similar
strategic transaction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the Representatives in their sole discretion, agree to release or waive the restrictions set
forth in a <FONT STYLE="white-space:nowrap">lock-up</FONT> letter described in Section&nbsp;6(l) hereof for an officer or director of the Company and provide the Company with notice of the impending release or waiver substantially in the form of
Exhibit B hereto at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by press release substantially in the form of Exhibit C hereto through a major news
service at least two business days before the effective date of the release or waiver. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Use of Proceeds.</I> The
Company will apply the net proceeds from the sale of the Shares as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus under the heading &#8220;Use of proceeds&#8221;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>No Stabilization.</I> Neither the Company nor its subsidiaries or affiliates will take, directly or indirectly, any
action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>Exchange Listing.</I> The Company will use its reasonable best
efforts to list for quotation the Shares on the Exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <I>Reports.</I> For a period of three years from the date of
this Agreement (provided that the Company remains subject to the reporting requirements of either Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act), the Company will furnish to the Representatives, as soon as they are available, copies of
all reports or other communications (financial or other) furnished to holders of the Shares, and copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange or automatic quotation
system; <U>provided</U> the Company will be deemed to have furnished such reports and financial statements to the Representatives to the extent they are filed on EDGAR. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <I>Record Retention</I>. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each
Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <I>Filings.</I> The Company will file with the Commission such reports as may be required by Rule 463 under the Securities
Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <I>Emerging Growth Company. </I>The Company will promptly notify the Representatives if the Company ceases to be
an Emerging Growth Company at any time prior to the later of (i)&nbsp;completion of the distribution of Shares within the meaning of the Securities Act and (ii)&nbsp;completion of the <FONT STYLE="white-space:nowrap">180-day</FONT> restricted period
referred to in Section&nbsp;4(h) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Certain Agreements of the Underwriters</U>. Each Underwriter hereby represents and agrees
that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) It has not and will not use, authorize use of, refer to or participate in the planning for use of, any
&#8220;free writing prospectus&#8221;, as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission by the Company and not incorporated by reference into the Registration Statement
and any press release issued by the Company) other than (i)&nbsp;a free writing prospectus that contains no &#8220;issuer information&#8221; (as defined in Rule 433(h)(2) under the Securities Act) that was not included in the Preliminary Prospectus
or a previously filed Issuer Free Writing Prospectus, (ii)&nbsp;any Issuer Free Writing Prospectus listed on Annex A or prepared pursuant to Section&nbsp;3(c) or Section&nbsp;4(c) above (including any electronic road show approved by the Company in
advance), or (iii)&nbsp;any free writing prospectus prepared by such underwriter and approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i)&nbsp;or (iii), an &#8220;Underwriter Free Writing
Prospectus&#8221;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) It has not and will not, without the prior written consent of the Company, use any free writing
prospectus that contains the final terms of the offering of the Shares unless such terms have previously been included in a free writing prospectus filed with the Commission; <I>provided </I>that Underwriters may use a term sheet substantially in
the form of Annex C hereto without the consent of the Company; <I>provided further</I> that any Underwriter using such term sheet shall notify the Company, and provide a copy of such term sheet to the Company, prior to, or substantially concurrently
with, the first use of such term sheet. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) It is not subject to any pending proceeding under Section&nbsp;8A of the
Securities Act with respect to the offering (and will promptly notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Conditions of Underwriters&#8217; Obligations.</U> The obligation of each Underwriter to purchase the Underwritten Shares on the Closing
Date or the Option Shares on the Additional Closing Date, as the case may be, as provided herein is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Registration Compliance; No Stop Order.</I> No order suspending the effectiveness of the Registration Statement shall be
in effect, and no proceeding for such purpose, or pursuant to Section&nbsp;8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with
the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with Section&nbsp;4(a) hereof; and all requests by the Commission for
additional information shall have been complied with to the reasonable satisfaction of the Representatives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
<I>Representations and Warranties.</I> The representations and warranties of the Company contained herein shall be true and correct on the date hereof and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the
statements of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or the Additional Closing Date, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>No Material Adverse Change.</I> No event or condition of a type described in Section&nbsp;3(h) hereof shall have
occurred or shall exist, which event or condition is not described in the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto) and the effect of which in the
judgment of the Representatives makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by
this Agreement, the Pricing Disclosure Package and the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Officer&#8217;s Certificate.</I> The
Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, a certificate of the chief financial officer or principal accounting officer of the Company and one additional senior executive
officer of the Company who is satisfactory to the Representatives (i)&nbsp;confirming that such officers have carefully reviewed the Registration Statement, the </P>
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Pricing Disclosure Package and the Prospectus and, to the knowledge of such officers, the representations set forth in Sections 3(b) and 3(d) hereof are true and correct, (ii)&nbsp;confirming
that the other representations and warranties of the Company in this Agreement are true and correct and that the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to
the Closing Date or the Additional Closing Date, as the case may be, and (iii)&nbsp;to the effect set forth in paragraphs (a)&nbsp;and (c) above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Comfort Letters.</I> On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case
may be, Deloitte&nbsp;&amp; Touche LLP shall have furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably
satisfactory to the Representatives, containing statements and information of the type customarily included in accountants&#8217; &#8220;comfort letters&#8221; to underwriters with respect to the financial statements and certain financial
information contained in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided, that the letter delivered on the Closing Date or the Additional Closing Date, as the case may be, shall use a <FONT
STYLE="white-space:nowrap">&#8220;cut-off&#8221;</FONT> date no more than two business days prior to such Closing Date or such Additional Closing Date, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Opinion and <FONT STYLE="white-space:nowrap">10b-5</FONT> Statement of Counsel for the Company.</I> Paul Hastings LLP,
counsel for the Company, shall have furnished to the Representatives, at the request of the Company, their written opinion and <FONT STYLE="white-space:nowrap">10b-5</FONT> statement, dated the Closing Date or the Additional Closing Date, as the
case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)
<I>Opinion and <FONT STYLE="white-space:nowrap">10b-5</FONT> Statement of Counsel for the Underwriters.</I> The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, an opinion and <FONT
STYLE="white-space:nowrap">10b-5</FONT> statement, addressed to the Underwriters, of Davis Polk&nbsp;&amp; Wardwell LLP, counsel for the Underwriters, with respect to such matters as the Representatives may reasonably request, and such counsel shall
have received such documents and information as they may reasonably request to enable them to pass upon such matters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
<I>Intellectual Property Opinion of Counsel for the Company.</I>&nbsp;The Representatives shall have received on and as of the Closing Date an opinion of Goodwin Procter LLP, intellectual property counsel to the Company, addressed to the
Underwriters, with respect to such matters as the Representatives may reasonably request, and such counsels shall have received such documents and information as they may reasonably request to enable them to pass upon such matters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>No Legal Impediment to Issuance and Sale.</I> No action shall have been taken and no statute, rule, regulation or order
shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Shares; and
no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Good Standing</I>. The Representatives shall have received on and as
of the Closing Date or the Additional Closing Date, as the case may be, satisfactory evidence of the good standing of the Company and its subsidiaries in their respective jurisdictions of organization and their good standing in such other
jurisdictions as the Representatives may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>Exchange Listing.</I> The Shares to be delivered on the Closing Date or the Additional Closing Date, as the case may be,
shall have been approved for listing on the Exchange, subject to official notice of issuance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <I><FONT
STYLE="white-space:nowrap">Lock-up</FONT> Agreements</I>. The <FONT STYLE="white-space:nowrap">&#8220;lock-up&#8221;</FONT> agreements, each substantially in the form of Exhibit D hereto, between you and the officers, directors and substantially all
securityholders of the Company, relating to sales and certain other dispositions of shares of Stock or certain other securities, delivered to you on or before the date hereof, shall be full force and effect on the Closing Date or the Additional
Closing Date, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <I>No Objection</I>. FINRA has confirmed that it has not raised any objection with
respect to the fairness and reasonableness of the underwriting terms and arrangements relating to the offering of the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <I>Additional Documents.</I> On or prior to the Closing Date or the Additional Closing Date, as the case may be, the
Company shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Indemnification
and Contribution</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Indemnification of the Underwriters.</I> The Company agrees to indemnify and hold harmless each Underwriter,
its affiliates, directors and officers and each person, if any, who controls such Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any and all losses, claims, damages
and liabilities (including, without limitation, reasonable and documented legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that
arise out of, or are based upon, (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein, not misleading, or (ii)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or </P>
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any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &#8220;issuer information&#8221; filed or required to be filed pursuant to Rule 433(d)
under the Securities Act, any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication, any road show as defined in Rule 433(h) under the Securities Act (a &#8220;road show&#8221;) or
any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such
information furnished by any Underwriter consists of the information described as such in paragraph (b)&nbsp;below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
<I>Indemnification of the Company.</I> Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the
Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a)&nbsp;above, but only with respect to any losses, claims, damages or liabilities
that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company in writing by such
Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any Written <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication, any road show or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), it being
understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the concession and reallowance figures appearing in the third
paragraph under the caption &#8220;Underwriting&#8221;, and the information contained in the fifteenth, sixteenth and seventeenth paragraphs under the caption &#8220;Underwriting.&#8221; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Notice and Procedures.</I> If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to the preceding paragraphs of this Section&nbsp;7, such person (the &#8220;Indemnified Person&#8221;) shall promptly notify the person
against whom such indemnification may be sought (the &#8220;Indemnifying Person&#8221;) in writing; <U>provided</U> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under the preceding
paragraphs of this Section&nbsp;7 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>, that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under the preceding paragraphs of this Section&nbsp;7. If any such proceeding shall be brought or asserted against an Indemnified
Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the
Indemnifying Person) to </P>
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represent the Indemnified Person and any others entitled to indemnification pursuant to this Section that the Indemnifying Person may designate in such proceeding and shall pay the reasonable and
documented fees and expenses in such proceeding and shall pay the reasonable and documented fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i)&nbsp;the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii)&nbsp;the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)&nbsp;the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different
from or in addition to those available to the Indemnifying Person; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such reasonable and documented fees and expenses shall be paid or reimbursed as they are
incurred. Any such separate firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter shall be designated in writing by J.P. Morgan Securities LLC and any such separate firm for the Company, its
directors, its officers who signed the Registration Statement and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an
Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for reasonable and documented fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any
settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii)&nbsp;the Indemnifying Person shall not have reimbursed
the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in
respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x)&nbsp;includes an unconditional release of such Indemnified Person, in
form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y)&nbsp;does not include any statement as to or any admission of fault, culpability or a failure
to act by or on behalf of any Indemnified Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Contribution.</I> If the indemnification provided for in paragraphs (a)&nbsp;or
(b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person
thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company,
on the one </P>
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hand, and the Underwriters on the other, from the offering of the Shares or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also the relative fault of the Company, on the one hand, and the Underwriters on the other, in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters on the other, shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Shares and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in
the table on the cover of the Prospectus, bear to the aggregate offering price of the Shares. The relative fault of the Company, on the one hand, and the Underwriters on the other, shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties&#8217; relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Limitation on Liability.</I> The Company and the
Underwriters agree that it would not be just and equitable if contribution pursuant to paragraph (d)&nbsp;above were determined by <U>pro</U> <U>rata</U> allocation (even if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable considerations referred to in paragraph (d)&nbsp;above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to
in paragraph (d)&nbsp;above shall be deemed to include, subject to the limitations set forth above, any reasonable and documented legal or other expenses incurred by such Indemnified Person in connection with any such action or claim.
Notwithstanding the provisions of paragraphs (d)&nbsp;and (e), in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with
respect to the offering of the Shares exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#8217; obligations to contribute pursuant
to paragraphs (d)&nbsp;and (e) are several in proportion to their respective purchase obligations hereunder and not joint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I><FONT
STYLE="white-space:nowrap">Non-Exclusive</FONT> Remedies.</I> The remedies provided for in this Section&nbsp;7 paragraphs (a)&nbsp;through (e) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any
Indemnified Person at law or in equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Effectiveness of Agreement</U>. This Agreement shall become effective as of the date first
written above. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Termination</U>. This Agreement may be terminated in the absolute discretion of the
Representatives, by notice to the Company, if after the execution and delivery of this Agreement and on or prior to the Closing Date or, in the case of the Option Shares, prior to the Additional Closing Date (i)&nbsp;trading generally shall have
been suspended or materially limited on or by any of the New York Stock Exchange or The Nasdaq Stock Market; (ii)&nbsp;trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market; (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv)&nbsp;there
shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse and makes
it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing
Disclosure Package and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Defaulting Underwriter</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If, on the Closing Date or the Additional Closing Date, as the case may be, any Underwriter defaults on its obligation to purchase the
Shares that it has agreed to purchase hereunder on such date, the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters may in their discretion arrange for the purchase of such Shares by other persons satisfactory to the Company on the
terms contained in this Agreement. If, within 36 hours after any such default by any Underwriter, the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters do not arrange for the purchase of such Shares, then the Company shall be
entitled to a further period of 36 hours within which to procure other persons satisfactory to the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters to purchase such Shares on such terms. If other persons become obligated or agree
to purchase the Shares of a defaulting Underwriter, either the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters or the Company may postpone the Closing Date or the Additional Closing Date, as the case may be, for up to five full
business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters may be necessary in the Registration Statement and the Prospectus or in any other document or arrangement, and the Company
agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects any such changes. As used in this Agreement, the term &#8220;Underwriter&#8221; includes, for all purposes of this Agreement unless
the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section&nbsp;10, purchases Shares that a defaulting Underwriter agreed but failed to purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters and the Company as provided in paragraph (a)&nbsp;above, the aggregate number of Shares that remain unpurchased on the Closing Date or the Additional Closing Date, as the case may be,
does not exceed <FONT STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate number of Shares to be purchased on such date, then the Company shall have the right to require each <FONT STYLE="white-space:nowrap">non-defaulting</FONT>
Underwriter to purchase the number of Shares that such Underwriter agreed to purchase hereunder on such date plus such Underwriter&#8217;s pro rata share (based on the number of Shares that such Underwriter agreed to purchase on such date) of the
Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If, after giving effect to any arrangements for the purchase of the Shares of a
defaulting Underwriter or Underwriters by the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters and the Company as provided in paragraph (a)&nbsp;above, the aggregate number of Shares that remain unpurchased on the Closing Date or
the Additional Closing Date, as the case may be, exceeds <FONT STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate amount of Shares to be purchased on such date, or if the Company shall not exercise the right described in paragraph
(b)&nbsp;above, then this Agreement or, with respect to any Additional Closing Date, the obligation of the Underwriters to purchase Shares on the Additional Closing Date, as the case may be, shall terminate without liability on the part of the <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters. Any termination of this Agreement pursuant to this Section&nbsp;10 shall be without liability on the part of the Company, except that the Company will continue to be liable for the
payment of expenses as set forth in Section&nbsp;11 hereof and except that the provisions of Section&nbsp;7 hereof shall not terminate and shall remain in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter for damages caused by its default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Payment of Expenses</U><I>.</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company will pay
or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation, (i)&nbsp;the costs incident to the authorization, issuance, sale, preparation and delivery of the Shares and any taxes
payable in that connection; (ii)&nbsp;the costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Pricing Disclosure Package
and the Prospectus (including all exhibits, amendments and supplements thereto) and the distribution thereof; (iii)&nbsp;the fees and expenses of the Company&#8217;s counsel and independent accountants; (iv)&nbsp;the fees and expenses incurred in
connection with the registration or qualification and determination of eligibility for investment of the Shares under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of a Blue Sky
Memorandum (including the related fees and expenses of counsel for the Underwriters);&nbsp;(v) the cost of preparing stock certificates; (vi)&nbsp;the costs and charges of any transfer agent and any registrar; (vii)&nbsp;all expenses and application
fees incurred in connection with any filing with, and clearance of the offering by, FINRA in an amount not to exceed $40,000 (excluding filing fees); (viii) all expenses incurred by the Company in connection with any &#8220;road show&#8221;
presentation to potential investors (provided, however, that the Underwriters will pay all of the travel, lodging and other expenses of the Underwriters or any of their employees incurred by them in connection with the &#8220;road show&#8221;, and
provided further that the Underwriters and the Company shall each pay 50% of the cost of chartering any aircraft to be used, with the prior approval of the Company, in connection with the road show by the Company and the Underwriters); and
(ix)&nbsp;all expenses and application fees related to the listing of the Shares on the Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If (i)&nbsp;this Agreement is
terminated pursuant to Section&nbsp;9, (ii) the Company for any reason fails to tender the Shares for delivery to the Underwriters or (iii)&nbsp;the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the
Company agrees to reimburse the Underwriters for all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the
Underwriters in connection with this Agreement and the offering contemplated hereby. For the avoidance of doubt, the Company will not pay or reimburse pursuant to this Section&nbsp;11 any costs, fees or expenses incurred by any underwriter that
defaults on its obligations to purchase the Shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Persons Entitled to Benefit of Agreement</U>. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each Underwriter referred to in Section&nbsp;7 hereof. Nothing in
this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Shares from any Underwriter shall be
deemed to be a successor merely by reason of such purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Survival</U>. The respective indemnities, rights of contribution,
representations, warranties and agreements of the Company and the Underwriters contained in this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall
survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company or the Underwriters or the directors, officers,
controlling persons or affiliates referred to in Section&nbsp;7 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Certain Defined Terms</U>. For purposes of this Agreement,
(a)&nbsp;except where otherwise expressly provided, the term &#8220;affiliate&#8221; has the meaning set forth in Rule 405 under the Securities Act; (b)&nbsp;the term &#8220;business day&#8221; means any day other than a day on which banks are
permitted or required to be closed in New York City; and (c)&nbsp;the term &#8220;subsidiary&#8221; has the meaning set forth in Rule 405 under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Compliance with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. <FONT
STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include
the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Miscellaneous</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<I>Notices.</I> All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be
given to the Representatives c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Facsimile: (212) <FONT STYLE="white-space:nowrap">622-8358,</FONT> Attention: Equity Syndicate Desk; c/o BofA Securities, Inc., One Bryant
Park, New York, New York 10036, Email: dg.ecm_execution_services@bofa.com, Attention: Syndicate Department, with a copy to Email: dg.ecm_legal@bofa.com, Attention: ECM Legal; c/o Leerink Partners LLC, 1301 Avenue of the Americas, 5<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> Floor New York, NY 10019 Attention: Stuart R. Nayman; and c/o TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, Attention: Head of Equity Capital Markets; General Counsel,
Facsimile: (646) <FONT STYLE="white-space:nowrap">562-1124,</FONT> Email: ciblegal@tdsecurities.com. Notices to the Company shall be given to it at 17 Drydock Avenue, Suite <FONT STYLE="white-space:nowrap">17-401,</FONT> Boston, Massachusetts 02110,
Attention: Matthew Roden; and a copy (which shall not constitute notice) to Paul Hastings LLP, The MetLife Building, 200 Park Avenue, New York, New York 10166, Attention: Siavosh Salimi and William A. Magioncalda. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Governing Law.</I> This Agreement and any claim, controversy or dispute arising under
or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Submission
to Jurisdiction</I>. The Company hereby submits to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or
the transactions contemplated hereby. The Company waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. The Company agrees that final judgment in any such suit, action or
proceeding brought in such court shall be conclusive and binding upon the Company and may be enforced in any court to the jurisdiction of which Company is subject by a suit upon such judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Waiver of Jury Trial.</I> Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of
or relating to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Recognition of the U.S. Special Resolution Regimes</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a
proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As used in
this Section&nbsp;16(g): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be
interpreted in accordance with, 12 U.S.C. &#167; 1841(k). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#8220;Covered Entity&#8221; means any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i) a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance
with, 12 C.F.R. &#167; 47.3(b); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(iii) a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12
C.F.R. &#167; 382.2(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with,
12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#8220;U.S. Special Resolution Regime&#8221; means each of (i)&nbsp;the
Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Counterparts.</I> This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of
telecommunication (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com, or other
transmission method)), each of which shall be an original and all of which together shall constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)
<I>Amendments or Waivers.</I> No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Headings.</I> The headings herein are included for convenience of reference only and are not intended to be part of, or to affect
the meaning or interpretation of, this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding, please indicate your acceptance
of this Agreement by signing in the space provided below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">AKTIS ONCOLOGY, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Accepted: As of the date first written above</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. MORGAN SECURITIES LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">BOFA
SECURITIES, INC.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">LEERINK PARTNERS LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TD SECURITIES (USA) LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For themselves and on behalf of the</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">several Underwriters listed</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">in Schedule 1 hereto.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">J.P. MORGAN SECURITIES LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BOFA SECURITIES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">LEERINK PARTNERS LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TD SECURITIES (USA) LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Schedule 1 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Underwriter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Number&nbsp;of&nbsp;Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#149;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#149;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leerink Partners LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#149;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TD Securities (USA) LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#149;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[&#149;]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#149;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#149;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Annex A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">a. <B>Pricing Disclosure Package</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[<I>List
each Issuer Free Writing Prospectus to be included in the Pricing Disclosure Package</I>] </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">b. <B>Pricing Information Provided Orally by Underwriters</B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Underwritten Shares: [&#149;] shares </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Option Shares: [&#149;] shares </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Public Offering Price Per Share: [&#149;] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Annex B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Presentation, dated November 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor
Presentation, dated November 2025 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Annex C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Aktis Oncology, Inc. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Pricing
Term Sheet </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Testing the waters authorization </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to be delivered by the issuer to the Representatives in email or letter form) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In reliance on Section&nbsp;5(d) of the Securities Act of 1933, as amended (the &#8220;Act&#8221;), Aktis Oncology, Inc. (the
&#8220;Issuer&#8221;) hereby authorizes J.P. Morgan Securities LLC (&#8220;J.P. Morgan&#8221;), BofA Securities, Inc. (&#8220;BofA Securities&#8221;), Leerink Partners LLC (&#8220;Leerink Partners&#8221;) and TD Securities (USA) LLC (&#8220;TD
Cowen,&#8221; and together with J.P. Morgan, BofA Securities and Leerink Partners, the &#8220;Representatives&#8221;) and their respective affiliates and employees, to engage on behalf of the Issuer in oral and written communications with potential
investors that are, or are reasonably believed to be, &#8220;qualified institutional buyers&#8221;, as defined in Rule 144A under the Act, or institutions that are &#8220;accredited investors&#8221;, within the meaning of Rule 501(a)(1), (a)(2),
(a)(3), (a)(7) or (a)(8) under the Act, to determine whether such investors might have an interest in the Issuer&#8217;s contemplated initial public offering
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(&#8220;Testing-the-Waters</FONT></FONT> Communications&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A
&#8220;Written <FONT STYLE="white-space:nowrap">Testing-the</FONT> Waters Communication&#8221; means any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication that is a written communication
within the meaning of Rule 405 under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer represents that it is an &#8220;emerging growth company&#8221; as defined in
Section&nbsp;2(a)(19) of the Act (&#8220;Emerging Growth Company&#8221;) and agrees to promptly notify the Representatives in writing if the Issuer hereafter ceases to be an Emerging Growth Company while this authorization is in effect. If at any
time following the distribution of any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication there occurs an event or development as a result of which such Written <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Issuer will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Written <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication to eliminate or correct such untrue statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nothing in this authorization is intended to limit or otherwise affect the ability of the Representatives and their respective affiliates and
employees, to engage in communications in which they could otherwise lawfully engage in the absence of this authorization, including, without limitation, any written communication containing only one or more of the statements specified under Rule
134(a) under the Act. This authorization shall remain in effect until the Issuer has provided the Representatives a written notice revoking this authorization. All notices as described herein shall be sent by email to the attention of David Ke at
david.ke@jpmorgan.com, Glenn Silverstein at glenn.silverstein@bofa.com, Jack Bannister at jack.bannister@leerink.com and Brian Hagerty at brian.hagerty@tdsecurities.com, with copies to Yasin Keshvargar, Davis Polk&nbsp;&amp; Wardwell LLP at
yasin.keshvargar@davispolk.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Form of Waiver of <FONT STYLE="white-space:nowrap">Lock-up]</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.P. MORGAN SECURITIES LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOFA SECURITIES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LEERINK PARTNERS LLC </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TD
SECURITIES (USA) LLC </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Aktis Oncology, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Public Offering of Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">,
20__ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Name and Address of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Officer or Director </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Requesting Waiver] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr./Ms.&nbsp;[Name]: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This letter is being delivered to you in connection with the offering by Aktis Oncology, Inc. (the &#8220;Company&#8221;) of ______ shares of
common stock, $0.0001 par value (the &#8220;Common Stock&#8221;), of the Company and the <FONT STYLE="white-space:nowrap">lock-up</FONT> letter dated__________________, 20__ (the <FONT STYLE="white-space:nowrap">&#8220;Lock-up</FONT> Letter&#8221;),
executed by you in connection with such offering, and your request for a [waiver] [release] dated__________________, 20__, with respect to ______ shares of Common Stock (the &#8220;Shares&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC, BofA Securities, Inc., Leerink Partners LLC and TD Securities (USA) LLC hereby agree to [waive] [release] the
transfer restrictions set forth in the <FONT STYLE="white-space:nowrap">Lock-up</FONT> Letter, but only with respect to the Shares, effective __________________, 20__ ; <U>provided</U>, <U>however</U>, that such [waiver] [release] is conditioned on
the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending
[waiver] [release]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as expressly [waived] [released] hereby, the <FONT STYLE="white-space:nowrap">Lock-up</FONT> Letter shall
remain in full force and effect. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;Yours very truly,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>[Signature of J.P. Morgan Securities LLC Representative]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>[Name of J.P. Morgan Securities LLC Representative]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>[Signature of BofA Securities, Inc. Representative]</B></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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<TD VALIGN="bottom"><B>[Name of BofA Securities, Inc. Representative]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>[Signature of Leerink Partners LLC Representative]</B></TD></TR>
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<TD VALIGN="bottom"><B>[Name of Leerink Partners LLC Representative]</B></TD></TR>
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<TD VALIGN="bottom"><B>[Signature of TD Securities (USA) LLC Representative]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>[Name of TD Securities (USA) LLC Representative]</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman" ALIGN="center">cc: Company </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Form of Press Release] </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Aktis
Oncology, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Date] </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aktis Oncology, Inc.
(&#8220;Company&#8221;) announced today that J.P. Morgan Securities LLC, BofA Securities, Inc., Leerink Partners LLC and TD Securities (USA) LLC, on behalf of the underwriters in the Company&#8217;s recent public sale of&#8195;&#8195;&#8195;shares
of common stock, is [waiving] [releasing] a <FONT STYLE="white-space:nowrap">lock-up</FONT> restriction with respect to&#8195;&#8195;shares of the Company&#8217;s common stock held by [certain officers or directors] [an officer or director] of the
Company. The [waiver] [release] will take effect on ____________________, 20__, and the shares may be sold on or after such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This press release
is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration
under the United States Securities Act of 1933, as amended. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit D </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF <FONT STYLE="white-space:nowrap">LOCK-UP</FONT> AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>&#8195;</U><U>&#8195;</U><U>&#8195;&#8195;</U>, 20__ </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. MORGAN SECURITIES LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BOFA SECURITIES, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LEERINK PARTNERS LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TD SECURITIES (USA) LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Representatives of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the several Underwriters listed in </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule 1 to the Underwriting </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreement referred to below </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o J.P. Morgan Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o BofA Securities, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Leerink Partners LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">53 State Street, 40<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02109 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o TD Securities (USA) LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 Vanderbilt Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:26%; font-size:10pt; font-family:Times New Roman">Re:&#8195;Aktis
Oncology, Inc. &#8212; Public Offering </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that you, as Representatives of the several Underwriters, propose to enter into an underwriting agreement (the
&#8220;Underwriting Agreement&#8221;) with Aktis Oncology, Inc., a Delaware corporation (the &#8220;Company&#8221;), providing for the public offering (the &#8220;Public Offering&#8221;) by the several Underwriters named in Schedule 1 to the
Underwriting Agreement (the &#8220;Underwriters&#8221;), of common stock, of the Company (the &#8220;Securities&#8221;). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Underwriting Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the Underwriters&#8217; agreement to purchase and make the Public
Offering of the Securities, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of J.P. Morgan Securities LLC, BofA Securities, Inc., Leerink
Partners LLC and TD Securities (USA) LLC (the &#8220;Representatives&#8221;) on behalf of the Underwriters, the undersigned will not, and will not cause any direct or indirect affiliate to, during the period beginning on the date of this letter
agreement (this &#8220;Letter Agreement&#8221;) and ending at the close of business 180 days after the date of the final prospectus relating to the Public Offering (the &#8220;Prospectus&#8221;) (such period, the &#8220;Restricted Period&#8221;),
(1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any
shares of common stock, $0.0001 per share par value, of the Company (the &#8220;Common Stock&#8221;) or any securities convertible into or exercisable or exchangeable for Common Stock (including without limitation, Common Stock or such other
securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant)
(collectively with the Common Stock, <FONT STYLE="white-space:nowrap">&#8220;Lock-Up</FONT> Securities&#8221;), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences
of ownership of the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities, whether any such transaction described in clause (1)&nbsp;or (2) above is to be settled by delivery of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities, in
cash or otherwise, (3)&nbsp;make any demand for or exercise any right with respect to the registration of any <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities, or (4)&nbsp;publicly disclose the intention to do any of the foregoing. The
undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging during the Restricted Period in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale
of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a
sale or disposition or transfer (whether by the undersigned or any other person) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities, whether any
such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities, in cash or otherwise. The undersigned further confirms that it has furnished the
Representatives with the details of any transaction the undersigned, or any of its affiliates, is a party to as of the date hereof, which transaction would have been restricted by this Letter Agreement if it had been entered into by the undersigned
during the Restricted Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the undersigned may: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;transfer, distribute, cause the disposition of or surrender (as the case may be) the undersigned&#8217;s <FONT
STYLE="white-space:nowrap">Lock-Up</FONT> Securities: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) as a bona fide gift or gifts, or for bona fide estate planning purposes, or as a
charitable contribution, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) by will, other testamentary document or intestacy, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to any (A)&nbsp;immediate family member of the undersigned or (B)&nbsp;trust for the direct or indirect benefit of the undersigned or the
immediate family of the undersigned, or if the undersigned is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust (for purposes of this Letter Agreement, &#8220;immediate family&#8221; shall mean any
relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin), </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to a corporation, partnership, limited liability company or other entity of which the
undersigned and/or the immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i)&nbsp;through (iv)
above, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A)&nbsp;to
another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other
entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a
successor partnership or fund, or any other funds managed by such partnership), or (B)&nbsp;as part of a distribution to members, shareholders, partners, beneficiaries or other equity holders of the undersigned, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) by operation of law or pursuant to an order of a court or regulatory agency (such as pursuant to a qualified domestic order, divorce
settlement, divorce decree or separation agreement), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) to the Company from an employee or other service provider of the Company upon
death, disability or termination of employment or service relationship, in each case, of such employee, including without limitation, pursuant to a right of first refusal or an option to repurchase that the Company has with respect to transfers of
such <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities or other securities of the Company, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) as part of a sale or transfer of
the undersigned&#8217;s <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities acquired in the Public Offering or in open market transactions after the closing date for the Public Offering, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) to the Company in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to
purchase shares of Common Stock (including, in each case, by way of &#8220;net&#8221; or &#8220;cashless&#8221; exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or
exercise of such restricted stock units, options, warrants or rights, provided that any such shares of Common Stock received upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement, and provided further that
any such restricted stock units, options, warrants or rights are held by the undersigned pursuant to an agreement or equity awards granted under a stock incentive plan or other equity award plan or other arrangement, each such agreement, plan or
arrangement which is described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) pursuant to a bona fide third-party tender offer, merger, consolidation or other
similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company&#8217;s capital stock involving a Change of Control (as defined below) of the Company (for purposes hereof, &#8220;Change of
Control&#8221; shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if,
after such transfer, such person or group of affiliated persons would hold more than 90% of the outstanding voting securities of the Company (or the surviving entity)); <U>provided</U> that in the event that such tender offer, merger, consolidation
or other similar transaction is not completed, the undersigned&#8217;s <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities shall remain subject to the provisions of this Letter Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U> that (A)&nbsp;in the case of any transfer, distribution or other disposition pursuant to clauses (a)(i), (iii), (iv), (v), (vi) and (vii),
such transfer shall not involve a disposition for value and each donee, devisee, transferee or distributee shall execute and deliver to the Representatives a <FONT STYLE="white-space:nowrap">lock-up</FONT> letter in the form of this Letter
Agreement, (B)&nbsp;in the case of any transfer, distribution or other disposition pursuant to clauses (a) (iii), (iv), (v), (vi) and (ix), no filing by any party (donor, donee, devisee, transferor, transferee, distributer or distributee) under the
Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or other public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution (other than (x)&nbsp;a filing on a Form 5 made
after the expiration of the Restricted Period referred to above or (y)&nbsp;any required filing on Schedule 13) and (C)&nbsp;in the case of any transfer or distribution pursuant to clause (a)(i), (ii), (vii), (viii) and (x)&nbsp;it shall be a
condition to such transfer that no public filing, report or announcement shall be voluntarily made during the Restricted Period and if any filing under Section&nbsp;16(a) of the Exchange Act, or other public filing, report or announcement reporting
a reduction in beneficial ownership of shares of Common Stock in connection with such transfer or distribution shall be legally required during the Restricted Period, such filing, report or announcement shall clearly indicate in the footnotes
thereto the nature and conditions of such transfer; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) exercise outstanding options, settle restricted stock units or other equity awards
or exercise warrants pursuant to plans described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided that any <FONT STYLE="white-space:nowrap">Lock-up</FONT> Securities received upon such exercise, vesting or
settlement shall be subject to the terms of this Letter Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) convert outstanding preferred stock, warrants to acquire preferred
stock or convertible securities into shares of Common Stock or warrants to acquire shares of Common Stock; provided that any such shares of Common Stock or warrants received upon such conversion shall be subject to the terms of this Letter
Agreement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) establish or amend trading plans pursuant to Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> under the Exchange Act
for the transfer of shares of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities; <U>provided</U> that (1)&nbsp;such plans do not provide for the transfer of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities during the Restricted
Period and (2)&nbsp;no public announcement shall be made voluntarily in connection with such trading plan, and any required filing under the Exchange Act shall include a statement that the undersigned is not permitted to transfer, sell or otherwise
dispose of securities under such plan during the Restricted Period in contravention of this Letter Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the undersigned is not a natural person, the undersigned represents and warrants that no
single natural person, entity or &#8220;group&#8221; (within the meaning of Section&nbsp;13(d)(3) of the Exchange Act beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the
undersigned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions
shall be equally applicable to any Company-directed Securities the undersigned may purchase in the Public Offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the undersigned is
an officer or director of the Company, (i)&nbsp;the Representatives on behalf of the Underwriters agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer
of shares of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities, the Representatives on behalf of the Underwriters will notify the Company of the impending release or waiver, and (ii)&nbsp;the Company has agreed or will agree in the
Underwriting Agreement to announce the impending release or waiver through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representatives on behalf of the
Underwriters hereunder to any such officer or director shall only be effective two business days after the publication date of such announcement. The provisions of this paragraph will not apply if (a)&nbsp;the release or waiver is effected solely to
permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (b)&nbsp;the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and
for the duration that such terms remain in effect at the time of the transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In furtherance of the foregoing, the Company, and any duly
appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All
authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the
Underwriters solicited any action from the undersigned with respect to the Public Offering of the Securities and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The
undersigned further acknowledges and agrees that, although the Representatives may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Public Offering, the Representatives and the
other Underwriters are not making a recommendation to you to enter into this Letter Agreement or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures is intended to suggest that each of the
Representatives or any Underwriter is making such a recommendation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that, if (1)&nbsp;prior to the execution of the Underwriting
Agreement, the Company files an application to withdraw the Registration Statement related to the Public Offering, (2)&nbsp;the Underwriting Agreement does not become effective by May&nbsp;14, 2026, (3) if the Underwriting Agreement (other than the
provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder, or (4)&nbsp;the Representatives, on behalf of the Underwriters, advise the Company, or the
Company advises the Representatives, in writing, prior to the execution of the Underwriting Agreement, that they have determined not to proceed with the Public Offering, the undersigned shall be released from all obligations under this Letter
Agreement. The undersigned understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and
construed in accordance with the laws of the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Letter Agreement may be delivered via facsimile, electronic mail
(including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any
Letter Agreement so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[<I>NAME OF STOCKHOLDER</I>]</TD></TR>
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<DESCRIPTION>EX-3.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIFTH AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF INCORPORATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Pursuant to Sections 242 and 245 of the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">General Corporation Law of the State of Delaware) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Aktis Oncology, Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State
of Delaware (the &#147;<B>General Corporation Law</B>&#148;), </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>DOES HEREBY CERTIFY: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. That the name of this corporation is Aktis Oncology, Inc., and that this corporation was originally incorporated pursuant to the General
Corporation Law under the name HotKnot Therapeutics, Inc. on August&nbsp;18, 2020. The corporation&#146;s certificate of incorporation was amended and restated on February&nbsp;25, 2021, further amended on April&nbsp;1, 2021, amended and restated
again on July&nbsp;21, 2021, amended and restated again on August&nbsp;17, 2022, and amended and restated again on May&nbsp;16, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.
That the Board of Directors of this corporation duly adopted resolutions proposing to amend and restate the Fourth Amended and Restated Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and in
the best interests of this corporation and its stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is
as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that the Fourth Amended and Restated Certificate of Incorporation of this corporation be amended and restated
in its entirety to read as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>FIRST: </B>The name of this corporation is Aktis Oncology, Inc. (the
&#147;Corporation&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECOND: </B>The address of the registered office of the Corporation in the State of Delaware
is 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at such address is The Corporation Trust Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIRD: </B>The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for
which corporations may be organized under the General Corporation Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>FOURTH: </B>The total number of shares of all
classes of stock which the Corporation shall have authority to issue is 284,567,500. The Corporation has two classes of stock, referred to as Common Stock and Preferred Stock. There are (i) 155,000,000 shares of authorized Common Stock, $0.0001 par
value per share (&#147;<B>Common Stock</B>&#148;), and (ii) 129,567,500 shares of authorized Preferred Stock, $0.0001 par value per share (&#147;<B>Preferred Stock</B>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a statement of the designations and the powers, preferences and special
rights, and the qualifications, limitations or restrictions thereof in respect of each class of capital stock of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A.
COMMON STOCK </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <U>General</U>. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and
qualified by the powers, preferences and special rights of the holders of the Preferred Stock set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. <U>Voting</U>. Except
as otherwise provided herein or by applicable law, the holders of the Common Stock shall be entitled to one (1)&nbsp;vote for each share of Common Stock held as of the applicable record date for each meeting of stockholders (and written actions in
lieu of meetings); <U>provided</U>, <U>however</U>, that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Fifth Amended and Restated Certificate of Incorporation that
relates solely to the terms of one (1)&nbsp;or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one (1)&nbsp;or more other such series, to vote thereon
pursuant to this Fifth Amended and Restated Certificate of Incorporation or pursuant to the General Corporation Law. There shall be no cumulative voting. The number of authorized shares of Common Stock may be increased or decreased (but not below
the number of shares thereof then outstanding) by (in addition to any vote of the holders of one (1)&nbsp;or more series of Preferred Stock that may be required by the terms of this Fifth Amended and Restated Certificate of Incorporation) the
affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of
Section&nbsp;242(b)(2) of the General Corporation Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. PREFERRED STOCK </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">250,000 shares of the authorized Preferred Stock are hereby designated &#147;<B>Partner Preferred Stock</B>&#148;, 5,000,000 shares of the
authorized Preferred Stock are hereby designated &#147;<B>Series Seed Preferred Stock</B>&#148;, 78,067,500 shares of the authorized Preferred Stock of the Corporation are hereby designated &#147;<B>Series A Preferred Stock</B>&#148;, 2,500,000
shares of the authorized Preferred Stock are hereby designated &#147;<B>Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock</B>&#148;, and 43,750,000 shares of the authorized Preferred Stock are hereby designated &#147;<B>Series B
Preferred Stock</B>&#148; each of which with the following powers, preferences, special rights, privileges and restrictions, qualifications and limitations. The Series A Preferred Stock and Series <FONT STYLE="white-space:nowrap">A-1</FONT>
Preferred Stock are collectively referred to herein as the &#147;<B>Series A Stock</B>&#148;. Unless otherwise indicated, references to &#147;Sections&#148; in this Part B of this Article Fourth refer to sections of Part B of this Article Fourth.
The Series Seed Preferred Stock, the Series A Stock, and the Series B Preferred Stock are sometimes referred to herein as &#147;<B>Senior Preferred Stock</B>&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <U>Dividends</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of then outstanding shares of Series A Stock and Series B Preferred Stock shall be entitled to receive, only when, as and if
declared by the Board of Directors of the Corporation (the &#147;<B>Board of Directors</B>&#148;), out of any funds and assets legally available therefor, dividends equal to 8% of the Original Issue Price of the Series A Stock or Series B Preferred
Stock, as applicable, for each share of Series A Stock or Series B Preferred Stock, as applicable, prior and in preference to any declaration or payment of any other dividend (other than dividends on shares of Common Stock payable in shares of
Common Stock). The right to receive dividends on shares of Series A Stock and Series B Preferred Stock pursuant to the preceding sentence of this Section&nbsp;1 shall not be cumulative, and no right to dividends shall accrue to holders of Series A
Stock or Series B Preferred Stock by reason of the fact that dividends on said shares are not declared. Payment of any dividends to the holders of Series A Stock and Series B Preferred Stock shall be on a pro rata, <I>pari passu</I> basis in
proportion to the applicable dividend entitlement set forth above. Once holders of Series A Stock and Series B Preferred Stock have been paid dividends equal to 8% of the applicable Original Issue Price, in aggregate, for each share of Series A
Stock and Series B Preferred Stock, the holders of then outstanding shares of Series Seed Preferred Stock shall be entitled to receive, only when, as and if declared by the Board of Directors, out of any funds and assets legally available therefor,
dividends equal to 8% of the Series Seed Original Issue Price for each share of Series Seed Preferred Stock, prior and in preference to any declaration or payment of any other dividend (other than dividends on shares of Common Stock payable in
shares of Common Stock). The right to receive dividends on shares of Series Seed Preferred Stock pursuant to the preceding sentence of this Section&nbsp;1 shall not be cumulative, and no right to dividends shall accrue to holders of Series Seed
Preferred Stock by reason of the fact that dividends on said shares are not declared. Subject to the preferential rights described above, the Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of
capital stock of the Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in this Fifth Amended and Restated Certificate of
Incorporation) the holders of the Preferred Stock then outstanding shall first receive, or simultaneously receive, in addition to the dividends payable pursuant to the first and fourth sentences of this Section&nbsp;1, a dividend on each outstanding
share of Preferred Stock in an amount at least equal to (i)&nbsp;in the case of a dividend on Common Stock or any class or series that is convertible into Common Stock, that dividend per share of Preferred Stock as would equal the product of
(A)&nbsp;the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock and (B)&nbsp;the number of shares of Common Stock issuable upon conversion
of a share of the applicable series of Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend or (ii)&nbsp;in the case of a dividend on any class or series that is not convertible
into Common Stock, at a rate per share of Preferred Stock determined by (A)&nbsp;dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital
stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B)&nbsp;multiplying such fraction by an amount equal to the applicable
Original Issue Price; provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one (1)&nbsp;class or series of capital stock of the Corporation, the dividend payable to the holders of
Preferred Stock pursuant to this Section&nbsp;1 shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest Preferred Stock dividend. The Original Issue Price applicable to the Series Seed
Preferred Stock (the &#147;<B>Series Seed Original Issue Price</B>&#148;) shall mean $1.00 per share, the Original Issue Price applicable to the Series A Preferred Stock (the &#147;<B>Series A Original Issue Price</B>&#148;) shall mean $2.00 per
share, the Original Issue Price applicable to the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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Stock (the &#147;<B>Series <FONT STYLE="white-space:nowrap">A-1</FONT> Original Issue Price</B>&#148;) shall mean $4.00 per share, and the Original Issue Price applicable to the Series B
Preferred Stock (the &#147;<B>Series B Original Issue Price</B>&#148;) shall mean $4.00 per share, in each case subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with
respect to the applicable series of Preferred Stock. The &#147;<B>Partner Preferred Original Issue Price</B>&#148; shall mean $2.00 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other
similar recapitalization with respect to the Partner Preferred Stock. Each of the Series Seed Original Issue Price, the Series A Original Issue Price, the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Original Issue Price, the Series B Original
Issue Price, and the Partner Preferred Original Issue Price is an &#147;<B>Original Issue Price</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. Liquidation, Dissolution
or Winding Up; Certain Mergers, Consolidations and Asset Sales. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1 <U>Preferential Payments to Holders of Preferred Stock</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">2.1.1 In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of shares of Series
A Stock and Series B Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders or, in the case of a Deemed Liquidation Event (as defined below), out of the
consideration payable to stockholders in such Deemed Liquidation Event or the Available Proceeds (as defined below), as applicable, on a pari passu basis based on their respective Liquidation Amounts (as defined below), and before any payment shall
be made to the holders of Series Seed Preferred Stock, Partner Preferred Stock, or Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (i)&nbsp;one (1) times the Series A Original Issue Price, for shares of
Series A Preferred Stock, one (1)&nbsp;times the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Original Issue Price, for shares of Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock, or one (1)&nbsp;times the Series B Original
Issue Price, for shares of Series B Preferred Stock, in each case plus any dividends declared but unpaid thereon, or (ii)&nbsp;such amount per share as would have been payable had all shares of each such series of Preferred Stock (and all shares of
all other series of Preferred Stock that would receive a larger distribution per share if such series of Preferred Stock were converted into Common Stock) been converted into Common Stock pursuant to Section&nbsp;4 immediately prior to such
liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to, for each series of Preferred Stock, as applicable, as the <B>&#147;Liquidation
Amount</B>&#148;). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of
shares of Series A Stock and Series B Preferred Stock the full amount to which they shall be entitled under this Subsection 2.1.1, the holders of shares of Series A Stock and Series B Preferred Stock shall share ratably in any distribution of the
assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">2.1.2 In the event of any voluntary or involuntary liquidation, dissolution or winding up
of the Corporation, after payment of amounts due to holders of shares of Series A Stock and Series B Preferred Stock pursuant to Subsection 2.1.1 hereof, the holders of shares of Series Seed Preferred Stock then outstanding shall be entitled to be
paid out of the remaining assets of the Corporation available for distribution to its stockholders or, in the case of a Deemed Liquidation Event, out of the consideration payable to stockholders in such Deemed Liquidation Event or the Available
Proceeds, as applicable, before any payment shall be made to the holders of Partner Preferred Stock or Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (i)&nbsp;the Series Seed Original Issue Price, plus
any dividends declared but unpaid thereon, or (ii)&nbsp;such amount per share as would have been payable had all shares of Series Seed Preferred Stock (and all shares of all other series of Preferred Stock that would receive a larger distribution
per share if such series of Preferred Stock were converted into Common Stock) been converted to Common Stock pursuant to Section&nbsp;4 immediately prior to such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event
(the amount payable pursuant to this sentence is hereinafter referred to as the &#147;<B>Series Seed Liquidation Amount</B>&#148;, which shall be a Liquidation Amount). If upon any such liquidation, dissolution or winding up of the Corporation or
Deemed Liquidation Event, the remaining assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series Seed Preferred Stock the full amount to which they shall be entitled under
this Section&nbsp;2.1.2, the holders of shares of Series Seed Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the
shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">2.1.3 In the
event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, after payment of amounts due to holders of shares of Senior Preferred Stock pursuant to Subsections 2.1.1 and 2.1.2 hereof, the holders of shares of
Partner Preferred Stock then outstanding shall be entitled to be paid out of the remaining assets of the Corporation available for distribution to its stockholders or, in the case of a Deemed Liquidation Event, out of the consideration payable to
stockholders in such Deemed Liquidation Event or the Available Proceeds, as applicable, before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (i)&nbsp;the
Partner Preferred Original Issue Price, plus any dividends declared but unpaid thereon, or (ii)&nbsp;such amount per share as would have been payable had all shares of Partner Preferred Stock (and all shares of all other series of Preferred Stock
that would receive a larger distribution per share if such series of Preferred Stock were converted into Common Stock) been converted to Common Stock pursuant to Section&nbsp;4 immediately prior to such liquidation, dissolution or winding up of the
Corporation or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the &#147;<B>Partner Preferred Liquidation Amount</B>&#148;, which shall be a Liquidation Amount). If upon any such liquidation,
dissolution or winding up of the Corporation or Deemed Liquidation Event, the remaining assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Partner Preferred Stock the full
amount to which they shall be entitled under this Section&nbsp;2.1.3, the holders of shares of Partner Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which
would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.2 <U>Distribution of Remaining Assets</U>. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, after the payment in full of all Liquidation Amounts required to be paid to the holders of shares of Preferred Stock pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U>, the remaining assets
of the Corporation available for distribution to its stockholders or, in the case of a Deemed Liquidation Event, the consideration not payable to the holders of shares of Preferred Stock pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U> or the
remaining Available Proceeds, as the case may be, shall be distributed among the holders of the shares of Common Stock, pro rata based on the number of shares of Common Stock held by each such holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.3 <U>Deemed Liquidation Events</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">2.3.1 <U>Definition</U>. Each of the following events shall be considered a &#147;<B>Deemed Liquidation Event</B>&#148; unless the holders of
a majority of the outstanding shares of Senior Preferred Stock, voting together as a single class on an <FONT STYLE="white-space:nowrap">as-converted</FONT> to Common Stock basis (the &#147;<B>Requisite Holders</B>&#148;), elect otherwise by written
notice sent to the Corporation at least five (5)&nbsp;days prior to the effective date of any such event: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) a merger,
consolidation, statutory conversion, transfer, domestication, or continuance in which </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(i) the Corporation is a
constituent party or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(ii) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its
capital stock pursuant to such merger, consolidation, statutory conversion, transfer, domestication, or continuance, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">except any such merger,
consolidation, statutory conversion, transfer, domestication, or continuance involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger, consolidation, statutory
conversion, transfer, domestication, or continuance continue to represent, or are converted into or exchanged for shares of capital stock or other equity interests that represent, immediately following such merger, consolidation, statutory
conversion, transfer, domestication, or continuance, a majority, by voting power, of the capital stock or other equity interests of (1)&nbsp;the surviving or resulting corporation or entity; or (2)&nbsp;if the surviving or resulting corporation or
entity is a wholly owned subsidiary of another corporation or entity immediately following such merger, consolidation, statutory conversion, transfer, domestication, or continuance, the parent corporation or entity of such surviving or resulting
corporation or entity; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) the sale, lease, transfer, exclusive license or other disposition, in a single
transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or (ii)&nbsp;the sale, lease, transfer, exclusive
license or other disposition (whether by merger, consolidation, statutory conversion, domestication, continuance or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if
substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of
the Corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">2.3.2 <U>Effecting a Deemed Liquidation Event</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in
<U>Section</U><U></U><U>&nbsp;2.3.1(a)(i)</U> unless the agreement or plan with respect to such transaction, or terms of such transaction (any such agreement, plan or terms, the &#147;<B>Transaction Document</B>&#148;), provide that the
consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated to the holders of capital stock of the Corporation in accordance with <U>Sections 2.1</U> and <U>2.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b) In the event of a Deemed Liquidation Event referred to in <U>Section</U><U></U><U>&nbsp;2.3.1(a)(ii)</U> or
<U>2.3.1(b)</U>, if the Corporation does not effect a dissolution of the Corporation under the General Corporation Law within ninety (90)&nbsp;days after such Deemed Liquidation Event, then (i)&nbsp;the Corporation shall send a written notice to
each holder of Preferred Stock no later than the ninetieth (90<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day after the Deemed Liquidation Event advising such holders of their right (and the requirements to be met to secure such right)
pursuant to the terms of the following clause (ii)&nbsp;to require the redemption of such shares of Preferred Stock, and (iii)&nbsp;if the Requisite Holders so request in a written instrument delivered to the Corporation not later than one hundred
twenty (120)&nbsp;days after such Deemed Liquidation Event (a &#147;<B>Redemption Request</B>&#148;), the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities
associated with the assets sold or technology licensed, any other expenses reasonably related to such Deemed Liquidation Event or any other expenses incident to the dissolution of the Corporation as provided herein, in each case as determined in
good faith by the Board of Directors)<B>, </B>together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by Delaware law governing distributions to stockholders (the
&#147;<B>Available Proceeds</B>&#148;), on the one hundred fiftieth (150<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day after such Deemed Liquidation Event (the &#147;<B>Redemption Date</B>&#148;), to redeem all outstanding shares of
Preferred Stock at a price per share equal to the applicable Liquidation Amount; provided, that if the definitive agreements governing such Deemed Liquidation Event contain contingent indemnification obligations on the part of the Corporation and
prohibit the Corporation from distributing all or a portion of the Available Proceeds while such indemnification obligations remain outstanding, then the portion of the Available Proceeds not so limited shall be distributed as part of the Redemption
Date and any remaining portion of the Available Proceeds shall be distributed as of the date that is ten business days following the date on which such prohibition expires. Notwithstanding the foregoing, in the event of a redemption pursuant to the
preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion of each holder&#146;s shares of Preferred Stock to the fullest extent of such
Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may
lawfully do so under Delaware law governing distributions to stockholders. Prior to the distribution or redemption provided for in this <U>Section</U><U></U><U>&nbsp;2.3.2(b)</U>, the Corporation shall not expend or dissipate the Available Proceeds
for any purpose, except to discharge expenses incurred in connection with such Deemed Liquidation Event. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(c) <U>Redemption Notice</U><I>. </I>In the event the Corporation timely
receives a Redemption Request pursuant to <U>Subsection&nbsp;2.3.2(b)</U>, the Corporation shall send written notice of the redemption (the &#147;<B>Redemption Notice</B>&#148;) to each holder of record of Preferred Stock subject to the Redemption
Request not less than thirty (30)&nbsp;days prior to the Redemption Date, which Redemption Notices shall state: (i)&nbsp;the number and series of shares of Preferred Stock held by the holder that the Corporation shall redeem on the Redemption Date
specified in the Redemption Notice; (ii)&nbsp;the Redemption Date and the redemption price; (iii)&nbsp;the date upon which the holder&#146;s right to convert such shares terminates; and (iv)&nbsp;for holders of shares in certificated form, that the
holder is to surrender to the Corporation, in the manner and at the place designated, his, her or its certificate or certificates representing the shares of Preferred Stock to be redeemed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(d) <U>Surrender of Certificates; Payment</U>. On or before the applicable Redemption Date, each holder of shares of Preferred
Stock to be redeemed on such Redemption Date, unless such holder has exercised his, her or its right to convert such shares as provided in <U>Section</U><U></U><U>&nbsp;4</U>, shall, if a holder of shares in certificated form, surrender the
certificate or certificates representing such shares (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify
the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation, in the manner and at the place designated in the Redemption Notice, and
thereupon the portion of Available Proceeds applicable for such shares shall be payable to the order of the person or entity whose name appears on such certificate or certificates as the owner thereof. In the event less than all of the shares of
Preferred Stock represented by a certificate are redeemed, a new certificate representing the unredeemed shares of Preferred Stock shall promptly be issued to such holder or a new book entry shall be made representing the unredeemed shares of
Preferred Stock, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(e) <U>Rights Subsequent to Redemption</U>. If the Redemption Notice shall have been duly
given, and if on the applicable Redemption Date the portion of Available Proceeds payable upon redemption of the shares of Preferred Stock to be redeemed on such Redemption Date is paid or tendered for payment or deposited with an independent
payment agent so as to be available therefor in a timely manner, then notwithstanding that any certificates evidencing any of the shares of Preferred Stock so called for redemption shall not have been surrendered, all rights with respect to such
shares shall forthwith after the Redemption Date terminate, except only the right of the holders to receive the portion of Available Proceeds applicable to such holders&#146; shares of Preferred Stock, without interest upon surrender of any such
certificate or certificates therefor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">2.3.3 <U>Amount Deemed Paid or Distributed</U>. The amount deemed paid or distributed to the
holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to
such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be determined in good faith by the Board of Directors. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">2.3.4 <U>Allocation of Escrow and Contingent Consideration</U>. In the event of a Deemed
Liquidation Event pursuant to <U>Section</U><U></U><U>&nbsp;2.3.1(a)(i)</U>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the &#147;<B>Additional
Consideration</B>&#148;), the Transaction Document shall provide that (a)&nbsp;the portion of such consideration that is not Additional Consideration (such portion, the &#147;<B>Initial Consideration</B>&#148;) shall be allocated among the holders
of capital stock of the Corporation in accordance with <U>Sections 2.1</U> and <U>2.2</U> as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b)&nbsp;any Additional Consideration
which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <U>Sections 2.1</U> and <U>2.2</U> after taking into
account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <U>Section</U><U></U><U>&nbsp;2.3.4</U>, consideration placed into escrow or retained as a holdback to be available for satisfaction
of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. <U>Voting</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.1
<U>General</U>. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of a meeting), each holder of
outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such holder are convertible (as provided in
<U>Section</U><U></U><U>&nbsp;4</U> below) as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of this Fifth Amended and Restated Certificate of Incorporation,
holders of Preferred Stock shall vote together with the holders of Common Stock as a single class and on an <FONT STYLE="white-space:nowrap">as-converted</FONT> to Common Stock basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.2 <U>Election of Directors</U>. The holders of record of the shares of Series Seed Preferred Stock, exclusively and as a separate class,
shall be entitled to elect one (1)&nbsp;director of the Corporation (the &#147;<B>Series Seed Director</B>&#148;), the holders of record of the shares of Series A Preferred Stock, exclusively and as a separate class, shall be entitled to elect three
(3)&nbsp;directors of the Corporation (the &#147;<B>Series A Directors</B>&#148;), and the holders of record of the shares of Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1)&nbsp;director of the
Corporation (the &#147;<B>Series B Director</B>&#148;, and together with the Series Seed Director and the Series A Directors, the &#147;<B>Preferred Directors</B>&#148;); provided, however, for administrative convenience, the initial Series B
Director may also be appointed by the Board of Directors in connection with the approval of the initial issuance of Series B Preferred Stock without a separate action by the holders of Series B Preferred Stock. Any director elected as provided in
the preceding sentence may be removed without cause by, and only by, the affirmative vote of holders of a majority of the shares of the class(es) or series of capital stock entitled to elect such director or directors, given either at a special
meeting of such stockholders duly called for that purpose or pursuant to a written consent of stockholders. If the applicable holders of shares fail to elect a sufficient number of directors to fill all directorships for which they are entitled to
elect directors, voting exclusively and as a separate class, pursuant to the first sentence of this <U>Section</U><U></U><U>&nbsp;3.2</U>, then any directorship not so filled shall remain vacant until such time as such holders of shares elect a
person to fill such directorship by vote or written consent in lieu of a meeting; and no such directorship may be filled by </P>
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stockholders of the Corporation other than by the stockholders of the Corporation that are entitled to elect a person to fill such directorship, voting exclusively and as a separate<B> </B>class.
The holders of record of the shares of Common Stock and of any other class or series of voting stock (including the Preferred Stock), exclusively and voting together as a single class on an <FONT STYLE="white-space:nowrap">as-converted</FONT> to
Common Stock basis, shall be entitled to elect the balance of the total number of directors of the Corporation (the &#147;<B><FONT STYLE="white-space:nowrap">At-Large</FONT> Directors</B>&#148;). At any meeting held for the purpose of electing a
director, the presence in person or by proxy of the holders of a majority of the outstanding shares of the class(es) or series entitled to elect such director shall constitute a quorum for the purpose of electing such director. Except as otherwise
provided in this <U>Section</U><U></U><U>&nbsp;3.2</U>,<B> </B>a vacancy in any directorship filled by the holders of any class or classes or series shall be filled only by vote or written consent in lieu of a meeting of the holders of such class or
classes or series or by any remaining director or directors elected by the holders of such class or classes or series pursuant to this <U>Section</U><U></U><U>&nbsp;3.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.3 <U>Senior Preferred Stock Protective Provisions</U>. At any time when shares of Senior Preferred Stock are outstanding, the Corporation
shall not, either directly or indirectly by amendment, merger, consolidation, domestication, transfer, continuance, recapitalization, reclassification, waiver, statutory conversion, or otherwise, effect any of the following acts or transactions
without (in addition to any other vote required by law or this Fifth Amended and Restated Certificate of Incorporation) the written consent or affirmative vote of the Requisite Holders given in writing or by vote at a meeting, consenting or voting
(as the case may be) separately as a class, and any such&nbsp;act or transaction that has not been approved by such consent or vote prior to such act or transaction being effected shall be null and void <I>ab initio</I>, and of no force or effect.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.1 liquidate, dissolve or <FONT STYLE="white-space:nowrap">wind-up</FONT> the business and affairs of the Corporation, or effect any
Deemed Liquidation Event or any other merger, consolidation, statutory conversion, transfer, domestication or continuance; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.2 amend,
alter or repeal any provision of this Fifth Amended and Restated Certificate of Incorporation or Bylaws of the Corporation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.3 (i)
create or issue or obligate itself to issue shares of, or reclassify, any capital stock unless the same ranks junior to the Preferred Stock with respect to its special rights, powers and preferences, or (ii)&nbsp;increase the authorized number of
shares of Preferred Stock or any additional class or series of capital stock of the Corporation unless the same ranks junior to the Preferred Stock with respect to its special rights, powers and preferences; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.4 without approval of the Requisite Directors (as defined below), sell, issue, sponsor, create or distribute, or cause or permit any of
its subsidiaries to sell, issue, sponsor, create or distribute, any digital tokens, cryptocurrency or other blockchain-based assets (collectively, &#147;<B>Tokens</B>&#148;), including through a <FONT STYLE="white-space:nowrap">pre-sale,</FONT>
initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.5 purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare
any dividend or make any distribution on, any shares of capital stock of the Corporation other than (i)&nbsp;redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (ii)&nbsp;dividends or other
distributions payable on the Common Stock solely in the form of additional shares of Common Stock and (iii)&nbsp;repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation
or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof or (iv)&nbsp;as approved by the Board of Directors, including the approval of a majority of the Preferred
Directors (the &#147;<B>Requisite Directors</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.6 create, adopt, amend, terminate or repeal any equity (or equity-linked)
compensation plan, or, unless approved by the Requisite Directors, amend or waive any of the terms of any option or other grant pursuant to any such plan; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.7 create, or authorize the creation of, or issue, or authorize the issuance of any debt security or create any lien or security interest
(except for purchase money liens or statutory liens of landlords, mechanics, materialmen, workmen, warehousemen and other similar persons arising or incurred in the ordinary course of business) or incur other indebtedness for borrowed money,
including but not limited to obligations and contingent obligations under guarantees, or permit any subsidiary to take any such action with respect to any debt security lien, security interest or other indebtedness for borrowed money, if the
aggregate indebtedness of the Corporation and its subsidiaries for borrowed money following such action would exceed $2,000,000.00; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.8 create, or hold capital stock in, any subsidiary that is not wholly owned (either directly or through one (1)&nbsp;or more other
subsidiaries) by the Corporation, or permit any subsidiary to create, or authorize the creation of, or issue or obligate itself to issue, any shares of any class or series of capital stock, or sell, transfer or otherwise dispose of any capital stock
of any direct or indirect subsidiary of the Corporation, or permit any direct or indirect subsidiary to sell, lease, transfer, exclusively license or otherwise dispose (in a single transaction or series of related transactions) of all or
substantially all of the assets of such subsidiary; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.3.9 increase or decrease the authorized number of directors constituting the
Board of Directors, or change the number of votes entitled to be cast by any director or directors on any matter, or adopt any provision inconsistent with Article Sixth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.4 <U>Series Seed Preferred Stock Protective Provisions</U>. At any time when shares of Series Seed Preferred Stock are outstanding, the
Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or otherwise, do any of the following without (in addition to any other vote required by law or this Fifth Amended and
Restated Certificate of Incorporation) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Series Seed Preferred Stock given in writing or by vote at a meeting, consenting or voting (as the case may be)
separately as a class, and any such&nbsp;act or transaction entered into without such consent or vote shall be null and void <I>ab initio</I>, and of no force or effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.4.1 amend, alter or repeal any provision of this Fifth Amended and Restated Certificate of Incorporation or Bylaws of the Corporation in a
manner that adversely affects the powers, preferences or special rights of the Series Seed Preferred Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.5 <U>Series A Preferred Stock Protective Provisions</U>. At any time when shares of
Series A Preferred Stock are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or otherwise, do any of the following without (in addition to any other vote
required by law or this Fifth Amended and Restated Certificate of Incorporation) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Series A Preferred Stock given in writing or by vote at a meeting,
consenting or voting (as the case may be) separately as a class, and any such&nbsp;act or transaction entered into without such consent or vote shall be null and void <I>ab initio</I>, and of no force or effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.5.1 amend, alter or repeal any provision of this Fifth Amended and Restated Certificate of Incorporation or Bylaws of the Corporation in a
manner that adversely affects the powers, preferences or special rights of the Series A Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.6 <U>Series <FONT
STYLE="white-space:nowrap">A-1</FONT> Preferred Stock Protective Provisions</U>. At any time when shares of Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock are outstanding, the Corporation shall not, either directly or indirectly
by amendment, merger, consolidation, recapitalization, reclassification, or otherwise, do any of the following without (in addition to any other vote required by law or this Fifth Amended and Restated Certificate of Incorporation) the written
consent or affirmative vote of the holders of a majority of the outstanding shares of Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock given in writing or by vote at a meeting, consenting or voting (as the case may be) separately
as a class, and any such&nbsp;act or transaction entered into without such consent or vote shall be null and void <I>ab initio</I>, and of no force or effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.6.1 amend, alter or repeal any provision of this Fifth Amended and Restated Certificate of Incorporation or Bylaws of the Corporation in a
manner that affects the powers, preferences or special rights of the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock (a)&nbsp;adversely, and (b)&nbsp;disproportionately relative to the Series A Preferred Stock. For the avoidance
of doubt, any such change to the powers, preferences or special rights of the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock that also applies to the Senior Preferred Stock in a substantially similar fashion shall not require the
specific approval of the holders of Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock pursuant to this <U>Section</U><U></U><U>&nbsp;3.6</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.7 <U>Series B Preferred Stock Protective Provisions</U>. At any time when shares of Series B Preferred Stock are outstanding, the
Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or otherwise, do any of the following without (in addition to any other vote required by law or this Fifth Amended and
Restated Certificate of Incorporation) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Series B Preferred Stock (the &#147;<B>Requisite Series B Holders</B>&#148;) given in writing or by vote at a
meeting, consenting or voting (as the case may be) separately as a class, and any such&nbsp;act or transaction entered into without such consent or vote shall be null and void <I>ab initio</I>, and of no force or effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.7.1 amend, alter, waive or repeal any provision of this Fifth Amended and Restated Certificate of Incorporation or Bylaws of the
Corporation in a manner that adversely affects the powers, preferences or special rights of the Series B Preferred Stock; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.7.2 increase or decrease the number of authorized shares of Series B Preferred Stock;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.7.3 create or issue or obligate itself to issue shares of, or reclassify, any capital stock unless the same ranks <I>pari passu
</I>with, or junior to, the Series B Preferred Stock with respect to its special rights, powers and preferences; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.7.4 pay or declare
any dividend or make any distribution on, any shares of capital stock of the Corporation other than (i)&nbsp;dividends or distributions on the Preferred Stock as expressly authorized herein, or (ii)&nbsp;dividends or other distributions payable on
the Common Stock solely in the form of additional shares of Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.8 <U>Partner Preferred Stock Protective Provisions</U>. At
any time when shares of Partner Preferred Stock are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or otherwise, do any of the following without (in
addition to any other vote required by law or this Fifth Amended and Restated Certificate of Incorporation) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Partner Preferred Stock given in writing or
by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such&nbsp;act or transaction entered into without such consent or vote shall be null and void <I>ab initio</I>, and of no force or effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">3.8.1 amend, alter or repeal any provision of this Fifth Amended and Restated Certificate of Incorporation or Bylaws of the Corporation in a
manner that affects the powers, preferences or rights of the Partner Preferred Stock (a)&nbsp;adversely, and (b)&nbsp;disproportionately relative to the Senior Preferred Stock. For the avoidance of doubt, any such change to the powers, preferences
or rights of the Partner Preferred Stock that also applies to the Senior Preferred Stock in a substantially similar fashion shall not require the specific approval of the holders of Partner Preferred Stock pursuant to this
<U>Section</U><U></U><U>&nbsp;3.8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. <U>Optional Conversion</U>. The holders of the Preferred Stock shall have conversion rights as
follows (the &#147;<B>Conversion Rights</B>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.1 <U>Right to Convert</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.1.1 <U>Conversion Ratio</U>. Each share of Series B Preferred Stock shall be convertible, at the option of the holder thereof, at any time
and from time to time, and without the payment of additional consideration by the holder thereof, into such whole number of fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Common Stock (subject to the rounding of
fractional shares as provided in <U>Section</U><U></U><U>&nbsp;4.2</U> below) as is determined by dividing the Series B Original Issue Price by the Series B Conversion Price (as defined below) in effect at the time of conversion. Each share of
Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such
number of fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Common Stock as is determined by dividing the Series <FONT STYLE="white-space:nowrap">A-1</FONT> Original Issue Price by the Series <FONT
STYLE="white-space:nowrap">A-1</FONT> Conversion Price (as defined below) in effect at the time of conversion. Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and
without the payment of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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additional consideration by the holder thereof, into such number of fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Common Stock as is determined by dividing the
Series A Original Issue Price by the Series A Conversion Price (as defined below) in effect at the time of conversion. Each share of Series Seed Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to
time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Common Stock as is determined by dividing the Series Seed Original
Issue Price by the Series Seed Conversion Price (as defined below) in effect at the time of conversion. Each share of Partner Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without
the payment of additional consideration by the holder thereof, into such number of fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Common Stock as is determined by dividing the Partner Preferred Original Issue Price
by the Partner Preferred Conversion Price (as defined below) in effect at the time of conversion. The &#147;<B>Series B Conversion Price</B>&#148; shall initially be equal to $4.00. The &#147;<B>Series <FONT STYLE="white-space:nowrap">A-1</FONT>
Conversion Price</B>&#148; shall initially be equal to $4.00. The <B>Series A Conversion Price</B>&#148; shall initially be equal to $2.00, the &#147;<B>Series Seed Conversion Price</B>&#148; shall initially be equal to $1.00, and the
&#147;<B>Partner Preferred Conversion Price</B>&#148; shall initially be equal to $2.00, and each of the Series B Conversion Price, Series <FONT STYLE="white-space:nowrap">A-1</FONT> Conversion Price, Series A Conversion Price, Series Seed
Conversion Price and Partner Preferred Conversion Price may be referred to as a &#147;<B>Conversion Price</B>,&#148; as applicable to the Series B Preferred Stock, Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock, Series A
Preferred Stock, Series Seed Preferred Stock, and Partner Preferred Stock, respectively. Such initial Conversion Price, and the rate at which shares of a series of Preferred Stock may be converted into shares of Common Stock, shall be subject to
adjustment as provided below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.1.2 <U>Termination of Conversion Rights</U>. In the event of a notice of redemption of any shares of
Preferred Stock pursuant to <U>Section</U><U></U><U>&nbsp;2.3.2(c)</U>, the Conversion Rights of the shares designated for redemption shall terminate at the close of business on the last full day preceding the last date fixed for redemption, unless
the redemption price is not fully paid on such redemption date, in which case the Conversion Rights for such shares shall continue until such price is paid in full. In the event of a liquidation, dissolution or winding up of the Corporation or a
Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the last date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock; provided
that the foregoing termination of Conversion Rights shall not affect the amount(s) otherwise paid or payable in accordance with <U>Section</U><U></U><U>&nbsp;2.1</U> to holders of Preferred Stock pursuant to such liquidation, dissolution or winding
up of the Corporation or a Deemed Liquidation Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.2 <U>Number of Shares Issuable Upon Conversion</U>. The number of shares of
Common Stock issuable to a holder of Preferred Stock upon conversion of such Preferred Stock shall be the nearest whole share, after aggregating all fractional interests in shares of Common Stock that would otherwise be issuable upon conversion of
all shares of that same series of Preferred Stock being converted by such holder (with any fractional interests after such aggregation representing 0.5 or greater of a whole share being entitled to a whole share). For the avoidance of doubt, no
fractional interests in shares of Common Stock shall be created or issuable as a result of the conversion of the Preferred Stock pursuant to <U>Section</U><U></U><U>&nbsp;4.1.1</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.3 <U>Mechanics of Conversion</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.3.1 <U>Notice of Conversion</U>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of
Common Stock, such holder shall (a)&nbsp;provide written notice to the Corporation&#146;s transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own
transfer agent) that such holder elects to convert all or any number of such holder&#146;s shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder&#146;s shares are certificated,
surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the
Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the
principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder&#146;s name or the names of the nominees in which such holder wishes the shares of Common Stock to be issued. If required
by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its
attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate
affidavit and agreement) shall be the time of conversion (the &#147;<B>Conversion Time</B>&#148;), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The
Corporation shall, as soon as practicable after the Conversion Time (i)&nbsp;issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable
upon such conversion in accordance with the provisions hereof and a certificate for the number (if any) of the shares of Preferred Stock represented by the surrendered certificate that were not converted into Common Stock, and (ii)&nbsp;pay all
declared but unpaid dividends on the shares of Preferred Stock converted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.3.2 <U>Reservation of Shares</U>. The Corporation shall at
all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of
Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of
all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such
purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Fifth Amended and Restated Certificate of Incorporation. Before taking any action that would cause an
adjustment reducing the Conversion Price for any series of Preferred Stock below the then par value of the shares of Common Stock issuable upon conversion of such series of Preferred Stock, the Corporation will take any corporate action which may,
in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Common Stock at such adjusted Conversion Price. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.3.3 <U>Effect of Conversion</U>. All shares of Preferred Stock which shall have been
surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to
receive shares of Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and
the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.3.4 <U>No Further Adjustment</U>. Upon any such conversion, no adjustment to the Conversion Price shall be made for any declared but unpaid
dividends on the Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.3.5 <U>Taxes</U>. The
Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this Section&nbsp;4. The Corporation shall
not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered,
and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been
paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.4 <U>Adjustments to Conversion Price for Diluting Issues</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.4.1 <U>Special Definitions</U>. For purposes of this Article Fourth, the following definitions shall apply: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) &#147;<B>Additional Shares of Common Stock</B>&#148; shall mean all shares of Common Stock issued (or, pursuant to
Section&nbsp;4.4.3 below, deemed to be issued) by the Corporation after the Original Issue Date (as defined below), other than (1)&nbsp;the following shares of Common Stock and (2)&nbsp;shares of Common Stock deemed issued pursuant to the following
Options and Convertible Securities (clauses (1)&nbsp;and (2), collectively, &#147;<B>Exempted Securities</B>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(i)
as to any series of Preferred Stock, shares of Common Stock, Options or Convertible Securities issued as a dividend or distribution on such series of Preferred Stock (including dividends payable in connection with dividends on other classes or
series of stock); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(ii) shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock
split, <FONT STYLE="white-space:nowrap">split-up</FONT> or other distribution on shares of Common Stock that is covered by <U>Section</U><U></U><U>&nbsp;4.5, 4.6, 4.7 or 4.8</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(iii) shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or
any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Requisite Directors; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(iv) shares of Common Stock or Convertible Securities actually issued upon
the exercise of Options or shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(v) shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial
institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Requisite Directors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(vi) shares of Common Stock, Options or Convertible Securities issued to suppliers or third-party service providers in
connection with the provision of goods or services pursuant to transactions approved by the Requisite Directors; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(vii)
shares of Common Stock, Options or Convertible Securities issued as acquisition consideration pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to
a joint venture agreement, provided that such issuances are approved by the Requisite Directors; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(viii) shares of
Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships approved by the Requisite Directors.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b) &#147;<B>Convertible Securities</B>&#148; shall mean any evidences of indebtedness, shares or other securities
directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(c)
&#147;<B>Option</B>&#148; shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(d) &#147;<B>Original Issue Date</B>&#148; shall mean the date on which the first share of Series B Preferred Stock was
issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.4.2 <U>No Adjustment of Conversion Price</U>. No adjustment in the Conversion Price of one or more series of Preferred Stock
(other than the Series B Preferred Stock) shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Holders agreeing that no such adjustment
shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. No adjustment in the Conversion Price applicable to the Series B Preferred Stock shall be made as the result of the issuance or deemed issuance
of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Series B Holders agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common
Stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.4.3 <U>Deemed Issue of Additional Shares of Common Stock</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) If the Corporation at any time or from time to time after the Original Issue Date shall issue any Options or Convertible
Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities,
then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained
therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be
Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion
Price of any series of Preferred Stock pursuant to the terms of <U>Section</U><U></U><U>&nbsp;4.4.4</U>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security
(but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1)&nbsp;any increase or decrease in the number of shares of Common Stock issuable upon
the exercise, conversion and/or exchange of any such Option or Convertible Security or (2)&nbsp;any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such
increase or decrease becoming effective, the Conversion Price of such series of Preferred Stock computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be
readjusted to such Conversion Price of such series of Preferred Stock as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no
readjustment pursuant to this <U>clause</U><U></U><U>&nbsp;(b)</U> shall have the effect of increasing the Conversion Price applicable to a series of Preferred Stock to an amount which exceeds the lower of (i)&nbsp;the Conversion Price of such
series of Preferred Stock in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii)&nbsp;the Conversion Price of such series of Preferred Stock that would have resulted
from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment
date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(c) If the terms of any Option or Convertible Security (excluding Options
or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price of a series of Preferred Stock pursuant to the terms of <U>Section</U><U></U><U>&nbsp;4.4.4</U>
(either because the consideration per share (determined pursuant to <U>Section</U><U></U><U>&nbsp;4.4.5</U>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the applicable Conversion Price then in effect, or
because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or
Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1)&nbsp;any increase in the number of shares of Common Stock
issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2)&nbsp;any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible
Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in <U>Section</U><U></U><U>&nbsp;4.4.3(a)</U> shall be deemed to have been issued effective upon such increase or
decrease becoming effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(d) Upon the expiration or termination of any unexercised Option or unconverted or
unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price of any series of Preferred Stock pursuant to the terms of
<U>Section</U><U></U><U>&nbsp;4.4.4</U>, the Conversion Price of such series of Preferred Stock shall be readjusted to such Conversion Price for such series of Preferred Stock as would have obtained had such Option or Convertible Security (or
portion thereof) never been issued. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(e) If the number of shares of Common Stock issuable upon the exercise, conversion
and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject
to adjustment based upon subsequent events, any adjustment to the Conversion Price of a series of Preferred Stock provided for in this <U>Section</U><U></U><U>&nbsp;4.4.3</U> shall be effected at the time of such issuance or amendment based on such
number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in <U>clauses (b)</U>&nbsp;and <U>(c)</U> of this
<U>Section</U><U></U><U>&nbsp;4.4.3</U>). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise,
conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price of a series of Preferred Stock that would result under the terms of this
<U>Section</U><U></U><U>&nbsp;4.4.3</U> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming
for purposes of calculating such adjustment to the Conversion Price for such series of Preferred Stock that such issuance or amendment took place at the time such calculation can first be made. In the event an Option or Convertible Security contains
alternative conversion terms, such as a cap on the valuation of the Corporation at which such conversion will be effected, or circumstances where the Option or Convertible Security may be repaid in lieu of conversion, then the number of shares of
Common Stock issuable upon the exercise, conversion and/or exchange of such Option or Convertible Security shall be deemed not calculable until such time as the applicable conversion terms are determined. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.4.4 <U>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common
Stock</U>. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to Section&nbsp;4.4.3), without consideration
or for a consideration per share less than the Conversion Price of a series of Preferred Stock in effect immediately prior to such issuance or deemed issuance, then the Conversion Price for such series of Preferred Stock shall be reduced,
concurrently with such issue, to a price (calculated to the nearest <FONT STYLE="white-space:nowrap">one-hundredth</FONT> of a cent) determined in accordance with the following formula: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CP2 = CP1* (A + B) &divide; (A + C). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
purposes of the foregoing formula, the following definitions shall apply: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) &#147;CP<SUB
STYLE="font-size:75%; vertical-align:bottom">2</SUB>&#148; shall mean the Conversion Price of such series of Preferred Stock in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b) &#147;CP<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB>&#148; shall mean the Conversion Price of such series of
Preferred Stock in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(c)
&#147;A&#148; shall mean the number of shares of Common Stock outstanding immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon
exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or exchange of Convertible Securities (including the Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor)
immediately prior to such issuance or deemed issuance); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(d) &#147;B&#148; shall mean the number of shares of Common Stock
that would have been issued if such Additional Shares of Common Stock had been issued or deemed issued at a price per share equal to CP<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB> (determined by dividing the aggregate consideration
received by the Corporation in respect of such issue by CP<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB>); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(e) &#147;C&#148; shall mean the number of such Additional Shares of Common Stock issued in such transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.4.5 <U>Determination of Consideration</U>. For purposes of this Section&nbsp;4.4, the consideration received by the Corporation for the
issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) <U>Cash and
Property</U>. Such consideration shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(i) insofar as it consists of cash, be computed at the aggregate amount of cash
received by the Corporation, excluding amounts paid or payable for accrued interest; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(ii) insofar as it consists of property other than cash, be computed at the
fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(iii) in
the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in
clauses (i)&nbsp;and (ii) above, as determined in good faith by the Board of Directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b) <U>Options and Convertible
Securities</U>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <U>Section</U><U></U><U>&nbsp;4.4.3</U>, relating to Options and Convertible Securities, shall be
determined by dividing: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(i) The total amount, if any, received or receivable by the Corporation as consideration for the
issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such
consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities
and the conversion or exchange of such Convertible Securities, by </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(ii) the maximum number of shares of Common Stock (as
set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or
in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">4.4.6 <U>Multiple Closing Dates</U>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that
are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price of a series of Preferred Stock pursuant to the terms of <U>Section</U><U></U><U>&nbsp;4.4.4</U>, and such issuance dates
occur within a period of no more than one hundred eighty (180)&nbsp;days from the first such issuance to the final such issuance, then, upon the final such issuance, the Conversion Price for such series of Preferred Stock shall be readjusted to give
effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.5 <U>Adjustment for Stock Splits and Combinations</U>. If the Corporation shall at any
time or from time to time after the Original Issue Date effect a subdivision of the outstanding Common Stock, the Conversion Price of each series of Preferred Stock in effect immediately before that subdivision shall be proportionately decreased so
that the number of shares of Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or
from time to time after the Original Issue Date combine the outstanding shares of Common Stock, the Conversion Price of each series of Preferred Stock in effect immediately before the combination shall be proportionately increased so that the number
of shares of Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this
<U>Section</U><U></U><U>&nbsp;4.5</U> shall become effective at the close of business on the date the subdivision or combination becomes effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.6 <U>Adjustment for Certain Dividends and Distributions</U>. In the event the Corporation at any time or from time to time after the
Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each
such event the Conversion Price of each series of Preferred Stock in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on
such record date, by multiplying the Conversion Price of each such series of Preferred Stock then in effect by a fraction: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, (a)&nbsp;if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully
made on the date fixed therefor, the Conversion Price of each such series of Preferred Stock shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price of each such series of Preferred Stock
shall be adjusted pursuant to this Section as of the time of actual payment of such dividends or distributions; and (b)&nbsp;that no such adjustment shall be made if the holders of such series of Preferred Stock simultaneously receive a dividend or
other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of such series of Preferred Stock had been converted into Common Stock on the date of such
event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.7 <U>Adjustments for Other Dividends and Distributions</U>. In the event the Corporation at any time or from time to time after
the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of
Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of Section&nbsp;1 do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive,
simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all
outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.8 <U>Adjustment for Merger or Reorganization, etc</U>. Subject to the provisions of
<U>Section</U><U></U><U>&nbsp;2.3</U>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not the Preferred Stock) is converted into or
exchanged for securities, cash or other property (other than a transaction covered by <U>Sections 4.4,</U> <U>4.6</U> or<U> 4.7</U>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of
Preferred Stock shall thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock
issuable upon conversion of one (1)&nbsp;share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such
case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this Section&nbsp;4 with respect to the rights and interests thereafter of the holders of the Preferred Stock,
to the end that the provisions set forth in this Section&nbsp;4 (including provisions with respect to changes in and other adjustments of the Conversion Price of each series of Preferred Stock) shall thereafter be applicable, as nearly as reasonably
may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.9
<U>Certificate as to Adjustments</U>. Upon the occurrence of each adjustment or readjustment of the Conversion Price of a series of Preferred Stock pursuant to this Section&nbsp;4, the Corporation at its expense shall, as promptly as reasonably
practicable but in any event not later than ten (10)&nbsp;days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of such series of Preferred Stock a certificate setting forth such
adjustment or readjustment (including the kind and amount of securities, cash or other property into which such series of Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The
Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than ten (10)&nbsp;days thereafter), furnish or cause to be furnished to such holder a
certificate setting forth (i)&nbsp;the Conversion Price then in effect for each series of Preferred Stock held by such holder, and (ii)&nbsp;the number of shares of Common Stock and the amount, if any, of other securities, cash or property which
then would be received upon the conversion of each such series of Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.10 <U>Notice of Record Date</U>. In the event: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time
issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or series or
any other securities, or to receive any other security; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b) of any capital reorganization of the Corporation, any reclassification
of the Common Stock, or any Deemed Liquidation Event; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(c) of the voluntary or involuntary dissolution, liquidation or <FONT
STYLE="white-space:nowrap">winding-up</FONT> of the Corporation, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then, and in each such case, the Corporation will send or cause to be sent to the
holders of the Preferred Stock a notice specifying, as the case may be, (i)&nbsp;the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii)&nbsp;the effective date on which
such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or <FONT STYLE="white-space:nowrap">winding-up</FONT> is proposed to take place, and the time, if any is to be fixed, as of which the holders of record
of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or
other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or <FONT STYLE="white-space:nowrap">winding-up,</FONT> and the amount per share and character of such exchange
applicable to the Preferred Stock and the Common Stock. Such notice shall be sent at least ten (10)&nbsp;days prior to the record date or effective date for the event specified in such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. <U>Mandatory Conversion</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.1 <U>Trigger Events</U>. All outstanding shares of Preferred Stock shall automatically be converted into shares of Common Stock, at the
then effective conversion rate as calculated pursuant to <U>Sections</U><U></U><U>&nbsp;4.1.1</U> and <U>4.2</U>, upon the earliest to occur of (the time of such conversion is referred to herein as the &#147;<B>Mandatory Conversion Time</B>&#148;):
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(a) immediately prior to the closing of the sale of shares of Common Stock to the public at a per share price of at least
three (3)&nbsp;times the Series A Original Issue Price (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment
underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50,000,000 of gross proceeds to the Corporation and in connection with such offering the shares of
Common Stock are listed for trading on the Nasdaq Stock Market, the New York Stock Exchange or another exchange or marketplace approved by the Requisite Directors (a &#147;<B>Qualified IPO</B>&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(b) the date and time, or upon the occurrence of an event, specified by vote or written consent of the Requisite Holders,
which, for so long as shares of Series B Preferred Stock are outstanding, must include the Requisite Series B Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.2 <U>Procedural
Requirements</U>. All holders of record of shares of Preferred Stock (or the applicable series thereof) shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred
Stock pursuant to this Section&nbsp;5. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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being converted that holds such shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that
such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the
alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument
or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to
<U>Section</U><U></U><U>&nbsp;5.1</U>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof
to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items
provided for in the next sentence of this <U>Section</U><U></U><U>&nbsp;5.2</U>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and
agreement) for Preferred Stock, the Corporation shall (a)&nbsp;issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable on such conversion in accordance
with the provisions hereof or issue and deliver to such holder, or it his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common
Stock issuable upon such conversion in accordance with the provisions hereof; and (b)&nbsp;pay any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be
reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. [<U>RESERVED</U>]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.
<U>Redeemed or Otherwise Acquired Shares</U>. Unless approved by the Board of Directors and the Requisite Holders, any shares of Preferred Stock that are redeemed, converted or otherwise acquired by the Corporation or any of its subsidiaries shall
be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following
redemption, conversion or acquisition. The Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. <U>Waiver</U>. Except as otherwise set forth herein, (a)&nbsp;any of the rights, powers, preferences and other terms of the Preferred Stock
set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders that would otherwise be required to amend such right, powers, preferences, and other terms, and (b)&nbsp;at any time
more than one series of Preferred Stock is issued and outstanding, any of the rights, powers, preferences and other terms of any series of Preferred Stock set forth herein may be waived on behalf of all holders of such series of Preferred Stock by
the affirmative written consent or vote of the holders of a majority of the shares of such series of Preferred Stock then outstanding; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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provided that <U>Section</U><U></U><U>&nbsp;3.7</U>, the second sentence of <U>Section</U><U></U><U>&nbsp;4.4.2</U>, <U>Section</U><U></U><U>&nbsp;5.1(b)</U> (as it applies specifically to the
Series B Preferred Stock), this proviso and any other provision of this Fifth Amended and Restated Certificate of Incorporation applying specifically to the Series B Preferred Stock may not be waived without the affirmative written consent or vote
of the Requisite Series B Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9. <U>Notices</U>. Any notice required or permitted by the provisions of this Article Fourth to be
given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic transmission in compliance with the provisions of the General
Corporation Law, and shall be deemed sent upon such mailing or electronic transmission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>FIFTH: </B>Subject to any
additional vote required by this Fifth Amended and Restated Certificate of Incorporation or Bylaws, in furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend
and rescind any or all of the Bylaws of the Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SIXTH: </B>Subject to any additional vote required by this
Fifth Amended and Restated Certificate of Incorporation, the number of directors of the Corporation shall be determined in the manner set forth in the Bylaws of the Corporation. Each director shall be entitled to one (1)&nbsp;vote on each matter
presented to the Board of Directors; provided, however, that, so long as the holders of Preferred Stock (or one or more series thereof) are entitled to elect at least one Preferred Director, the affirmative vote of a majority of the Preferred
Directors in office shall be required for the authorization by the Board of Directors of any of the matters set forth in Section&nbsp;5.5 of the Corporation&#146;s Third Amended and Restated Investors&#146; Rights Agreement, dated on or about the
Original Issue Date, as the same may be amended from time to time in accordance with its terms, by and among the Corporation and the other parties thereto, as such agreement may be amended from time to time, to the extent required by such provision
and if any Preferred Directors are then serving. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SEVENTH: </B>Elections of directors need not be by written ballot
unless the Bylaws of the Corporation shall so provide. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>EIGHTH: </B>Meetings of stockholders may be held within or
outside of the State of Delaware, as the Bylaws of the Corporation may provide. The books of the Corporation may be kept (subject to any provision of applicable law) outside of the State of Delaware at such place or places or in such manner or
manners as may be designated from time to time by the Board of Directors or in the Bylaws of the Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NINTH:
</B>To the fullest extent permitted by law, a director or officer of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer. If the General
Corporation Law or any other law of the State of Delaware is amended after approval by the stockholders of this Article Ninth to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the
liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any amendment, repeal or elimination of the foregoing provisions of this Article Ninth by
the stockholders of the Corporation shall not adversely affect any right or protection of a director or officer of the Corporation existing at the time of, or increase the liability of any director or officer of the Corporation with respect to any
acts or omissions of such director or officer occurring prior to, such amendment, repeal or elimination. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>TENTH: </B>To
the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which the General Corporation
Law permits the Corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise
permitted by Section&nbsp;145 of the General Corporation Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any amendment, repeal, modification or elimination of the foregoing
provisions of this Article Tenth shall not (a)&nbsp;adversely affect any right or protection of any director, officer or other agent of the Corporation existing at the time of such amendment, repeal, modification or elimination, or (b)&nbsp;increase
the liability of any director, officer or agent of the Corporation with respect to any acts or omissions of such director, officer or agent occurring prior to, such amendment, repeal, modification or elimination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>ELEVENTH: </B>The Corporation renounces, to the fullest extent permitted by law, any interest or expectancy of the
Corporation in, or in being offered an opportunity to participate in, any Excluded Opportunity. An &#147;<B>Excluded Opportunity</B>&#148; is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which
otherwise comes into the possession of (i)&nbsp;any director of the Corporation who is not an employee of the Corporation or any of its subsidiaries, or (ii)&nbsp;any holder of Preferred Stock or any partner, member, director, stockholder, employee,
affiliate or agent of any such holder, other than someone who is an employee of the Corporation or any of its subsidiaries (collectively, the persons referred to in clauses (i)&nbsp;and (ii) are &#147;<B>Covered Persons</B>&#148;), unless such
matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person&#146;s capacity as a director of the Corporation while
such Covered Person is performing services in such capacity. Any repeal or modification of this Article Eleventh will only be prospective and will not affect the rights under this Article Eleventh in effect at the time of the occurrence of any
actions or omissions to act giving rise to liability. Notwithstanding anything to the contrary contained elsewhere in this Fifth Amended and Restated Certificate of Incorporation, in addition to any other vote required by law or this Fifth Amended
and Restated Certificate of Incorporation, the affirmative vote of the Requisite Holders will be required to amend or repeal, or to adopt any provisions inconsistent with this Article Eleventh. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>TWELFTH: </B>Unless the Corporation consents in writing to the selection
of an alternative forum, the Court of Chancery in the State of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i)&nbsp;any derivative action or proceeding brought on behalf of the
Corporation, (ii)&nbsp;any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation&#146;s stockholders, (iii)&nbsp;any action asserting a claim
against the Corporation, its directors, officers or employees arising pursuant to any provision of the General Corporation Law or the Corporation&#146;s certificate of incorporation or bylaws or (iv)&nbsp;any action asserting a claim against the
Corporation, its directors, officers or employees governed by the internal affairs doctrine or that otherwise relates to the internal affairs of the Corporation, except for, as to each of (i)&nbsp;through (iv) above, any claim as to which the Court
of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten (10)&nbsp;days
following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction. If any provision or provisions of this
Article Twelfth shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such
provisions in any other circumstance and of the remaining provisions of this Article Twelfth (including, without limitation, each portion of any sentence of this Article Twelfth containing any such provision held to be invalid, illegal or
unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8194; *&#8194; * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. That the
foregoing amendment and restatement was approved by the holders of the requisite number of shares of this corporation in accordance with Section&nbsp;228 of the General Corporation Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. That this Fifth Amended and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of this
Corporation&#146;s Fourth Amended and Restated Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Fifth Amended and Restated Certificate of Incorporation has
been executed by a duly authorized officer of this corporation on this 18th day of September 2024. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew Roden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Matthew Roden, Chief Executive Officer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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<TYPE>EX-3.2
<SEQUENCE>4
<FILENAME>d875386dex32.htm
<DESCRIPTION>EX-3.2
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF AMENDMENT TO THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIFTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Aktis Oncology, Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, DOES
HEREBY CERTIFY: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">FIRST: That the Board of Directors of Aktis Oncology, Inc. has adopted resolutions setting forth proposed amendments to
the Fifth Amended and Restated Certificate of Incorporation of said corporation, declaring said amendments to be advisable and recommending said amendments to the stockholders of the corporation for consideration thereof. The resolutions setting
forth the proposed amendments are as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>RESOLVED</U>: That it is advisable and in the best interests of the Corporation to amend
the Corporation&#8217;s Fifth Amended and Restated Certificate of Incorporation (the &#8220;<B>Certificate of lncorporation</B>&#8221;) as set forth below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The first sentence immediately following the heading &#8220;<B>FOURTH</B><B>:</B>&#8221;, at the beginning of
Article FOURTH, shall be deleted with the following inserted in its place: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:22%; font-size:10pt; font-family:Times New Roman">&#8220;The total number of shares of all
classes of stock which the Corporation shall have authority to issue is 286,367,500. The Corporation has two classes of stock, referred to as Common Stock and Preferred Stock. There are (i) 156,800,000 shares of authorized Common Stock, $0.0001 par
value per share (&#8220;<B>Common Stock</B>&#8221;), and (ii) 129,567,500 shares of authorized Preferred Stock, $0.0001 par value per share (&#8220;<B>Preferred Stock</B>&#8221;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">SECOND: That thereafter, in lieu of meeting and vote of the stockholders, the stockholders have given written consent to the foregoing
resolutions and amendments in accordance with Section&nbsp;228 of the General Corporation Law of the State of Delaware. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">THIRD: That said
amendments were duly adopted in accordance with the provisions of Section&nbsp;242 of the General Corporation Law of the State of Delaware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows]</I> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, said Aktis Oncology, Inc. has caused this Certificate to be signed by a
duly authorized officer of this Corporation on this 11th day of November 2025. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AKTIS ONCOLOGY, INC.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew Roden, Ph.D.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Matthew Roden, Ph.D.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Chief Executive Officer</TD></TR>
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<TYPE>EX-3.4
<SEQUENCE>5
<FILENAME>d875386dex34.htm
<DESCRIPTION>EX-3.4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF INCORPORATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Aktis Oncology, Inc., a corporation organized and existing under the laws of the State of Delaware (the &#8220;Corporation&#8221;),
hereby certifies as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The name of the Corporation is Aktis Oncology, Inc. The date of the filing of its original Certificate of
Incorporation with the Secretary of State of the State of Delaware was August&nbsp;18, 2020 (the &#8220;Original Certificate&#8221;). The name under which the Corporation filed the Original Certificate was HotKnot Therapeutics, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. This Amended and Restated Certificate of Incorporation (the &#8220;Certificate&#8221;) amends, restates and integrates the provisions of
the Sixth Amended and Restated Certificate of Incorporation that was filed with the Secretary of State of the State of Delaware on [&#149;], 2025 (the &#8220;Sixth Amended and Restated Certificate&#8221;), and was duly adopted in accordance with the
provisions of Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware (the &#8220;DGCL&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The text of
the Sixth Amended and Restated Certificate is hereby amended and restated in its entirety to provide as herein set forth in full. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE
I </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The name of the Corporation is Aktis Oncology, Inc. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The address of the
Corporation&#8217;s registered office in the State of Delaware is c/o The Corporation Trust Company, 1209 Orange Street in the City of Wilmington, County of New Castle, 19801. The name of its registered agent at such address is The Corporation Trust
Company. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the DGCL. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CAPITAL STOCK </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The total
number of shares of capital stock which the Corporation shall have authority to issue is five hundred million (500,000,000), comprised of three classes as follows: (i)&nbsp;four hundred ninety million (490,000,000) shares shall be a class designated
as common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;), (ii) ten million (10,000,000) shares shall be a class designated as Class&nbsp;A common stock, par value $0.0001 per share (the &#8220;Class&nbsp;A Common Stock&#8221;)
and (iii)&nbsp;ten million (10,000,000) shares shall be a class designated as preferred stock, par value $0.0001 per share (the &#8220;Preferred Stock&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided in any certificate of designations of any series of Preferred Stock, the number of authorized shares of Common
Stock, Class&nbsp;A Common Stock or Preferred Stock may be increased or decreased (but not below the number of shares of such class then outstanding) without the separate class vote of the holders of the Common Stock, Class&nbsp;A Common Stock or
Preferred Stock, respectively, otherwise provided by Section&nbsp;242(b)(2) of the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The powers, preferences and rights of, and the
qualifications, limitations and restrictions upon, each class or series of stock shall be determined in accordance with, or as set forth below in, this Article&nbsp;IV. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">A. <U>COMMON STOCK; CLASS A COMMON STOCK</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to all the rights, powers and preferences of the Preferred Stock and except as provided by law or in this Certificate (or in any
certificate of designations of any series of Preferred Stock): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) the holders of the Common Stock shall have the exclusive right to vote
for the election of directors of the Corporation (the &#8220;Directors&#8221;) and on all other matters requiring stockholder action, each outstanding share entitling the holder thereof to one vote on each matter properly submitted to the
stockholders of the Corporation for their vote; <U>provided</U>, <U>however</U>, that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate (or on any amendment to
a certificate of designations of any series of Preferred Stock) that alters or changes the powers, preferences, rights or other terms of one or more outstanding series of Class&nbsp;A Common Stock or Preferred Stock if the holders of such affected
series of Class&nbsp;A Common Stock or Preferred Stock are entitled to vote, either separately or together with the holders of one or more other such series, on such amendment pursuant to this Certificate (or pursuant to a certificate of
designations of any series of Preferred Stock) or pursuant to the DGCL; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) the Class&nbsp;A Common Stock shall be <FONT
STYLE="white-space:nowrap">non-voting</FONT> shares, and the holders of the Class&nbsp;A Common Stock, as such, shall not be entitled to vote on any matter, except as required by law or as otherwise provided for in this Certificate; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) shares of Common Stock and Class&nbsp;A Common Stock shall be treated equally,
identically and ratably, on a per share basis, with respect to any dividends or distributions as may be declared and paid from time to time by the Board of Directors out of any assets of the Corporation legally available therefor; provided, however,
that in the event a dividend is paid in the form of shares of Common Stock or Class&nbsp;A Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares), then holders of Common Stock shall be entitled to
receive shares of Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be) and holders of Class&nbsp;A Common Stock shall be entitled to receive shares of Class&nbsp;A Common Stock (or
rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), with holders of shares of Common Stock and Class&nbsp;A Common Stock receiving, on a per share basis, an identical number of shares of Common
Stock or Class&nbsp;A Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), as applicable. Notwithstanding the foregoing, the Board of Directors may pay or make a disparate dividend
or distribution per share of Common Stock or Class&nbsp;A Common Stock (whether in the amount of such dividend or distribution payable per share, the form in which such dividend or distribution is payable, the timing of the payment, or otherwise) if
such disparate dividend or distribution is approved in advance by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock and Class&nbsp;A Common Stock, each voting separately as a class; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the net assets of the Corporation shall be
distributed pro rata to the holders of the Common Stock and Class&nbsp;A Common Stock, treated equally and identically; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) in
connection with any merger or consolidation of the Corporation with or into any other entity, or of any conversion or domestication of the Corporation, shares of Common Stock and shares of Class&nbsp;A Common Stock shall be treated equally,
identically and ratably, on a per share basis, with respect to any consideration into which such shares are converted or any other consideration paid or otherwise distributed to stockholders of the Corporation in the merger, consolidation,
conversion or domestication, unless different treatment of the shares of each class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock and Class&nbsp;A Common Stock, each voting separately as a
class; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) shares of Common Stock or Class&nbsp;A Common Stock may not be subdivided, combined or reclassified unless the shares of
each of the other class are concurrently therewith proportionately subdivided, combined or reclassified in a manner that maintains the same proportionate equity ownership between the holders of the outstanding Common Stock and Class&nbsp;A Common
Stock on the record date for such subdivision, combination or reclassification; provided, however, that shares of one such class may be subdivided, combined or reclassified in a different or disproportionate manner if such subdivision, combination
or reclassification is approved in advance by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock and Class&nbsp;A Common Stock, each voting separately as a class. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">B. <U>CONVERSION OF CLASS A COMMON STOCK</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each holder of shares of Class&nbsp;A Common Stock shall have the right to convert each share of Class&nbsp;A Common Stock held by such
holder into one share of Common Stock at such holder&#8217;s election, which shall be made upon written notice delivered to the Corporation, <U>provided</U> <U>that</U>, the shares of Class&nbsp;A Common Stock may only be converted into shares of
Common Stock during such time or times as immediately prior to or as a result of such conversion would not result in the holder(s) thereof beneficially owning (for purposes of Section&nbsp;13(d) of the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder (collectively, the &#8220;Exchange Act&#8221;)), when aggregated with affiliates, persons acting as a Section&nbsp;13(d) &#8220;group&#8221; together with such holder or an affiliate thereof, and
any other persons whose beneficial ownership of the Corporation&#8217;s Common Stock is required to be aggregated with the holder&#8217;s or its affiliate&#8217;s beneficial ownership for purposes of Section&nbsp;13(d) of the Exchange Act, in excess
of the Beneficial Ownership Limitation. The &#8220;Beneficial Ownership Limitation&#8221; means initially 4.99% of any class of securities of the Corporation registered under the Exchange Act, which percentage may be increased or decreased by a
holder of outstanding shares of Class&nbsp;A Common Stock to such other percentage not in excess of 19.99% as such holder may designate in writing upon notice to the Corporation, provided, however, that any such increase or decrease shall only be
applicable to such holder and any such increase shall not become effective until the sixty-first (61<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>) day after such notice is delivered to the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. In order for a holder of Series A Common Stock to voluntarily convert shares of Class&nbsp;A Common Stock to Common Stock, such holder
shall deliver written notice to the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of the Corporation that such holder elects to convert all or any number of the shares of the Class&nbsp;A Common Stock to
Common Stock. Such notice shall state such holder&#8217;s name or the names of the nominees in which such holder wishes the certificate or certificates for shares of Common Stock to be issued. The close of business on the date of receipt by the
transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice shall be the time of conversion, and the shares of Common Stock issuable upon conversion of the Class&nbsp;A Common Stock set forth in the
notice shall be deemed to be outstanding of record as of such date. If the conversion would result in the issuance of any fractional share of Common Stock or Class&nbsp;A Common Stock, the Corporation shall, in lieu of issuing a fractional share,
after aggregating all fractional shares of Common Stock or Class&nbsp;A Common Stock, as applicable, that a holder would otherwise be entitled to receive, pay cash to such holder equal to the product of such fraction multiplied by the fair market
value of one share of Common Stock or Class&nbsp;A Common Stock, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">one-to-one</FONT></FONT> conversion ratio for the conversion of the Class&nbsp;A Common Stock into Common Stock shall in all events be equitably adjusted in the event of any recapitalization of the Corporation by means of
a stock dividend on, or a stock split or combination of, outstanding Common Stock or Class&nbsp;A Common Stock, or in the event of any merger, consolidation or other reorganization of the Corporation with another corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Corporation shall at all times reserve and keep available out of its authorized but
unissued shares of Common Stock, solely for the purpose of effecting the conversion of the shares of Class&nbsp;A Common Stock, such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all
outstanding shares of Class&nbsp;A Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. If any shares of Class&nbsp;A Common Stock shall be converted pursuant to
this&nbsp;Article IV(B), the shares so converted shall be retired and returned to the authorized but unissued shares of Class&nbsp;A Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">C. <U>PREFERRED STOCK</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Board of Directors or any authorized committee thereof is expressly authorized, to the fullest extent permitted by law, to provide by resolution or resolutions for, out of the undesignated shares of Preferred Stock, the issuance of the shares of
Preferred Stock in one or more series of such stock, and by filing a certificate of designations pursuant to applicable law of the State of Delaware, to establish or change from time to time the number of shares of each such series, and to fix the
designations, powers, including voting powers, full or limited, or no voting powers, preferences and the relative, participating, optional or other special rights of the shares of each series and any qualifications, limitations and restrictions
thereof. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE V </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>STOCKHOLDER ACTION </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<U>Action without Meeting</U>. Any action required or permitted to be taken by the stockholders of the Corporation at any annual or special meeting of stockholders of the Corporation must be effected at a duly called annual or special meeting of
stockholders and may not be taken or effected by a written consent of stockholders in lieu thereof; provided, however, that any action required or permitted to be taken by the holders of Preferred Stock, voting separately as a series or separately
as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided in the resolutions creating such series of Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Special Meetings</U>. Except as otherwise required by statute and subject to the rights, if any, of the holders of any series of
Preferred Stock, special meetings of the stockholders of the Corporation may be called only by the Board of Directors, and special meetings of stockholders may not be called by any other person or persons. Only those matters set forth in the notice
of the special meeting may be considered or acted upon at a special meeting of stockholders of the Corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DIRECTORS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<U>General</U>. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors except as otherwise provided herein or required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Number of Directors; Term of Office</U>. The number of Directors of the Corporation shall be fixed solely and exclusively by resolution
duly adopted from time to time by the Board of Directors. The Directors, other than those who may be elected by the holders of any series of Preferred Stock, shall be classified, with respect to the term for which they severally hold office, into
three classes. The term of office of the initial Class&nbsp;I directors shall expire at the first annual meeting of stockholders following the closing of the Corporation&#8217;s sale of a class of its capital stock to the public pursuant to a
registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> under the Securities Act of 1933, as amended (the &#8220;IPO Time&#8221;). The term of office of the initial Class&nbsp;II directors shall expire at the second annual meeting
of stockholders following the IPO Time. The term of office of the initial Class&nbsp;III directors shall expire at the third annual meeting of stockholders following the IPO Time. The Board of Directors is authorized to assign members of the Board
of Directors already in office to such classes at the time the classification becomes effective. At each annual meeting of stockholders, Directors elected to succeed those Directors whose terms expire shall be elected for a term of office to expire
at the third succeeding annual meeting of stockholders after their election. Notwithstanding the foregoing, the Directors elected to each class shall hold office until their successors are duly elected and qualified or until their earlier
resignation, death or removal; provided, however, that if no successor is being nominated for a director whose term is expiring at an annual meeting and the size of the Board of Directors being reduced at such annual meeting, such Director&#8217;s
term shall end at such annual meeting and such Director shall not hold over until a successor is elected and qualified. Election of Directors need not be by written ballot unless the Bylaws of the Corporation (as amended and/or restated, the
&#8220;Bylaws&#8221;) so provide. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, whenever, pursuant to the provisions of Article&nbsp;IV of this
Certificate, the holders of any one or more series of Preferred Stock shall have the right, voting separately as a series or together with holders of other such series, to elect Directors at an annual or special meeting of stockholders, the
election, term of office, filling of vacancies and other features of such directorships shall be governed by the terms of this Certificate and any certificate of designations applicable to such series. During any period when the holders of any
series of Preferred Stock, voting separately as a series or together with one or more series, have the right to elect additional Directors, then upon commencement and for the duration of the period during which such right continues: (i)&nbsp;the
then otherwise total authorized number of Directors shall automatically be increased by such specified number of Directors, and the holders of such Preferred Stock shall be entitled to elect the additional Directors so provided for or fixed pursuant
to said provisions, and (ii)&nbsp;each such additional Director shall serve until such Director&#8217;s successor shall have been duly elected and qualified, or until such Director&#8217;s right to hold such office terminates pursuant to said
provisions, whichever occurs earlier, subject to his or her earlier death, resignation, disqualification or removal. Except as otherwise provided by the </P>
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Board of Directors in the resolution or resolutions establishing such series, whenever the holders of any series of Preferred Stock having such right to elect additional Directors are divested of
such right pursuant to the provisions of such stock, the terms of office of all such additional Directors elected by the holders of such stock, or elected to fill any vacancies resulting from the death, resignation, disqualification or removal of
such additional Directors, shall forthwith terminate (in which case each such Director thereupon shall cease to be qualified as, and shall cease to be, a Director) and the total authorized number of Directors shall automatically be reduced
accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Vacancies and Newly Created Directorships</U>. Subject to the rights, if any, of the holders of any series of
Preferred Stock to elect Directors and to fill vacancies in the Board of Directors relating thereto, any and all vacancies in the Board of Directors, however occurring, including, without limitation, by reason of an increase in the size of the Board
of Directors, or the death, resignation, disqualification or removal of a Director, shall be filled solely and exclusively by the affirmative vote of a majority of the remaining Directors then in office, even if less than a quorum of the Board of
Directors, and not by the stockholders. Any Director appointed in accordance with the preceding sentence shall hold office for the remainder of the full term of the class of Directors in which the new directorship was created or the vacancy occurred
and until such Director&#8217;s successor shall have been duly elected and qualified or until his or her earlier resignation, death or removal. Subject to the rights, if any, of the holders of any series of Preferred Stock to elect Directors, when
the number of Directors is increased or decreased, the Board of Directors shall, subject to Article VI.3 hereof, determine the class or classes to which the increased or decreased number of Directors shall be apportioned; <U>provided</U>,
<U>however</U>, that no decrease in the number of Directors shall shorten the term of any incumbent Director. In the event of a vacancy in the Board of Directors, the remaining Directors, except as otherwise provided by law, shall exercise the
powers of the full Board of Directors until the vacancy is filled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Removal</U>. Subject to the rights, if any, of any series of
Preferred Stock to elect Directors and to remove any Director whom the holders of any such series have the right to elect, any Director (including persons elected by Directors to fill vacancies in the Board of Directors) may be removed from office
(i)&nbsp;for so long as the Board of Directors is classified, only for cause and (ii)&nbsp;only by the affirmative vote of the holders not less than <FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3) of the voting power of the outstanding
shares of capital stock then entitled to vote thereon. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VII </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>LIMITATION OF LIABILITY </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Directors.</U> To the fullest extent permitted by the DGCL, a Director of the Corporation shall not be personally liable to the
Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a Director, except for liability (a)&nbsp;for any breach of the Director&#8217;s duty of loyalty to the Corporation or its stockholders, (b)&nbsp;for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (c)&nbsp;under Section&nbsp;174 of the DGCL or (d)&nbsp;for any transaction from which the Director derived an improper personal benefit. If
the DGCL is amended after the effective date of this Certificate to authorize corporate action further eliminating or limiting the personal liability of Directors, then the liability of a Director of the Corporation shall be eliminated or limited to
the fullest extent permitted by the DGCL, as so amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Officers</U>. To the fullest extent permitted by the DGCL, an Officer (as defined
below) of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as an officer of the Corporation, except for liability (a)&nbsp;for any breach of the
Officer&#8217;s duty of loyalty to the Corporation or its stockholders, (b)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (c)&nbsp;for any transaction from which the Officer
derived an improper personal benefit, or (d)&nbsp;arising from any claim brought by or in the right of the Corporation. If the DGCL is amended after the effective date of this Certificate to authorize corporate action further eliminating or limiting
the personal liability of Officers, then the liability of an Officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. For purposes of this Article VII, &#8220;Officer&#8221; shall have the
meaning ascribed to that term in Section&nbsp;102(b)(7) of the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Amendment or Modification</U>. Any amendment, repeal or
modification of this Article&nbsp;VII or amendment to the DGCL, shall not adversely affect any right or protection existing at the time of such amendment, repeal or modification with respect to any acts or omissions occurring before such amendment,
repeal or modification of a person serving as a Director or Officer, as applicable, at the time of such amendment, repeal or modification. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AMENDMENT OF
BYLAWS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Amendment by Directors</U>. Except as otherwise provided by law, the Bylaws may be amended or repealed by the Board of
Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Amendment by Stockholders</U>. Subject to the rights, if any, of any series of Preferred Stock, the Bylaws may be
amended or repealed at any annual meeting of stockholders, or special meeting of stockholders called for such purpose, by the affirmative vote of not less than <FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3) of the outstanding voting power
of the shares of capital stock entitled to vote thereon, voting together as a single class; provided, however, that if the Board of Directors recommends that stockholders approve such amendment or repeal at such meeting of stockholders, such
amendment or repeal shall only require the affirmative vote of the majority of outstanding voting power of the shares of capital stock entitled to vote thereon, voting together as a single class. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AMENDMENT OF
CERTIFICATE OF INCORPORATION; SEVERABILITY </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Corporation reserves the right to amend or repeal this Certificate in the manner now
or hereafter prescribed by statute and this Certificate, and all rights conferred upon stockholders herein are granted subject to this reservation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any provision or provisions of this Certificate shall be held to be invalid, illegal or
unenforceable as applied to any circumstance for any reason whatsoever, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate (including, without limitation, each
portion of any paragraph of this Certificate containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not, to the fullest extent permitted by applicable law, in
any way be affected or impaired thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AMENDED AND RESTATED CERTIFICATE OF INCORPORATION is executed as of this ____ day of
__________, 2026. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BYLAWS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">of </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A
Delaware Corporation </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:44%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adopted: August&nbsp;25, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:44%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Updated: April&nbsp;1, 2021 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BYLAWS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OF </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aktis Oncology, Inc.
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(A Delaware Corporation) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE I. </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Stockholders
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.1.</U> <U>Annual Meeting</U>. The annual meeting of the stockholders of the corporation shall be held on such date
as shall be fixed by the Board of Directors, at such time and place within or without the State of Delaware as may be designated in the notice of meeting. If the day fixed for the annual meeting shall fall on a legal holiday, the meeting shall be
held on the next succeeding day not a legal holiday. If the annual meeting is omitted on the day herein provided, a special meeting may be held in place thereof, and any business transacted at such special meeting in lieu of annual meeting shall
have the same effect as if transacted or held at the annual meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.2.</U> <U>Special Meetings</U>. Special meetings
of the stockholders may be called at any time by the president or by the board of directors. Special meetings of the stockholders shall be held at such time, date and place within or outside of the State of Delaware as may be designated in the
notice of such meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.3.</U> <U>Notice of Meeting</U>. A written notice stating the place, date, and hour of each
meeting of the stockholders, and, in the case of a special meeting, the purposes for which the meeting is called, shall be given to each stockholder entitled to vote at such meeting, and to each stockholder who, under the Certificate of
Incorporation or these <FONT STYLE="white-space:nowrap">By-laws,</FONT> is entitled to such notice, by delivering such notice to such person or leaving it at their residence or usual place of business, or by mailing it, postage prepaid, and
addressed to such stockholder at his address as it appears upon the books of the corporation, at least ten (10)&nbsp;days and not more than sixty (60)&nbsp;before the meeting. Such notice shall be given by the secretary, an assistant secretary, or
any other officer or person designated either by the secretary or by the person or persons calling the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The requirement of notice
to any stockholder may be waived (i)&nbsp;by a written waiver of notice, executed before or after the meeting by the stockholder or his attorney thereunto duly authorized, and filed with the records of the meeting, (ii)&nbsp;if communication with
such stockholder is unlawful, (iii)&nbsp;by attendance at the meeting without protesting prior thereto or at its commencement the lack of notice, or (iv)&nbsp;as otherwise excepted by law. A waiver of notice of any regular or special meeting of the
stockholders need not specify the purposes of the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a meeting is adjourned to another time or place, notice need not be given
of the adjourned meeting if the time and place are announced at the meeting at which the adjournment is taken, except that if the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned
meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.4.</U> <U>Quorum</U>. The holders of a majority in interest of all stock
issued, outstanding and entitled to vote at a meeting shall constitute a quorum. Any meeting may be adjourned from time to time by a majority of the votes properly cast upon the question, whether or not a quorum is present. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.5.</U> <U>Voting and Proxies</U>. Stockholders shall have one vote for each share of stock entitled to vote owned by them of
record according to the books of the corporation, unless otherwise provided by law or by the Certificate of Incorporation. Stockholders may vote either in person or by written proxy, but no proxy shall be voted or acted upon after three years from
its date, unless the proxy provides for a longer period. Proxies shall be filed with the secretary of the meeting, or of any adjournment thereof. Except as otherwise limited therein, proxies shall entitle the persons authorized thereby to vote at
any adjournment of such meeting. A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. A proxy with
respect to stock held in the name of two or more persons shall be valid if executed by one of them unless at or prior to exercise of the proxy the corporation receives a specific written notice to the contrary from any one of them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.6.</U> <U>Action at Meeting</U>. When a quorum is present at any meeting, a plurality of the votes properly cast for
election to any office shall elect to such office, and a majority of the votes properly cast upon any question other than election to an office shall decide such question, except where a larger vote is required by law, the Certificate of
Incorporation or these <FONT STYLE="white-space:nowrap">by-laws.</FONT> No ballot shall be required for any election unless requested by a stockholder present or represented at the meeting and entitled to vote in the election. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.7.</U> <U>Action Without Meeting</U>. Any action required or permitted to be taken at any meeting of the stockholders may be
taken without a meeting without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the minimum number of votes necessary to authorize or take such action at a
meeting at which shares entitled to vote thereon were present and voted and copies are delivered to the corporation in the manner prescribed by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.8.</U> <U>Voting of Shares of Certain Holders</U>. Shares of stock of the corporation standing in the name of another
corporation, domestic or foreign, may be voted by such officer, agent, or proxy as the <FONT STYLE="white-space:nowrap">by-laws</FONT> of such corporation may prescribe, or, in the absence of such provision, as the board of directors of such
corporation may determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of stock of the corporation standing in the name of a deceased person, a minor ward or an incompetent
person, may be voted by his administrator, executor, court-appointed guardian or conservator without a transfer of such shares into the name of such administrator, executor, court appointed guardian or conservator. Shares of capital stock of the
corporation standing in the name of a trustee or fiduciary may be voted by such trustee or fiduciary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of stock of the corporation
standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without the transfer thereof into his name if authority so to do be contained in an appropriate
order of the court by which such receiver was appointed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A stockholder whose shares are pledged shall be entitled to vote such shares
unless in the transfer by the pledgor on the books of the corporation he expressly empowered the pledgee to vote thereon, in which case only the pledgee or its proxy shall be entitled to vote the shares so transferred. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of its own stock belonging to this corporation shall not be voted, directly or
indirectly, at any meeting and shall not be counted in determining the total number of outstanding shares at any given time, but shares of its own stock held by the corporation in a fiduciary capacity may be voted and shall be counted in determining
the total number of outstanding shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.9.</U> <U>Stockholder Lists</U>. The secretary (or the corporation&#8217;s
transfer agent or other person authorized by these <FONT STYLE="white-space:nowrap">By-laws</FONT> or by law) shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the
meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the
meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified,
at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE II. </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Board of
Directors </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.1.</U> <U>Powers</U>. Except as reserved to the stockholders by law, by the Certificate of Incorporation
or by these <FONT STYLE="white-space:nowrap">By-laws,</FONT> the business of the corporation shall be managed under the direction of the board of directors, who shall have and may exercise all of the powers of the corporation. In particular, and
without limiting the foregoing, the board of directors shall have the power to issue or reserve for issuance from time to time the whole or any part of the capital stock of the corporation which may be authorized from time to time to such person,
for such consideration and upon such terms and conditions as they shall determine, including the granting of options, warrants or conversion or other rights to stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.2.</U> <U>Number of Directors; Qualifications</U>. The board of directors shall consist of such number of directors, not
less than one (1)&nbsp;nor more than twelve (12), as shall be fixed initially by the incorporator(s) and thereafter by the board of directors. No director need be a stockholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.3.</U> <U>Nomination of Directors</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Nominations for the election of directors may be made by the board of directors or by any stockholder entitled to vote for the election of
directors. Nominations by stockholders shall be made by notice in writing, delivered or mailed by first class United States mail, postage prepaid, to the secretary of the corporation not less than 14 days nor more than 60 days prior to any meeting
of the stockholders called for the election of directors; provided, however, that if less than 21 written days&#8217; notice of the meeting is given to stockholders, such notice of nomination by a stockholder shall be delivered or mailed, in the
manner prescribed above, to the secretary of the corporation not later than the close of the fifth day following the day on which notice of the meeting was mailed to stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each notice under subsection (a)&nbsp;shall set forth (i)&nbsp;the name, age, business address and, if known, residence address of each
nominee proposed in such notice, (ii)&nbsp;the principal occupation or employment of each such nominee, and (iii)&nbsp;the number of shares of stock of the corporation which are beneficially owned by each such nominee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The chairman of the meeting of stockholders shall determine whether or not a nomination was made in accordance with the procedures of this
Section&nbsp;2.3, and if he shall determine that it was not, he shall so declare to the meeting and the defective nomination shall be disregarded. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.4.</U> <U>Election of Directors</U>. The initial board of directors shall
be designated in the certificate of incorporation, or if not so designated, elected by the incorporator(s) at the first meeting thereof. Thereafter, directors shall be elected by the stockholders at their annual meeting or at any special meeting the
notice of which specifies the election of directors as an item of business for such meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.5.</U> <U>Vacancies;
Reduction of the Board</U>. Any vacancy in the board of directors, however occurring, including a vacancy resulting from the enlargement of the board of directors, may be filled by the stockholders or by the directors then in office or by a sole
remaining director. In lieu of filling any such vacancy the stockholders or board of directors may reduce the number of directors, but not to a number less than one (1). When one or more directors shall resign from the board of directors, effective
at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.6.</U> <U>Enlargement of the Board</U>. The board of directors may be enlarged by the stockholders at any meeting or by
vote of a majority of the directors then in office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.7.</U> <U>Tenure and Resignation</U>. Except as otherwise provided
by law, by the Certificate of Incorporation or by these <FONT STYLE="white-space:nowrap">By-laws,</FONT> directors shall hold office until the next annual meeting of stockholders and thereafter until their successors are chosen and qualified. Any
director may resign by delivering or mailing postage prepaid a written resignation to the corporation at its principal office or to the president, secretary or assistant secretary, if any. Such resignation shall be effective upon receipt unless it
is specified to be effective at some other time or upon the happening of some other event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.8.</U> <U>Removal</U>. A
director, whether elected by the stockholders or directors, may be removed from office with or without cause at any annual or special meeting of stockholders by vote of a majority of the stockholders entitled to vote in the election of such
directors; provided, however, that a director may be removed for cause only after reasonable notice and opportunity to be heard before the stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.9.</U> <U>Meetings</U>. Regular meetings of the board of directors may be held without call or notice at such times and such
places within or without the State of Delaware as the board may, from time to time, determine, provided that notice of the first regular meeting following any such determination shall be given to directors absent from such determination. A regular
meeting of the board of directors shall be held without notice immediately after, and at the same place as, the annual meeting of the stockholders or the special meeting of the stockholders held in place of such annual meeting, unless a quorum of
the directors is not then present. Special meetings of the board of directors may be held at any time and at any place designated in the call of the meeting when called by the president, treasurer, or one or more directors. Members of the board of
directors or any committee elected thereby may participate in a meeting of such board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other
at the same time, and participation by such means shall constitute presence in person at the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.10.</U> <U>Notice
of Meeting</U>. It shall be sufficient notice to a director to send notice by mail at least <FONT STYLE="white-space:nowrap">seventy-two</FONT> (72)&nbsp;hours before the meeting addressed to such person at his usual or last known business or
residence address or to give notice to such person in person or by telephone at least twenty-four (24)&nbsp;hours before the meeting. Notice shall be given by the secretary, or in his absence or unavailability, may be given by an assistant
secretary, if any, or by the officer or directors calling the meeting. The requirement of notice to any director may be waived by a written waiver of notice, executed by such person before or after the meeting or meetings, and filed with the records
of the meeting, or by attendance at the meeting without protesting prior thereto or at its commencement the lack of notice. A notice or waiver of notice of a directors&#8217; meeting need not specify the purposes of the meeting. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.11.</U> <U>Agenda</U>. Any lawful business may be transacted at a meeting
of the board of directors, notwithstanding the fact that the nature of the business may not have been specified in the notice or waiver of notice of the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.12.</U> <U>Quorum</U>. At any meeting of the board of directors, a majority of the directors then in office shall constitute
a quorum for the transaction of business. Any meeting may be adjourned by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.13.</U> <U>Action at Meeting</U>. Any motion adopted by vote of the majority of the directors present at a meeting at which
a quorum is present shall be the act of the board of directors, except where a different vote is required by law, by the Certificate of Incorporation or by these <FONT STYLE="white-space:nowrap">By-laws.</FONT> The assent in writing of any director
to any vote or action of the directors taken at any meeting, whether or not a quorum was present and whether or not the director had or waived notice of the meeting, shall have the same effect as if the director so assenting was present at such
meeting and voted in favor of such vote or action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.14.</U> <U>Action Without Meeting</U>. Any action by the directors
may be taken without a meeting if all of the directors consent to the action in writing and the consents are filed with the records of the directors&#8217; meetings. Such consent shall be treated for all purposes as a vote of the directors at a
meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.15.</U> <U>Committees</U>. The board of directors may, by the affirmative vote of a majority of the directors
then in office, appoint an executive committee or other committees consisting of one or more directors and may by vote delegate to any such committee some or all of their powers except those which by law, the Certificate of Incorporation or these <FONT
STYLE="white-space:nowrap">By-laws</FONT> they may not delegate. In the absence or disqualification of a member of a committee, the members of the committee present and not disqualified, whether or not they constitute a quorum, may by unanimous vote
appoint another member of the board of directors to act at the meeting in place of the absence or disqualified member. Unless the board of directors shall otherwise provide, any such committee may make rules for the conduct of its business, but
unless otherwise provided by the board of directors or such rules, its meetings shall be called, notice given or waived, its business conducted or its action taken as nearly as may be in the same manner as is provided in these <FONT
STYLE="white-space:nowrap">By-laws</FONT> with respect to meetings or for the conduct of business or the taking of actions by the board of directors. The board of directors shall have power at any time to fill vacancies in, change the membership of,
or discharge any such committee at any time. The board of directors shall have power to rescind any action of any committee, but no such rescission shall have retroactive effect. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE III. </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Officers
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.1.</U> <U>Enumeration</U>. The officers shall consist of a president, a treasurer, a secretary and such other
officers and agents (including one or more vice-presidents, assistant treasurers and assistant secretaries), as the board of directors may, in their discretion, determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.2.</U> <U>Election</U>. The president, treasurer and secretary shall be elected annually by the directors at their first
meeting following the annual meeting of the stockholders or any special meeting held in lieu of the annual meeting. Other officers may be chosen by the directors at such meeting or at any other meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.3.</U> <U>Qualification</U>. An officer may, but need not, be a director or stockholder. Any two or more offices may be held
by the same person. Any officer may be required by the directors to give bond for the faithful performance of his duties to the corporation in such amount and with such sureties as the directors may determine. The premiums for such bonds may be paid
by the corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.4.</U> <U>Tenure</U>. Except as otherwise provided by the Certificate of
Incorporation or these <FONT STYLE="white-space:nowrap">By-laws,</FONT> the term of office of each officer shall be for one year or until his successor is elected and qualified or until his earlier resignation or removal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.5.</U> <U>Removal</U>. Any officer may be removed from office, with or without cause, by the affirmative vote of a majority
of the directors then in office; provided, however, that an officer may be removed for cause only after reasonable notice and opportunity to be heard by the board of directors prior to action thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.6.</U> <U>Resignation</U>. Any officer may resign by delivering or mailing postage prepaid a written resignation to the
corporation at its principal office or to the president, secretary, or assistant secretary, if any, and such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some event.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.7.</U> <U>Vacancies</U>. A vacancy in any office arising from any cause may be filled for the unexpired portion of the
term by the board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.8.</U> <U>President</U>. The president shall be the chief executive officer of the
corporation. Except as otherwise voted by the board of directors, the president shall preside at all meetings of the stockholders and of the board of directors at which present. The president shall have such duties and powers as are commonly
incident to the office and such duties and powers as the board of directors shall from time to time designate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.9.</U>
<U>Vice-President(s)</U>. The vice-president(s), if any, shall have such powers and perform such duties as the board of directors may from time to time determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.10.</U> <U>Treasurer and Assistant Treasurers</U>. The treasurer, subject to the direction and under the supervision and
control of the board of directors, shall have general charge of the financial affairs of the corporation. The treasurer shall have custody of all funds, securities and valuable papers of the corporation, except as the board of directors may
otherwise provide. The treasurer shall keep or cause to be kept full and accurate records of account which shall be the property of the corporation, and which shall be always open to the inspection of each elected officer and director of the
corporation. The treasurer shall deposit or cause to be deposited all funds of the corporation in such depository or depositories as may be authorized by the board of directors. The treasurer shall have the power to endorse for deposit or collection
all notes, checks, drafts, and other negotiable instruments payable to the corporation. The treasurer shall perform such other duties as are incidental to the office, and such other duties as may be assigned by the board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Assistant treasurers, if any, shall have such powers and perform such duties as the board of directors may from time to time determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.11.</U> <U>Secretary and Assistant Secretaries</U>. The secretary shall record, or cause to be recorded, all proceedings of
the meetings of the stockholders and directors (including committees thereof) in the book of records of this corporation. The record books shall be open at reasonable times to the inspection of any stockholder, director, or officer. The secretary
shall notify the stockholders and directors, when required by law or by these <FONT STYLE="white-space:nowrap">By-laws,</FONT> of their respective meetings, and shall perform such other duties as the directors and stockholders may from time to time
prescribe. The secretary shall have the custody and charge of the corporate seal, and shall affix the seal of the corporation to all instruments requiring such seal, and shall certify under the corporate seal the proceedings of the directors and of
the stockholders, when required. In the absence of the secretary at any such meeting, a temporary secretary shall be chosen who shall record the proceedings of the meeting in the aforesaid books. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Assistant secretaries, if any, shall have such powers and perform such duties as the board of directors may from time to time designate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.12.</U> <U>Other Powers and Duties</U>. Subject to these <FONT
STYLE="white-space:nowrap">By-laws</FONT> and to such limitations as the board of directors may from time to time prescribe, the officers of the corporation shall each have such powers and duties as generally pertain to their respective offices, as
well as such powers and duties as from time to time may be conferred by the board of directors. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE IV. </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Capital Stock </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.1.</U> <U>Stock Certificates</U>. Each stockholder shall be entitled to a certificate representing the number of shares of
the capital stock of the corporation owned by such person in such form as shall, in conformity to law, be prescribed from time to time by the board of directors. Each certificate shall be signed by the president or vice-president and treasurer or
assistant treasurer or such other officers designated by the board of directors from time to time as permitted by law, shall bear the seal of the corporation, and shall express on its face its number, date of issue, class, the number of shares for
which, and the name of the person to whom, it is issued. The corporate seal and any or all of the signatures of corporation officers may be facsimile if the stock certificate is manually counter-signed by an authorized person on behalf of a transfer
agent or registrar other than the corporation or its employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an officer, transfer agent or registrar who has signed, or whose
facsimile signature has been placed on, a certificate shall have ceased to be such before the certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent or registrar at the time of its
issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.2.</U> <U>Transfer of Shares</U>. Title to a certificate of stock and to the shares represented thereby shall be
transferred only on the books of the corporation by delivery to the corporation or its transfer agent of the certificate properly endorsed, or by delivery of the certificate accompanied by a written assignment of the same, or a properly executed
written power of attorney to sell, assign or transfer the same or the shares represented thereby. Upon surrender of a certificate for the shares being transferred, a new certificate or certificates shall be issued according to the interests of the
parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.3.</U> <U>Record Holders</U>. Except as otherwise may be required by law, by the Certificate of Incorporation
or by these By-laws, the corporation shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock for all purposes, including the payment of dividends and the right to vote with respect thereto, regardless
of any transfer, pledge or other disposition of such stock, until the shares have been transferred on the books of the corporation in accordance with the requirements of these <FONT STYLE="white-space:nowrap">By-laws.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It shall be the duty of each stockholder to notify the corporation of his post office address. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.4.</U> <U>Record Date</U>. In order that the corporation may determine the stockholders entitled to receive notice of or to
vote at any meeting of stockholders or any adjournments thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to
exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the board of directors may fix, in advance, a record date, which shall not be more than sixty days prior to any other
action. In such case only stockholders of record on such record date shall be so entitled notwithstanding any transfer of stock on the books of the corporation after the record date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If no record date is fixed: (i)&nbsp;the record date for determining stockholders entitled
to receive notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which
the meeting is held; (ii)&nbsp;the record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action by the board of directors is necessary, shall be the day on which the
first written consent is expressed; and (iii)&nbsp;the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.5.</U> <U>Transfer Agent and Registrar for Shares of Corporation</U>. The board of directors may appoint a transfer agent
and a registrar of the certificates of stock of the corporation. Any transfer agent so appointed shall maintain, among other records, a stockholders&#8217; ledger, setting forth the names and addresses of the holders of all issued shares of stock of
the corporation, the number of shares held by each, the certificate numbers representing such shares, and the date of issue of the certificates representing such shares. Any registrar so appointed shall maintain, among other records, a share
register, setting forth the total number of shares of each class of shares which the corporation is authorized to issue and the total number of shares actually issued. The stockholders&#8217; ledger and the share register are hereby identified as
the stock transfer books of the corporation; but as between the stockholders&#8217; ledger and the share register, the names and addresses of stockholders, as they appear on the stockholders&#8217; ledger maintained by the transfer agent shall be
the official list of stockholders of record of the corporation. The name and address of each stockholder of record, as they appear upon the stockholders&#8217; ledger, shall be conclusive evidence of who are the stockholders entitled to receive
notice of the meetings of stockholders, to vote at such meetings, to examine a complete list of the stockholders entitled to vote at meetings, and to own, enjoy and exercise any other property or rights deriving from such shares against the
corporation. Stockholders, but not the corporation, its directors, officers, agents or attorneys, shall be responsible for notifying the transfer agent, in writing, of any changes in their names or addresses from time to time, and failure to do so
will relieve the corporation, its other stockholders, directors, officers, agents and attorneys, and its transfer agent and registrar, of liability for failure to direct notices or other documents, or pay over or transfer dividends or other property
or rights, to a name or address other than the name and address appearing in the stockholders&#8217; ledger maintained by the transfer agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.6.</U> <U>Loss of Certificates</U>. In case of the loss, destruction or mutilation of a certificate of stock, a replacement
certificate may be issued in place thereof upon such terms as the board of directors may prescribe, including, in the discretion of the board of directors, a requirement of bond and indemnity to the corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.7.</U> <U>Restrictions on Transfer</U>. Every certificate for shares of stock which are subject to any restriction on
transfer, whether pursuant to the Certificate of Incorporation, the <FONT STYLE="white-space:nowrap">By-laws</FONT> or any agreement to which the corporation is a party, shall have the fact of the restriction noted conspicuously on the certificate
and shall also set forth on the face or back either the full text of the restriction or a statement that the corporation will furnish a copy to the holder of such certificate upon written request and without charge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;4.8.</U> <U>Multiple Classes of Stock</U>. The amount and classes of the capital stock and the par value, if any, of the
shares, shall be as fixed in the Certificate of Incorporation. At all times when there are two or more classes of stock, the several classes of stock shall conform to the description and the terms and have the respective preferences, voting powers,
restrictions and qualifications set forth in the Certificate of Incorporation and these <FONT STYLE="white-space:nowrap">By-laws.</FONT> Every certificate issued when the corporation is authorized to issue more than one class or series of stock
shall set forth on its face or back either (i)&nbsp;the full text of the preferences, voting powers, qualifications and special and relative rights of the shares of each class and series authorized to be issued, or (ii)&nbsp;a statement of the
existence of such preferences, powers, qualifications and rights, and a statement that the corporation will furnish a copy thereof to the holder of such certificate upon written request and without charge. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE V. </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Dividends </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;5.1.</U> <U>Declaration of Dividends</U>. Except as otherwise required by law or by the Certificate of Incorporation, the
board of directors may, in its discretion, declare what, if any, dividends shall be paid from the surplus or from the net profits of the corporation for the current or preceding fiscal year, or as otherwise permitted by law. Dividends may be paid in
cash, in property, in shares of the corporation&#8217;s stock, or in any combination thereof. Dividends shall be payable upon such dates as the board of directors may designate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;5.2.</U> <U>Reserves</U>. Before the payment of any dividend and before making any distribution of profits, the board of
directors, from time to time and in its absolute discretion, shall have power to set aside out of the surplus or net profits of the corporation such sum or sums as the board of directors deems proper and sufficient as a reserve fund to meet
contingencies or for such other purpose as the board of directors shall deem to be in the best interests of the corporation, and the board of directors may modify or abolish any such reserve. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE VI. </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Powers of
Officers to Contract </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>With the Corporation </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any and all of the directors and officers of the corporation, notwithstanding their official relations to it, may enter into and perform any
contract or agreement of any nature between the corporation and themselves, or any and all of the individuals from time to time constituting the board of directors of the corporation, or any firm or corporation in which any such director may be
interested, directly or indirectly, whether such individual, firm or corporation thus contracting with the corporation shall thereby derive personal or corporate profits or benefits or otherwise; provided, that (i)&nbsp;the material facts of such
interest are disclosed or are known to the board of directors or committee thereof which authorizes such contract or agreement; (ii)&nbsp;if the material facts as to such person&#8217;s relationship or interest are disclosed or are known to the
stockholders entitled to vote thereon, and the contract is specifically approved in good faith by a vote of the stockholders; or (iii)&nbsp;the contract or agreement is fair as to the corporation as of the time it is authorized, approved or ratified
by the board of directors, a committee thereof, or the stockholders. Any director of the corporation who is interested in any transaction as aforesaid may nevertheless be counted in determining the existence of a quorum at any meeting of the board
of directors which shall authorize or ratify any such transaction. This Article shall not be construed to invalidate any contract or other transaction which would otherwise be valid under the common or statutory law applicable thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE VII. </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Indemnification </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.1.</U> <U>Definitions</U>. For purposes of this Article VII the following terms shall have the meanings indicated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Corporate Status&#8221; describes the status of a person who is or was a director, Officer, employee, agent, trustee or fiduciary of the
corporation or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the express written request of the corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Court&#8221; means the Court of Chancery of the State of Delaware, the court in which the Proceeding in respect of which
indemnification is sought by a Covered Person shall have been brought or is pending, or another court having subject matter jurisdiction and personal jurisdiction over the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Covered Person&#8221; means a person who is a present or former director or Officer of the corporation and shall include such
person&#8217;s legal representatives, heirs, executors and administrators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Disinterested&#8221; describes any individual, whether
or not that individual is a director, Officer, employee or agent of the corporation, who is not and was not and is not threatened to be made a party to the Proceeding in respect of which indemnification, advancement of Expenses or other action is
sought by a Covered Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Expenses&#8221; shall include, without limitation, all reasonable attorneys&#8217; fees, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a witness in a Proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Good Faith&#8221; shall mean a Covered Person having acted in good faith and in a manner such Covered Person reasonably believed to be
in or not opposed to the best interests of the corporation or, in the case of an employee benefit plan, the best interests of the participants or beneficiaries of said plan, as the case may be, and, with respect to any Proceeding which is criminal
in nature, having had no reasonable cause to believe such Covered Person&#8217;s conduct was unlawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Improper Personal
Benefit&#8221; shall include, but not be limited to, the personal gain in fact by reason of a person&#8217;s Corporate Status of a financial profit, monies or other advantage not also accruing to the benefit of the corporation or to the stockholders
generally and which is unrelated to his usual compensation including, but not limited to, (i)&nbsp;in exchange for the exercise of influence over the corporation&#8217;s affairs, (ii)&nbsp;as a result of the diversion of corporate opportunity, or
(iii)&nbsp;pursuant to the use or communication of confidential or inside information for the purpose of generating a profit from trading in the corporation&#8217;s securities. Notwithstanding the foregoing, &#8220;Improper Personal Benefit&#8221;
shall not include any benefit, directly or indirectly, related to actions taken in order to evaluate, discourage, resist, prevent or negotiate any transaction with or proposal from any person or entity seeking control of, or a controlling interest
in, the corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Independent Counsel&#8221; means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and may include law firms or members thereof that are regularly retained by the corporation but not by any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term &#8220;Independent Counsel&#8221; shall not include any person who, under the standards of professional conduct then prevailing and applicable to such counsel, would have a conflict of interest in representing either the
corporation or Covered Person in an action to determine the Covered Person&#8217;s rights under this Article. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Officer&#8221; means
the president, vice presidents, treasurer, assistant treasurer(s), secretary, assistant secretary and such other executive officers as are appointed by the board of directors of the corporation and explicitly entitled to indemnification hereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;Proceeding&#8221; includes any actual, threatened or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation (including any internal corporate investigation), administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative, other than one initiated by the Covered Person, but including one initiated by
a Covered Person for the purpose of enforcing such Covered Person&#8217;s rights under this Article to the extent provided in Section&nbsp;7.14 of this Article. &#8220;Proceeding&#8221; shall not include any counterclaim brought by any Covered
Person other than one arising out of the same transaction or occurrence that is the subject matter of the underlying claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.2.</U> <U>Right to Indemnification in General</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Covered Persons</U>. The corporation may indemnify, and may advance Expenses, to each Covered Person who is, was or is threatened to be
made a party or otherwise involved in any Proceeding, as provided in this Article and to the fullest extent permitted by applicable law in effect on the date hereof and to such greater extent as applicable law may hereafter from time to time permit.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indemnification provisions in this Article shall be deemed to be a contract between the corporation and each Covered Person who
serves in any Corporate Status at any time while these provisions as well as the relevant provisions of the Delaware General Corporation Law are in effect, and any repeal or modification thereof shall not affect any right or obligation then existing
with respect to any state of facts then or previously existing or any Proceeding previously or thereafter brought or threatened based in whole or in part upon any such state of facts. Such a contract right may not be modified retroactively without
the consent of such Covered Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Employees and Agents</U>. The corporation may, to the extent authorized from time to time by
the board of directors, grant indemnification and the advancement of Expenses to any employee or agent of the corporation to the fullest extent of the provisions of this Article with respect to the indemnification and advancement of Expenses of
Covered Persons. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.3.</U> <U>Proceedings Other Than Proceedings by or in the Right of the
Corporation</U>. Each Covered Person may be entitled to the rights of indemnification provided in this Section&nbsp;7.3 if, by reason of such Covered Person&#8217;s Corporate Status, such Covered Person is, was or is threatened to be made, a party
to or is otherwise involved in any Proceeding, other than a Proceeding by or in the right of the corporation. Each Covered Person may be indemnified against Expenses, judgments, penalties, fines and amounts paid in settlements, actually and
reasonably incurred by such Covered Person or on such Covered Person&#8217;s behalf in connection with such Proceeding or any claim, issue or matter therein, if such Covered Person acted in Good Faith and such Covered Person has not been adjudged
during the course of such proceeding to have derived an Improper Personal Benefit from the transaction or occurrence forming the basis of such Proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.4.</U> <U>Proceedings by or in the Right of the Corporation</U>. Each Covered Person may be entitled to the rights of
indemnification provided in this Section&nbsp;7.4 if, by reason of such Covered Person&#8217;s Corporate Status, such Covered Person is, or is threatened to be made, a party to or is otherwise involved in any Proceeding brought by or in the right of
the corporation to procure a judgment in its favor. Such Covered Person may be indemnified against Expenses, judgments, penalties, and amounts paid in settlement, actually and reasonably incurred by such Covered Person or on such Covered
Person&#8217;s behalf in connection with such Proceeding if such Covered Person acted in Good Faith and such Covered Person has not been adjudged during the course of such proceeding to have derived an Improper Personal Benefit from the transaction
or occurrence forming the basis of such Proceeding. Notwithstanding the foregoing, no such indemnification shall be made in respect of any claim, issue or matter in such Proceeding as to which such Covered Person shall have been adjudged to be
liable to the corporation if applicable law prohibits such indemnification; provided, however, that, if applicable law so permits, indemnification shall nevertheless be made by the corporation in such event if and only to the extent that the Court
which is considering the matter shall so determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section 7.5.</U> <U>Indemnification of a Party Who is Wholly or Partly
Successful</U>. Notwithstanding any provision of this Article to the contrary, to the extent that a Covered Person is, by reason of such Covered Person&#8217;s Corporate Status, a party to or is otherwise involved in and is successful, on the merits
or otherwise, in any Proceeding, such Covered Person shall be indemnified to the maximum extent permitted by law, against all Expenses, judgments, penalties, fines, and amounts paid in settlement, actually and reasonably incurred by such Covered
Person or on such Covered Person&#8217;s behalf in connection therewith. If such Covered Person is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such Proceeding, the corporation shall indemnify such Covered Person to the maximum extent permitted by law, against all Expenses, judgments, penalties, fines, and amounts paid in settlement, actually and reasonably incurred by such Covered
Person or on such Covered Person&#8217;s behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section&nbsp;7.5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.6.</U> <U>Indemnification for Expenses of a Witness</U>. Notwithstanding any provision of this Article to the contrary, to
the extent that a Covered Person is, by reason of such Covered Person&#8217;s Corporate Status, a witness in any Proceeding, such Covered Person shall be indemnified against all Expenses actually and reasonably incurred by such Covered Person or on
such Covered Person&#8217;s behalf in connection therewith. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.7.</U> <U>Advancement of Expenses</U>. Notwithstanding any provision of
this Article to the contrary, the corporation may advance all reasonable Expenses which, by reason of a Covered Person&#8217;s Corporate Status, were incurred by or on behalf of such Covered Person in connection with any Proceeding, within thirty
(30)&nbsp;days after the receipt by the corporation of a statement or statements from such Covered Person requesting such advance or advances, whether prior to or after final disposition of such Proceeding. Such statement or statements shall
reasonably evidence the Expenses incurred by the Covered Person and shall include or be preceded or accompanied by an undertaking by or on behalf of the Covered Person to repay any Expenses if such Covered Person shall be adjudged to be not entitled
to be indemnified against such Expenses. Any advance and undertaking to repay pursuant to this Section&nbsp;7.7 may be unsecured interest-free, as the corporation sees fit. Advancement of Expenses pursuant to this Section&nbsp;7.7 shall not require
approval of the board of directors or the stockholders of the corporation, or of any other person or body. The secretary of the corporation shall promptly advise the Board in writing of the request for advancement of Expenses, of the amount and
other details of the request and of the undertaking to make repayment provided pursuant to this Section&nbsp;7.7. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.8.</U> <U>Notification and Defense of Claim</U>. Promptly after receipt by a Covered Person of notice of the commencement of
any Proceeding, such Covered Person shall, if a claim is to be made against the corporation under this Article, notify the corporation of the commencement of the Proceeding. The failure to notify the corporation will not relieve the corporation from
any liability which it may have to such Covered Person otherwise than under this Article. With respect to any such Proceedings to which such Covered Person notifies the corporation: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The corporation will be entitled to participate in the defense at its own expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Except as otherwise provided below in this subparagraph (b), the corporation (jointly with any other indemnifying party similarly
notified) will be entitled to assume the defense with counsel reasonably satisfactory to the Covered Person. After notice from the corporation to the Covered Person of its election to assume the defense of a suit, the corporation will not be liable
to the Covered Person under this Article for any legal or other expenses subsequently incurred by the Covered Person in connection with the defense of the Proceeding other than reasonable costs of investigation or as otherwise provided below in this
subparagraph (b). The Covered Person shall have the right to employ his own counsel in such Proceeding but the fees and expenses of such counsel incurred after notice from the corporation of its assumption of the defense shall be at the expense of
the Covered Person except as provided in this paragraph. The fees and expenses of counsel shall be at the expense of the corporation if (i)&nbsp;the employment of counsel by the Covered Person has been authorized by the corporation, (ii)&nbsp;the
Covered Person shall have concluded reasonably that there may be a conflict of interest between the corporation and the Covered Person in the conduct of the defense of such action and such conclusion is confirmed in writing by the
corporation&#8217;s outside counsel regularly employed by it in connection with corporate matters, or (iii)&nbsp;the corporation shall not in fact have employed counsel to assume the defense of such Proceeding. The corporation shall be entitled to
participate in, but shall not be entitled to assume the defense of any Proceeding brought by or in the right of the corporation or as to which the Covered Person shall have made the conclusion provided for in (ii)&nbsp;above and such conclusion
shall have been so confirmed by the corporation&#8217;s said outside counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding any provision of this Article to the
contrary, the corporation shall not be obligated to indemnify the Covered Person under this Article for any amounts paid in settlement of any Proceeding effected without its written consent. The corporation shall not settle any Proceeding or claim
in any manner which would impose any penalty, limitation or disqualification of the Covered Person for any purpose without such Covered Person&#8217;s written consent. Neither the corporation nor the Covered Person will unreasonably withhold their
consent to any proposed settlement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If it is determined that the Covered Person is entitled to indemnification other than as
afforded under subparagraph (b)&nbsp;above, payment to the Covered Person of the additional amounts for which he is to be indemnified shall be made within ten (10)&nbsp;days after such determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.9.</U> <U>Procedures</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Method of Determination</U>. A determination (as provided for by this Article or if required by applicable law in the specific case)
with respect to a Covered Person&#8217;s entitlement to indemnification shall be made either (a)&nbsp;by the board of directors by a majority vote of a quorum consisting of Disinterested directors, or (b)&nbsp;in the event that a quorum of the board
of directors consisting of Disinterested directors is not obtainable or, even if obtainable, such quorum of Disinterested directors so directs, by Independent Counsel in a written determination to the board of directors, a copy of which shall be
delivered to the Covered Person seeking indemnification, or (c)&nbsp;by the vote of the holders of a majority of the corporation&#8217;s capital stock outstanding at the time entitled to vote thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Initiating Request</U>. A Covered Person who seeks indemnification under this Article shall submit a Request for Indemnification,
including such documentation and information as is reasonably available to such Covered Person and is reasonably necessary to determine whether and to what extent such Covered Person is entitled to indemnification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Presumptions</U>. In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity
making such determination shall not presume that the Covered Person is or is not entitled to indemnification under this Article. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
<U>Burden of Proof.</U> Each Covered Person shall bear the burden of going forward and demonstrating sufficient facts to support his claim for entitlement to indemnification under this Article. That burden shall be deemed satisfied by the submission
of an initial Request for Indemnification pursuant to Section&nbsp;7.9(b) above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Effect of Other Proceedings</U>. The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of guilty or of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Article) of itself
adversely affect the right of a Covered Person to indemnification or create a presumption that a Covered Person did not act in Good Faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Actions of Others</U>. The knowledge, actions, or failure to act, of any director, officer, employee, agent, trustee or fiduciary of
the enterprise whose daily activities the Covered Person was actually responsible for may be imputed to a Covered Person for purposes of determining the right to indemnification under this Article. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.10.</U> <U>Action by the Corporation</U>. Any action, payment, advance determination other than a determination made
pursuant to Section&nbsp;7.9(a) above, authorization, requirement, grant of indemnification or other action taken by the corporation pursuant to this Article shall be effected exclusively through any Disinterested person so authorized by the board
of directors of the corporation, including the president or any vice president of the corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.11.</U> <U><FONT STYLE="white-space:nowrap">Non-Exclusivity</FONT></U>.
The rights of indemnification and to receive advancement of Expenses as provided by this Article shall not be deemed exclusive of any other rights to which a Covered Person may at any time be entitled under applicable law, the Certificate of
Incorporation, these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> any agreement, a vote of stockholders or a resolution of the board of directors, or otherwise. No amendment, alteration, rescission or replacement of this Article or any provision
hereof shall be effective as to an Covered Person with respect to any action taken or omitted by such Covered Person in such Covered Person&#8217;s Corporate Status or with respect to any state of facts then or previously existing or any Proceeding
previously or thereafter brought or threatened based in whole or to the extent based in part upon any such state of facts existing prior to such amendment, alteration, rescission or replacement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.12.</U> <U>Insurance</U>. The corporation may maintain, at its expense, an insurance policy or policies to protect itself
and any Covered Person, officer, employee or agent of the corporation or another enterprise against liability arising out of this Article or otherwise, whether or not the corporation would have the power to indemnify any such person against such
liability under the Delaware General Corporation Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section 7.13.</U> <U>No Duplicative Payment</U>. The corporation shall not be
liable under this Article to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that a Covered Person has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;7.14.</U> <U>Expenses of Adjudication</U>. In the event that any Covered Person seeks a judicial adjudication, or an award in
arbitration, to enforce such Covered Person&#8217;s rights under, or to recover damages for breach of, this Article, the Covered Person shall be entitled to recover from the corporation, and shall be indemnified by the corporation against, any and
all expenses (of the types described in the definition of Expenses in Section&nbsp;7.1 of this Article) actually and reasonably incurred by such Covered Person in seeking such adjudication or arbitration, but only if such Covered Person prevails
therein. If it shall be determined in such adjudication or arbitration that the Covered Person is entitled to receive part but not all of the indemnification of expenses sought, the expenses incurred by such Covered Person in connection with such
adjudication or arbitration shall be appropriately prorated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section 7.15.</U> <U>Severability</U>. If any provision or provisions of
this Article shall be held to be invalid, illegal or unenforceable for any reason whatsoever: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the validity, legality and
enforceability of the remaining provisions of this Article (including without limitation, each portion of any Section of this Article containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) to the fullest extent possible, the provisions of this
Article (including, without limitation, each portion of any Section of this Article containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE VIII. </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Miscellaneous Provisions </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;8.1.</U> <U>Certificate of Incorporation</U>. All references in these <FONT STYLE="white-space:nowrap">By-laws</FONT> to the
Certificate of Incorporation shall be deemed to refer to the Certificate of Incorporation of the corporation, as amended and in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section 8.2.</U> <U>Fiscal Year</U>. Except as from time to time otherwise provided by the board of directors, the fiscal year of the
corporation shall end on the 31st of December of each year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section 8.3.</U> <U>Corporate Seal</U>. The board of directors shall have
the power to adopt and alter the seal of the corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;8.4.</U> <U>Execution of Instruments</U>. All deeds, leases,
transfers, contracts, bonds, notes, and other obligations authorized to be executed by an officer of the corporation on its behalf shall be signed by the president or the treasurer except as the board of directors may generally or in particular
cases otherwise determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;8.5.</U> <U>Voting of Securities</U>. Unless the board of directors otherwise provides, the
president or the treasurer may waive notice of and act on behalf of this corporation, or appoint another person or persons to act as proxy or attorney in fact for this corporation with or without discretionary power and/or power of substitution, at
any meeting of stockholders or shareholders of any other corporation or organization, any of whose securities are held by this corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section 8.6.</U> <U>Evidence of Authority</U>. A certificate by the secretary or any assistant secretary as to any action taken by the
stockholders, directors or any officer or representative of the corporation shall, as to all persons who rely thereon in good faith, be conclusive evidence of such action. The exercise of any power which by law, by the Certificate of Incorporation,
or by these <FONT STYLE="white-space:nowrap">By-laws,</FONT> or under any vote of the stockholders or the board of directors, may be exercised by an officer of the corporation only in the event of absence of another officer or any other contingency
shall bind the corporation in favor of anyone relying thereon in good faith, whether or not such absence or contingency existed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;8.7.</U> <U>Corporate Records</U>. The original, or attested copies, of the Certificate of Incorporation, <FONT
STYLE="white-space:nowrap">By-laws,</FONT> records of all meetings of the incorporators and stockholders, and the stock transfer books (which shall contain the names of all stockholders and the record address and the amount of stock held by each)
shall be kept in Delaware at the principal office of the corporation, or at an office of the corporation, or at an office of its transfer agent or of the secretary or of the assistant secretary, if any. Said copies and records need not all be kept
in the same office. They shall be available at all reasonable times to inspection of any stockholder for any purpose but not to secure a list of stockholders for the purpose of selling said list or copies thereof or for using the same for a purpose
other than in the interest of the applicant, as a stockholder, relative to the affairs of the corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;8.8.</U>
<U>Charitable Contributions</U>. The board of directors from time to time may authorize contributions to be made by the corporation in such amounts as it may determine to be reasonable to corporations, trusts, funds or foundations organized and
operated exclusively for charitable, scientific or educational purposes, no part of the net earning of which inures to the private benefit of any stockholder or individual. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;8.9.</U> <U>Communication of Notices</U>. Any notices required to be given under these
<FONT STYLE="white-space:nowrap">By-laws</FONT> may be given (i)&nbsp;by delivery in person, (ii)&nbsp;by mailing it, postage prepaid, first class, (iii)&nbsp;by mailing it by nationally or internationally recognized second day or faster courier
service, (iv)&nbsp;by facsimile transmission, or (v)&nbsp;by electronic transmission, in each case, to the addressee; provided, however that facsimile transmission or electronic transmission may only be used if the addressee has consented to such
means. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;8.10.</U> <U>Electronic Transmissions</U>. Notwithstanding any reference in these
<FONT STYLE="white-space:nowrap">By-laws</FONT> to written instruments, all notices, meetings, consents and other communications contemplated by these <FONT STYLE="white-space:nowrap">By-laws</FONT> may be conducted by means of an electronic
transmission, to the extent permitted by law, if specifically authorized by the board of directors of the corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Amendments </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;9.1.</U> <U>Amendment by Stockholders</U>. Prior to the issuance of stock, these
<FONT STYLE="white-space:nowrap">By-laws</FONT> may be amended, altered or repealed by the incorporator(s) by majority vote. After stock has been issued, these <FONT STYLE="white-space:nowrap">By-laws</FONT> may be amended altered or repealed by the
stockholders at any annual or special meeting by vote or a majority of all shares outstanding and entitled to vote, except that where the effect of the amendment would be to reduce any voting requirement otherwise required by law, the Certificate of
Incorporation or these <FONT STYLE="white-space:nowrap">By-laws,</FONT> such amendment shall require the vote that would have been required by such other provision. Notice and a copy of any proposal to amend these
<FONT STYLE="white-space:nowrap">By-laws</FONT> must be included in the notice of meeting of stockholders at which action is taken upon such amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;9.2.</U> <U>Amendment by Board of Directors</U>. These <FONT STYLE="white-space:nowrap">By-laws</FONT> may be amended or
altered by the board of directors at a meeting duly called for the purpose by majority vote of the directors then in office, except that directors shall not amend the <FONT STYLE="white-space:nowrap">By-laws</FONT> in a manner which: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) changes the stockholder voting requirements for any action; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) alters or abolishes any preferential right or right of redemption applicable to a class or series of stock with shares already
outstanding; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) alters the provisions of Article IX hereof; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) permits the board of directors to take any action which under law, the Certificate of Incorporation, or these <FONT
STYLE="white-space:nowrap">By-laws</FONT> is required to be taken by the stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any amendment of these <FONT
STYLE="white-space:nowrap">By-laws</FONT> by the board of directors may be altered or repealed by the stockholders at any annual or special meeting of stockholders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BYLAWS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(the
&#8220;Corporation&#8221;) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE I </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Stockholders </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.
<U>Annual Meeting.</U> The annual meeting of stockholders (any such meeting being referred to in these Bylaws as an &#8220;Annual Meeting&#8221;) shall be held at the hour, date and place within or without the United States that is fixed by the
Board of Directors. The Board of Directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section&nbsp;211(a)(2)
of the General Corporation Law of the State of Delaware (the &#8220;DGCL&#8221;). Any and all references hereafter in these Bylaws to an Annual Meeting or Annual Meetings also shall be deemed to refer to any special meeting(s) in lieu thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Notice of Stockholder Business and Nominations.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Annual Meetings of Stockholders.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Nominations of persons for election to the Board of Directors of the Corporation (the &#8220;Board of Directors&#8221;) and
the proposal of other business to be considered by the stockholders may be brought before an Annual Meeting (i)&nbsp;by or at the direction of the Board of Directors or duly authorized committee thereof or (ii)&nbsp;by any stockholder of the
Corporation who was a stockholder of record at the time of giving of notice of the Annual Meeting provided for in this Bylaw, who is entitled to vote at the meeting, who is present (in person or by proxy) at the meeting and who complies with the
notice procedures set forth in this Bylaw as to such nomination or business. For the avoidance of doubt, the foregoing clause (ii)&nbsp;shall be the exclusive means for a stockholder to bring nominations or business properly before an Annual Meeting
(other than matters properly brought under Rule <FONT STYLE="white-space:nowrap">14a-8</FONT> (or any successor rule) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)), and such stockholder must comply with the
notice and other procedures set forth in Article I, Section&nbsp;2(a)(2), (3) and (4)&nbsp;of this Bylaw to bring such nominations or business properly before an Annual Meeting. In addition to the other requirements set forth in this Bylaw, for any
proposal of business to be considered at an Annual Meeting, it must be a proper subject for action by stockholders of the Corporation under Delaware law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) For nominations or other business to be properly brought before an
Annual Meeting by a stockholder pursuant to clause (ii)&nbsp;of Article I, Section&nbsp;2(a)(1) of this Bylaw, the stockholder must (i)&nbsp;have given Timely Notice (as defined below) thereof in writing to the Secretary of the Corporation,
(ii)&nbsp;have provided any updates or supplements to such notice at the times and in the forms required by this Bylaw and (iii)&nbsp;together with the beneficial owner(s), if any, on whose behalf the nomination or business proposal is made, have
acted in accordance with the representations set forth in the Solicitation Statement (as defined below) required by this Bylaw. To be timely, a stockholder&#146;s written notice must be received by the Secretary at the principal executive offices of
the Corporation not later than the close of business on the ninetieth (90th) day nor earlier than the one hundred twentieth (120th) day prior to the <FONT STYLE="white-space:nowrap">one-year</FONT> anniversary of the preceding year&#146;s Annual
Meeting (provided that for purposes of the first Annual Meeting following the initial public offering of common stock of the Corporation, the anniversary date shall be deemed to be [June 1, 2026]); provided, however, that in the event the Annual
Meeting is first convened more than thirty (30)&nbsp;days before or more than sixty (60)&nbsp;days after such anniversary date, or if no Annual Meeting was held in the preceding year, notice by the stockholder to be timely must be received by the
Secretary of the Corporation not later than the close of business on the later of the ninetieth (90th) day prior to the scheduled date of such Annual Meeting or the tenth (10th) day following the day on which public announcement of the date of such
meeting is first made (such notice within such time periods shall be referred to as &#147;Timely Notice&#148;). Such stockholder&#146;s Timely Notice shall set forth or include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) as to each person whom the stockholder proposes to nominate for election or reelection as a director, (i)&nbsp;the name,
age, business address and residence address of the nominee, (ii)&nbsp;the principal occupation or employment of the nominee, (iii)&nbsp;the class and number of shares of capital stock of the Corporation that are held of record or are beneficially
owned by the nominee or the nominee&#146;s affiliates or associates and any Synthetic Equity Interest (as defined below) held or beneficially owned by the nominee or nominee&#146;s affiliates or associates, (iv)&nbsp;a description of all
arrangements or understandings between or among the stockholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the stockholder or concerning the nominee&#146;s
potential service on the Board of Directors, (v)&nbsp;a questionnaire with respect to the background and qualifications of the nominee completed by the nominee in the form provided by the Corporation (which questionnaire shall be provided by the
Secretary upon written request within 10 days of receipt such request), (vi) a representation and agreement in the form provided by the Corporation (which form shall be provided by the Secretary upon written request within 10 days of receipt such
request) that: (a)&nbsp;such proposed nominee is not and will not become party to any agreement, arrangement or understanding with any person or entity as to how such proposed nominee, if elected as a director of the Corporation, will act or vote on
any issue or question (a &#147;Voting Commitment&#148;) that has not been disclosed to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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Corporation or that could limit or interfere with such proposed nominee&#146;s fiduciary duties under applicable law; (b)&nbsp;such proposed nominee is not and will not become a party to any
agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been
disclosed to the Corporation; (c)&nbsp;such proposed nominee would, if elected as a director, comply with all applicable rules and regulations of the exchanges upon which shares of the Corporation&#146;s capital stock trade, each of the
Corporation&#146;s corporate governance, ethics, conflict of interest, confidentiality, stock ownership and trading policies and guidelines applicable generally to the Corporation&#146;s directors (which policies and guidelines, to the extent not
publicly available, shall be provided by the Secretary upon written request within 10 days of receipt of such request) and, if elected as a director of the Corporation, such person currently would be in compliance with any such policies and
guidelines; (d)&nbsp;such proposed nominee intends to serve as a director for the full term for which he or she is to stand for election; and (e)&nbsp;such proposed nominee will promptly provide to the Corporation such other information as it may
reasonably request to determine whether such proposed nominee is qualified under the Certificate of Incorporation of the Corporation (as amended and/or restated, the &#147;Certificate&#148;), these Bylaws, the rules or regulations of any stock
exchange applicable to the Corporation, or any law or regulation applicable to the Corporation to serve as a director and/or independent director of the Corporation; and (vii)&nbsp;any other information relating to such proposed nominee that is
required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act (including, without limitation, such person&#146;s
written consent to being named in the proxy statement and related materials as a nominee and to serving as a director if elected); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) as to any other business that the stockholder proposes to bring before the meeting: a brief description of the business
desired to be brought before the meeting, the reasons for conducting such business at the meeting, the text, if any, of any resolutions or Bylaw amendment proposed for adoption, the reasons for conducting such business at the meeting and any
material interest in such business of each Proposing Person (as defined below); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C)&nbsp;(i) the name and address of the
stockholder giving the notice, as they appear on the Corporation&#146;s books, and the names and addresses of the other Proposing Persons (if any) and (ii)&nbsp;as to each Proposing Person, the following information: (a)&nbsp;the class or series and
number of all shares of capital stock of the Corporation that are, directly or indirectly, owned beneficially or of record by such Proposing Person or any of their affiliates or associates, including any shares of any class or series of capital
stock of the Corporation as to which such Proposing Person or any of their affiliates or associates has a right to acquire beneficial ownership at any time in the future (whether or not such right is exercisable immediately or only after the passage
of time or upon the satisfaction of any conditions or both) pursuant to any agreement, arrangement or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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understanding (whether or not in writing), (b) all Synthetic Equity Interests (as defined below) in which such Proposing Person or any of their affiliates or associates, directly or indirectly,
holds an interest including a description of the material terms of each such Synthetic Equity Interest, including, without limitation, identification of the counterparty to each such Synthetic Equity Interest and disclosure, for each such Synthetic
Equity Interest, as to (1)&nbsp;whether or not such Synthetic Equity Interest conveys any voting rights, directly or indirectly, in such shares to such Proposing Person or any of their affiliates or associates, (2)&nbsp;whether or not such Synthetic
Equity Interest is required to be, or is capable of being, settled through delivery of such shares and (3)&nbsp;whether or not such Proposing Person, any of their affiliates or associates and/or, to the extent known, the counterparty to such
Synthetic Equity Interest has entered into other transactions that hedge or mitigate the economic effect of such Synthetic Equity Interest, (c)&nbsp;any proxy (other than a revocable proxy given in response to a public proxy solicitation made
pursuant to, and in accordance with, the Exchange Act), agreement, arrangement, understanding or relationship pursuant to which such Proposing Person or any of their affiliates or associates has or shares a right to, directly or indirectly, vote any
shares of any class or series of capital stock of the Corporation, (d)&nbsp;any rights to dividends or other distributions on the shares of any class or series of capital stock of the Corporation, directly or indirectly, owned beneficially by such
Proposing Person or any of their affiliates or associates that are separated or separable from the underlying shares of the Corporation, (e)&nbsp;if such Proposing Person is not a natural person, the identity of the natural person or persons
associated with such Proposing Person responsible for (i)&nbsp;the formulation of and decision to propose the director nomination or business to be brought before the meeting and (ii)&nbsp;making voting and investment decisions on behalf of the
Proposing Person (irrespective of whether such person or persons have &#147;beneficial ownership&#148; for purposes of Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> of the Exchange Act of any securities owned of record or beneficially by the
Proposing Person) (such person or persons, the &#147;Responsible Person&#148;), the manner in which such Responsible Person was selected, and any fiduciary duties owed by such Responsible Person to the equity holders or other beneficiaries of such
Proposing Person (f)&nbsp;any equity interests or any Synthetic Equity Interests of the Corporation beneficially owned by such Proposing Person or any of their affiliates or associates, (g)&nbsp;any direct or indirect interest of such Proposing
Person or any of their affiliates or associates in any contract with the Corporation or any affiliate of the Corporation (including, without limitation, in any such case, any employment agreement, collective bargaining agreement or consulting
agreement), (h) any pending or threatened litigation in which such Proposing Person or any of their affiliates or associates is a party or material participant involving the Corporation or any of its officers or directors, or any affiliate of the
Corporation, (i)&nbsp;any material transaction occurring during the prior twelve months between such Proposing Person or any of their affiliates or associates, on the one hand, and the Corporation or any affiliate of the Corporation, on the other
hand, and (j)&nbsp;any other information relating to such Proposing Person or any of their affiliates or associates that would be required to be disclosed in a proxy statement or other </P>
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filing required to be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought before the meeting pursuant to
Section&nbsp;14(a) of the Exchange Act (the disclosures to be made pursuant to the foregoing clauses (a)&nbsp;through (j) are referred to, collectively, as &#147;Material Ownership Interests&#148;); provided, however, that the Material Ownership
Interests shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder of
record directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D)&nbsp;(i) a
description of all agreements, arrangements or understandings to which any Proposing Person or any of their affiliates or associates is a party (whether the counterparty or counterparties are a Proposing Person or any affiliate or associate thereof,
on the one hand, or one or more other third parties, on the other hand, (including any proposed nominee(s)) (a) pertaining to the nomination(s) or other business proposed to be brought before the meeting of stockholders or (b)&nbsp;entered into for
the purpose of acquiring, holding, disposing or voting of any shares of any class or series of capital stock of the Corporation (which description shall identify the name of each other person who is party to such an agreement, arrangement or
understanding) and (ii)&nbsp;identification of the names and addresses of other stockholders (including beneficial owners) known by any of the Proposing Persons to support financially such nominations or other business proposal(s) and, to the extent
known, the class and number of all shares of the Corporation&#146;s capital stock owned beneficially or of record by such other stockholder(s) or other beneficial owner(s); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) a statement (i)&nbsp;that the stockholder is a holder of record of capital stock of the Corporation entitled to vote at
such meeting, a representation that such stockholder intends to appear in person or by proxy at the meeting to propose such business or nominees and an acknowledgement that, if such stockholder (or a qualified representative of such stockholder)
does not appear to present such business or proposed nominees, as applicable, at such meeting, the Corporation need not present such business or proposed nominees for a vote at such meeting, notwithstanding that proxies in respect of such vote may
have been received by the Corporation, (ii)&nbsp;whether or not the stockholder giving the notice and/or the other Proposing Person(s), if any, (a)&nbsp;will deliver a proxy statement and form of proxy to holders of, in the case of a business
proposal, at least the percentage of voting power of all of the shares of capital stock of the Corporation required under applicable law to approve the proposal or, in the case of a nomination or nominations, at least 67&nbsp;percent of the voting
power of all of the shares of capital stock of the Corporation entitled to vote on the election of directors or (b)&nbsp;otherwise solicit proxies or votes from stockholders in support of such proposal or nomination, as applicable,
(iii)&nbsp;providing a representation as to whether or not such Proposing Person intends to solicit proxies in support of director nominees other than the Corporation&#146;s director nominees in accordance with Rule
<FONT STYLE="white-space:nowrap">14a-19</FONT> promulgated under the Exchange Act and (iv)&nbsp;that the stockholder will provide any other information relating to such item of business that would be required to be disclosed in a proxy statement or
other filing required to be made in connection with solicitations of proxies in support of the business proposed to be brought before the meeting pursuant to Section&nbsp;14(a) of the Exchange Act (such statement, the &#147;Solicitation
Statement&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Article I, the term &#147;Proposing Person&#148; shall mean the
following persons: (i)&nbsp;the stockholder of record providing the notice of nominations or business proposed to be brought before a stockholders&#146; meeting and (ii)&nbsp;the beneficial owner(s), if different, on whose behalf the nominations or
business proposed to be brought before a stockholders&#146; meeting is made. For purposes of this Section&nbsp;2, the term &#147;Synthetic Equity Interest&#148; shall mean any transaction, agreement or arrangement (or series of transactions,
agreements or arrangements), including, without limitation, any derivative, swap, hedge, repurchase or <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;stock borrowing&#148; or securities lending agreement or arrangement, the purpose or
effect of which is to, directly or indirectly: (a)&nbsp;give a person or entity economic benefit and/or risk similar to ownership of shares of any class or series of capital stock of the Corporation, in whole or in part, including due to the fact
that such transaction, agreement or arrangement provides, directly or indirectly, the opportunity to profit, or share in any profit, or avoid a loss from any increase or decrease in the value of any shares of any class or series of capital stock of
the Corporation, (b)&nbsp;mitigate loss to, reduce the economic risk of, or manage the risk of share price changes for, any person or entity with respect to any shares of any class or series of capital stock of the Corporation, (c)&nbsp;otherwise
provide in any manner the opportunity to profit, or share in any profit, or avoid a loss from any decrease in the value of any shares of any class or series of capital stock of the Corporation or (d)&nbsp;increase or decrease the voting power of any
person or entity with respect to any shares of any class or series of capital stock of the Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) A stockholder
providing Timely Notice of nominations or business proposed to be brought before an Annual Meeting shall further update and supplement such notice, if necessary, so that the information (including, without limitation, the Material Ownership
Interests information) provided or required to be provided in such notice pursuant to this Bylaw shall be true and correct as of the record date for the meeting and as of the date that is ten (10)&nbsp;business days prior to such Annual Meeting, and
such update and supplement shall be received by the Secretary at the principal executive offices of the Corporation not later than the close of business on the fifth (5th) business day after the record date for the Annual Meeting (in the case of the
update and supplement required to be made as of the record date), and not later than the close of business on the eighth (8th) business day prior to the date of the Annual Meeting (in the case of the update and supplement required to be made as of
ten (10)&nbsp;business days prior to the meeting). For the avoidance of doubt, the obligation to update as set forth in this Section&nbsp;2(a)(3) shall not limit the Corporation&#146;s rights with respect to any deficiencies in any notice provided
by a stockholder, extend any applicable deadlines hereunder, or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or nomination or to submit any new proposal, including by
changing or adding nominees, matters, business and/or resolutions proposed to be brought before a meeting of the stockholders. Notwithstanding the foregoing, if a </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Proposing Person no longer plans to solicit proxies in accordance with its representation pursuant to Article I, Section&nbsp;2(a)(2)(E), such Proposing Person shall inform the Corporation of
this change by delivering a written notice to the Secretary at the principal executive offices of the Corporation no later than two (2)&nbsp;business days after making the determination not to proceed with a solicitation of proxies. A Proposing
Person shall also update its notice so that the information required by Article I, Section&nbsp;2(a)(2)(C) is current through the date of the meeting or any adjournment, postponement or rescheduling thereof, and such update shall be delivered in
writing to the secretary at the principal executive offices of the Corporation no later than two (2)&nbsp;business days after the occurrence of any material change to the information previously disclosed pursuant to Article I,
Section&nbsp;2(a)(2)(C). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Notwithstanding anything in the second sentence of Article I, Section&nbsp;2(a)(2) of this
Bylaw to the contrary, in the event that the number of directors to be elected to the Board of Directors is increased and there is no public announcement naming all of the nominees for director or specifying the size of the increased Board of
Directors made by the Corporation at least ten (10)&nbsp;days before the last day a stockholder may deliver a notice of nomination in accordance with the second sentence of Article I, Section&nbsp;2(a)(2), a stockholder&#146;s notice required by
this Bylaw shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be received by the Secretary of the Corporation not later than the close of business on the tenth (10th) day
following the day on which such public announcement is first made by the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Special Meetings.</U> Nominations of persons
for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation&#146;s notice of meeting (1)&nbsp;by or at the direction of the Board of Directors or any
authorized committee thereof or (2)&nbsp;provided that the Board of Directors has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who is a stockholder of record at the time the notice provided for in
Section&nbsp;2(a)(2) is delivered to the Secretary of the Corporation, who is entitled to vote at the meeting and upon such election and who complies with the notice procedures set forth in Section&nbsp;2(a)(2). The number of nominees a stockholder
may nominate for election at the special meeting at which directors are to be elected on its own behalf (or in the case of one or more stockholders giving the notice on behalf of a beneficial owner, the number of nominees such stockholders may
collectively nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such special meeting. In the event a special meeting of stockholders is duly called for the
purpose of electing one or more directors to the Board of Directors, any such stockholder entitled to vote in such election of directors may nominate a person or persons (as the case may be) for election to such position(s) as specified in the
Corporation&#146;s notice of meeting, if the stockholder&#146;s notice required by Section&nbsp;2(a)(2) shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the one hundred twentieth (120th) day
prior to such special meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such special meeting or the tenth (10th) day following the day on which the Corporation first makes a public announcement of the
date of the special meeting at which directors are to be elected. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>General.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Only such persons who are nominated in accordance with the provisions of this Bylaw shall be eligible for election and to
serve as directors, and only such business shall be conducted at an Annual Meeting as shall have been brought before the meeting in accordance with the provisions of this Bylaw or in accordance with Rule <FONT STYLE="white-space:nowrap">14a-8</FONT>
under the Exchange Act. The Board of Directors or a designated committee thereof shall have the power to determine whether a nomination or any business proposed to be brought before the meeting was made in accordance with the provisions of this
Bylaw. If neither the Board of Directors nor such designated committee makes a determination as to whether any stockholder proposal or nomination was made in accordance with the provisions of this Bylaw, the presiding officer of the Annual Meeting
(who shall be a director or officer of the Corporation) shall have the power and duty to determine whether the stockholder proposal or nomination was made in accordance with the provisions of this Bylaw. If the Board of Directors or a designated
committee thereof or the presiding officer, as applicable, determines that any stockholder proposal or nomination was not made in accordance with the provisions of this Bylaw, such proposal or nomination shall be disregarded and shall not be
presented for action at the Annual Meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Except as otherwise required by law, nothing in this Article I,
Section&nbsp;2 shall obligate the Corporation or the Board of Directors to include in any proxy statement or other stockholder communication distributed on behalf of the Corporation or the Board of Directors information with respect to any nominee
for director or any other matter of business submitted by a stockholder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Notwithstanding the foregoing provisions of
this Article I, Section&nbsp;2, if the nominating or proposing stockholder (or a qualified representative of the stockholder) does not appear at the Annual Meeting to present a nomination or any business, such nomination or business shall be
disregarded, notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of this Article I, Section&nbsp;2, to be considered a qualified representative of the proposing stockholder, a person must be
authorized by a written instrument executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders, and such person must produce such written instrument or
electronic transmission, or a reliable reproduction of the written instrument or electronic transmission, to the presiding officer at the meeting of stockholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) For purposes of this Bylaw, (i) &#147;public announcement&#148; shall mean disclosure in a press release reported by the
Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section&nbsp;13, 14 or 15(d) of the Exchange Act and
(ii)&nbsp;affiliates or associates are as defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> promulgated under the Exchange Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Notwithstanding the foregoing provisions of this Bylaw, a stockholder
shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder, including, but not limited to, Rule <FONT STYLE="white-space:nowrap">14a-19</FONT> of the Exchange Act, with respect to the matters set
forth in this Bylaw. If a stockholder fails to comply with any applicable requirements of the Exchange Act, including, but not limited to, Rule <FONT STYLE="white-space:nowrap">14a-19</FONT> promulgated thereunder, such stockholder&#146;s proposed
nomination or proposed business shall be deemed to have not been made in compliance with this Bylaw and shall be disregarded. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) Further notwithstanding the foregoing provisions of this Bylaw, unless otherwise required by law, (i)&nbsp;no Proposing
Person shall solicit proxies in support of director nominees other than the Corporation&#146;s nominees unless such Proposing Person has complied with Rule <FONT STYLE="white-space:nowrap">14a-19</FONT> promulgated under the Exchange Act in
connection with the solicitation of such proxies, including the provision to the Corporation of notices required thereunder with timely notice and (ii)&nbsp;if any Proposing Person (A)&nbsp;provides notice pursuant to Rule <FONT
STYLE="white-space:nowrap">14a-19(b)</FONT> promulgated under the Exchange Act, (B)&nbsp;subsequently fails to comply with the requirements of Rule <FONT STYLE="white-space:nowrap">14a-19(a)(2)</FONT> or Rule
<FONT STYLE="white-space:nowrap">14a-19(a)(3)</FONT> promulgated under the Exchange Act, including the provision to the Corporation of notices required thereunder with timely notice and (C)&nbsp;no other Proposing Person has provided notice pursuant
to, and in compliance with, Rule <FONT STYLE="white-space:nowrap">14a-19</FONT> under the Exchange Act that it intends to solicit proxies in support of the election of such proposed nominee in accordance with Rule
<FONT STYLE="white-space:nowrap">14a-19(b)</FONT> under the Exchange Act, then such proposed nominee shall be disqualified from nomination, the Corporation shall disregard the nomination of such proposed nominee and no vote on the election of such
proposed nominee shall occur. If any Proposing Person provides notice pursuant to Rule <FONT STYLE="white-space:nowrap">14a-19(b)</FONT> promulgated under the Exchange Act, such Proposing Person shall deliver to the Corporation, no later than five
(5)&nbsp;business days prior to the applicable meeting date, reasonable evidence that it has met the requirements of Rule <FONT STYLE="white-space:nowrap">14a-19(a)(3)</FONT> promulgated under the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) The number of nominees a stockholder may nominate for election at the Annual Meeting on its own behalf (or in the case of
one or more stockholders giving the notice on behalf of a beneficial owner, the number of nominees the stockholders may collectively nominate for election at the Annual Meeting on behalf of such beneficial owner) shall not exceed the number of
directors to be elected at such Annual Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3. <U>Special Meetings.</U> Except as otherwise required by statute and subject
to the rights, if any, of the holders of any series of Preferred Stock, special meetings of the stockholders of the Corporation may be called only by or at the direction of the Board of Directors. Only those matters set forth in the notice of the
special meeting may be considered or acted upon at a special meeting of stockholders of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. <U>Notice of
Meetings; Adjournments. </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A notice of each Annual Meeting stating the hour, date and place, if any, of such Annual Meeting and the
means of remote communication, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, shall be given not less than ten (10)&nbsp;days nor more than sixty (60)&nbsp;days before the Annual
Meeting, to each stockholder entitled to vote thereat by delivering such notice to such stockholder or by mailing it, postage prepaid, addressed to such stockholder at the address of such stockholder as it appears on the Corporation&#146;s stock
transfer books. Without limiting the manner by which notice may otherwise be given to stockholders, any notice to stockholders may be given by electronic transmission in the manner provided in Section&nbsp;232 of the DGCL. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notice of all special meetings of stockholders shall be given in the same manner as
provided for Annual Meetings, except that the notice of all special meetings shall state the purpose or purposes for which the meeting has been called. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notice of an Annual Meeting or special meeting of stockholders need not be given to a stockholder if a waiver of notice is executed, or
waiver of notice by electronic transmission is provided, before or after such meeting by such stockholder or if such stockholder attends such meeting, unless such attendance is for the express purpose of objecting at the beginning of the meeting to
the transaction of any business because the meeting was not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any meeting need be specified in such a waiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Board of Directors may postpone and reschedule or cancel any previously scheduled Annual Meeting or special meeting of stockholders
and any record date with respect thereto, regardless of whether any notice or public disclosure with respect to any such meeting has been sent or made pursuant to Section&nbsp;2 of this Article&nbsp;I or otherwise. In no event shall the public
announcement of an adjournment, postponement or rescheduling of any previously scheduled meeting of stockholders commence a new time period or extend any time period for the giving of a stockholder&#146;s notice under this Article I. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) When any meeting is convened, the presiding officer or the stockholders present or represented by proxy at such meeting may adjourn the
meeting from time to time for any reason, regardless of whether a quorum is present, to reconvene at any other time and at any place at which a meeting of stockholders may be held under these Bylaws. When any Annual Meeting or special meeting of
stockholders is adjourned to another hour, date or place (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), notice need not be given of the adjourned meeting if the time,
place, if any, thereof and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are (i)&nbsp;announced at the meeting at which the adjournment is
taken, (ii)&nbsp;displayed, during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to participate in the meeting by means of remote communication or (iii)&nbsp;set forth in the notice
of meeting given in accordance with this Section&nbsp;4; provided, however, that if the adjournment is for more than thirty (30)&nbsp;days from the meeting date, or if after the adjournment a new record date is fixed for the adjourned meeting,
notice of the adjourned meeting and the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such adjourned meeting shall be given to each stockholder of record entitled to
vote thereat and each stockholder who, by law or under the Certificate or these Bylaws, is entitled to such notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. <U>Quorum.</U> Except as otherwise provided by law, the Certificate or these
Bylaws, at each meeting of stockholders, the presence in person or represented by proxy, of the holders of a majority in voting power of the outstanding shares of stock entitled to vote at the meeting shall be necessary and sufficient to constitute
a quorum. If less than a quorum is present at a meeting, the holders of voting stock representing a majority of the voting power present at the meeting and entitled to vote thereon or the presiding officer may adjourn the meeting from time to time,
and the meeting may be held as adjourned without further notice, except as provided in Section&nbsp;4 of this Article&nbsp;I. At such adjourned meeting at which a quorum is present, any business may be transacted which might have been transacted at
the meeting as originally noticed. The stockholders present at a duly constituted meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. <U>Voting and Proxies.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of Article IV,
Section&nbsp;5<B> </B>of these Bylaws, subject to Section&nbsp;217 (relating to voting rights of fiduciaries, pledgors and joint owners of stock) and Section&nbsp;218 (relating to voting trusts and other voting agreements) of the DGCL. Stockholders
shall have one vote for each share of stock entitled to vote owned by them of record according to the stock ledger of the Corporation as of the record date, unless otherwise provided by law or by the Certificate. Stockholders may vote either
(i)&nbsp;in person, (ii)&nbsp;by written proxy or (iii)&nbsp;by proxy pursuant to a transmission permitted by Section&nbsp;212(c) of the DGCL. Any copy, facsimile telecommunication or other reliable reproduction of the writing or transmission
permitted by Section&nbsp;212(c) of the DGCL may be substituted for or used in lieu of the original writing or transmission for any and all purposes for which the original writing or transmission could be used, provided that such copy, facsimile
telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission. Proxies shall be filed in accordance with the procedures established for the meeting of stockholders. Except as otherwise
provided therein or as otherwise provided by law, proxies authorizing a person to vote at a specific meeting shall entitle the persons authorized thereby to vote at any adjournment or postponement of such meeting, but they shall not be valid after
final adjournment of such meeting. A proxy with respect to stock held in the name of two or more persons shall be valid if executed by or on behalf of any one of them unless at or prior to the exercise of the proxy the Corporation receives a
specific written notice to the contrary from any one of them. In the event the Corporation receives proxies for disqualified or withdrawn nominees for the Board of Directors, such votes for such disqualified or withdrawn nominees in the proxies will
be treated as abstentions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card
color other than white, which shall be reserved for the exclusive use by the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7. <U>Action at Meeting.</U>
When a quorum is present at any meeting of stockholders, any matter before any such meeting (other than an election of a director or directors) shall, unless a different or minimum vote is required by the Certificate, these Bylaws, the rules or
regulations of any stock exchange applicable to the Corporation, or any law or regulation applicable to the Corporation or its securities, in which case such different or minimum vote shall be the applicable vote on the matter, be decided by the
affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon. Any election of directors by stockholders shall be determined by a
plurality of the votes properly cast on the election of directors. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8. <U>Stockholder Lists.</U> The Corporation shall prepare, no later than the tenth
(10<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day before each Annual Meeting or special meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the
address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of ten (10)&nbsp;days ending on the
day before the meeting date in the manner provided by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9. <U>Conduct of Meeting.</U> The Board of Directors may adopt by
resolution such rules, regulations and procedures for the conduct of any meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with rules, regulations and procedures adopted by the Board of Directors, the presiding
officer of the meeting shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting and shall have the right to prescribe such rules, regulations and procedures and to do all such acts, as, in the
judgment of such presiding person, are necessary, appropriate or convenient for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or the presiding officer of the meeting, may include,
without limitation, the following: (a)&nbsp;the establishment of an agenda for the meeting; (b)&nbsp;rules and procedures for maintaining order at the meeting and the safety of those present at the meeting; (c)&nbsp;limitations on attendance at or
participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies, or such other persons as the presiding person of the meeting shall determine; (d)&nbsp;restrictions on entry to the meeting
after the time fixed for the commencement thereof; (e)&nbsp;the determination of the circumstances in which any person may make a statement or ask questions and limitations on the time allotted to questions or comments; (f)&nbsp;the determination of
when the polls shall open and close for any given matter to be voted on at the meeting; (g)&nbsp;the exclusion or removal of any stockholders or any other individual who refuses to comply with meeting rules, regulations, or procedures;
(h)&nbsp;restrictions on the use of audio and video recording devices, cell phones and other electronic devices; (i)&nbsp;rules, regulations and procedures for compliance with any federal, state or local laws or regulations (including those
concerning safety, health or security); (j) procedures (if any) requiring attendees to provide the Corporation advance notice of their intent to attend the meeting; and (k)&nbsp;rules, regulations or procedures regarding the participation by means
of remote communication of stockholders and proxy holders not physically present at a meeting, whether such meeting is to be held at a designated place or solely by means of remote communication. Unless and to the extent determined by the Board of
Directors or the presiding person of the meeting, the presiding person of the meeting shall not be obligated to adopt or follow any technical, formal or parliamentary rules or principles of procedure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10. <U>Inspectors of Elections.</U> The Corporation shall, if required by law, in advance of any meeting of stockholders, appoint one
or three inspectors to act at the meeting and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or
</P>
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alternate is able to act at a meeting of stockholders, the presiding officer shall appoint one or more inspectors to act at the meeting. Any inspector may, but need not, be an officer, employee
or agent of the Corporation. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability.
The inspectors shall perform such duties as are required by the DGCL, including the counting of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of the duties of the
inspectors. The presiding officer may review all determinations made by the inspectors, and in so doing the presiding officer shall be entitled to exercise his or her sole judgment and discretion and he or she shall not be bound by any
determinations made by the inspectors. All determinations by the inspectors and, if applicable, the presiding officer, shall be subject to further review by any court of competent jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 11. <U>Action By Consent of Stockholders.</U> Stockholders may only act by consent in lieu of a meeting to the extent permitted by the
Certificate. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE II </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Directors </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.
<U>Powers.</U> The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as otherwise provided by the Certificate or required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Number and Terms.</U> The number of directors of the Corporation shall be fixed solely and exclusively by resolution duly
adopted from time to time by the Board of Directors, provided the Board of Directors shall consist of at least one (1)&nbsp;member. The directors shall hold office in the manner provided in the Certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3. <U>Qualification.</U> No director need be a stockholder of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. <U>Vacancies.</U> Vacancies in the Board of Directors shall be filled in the manner provided in the Certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. <U>Removal.</U> Directors may be removed from office only in the manner provided in the Certificate and applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. <U>Resignation.</U> A director may resign at any time by electronic transmission or by giving written notice to the Chairperson of
the Board, if one is elected, the President or the Secretary. A resignation shall be effective upon receipt, unless the resignation otherwise provides. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7. <U>Regular Meetings.</U> Regular meetings of the Board of Directors may be held at such hour, date and place as the Board of
Directors may by resolution from time to time determine and publicize by means of reasonable notice given to any director who is not present at the meeting at which such resolution is adopted. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8. <U>Special Meetings.</U> Special meetings of the Board of Directors may be
called, orally or in writing, by or at the request of a majority of the directors, the Chairperson of the Board, if one is elected, or the President. The person calling any such special meeting of the Board of Directors may fix the hour, date and
place thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9. <U>Notice of Meetings.</U> Notice of the hour, date and place of all special meetings of the Board of Directors
shall be given to each director by the Secretary or an Assistant Secretary, or in case of the death, absence, incapacity or refusal of such persons, by the Chairperson of the Board, if one is elected, or the President or such other officer
designated by the Chairperson of the Board, if one is elected, or the President. Notice of any special meeting of the Board of Directors shall be given to each director in person, by telephone, or by facsimile, electronic mail or other form of
electronic communication, sent to his or her business or home address, at least twenty-four (24)&nbsp;hours in advance of the meeting, or by written notice mailed to his or her business or home address, at least
<FONT STYLE="white-space:nowrap">seventy-two</FONT> (72)&nbsp;hours in advance of the meeting; provided, however, that if the Chairperson of the Board or the President determines that it is otherwise reasonably necessary or advisable to hold the
meeting sooner, then the Chairperson of the Board or the President, as the case may be, may prescribe a shorter time period for notice to be given personally or by telephone, facsimile, electronic mail or other similar means of communication. Such
notice shall be deemed to be delivered when hand-delivered to such address; read to such director by telephone; deposited in the mail so addressed, with postage thereon prepaid, if mailed; or dispatched or transmitted if sent by facsimile
transmission or by electronic mail or other form of electronic communication. A written waiver of notice signed or electronically transmitted before or after a meeting by a director and filed with the records of the meeting shall be deemed to be
equivalent to notice of the meeting. The attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting at the beginning of the meeting to the
transaction of any business because such meeting is not lawfully called or convened. Except as otherwise required by law, by the Certificate or by these Bylaws, neither the business to be transacted at, nor the purpose of, any meeting of the Board
of Directors need be specified in the notice or waiver of notice of such meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10. <U>Quorum.</U> At any meeting of the Board
of Directors, a majority of the total number of directors shall constitute a quorum for the transaction of business. For purposes of this Section&nbsp;10, the total number of directors includes any unfilled vacancies on the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 11. <U>Action at Meeting.</U> At any meeting of the Board of Directors at which a quorum is present, the vote of a majority of the
directors present shall constitute action by the Board of Directors, unless otherwise required by law, by the Certificate or by these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 12. <U>Action by Consent.</U> Any action required or permitted to be taken at any meeting of the Board of Directors may be taken
without a meeting if all members of the Board of Directors consent thereto in writing or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the board or
committee in the same paper or electronic form as the minutes are maintained. Such consent shall be treated as a resolution of the Board of Directors for all purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 13. <U>Manner of Participation.</U> Directors may participate in meetings of the
Board of Directors by means of video conference, conference telephone or other communications equipment by means of which all directors participating in the meeting can hear each other, and participation in a meeting in accordance herewith shall
constitute presence in person at such meeting for purposes of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 14. <U>Presiding Director.</U> The Board of Directors
shall designate a representative to preside over all meetings of the Board of Directors, provided that if the Board of Directors does not so designate such a presiding director or such designated presiding director is unable to so preside or is
absent, then the Chairperson of the Board, if one is elected, shall preside over all meetings of the Board of Directors. If both the designated presiding director, if one is so designated, and the Chairperson of the Board, if one is elected, are
unable to preside or are absent, the Board of Directors shall designate an alternate representative to preside over a meeting of the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 15. <U>Committees.</U> The Board of Directors, may designate one or more committees, including, without limitation, a Compensation
Committee, a Nominating&nbsp;&amp; Corporate Governance Committee and an Audit Committee, and may delegate thereto some or all of its powers to such committee(s) except those which by law, by the Certificate or by these Bylaws may not be delegated
and may authorize the seal of the corporation to be affixed to all papers which may require it. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at
any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously
appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Except as the Board of Directors may otherwise determine, any such committee may make rules for the conduct of its business,
but unless otherwise provided by the Board of Directors or in such rules, its business shall be conducted so far as possible in the same manner as is provided by these Bylaws for the Board of Directors. All members of such committees shall hold such
offices at the pleasure of the Board of Directors. The Board of Directors may abolish any such committee at any time. Any committee to which the Board of Directors delegates any of its powers or duties shall keep records of its meetings and shall
report its action to the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 16. <U>Compensation of Directors.</U> Directors shall receive such compensation for
their services as shall be determined by the Board of Directors, or a designated committee thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE III </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Officers </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.
<U>Enumeration.</U> The officers of the Corporation shall consist of a President, a Treasurer, a Secretary and such other officers, including, without limitation, a Chairperson of the Board, a Chief Executive Officer and one or more Vice Presidents
(including Executive Vice Presidents or Senior Vice Presidents), Assistant Vice Presidents, Assistant Treasurers and Assistant Secretaries, as the Board of Directors may elect. Any number of offices may be held by the same person. The salaries and
other compensation of the officers of the Corporation will be fixed by or in the manner designated by the Board of Directors or a committee thereof to which the Board of Directors has delegated such responsibility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Election.</U> The Board of Directors shall elect the President, the Treasurer and the Secretary. Other officers may be elected
by the Board of Directors at such regular annual meeting of the Board of Directors or at any other regular or special meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.
<U>Qualification.</U> No officer need be a stockholder or a director. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. <U>Tenure.</U> Except as otherwise provided by the
Certificate or by these Bylaws, each of the officers of the Corporation shall hold office until the regular annual meeting of the Board of Directors following the next Annual Meeting and until his or her successor is elected and qualified or until
his or her earlier resignation or removal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. <U>Resignation and Removal.</U> Any officer may resign by delivering his or her
written or electronically transmitted resignation to the Corporation addressed to the President or the Secretary, and such resignation shall be effective upon receipt, unless the resignation otherwise provides. Any resignation is without prejudice
to the rights, if any, of the Corporation under any contract to which the officer is a party. Except as otherwise provided by law or by resolution of the Board of Directors, the Board of Directors may remove any officer with or without cause. Except
as the Board of Directors may otherwise determine, no officer who resigns or is removed shall have any right to any compensation as an officer for any period following his or her resignation or removal, or any right to damages on account of such
removal, whether his or her compensation be by the month or by the year or otherwise, unless such compensation is expressly provided in a duly authorized written agreement with the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. <U>Absence or Disability.</U> In the event of the absence or disability of any officer, the Board of Directors may designate
another officer to act temporarily in place of such absent or disabled officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7. <U>Vacancies.</U> Any vacancy in any office
may be filled for the unexpired portion of the term by the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8. <U>President.</U> The President shall, subject
to the direction of the Board of Directors, have such powers and shall perform such duties as the Board of Directors may from time to time designate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9. <U>Chairperson of the Board.</U> The Chairperson of the Board, if one is elected,
shall have such powers and shall perform such duties as the Board of Directors may from time to time designate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10. <U>Chief
Executive Officer.</U> The Chief Executive Officer, if one is elected, shall have such powers and shall perform such duties as the Board of Directors may from time to time designate. The Chief Executive Officer shall preside as the chair of the
meeting at all meetings of the stockholders; provided that if there is no Chief Executive Officer or the Chief Executive Officer is unable to so preside or is absent, then a director or officer chosen by resolution of the Board of Directors shall
act as Chairperson at all meetings of stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 11. <U>Vice Presidents and Assistant Vice Presidents.</U> Any Vice President
(including any Executive Vice President or Senior Vice President) and any Assistant Vice President shall have such powers and shall perform such duties as the Board of Directors or the Chief Executive Officer may from time to time designate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 12. <U>Treasurer and Assistant Treasurers.</U> The Treasurer shall, subject to the direction of the Board of Directors and except as
the Board of Directors or the Chief Executive Officer may otherwise provide, have general charge of the financial affairs of the Corporation and shall cause to be kept accurate books of account. The Treasurer shall have custody of all funds,
securities and valuable documents of the Corporation. He or she shall have such other duties and powers as may be designated from time to time by the Board of Directors or the Chief Executive Officer. Any Assistant Treasurer shall have such powers
and perform such duties as the Board of Directors or the Chief Executive Officer may from time to time designate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 13.
<U>Secretary and Assistant Secretaries.</U> The Secretary shall record all the proceedings of the meetings of the stockholders and the Board of Directors (including committees of the Board of Directors) in books kept for that purpose. In his or her
absence from any such meeting, a temporary secretary chosen at the meeting shall record the proceedings thereof. The Secretary shall have charge of the stock ledger (which may, however, be kept by any transfer or other agent of the Corporation). The
Secretary shall have custody of the seal of the Corporation, and the Secretary or an Assistant Secretary shall have authority to affix it to any instrument requiring it, and, when so affixed, the seal may be attested by his or her signature or that
of an Assistant Secretary. The Secretary shall have such other duties and powers as may be designated from time to time by the Board of Directors or the Chief Executive Officer. In the absence of the Secretary, any Assistant Secretary may perform
his or her duties and responsibilities. Any Assistant Secretary shall have such powers and perform such duties as the Board of Directors or the Chief Executive Officer may from time to time designate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 14. <U>Other Powers and Duties.</U> Subject to these Bylaws and to such limitations as the Board of Directors may from time to time
prescribe, the officers of the Corporation shall each have such powers and duties as generally pertain to their respective offices, as well as such powers and duties as from time to time may be conferred by the Board of Directors or the Chief
Executive Officer. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 15. <U>Representation of Shares of Other Corporations.</U> The Chairperson of the
Board, the President, any Vice President, the Treasurer, the Secretary or Assistant Secretary of this Corporation, or any other person authorized by the Board of Directors or the President or a Vice President, is authorized to vote, represent and
exercise on behalf of this Corporation all rights incident to any and all securities of any other entity or entities standing in the name of this Corporation. The authority granted herein may be exercised either by such person directly or by any
other person authorized to do so by proxy or power of attorney duly executed by such person having the authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 16. <U>Bonded
Officers.</U> The Board of Directors may require any officer to give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors upon such terms and conditions as the Board of Directors may
specify, including, without limitation, a bond for the faithful performance of his or her duties and for the restoration to the Corporation of all property in his or her possession or under his or her control belonging to the Corporation. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE IV </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Capital
Stock </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1. <U>Certificates of Stock.</U> Each stockholder shall be entitled to a certificate of the capital stock of the
Corporation in such form as may from time to time be prescribed by the Board of Directors. Such certificate shall be signed by any two authorized officers of the Corporation, which officers shall include, without limitation, the Chairman (if an
officer), the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary and any Assistant Secretary. The Corporation seal and the signatures by the Corporation&#146;s officers, the transfer agent or the registrar may be
facsimiles. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed on such certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may
be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the time of its issue. Every certificate for shares of stock which are subject to any restriction on transfer and every certificate
issued when the Corporation is authorized to issue more than one class or series of stock shall contain such legend with respect thereto as is required by law. Notwithstanding anything to the contrary provided in these Bylaws, the Board of Directors
may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares (except that the foregoing shall not apply to shares represented by a certificate until such certificate is
surrendered to the Corporation), and by the approval and adoption of these Bylaws, the Board of Directors has determined that all classes or series of the Corporation&#146;s stock shall be uncertificated, whether upon original issuance, <FONT
STYLE="white-space:nowrap">re-issuance</FONT> or subsequent transfer, unless otherwise determined by the Corporation&#146;s officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Transfers.</U> Subject to any restrictions on transfer and unless otherwise provided by the Board of Directors, shares of stock
that are represented by a certificate may be transferred on the books of the Corporation by the surrender to the Corporation or its transfer agent of the certificate theretofore properly endorsed or accompanied by a written assignment or power of
attorney properly executed, with transfer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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stamps (if necessary) affixed, and with such proof of the authenticity of signature as the Corporation or its transfer agent may reasonably require. Shares of stock that are not represented by a
certificate may be transferred on the books of the Corporation by submitting to the Corporation or its transfer agent such evidence of transfer and following such other procedures as the Corporation or its transfer agent may require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3. <U>Stock Transfer Agreements.</U> The Corporation shall have power to enter into and perform any agreement with any number of
stockholders of any one or more classes of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. <U>Record Holders.</U> Except as may otherwise be required by law, by the Certificate or by these Bylaws, the Corporation shall be
entitled to treat the record holder of stock as shown on its books as the owner of such stock for all purposes, including the payment of dividends and the right to vote with respect thereto, regardless of any transfer, pledge or other disposition of
such stock, until the shares have been transferred on the books of the Corporation in accordance with the requirements of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. <U>Record Date.</U> In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of
stockholders or any adjournment thereof or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose
of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date: (a)&nbsp;in the case
of determination of stockholders entitled to vote at any meeting of stockholders, shall, unless otherwise required by law, not be more than sixty (60)&nbsp;nor less than ten (10)&nbsp;days before the date of such meeting and (b)&nbsp;in the case of
any other action, shall not be more than sixty (60)&nbsp;days prior to such other action. If no record date is fixed: (i)&nbsp;the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the
close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; and (ii)&nbsp;the record date for determining
stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. If any stockholders of the Corporation are entitled to act by consent without a meeting, the
record date with respect to such consent shall be determined in accordance with the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. <U>Replacement of Certificates.</U>
In case of the alleged loss, destruction or mutilation of a certificate of stock of the Corporation, a duplicate certificate may be issued in place thereof, upon such terms as the Board of Directors may prescribe. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE V </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Indemnification </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION
1. <U>Definitions. For purposes of this Article V: </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;Corporate Status&#148; describes the status of a person who is serving
or has served (i)&nbsp;as a Director of the Corporation, (ii)&nbsp;as an Officer of the Corporation, (iii)&nbsp;as a <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee of the Corporation or (iv)&nbsp;as a director, manager, partner,
trustee, officer, employee or agent of any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan, foundation, association, organization or other legal entity which such person is or was serving at the
request of the Corporation. For purposes of this Section&nbsp;1(a), a Director, Officer or <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee of the Corporation who is serving or has served as a director, manager, partner, trustee,
officer, employee or agent of a Subsidiary shall be deemed to be serving at the request of the Corporation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;Director&#148;
means any person who serves or has served the Corporation as a director on the Board of Directors of the Corporation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
&#147;Disinterested Director&#148; means, with respect to each Proceeding in respect of which indemnification is sought hereunder, a Director who is not and was not a party to such Proceeding; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;Expenses&#148; means all attorneys&#146; fees, retainers, court costs, transcript costs, fees of expert witnesses, private
investigators and professional advisors (including, without limitation, accountants and investment bankers), travel expenses, duplicating costs, printing and binding costs, costs of preparation of demonstrative evidence and other courtroom
presentation aids and devices, costs incurred in connection with document review, organization, imaging and computerization, telephone charges, postage, delivery service fees, and all other disbursements, costs or expenses of the type customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settling or otherwise participating in, a Proceeding; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) &#147;Liabilities&#148; means judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <FONT STYLE="white-space:nowrap">&#147;Non-Officer</FONT> Employee&#148; means any person who serves or has served as an employee or agent
of the Corporation, but who is not or was not a Director or Officer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) &#147;Officer&#148; means any person who serves or has served
the Corporation as an officer of the Corporation elected by the Board of Directors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) &#147;Proceeding&#148; means any threatened,
pending or completed action, suit, arbitration, alternate dispute resolution mechanism, inquiry, investigation, administrative hearing or other proceeding, whether civil, criminal, administrative, arbitrative or investigative; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) &#147;Subsidiary&#148; means any corporation, partnership, limited liability company,
joint venture, trust or other entity of which the Corporation owns (either directly or through or together with another Subsidiary of the Corporation) either (i)&nbsp;a general partner, managing member or other similar interest or (ii)&nbsp;(A)
fifty percent (50%) or more of the voting power of the voting capital equity interests of such corporation, partnership, limited liability company, joint venture or other entity, or (B)&nbsp;fifty percent (50%) or more of the outstanding voting
capital stock or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Indemnification of Directors and Officers.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the operation of Section&nbsp;4 of this Article V, each Director and Officer shall be indemnified and held harmless by the
Corporation to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification
rights than such law permitted the Corporation to provide prior to such amendment), and to the extent authorized in this Section&nbsp;2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <U>Actions, Suits and Proceedings Other than By or In the Right of the Corporation.</U> Each Director and Officer shall be
indemnified and held harmless by the Corporation against any and all Expenses and Liabilities that are incurred or paid by such Director or Officer or on such Director&#146;s or Officer&#146;s behalf in connection with any Proceeding or any claim,
issue or matter therein (other than an action by or in the right of the Corporation), which such Director or Officer is, or is threatened to be made, a party to or participant in by reason of such Director&#146;s or Officer&#146;s Corporate Status,
if such Director or Officer acted in good faith and in a manner such Director or Officer reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any criminal proceeding, had no reasonable cause to
believe his or her conduct was unlawful. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <U>Actions, Suits and Proceedings By or In the Right of the Corporation.</U>
Each Director and Officer shall be indemnified and held harmless by the Corporation against any and all Expenses that are incurred by such Director or Officer or on such Director&#146;s or Officer&#146;s behalf in connection with any Proceeding or
any claim, issue or matter therein by or in the right of the Corporation, which such Director or Officer is, or is threatened to be made, a party to or participant in by reason of such Director&#146;s or Officer&#146;s Corporate Status, if such
Director or Officer acted in good faith and in a manner such Director or Officer reasonably believed to be in or not opposed to the best interests of the Corporation; provided, however, that no indemnification shall be made under this
Section&nbsp;2(a)(2) in respect of any claim, issue or matter as to which such Director or Officer shall have been finally adjudged by a court of competent jurisdiction to be liable to the Corporation, unless, and only to the extent that, the Court
of Chancery of the State of Delaware or another court in which such Proceeding was brought shall determine upon application that, despite adjudication of liability, but in view of all the circumstances of the case, such Director or Officer is fairly
and reasonably entitled to indemnification for such Expenses that such court deems proper.<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <U>Successful on Merits or Otherwise.</U> Notwithstanding the foregoing,
to the extent any Director or Officer has been successful on the merits or otherwise in the defense of an any action reference in Sections 2(a)(1) or 2(a)(2) or in defense of any claim, issue or matter therein, such person shall be indemnified
against expenses (including attorneys&#146; fees) actually and reasonably incurred by such person in connection therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <U>Survival of Rights.</U> The rights of indemnification provided by this Section&nbsp;2 shall continue as to a Director or
Officer after he or she has ceased to be a Director or Officer and shall inure to the benefit of his or her heirs, executors, administrators and personal representatives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) <U>Actions by Directors or Officers.</U> Notwithstanding the foregoing, the Corporation shall indemnify any Director or
Officer seeking indemnification in connection with a Proceeding initiated by such Director or Officer only if such Proceeding (including any parts of such Proceeding not initiated by such Director or Officer) was authorized in advance by the Board
of Directors, unless such Proceeding was brought to enforce such Officer&#146;s or Director&#146;s rights to indemnification or advancement of Expenses under these Bylaws in accordance with the provisions set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3. <U>Indemnification of <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employees.</U> Subject to the operation of Section&nbsp;4
of this Article V, each <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee may, in the discretion of the Board of Directors, be indemnified by the Corporation to the fullest extent authorized by the DGCL, as the same exists or may
hereafter be amended, against any or all Expenses and Liabilities that are incurred by such <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee or on such <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee&#146;s behalf in
connection with any threatened, pending or completed Proceeding, or any claim, issue or matter therein, which such <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee is, or is threatened to be made, a party to or participant in by reason
of such <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee&#146;s Corporate Status, if such <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee acted in good faith and in a manner such
<FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any criminal proceeding, had no reasonable cause to believe his or her conduct was
unlawful. The rights of indemnification provided by this Section&nbsp;3 shall exist as to a <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee after he or she has ceased to be a <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee
and shall inure to the benefit of his or her heirs, personal representatives, executors and administrators. Notwithstanding the foregoing, the Corporation may indemnify any <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee seeking
indemnification in connection with a Proceeding initiated by such <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee only if such Proceeding was authorized in advance by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. <U>Determination.</U> Unless ordered by a court, but subject to Section&nbsp;2(a)(3), no indemnification shall be provided pursuant
to this Article V to a Director, to an Officer or to a <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee unless a determination shall have been made that such person acted in good faith and in a manner such person reasonably believed to
be in or not opposed to the best interests of the Corporation and, with respect to any criminal Proceeding, such person had no reasonable cause to believe his or her conduct was unlawful. Such determination shall be made by (a)&nbsp;a majority vote
of the Disinterested Directors, even though less than a quorum of the Board of Directors, (b)&nbsp;a committee comprised of Disinterested Directors, such committee having been designated by a majority vote of the Disinterested Directors (even though
less than a quorum), (c) if there are no such Disinterested Directors, or if a majority of Disinterested Directors so directs, by independent legal counsel in a written opinion or (d)&nbsp;by the stockholders of the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. <U>Advancement of Expenses to Directors Prior to Final Disposition.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Corporation shall advance all Expenses incurred by or on behalf of any Director in connection with any Proceeding in which such
Director or Officer is involved by reason of such Director&#146;s Corporate Status within thirty (30)&nbsp;days after the receipt by the Corporation of a written statement from such Director requesting such advance or advances from time to time,
whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by such Director and shall be preceded or accompanied by an undertaking by or on behalf of such Director to
repay any Expenses so advanced if it shall ultimately be determined that such Director is not entitled to be indemnified against such Expenses. Notwithstanding the foregoing, the Corporation shall advance all Expenses incurred by or on behalf of any
Director seeking advancement of expenses hereunder in connection with a Proceeding initiated by such Director only if such Proceeding (including any parts of such Proceeding not initiated by such Director) was (i)&nbsp;authorized by the Board of
Directors or (ii)&nbsp;brought to enforce such Director&#146;s rights to indemnification or advancement of Expenses under these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If a claim for advancement of Expenses hereunder by a Director is not paid in full by the Corporation within thirty (30)&nbsp;days after
receipt by the Corporation of documentation of Expenses and the required undertaking, such Director may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, such
Director shall also be entitled to be paid the expenses of prosecuting such claim. The failure of the Corporation (including its Board of Directors or any committee thereof, independent legal counsel or stockholders) to make a determination
concerning the permissibility of such advancement of Expenses under this Article V shall not be a defense to an action brought by a Director for recovery of the unpaid amount of an advancement claim and shall not create a presumption that such
advancement is not permissible. The burden of proving that a Director is not entitled to an advancement of expenses shall be on the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation
shall be entitled to recover such expenses upon a final adjudication that the Director has not met any applicable standard for indemnification set forth in the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. <U>Advancement of Expenses to Officers and <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employees Prior to Final
Disposition.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Corporation may, at the discretion of the Board of Directors, advance any or all Expenses incurred by or on
behalf of any Officer or any <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee in connection with any Proceeding in which such person is involved by reason of his or her Corporate Status as an Officer or
<FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee upon the receipt by the Corporation of a statement or statements from such Officer or <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee requesting such advance or advances from
time to time, whether prior to or after final disposition of such Proceeding. Such statement </P>
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or statements shall reasonably evidence the Expenses incurred by such Officer or <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee and shall be preceded or accompanied by an
undertaking by or on behalf of such person to repay any Expenses so advanced if it shall ultimately be determined that such Officer or <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee is not entitled to be indemnified against such
Expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the
Corporation shall be entitled to recover such expenses upon a final adjudication that the Officer or <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee has not met any applicable standard for indemnification set forth in the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7. <U>Contractual Nature of Rights.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The provisions of this Article&nbsp;V shall be deemed to be a contract between the Corporation and each Director and Officer entitled to
the benefits hereof at any time while this Article&nbsp;V is in effect, in consideration of such person&#146;s past or current and any future performance of services for the Corporation. Neither amendment, repeal or modification of any provision of
this Article&nbsp;V nor the adoption of any provision of the Certificate inconsistent with this Article&nbsp;V shall eliminate or reduce any right conferred by this Article&nbsp;V in respect of any act or omission occurring, or any cause of action
or claim that accrues or arises or any state of facts existing, at the time of or before such amendment, repeal, modification or adoption of an inconsistent provision (even in the case of a proceeding based on such a state of facts that is commenced
after such time), and all rights to indemnification and advancement of Expenses granted herein or arising out of any act or omission shall vest at the time of the act or omission in question, regardless of when or if any proceeding with respect to
such act or omission is commenced. The rights to indemnification and to advancement of expenses provided by, or granted pursuant to, this Article&nbsp;V shall continue notwithstanding that the person has ceased to be a director or officer of the
Corporation and shall inure to the benefit of the estate, heirs, executors, administrators, legatees and distributees of such person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
If a claim for indemnification hereunder by a Director or Officer is not paid in full by the Corporation within sixty (60)&nbsp;days after receipt by the Corporation of a written claim for indemnification, such Director or Officer may at any time
thereafter bring suit against the Corporation to recover the unpaid amount of the claim, and if successful in whole or in part, such Director or Officer shall also be entitled to be paid the expenses of prosecuting such claim to the fullest extent
permitted by law. The failure of the Corporation (including its Board of Directors or any committee thereof, independent legal counsel or stockholders) to make a determination concerning the permissibility of such indemnification under this Article
V shall not be a defense to an action brought by a Director or Officer for recovery of the unpaid amount of an indemnification claim and shall not create a presumption that such indemnification is not permissible. The burden of proving that a
Director or Officer is not entitled to indemnification shall be on the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In any suit brought by a Director or Officer to
enforce a right to indemnification hereunder, it shall be a defense that such Director or Officer has not met any applicable standard for indemnification set forth in the DGCL. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8. <U><FONT STYLE="white-space:nowrap">Non-Exclusivity</FONT> of Rights.</U> The
rights to indemnification and to advancement of Expenses set forth in this Article V shall not be exclusive of any other right that any Director, Officer or <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee may have or hereafter acquire
under any statute, provision of the Certificate or these Bylaws, agreement, vote of stockholders or Disinterested Directors or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9. <U>Insurance.</U> The Corporation may maintain insurance, at its expense, to protect itself and any Director, Officer or <FONT
STYLE="white-space:nowrap">Non-Officer</FONT> Employee against any liability of any character asserted against or incurred by the Corporation or any such Director, Officer or <FONT STYLE="white-space:nowrap">Non-Officer</FONT> Employee, or arising
out of any such person&#146;s Corporate Status, whether or not the Corporation would have the power to indemnify such person against such liability under the DGCL or the provisions of this Article&nbsp;V. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10. <U>Other Indemnification.</U> The Corporation&#146;s obligation, if any, to indemnify or provide advancement of Expenses to any
person under this Article V as a result of such person serving, at the request of the Corporation, as a director, partner, trustee, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise shall be reduced by any amount such person may collect as indemnification or advancement of Expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or enterprise (the &#147;Primary Indemnitor&#148;).
Any indemnification or advancement of Expenses under this Article V owed by the Corporation as a result of a person serving, at the request of the Corporation, as a director, partner, trustee, officer, employee or agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise shall only be in excess of, and shall be secondary to, the indemnification or advancement of Expenses available from the applicable Primary Indemnitor(s) and any applicable
insurance policies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 11. <U>Savings Clause.</U> If this Article V or any portion hereof shall be invalidated on any ground by any
court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Indemnitee as to any expenses (including, without limitation, attorneys&#146; fees), liabilities, losses, judgments, fines (including, without limitation, excise
taxes and penalties arising under the Employee Retirement Income Security Act of 1974, as amended) and amounts paid in settlement in connection with any action, suit, proceeding or investigation, whether civil, criminal or administrative, including,
without limitation, an action by or in the right of the Corporation, to the fullest extent permitted by any applicable portion of this Article V that shall not have been invalidated and to the fullest extent permitted by applicable law. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ARTICLE VI </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Miscellaneous Provisions </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1. <U>Fiscal Year.</U> The fiscal year of the Corporation shall be determined by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Seal.</U> The Board of Directors shall have power to adopt and alter the seal of the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3. <U>Execution of Instruments.</U> All deeds, leases, transfers, contracts, bonds,
notes and other obligations to be entered into by the Corporation in the ordinary course of its business without director action may be executed on behalf of the Corporation by the Chairperson of the Board, if one is elected, the President or the
Treasurer or any other officer, employee or agent of the Corporation as the Board of Directors or the executive committee of the Board of Directors may authorize. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. <U>Voting of Securities.</U> Unless the Board of Directors otherwise provides, the Chairperson of the Board, if one is elected, the
President or the Treasurer may waive notice of, and act on behalf of the Corporation, or appoint another person or persons to act as proxy or attorney in fact for the Corporation with or without discretionary power and/or power of substitution, at
any meeting of stockholders or equity owners of any other corporation or entity, any of whose securities are held by the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. <U>Resident Agent.</U> The Board of Directors shall appoint a resident agent upon whom legal process may be served in any action or
proceeding against the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. <U>Corporate Records.</U> The original or attested copies of the Certificate, Bylaws and
records of all meetings of the incorporators, stockholders and the Board of Directors and the stock transfer books, which shall contain the names of all stockholders, their record addresses and the amount of stock held by each, may be kept outside
the State of Delaware and shall be kept at the principal office of the Corporation, at an office of its counsel, at an office of its transfer agent or at such other place or places as may be designated from time to time by the Board of Directors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7. <U>Certificate.</U> All references in these Bylaws to the Certificate shall be deemed to refer to the Certificate, as amended
and/or restated and in effect from time to time.<U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8. <U>Exclusive Jurisdiction of Delaware Courts or the United States
Federal District Courts.</U> Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i)&nbsp;any derivative action or proceeding
brought on behalf of the Corporation, (ii)&nbsp;any action asserting a claim of, or a claim based on, a breach of a fiduciary duty owed by any current or former director, officer or other employee or stockholder of the Corporation to the Corporation
or the Corporation&#146;s stockholders, (iii)&nbsp;any action asserting a claim arising pursuant to any provision of the DGCL or the Certificate or these Bylaws (including the interpretation, validity or enforceability thereof) or as to which the
DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv)&nbsp;any action asserting a claim governed by the internal affairs doctrine; provided, however, that this sentence will not apply to any causes of action arising
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), or the Exchange Act, or to any claim for which the federal courts have exclusive jurisdiction. Unless the Corporation consents in writing to the selection of an
alternative forum, the federal district courts of the United States of America shall be the sole and exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act, the Exchange Act, or the respective rules
and regulations promulgated thereunder. To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the
provisions of this Section&nbsp;8. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9. <U>Amendment of Bylaws.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Amendment by Directors.</U> Except as provided otherwise by law, these Bylaws may be amended or repealed by the Board of Directors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Amendment by Stockholders.</U> Subject to the rights, if any, of any series of Preferred Stock, the Bylaws of the Corporation may
be amended or repealed at any annual meeting of stockholders, or special meeting of stockholders called for such purpose, by the affirmative vote of not less than <FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3) of the voting power of the
outstanding shares of capital stock entitled to vote thereon , voting together as a single class; provided, however, that if the Board of Directors recommends that stockholders approve such amendment or repeal at such meeting of stockholders, such
amendment or repeal shall only require the affirmative vote of the majority of the voting power of the outstanding shares of capital stock entitled to vote thereon , voting together as a single class. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10. <U>Notices.</U> If mailed, notice to stockholders shall be deemed given when deposited in the mail, postage prepaid, directed to
the stockholder at such stockholder&#146;s address as it appears on the records of the Corporation. Notice given in any other manner shall be deemed given in accordance with the applicable provisions of the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adopted [&#149;], 2025 and effective upon effectiveness of the <FONT STYLE="white-space:nowrap">S-1</FONT> registration statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE REGISTRANT HAS DETERMINED
THAT IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THIRD AMENDED AND RESTATED
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESTORS&#146; RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS THIRD AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT (this &#147;<B>Agreement</B>&#148;), is made as of September&nbsp;20, 2024,
by and among Aktis Oncology, Inc., a Delaware corporation formerly known as HotKnot Therapeutics, Inc. (the &#147;<B>Company</B>&#148;), each of the investors listed on <U>Schedule A</U> hereto, each of which is referred to in this Agreement as an
&#147;<B>Investor</B>&#148;, and the Key Holders (as defined below). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, certain of the Investors (the &#147;<B>Existing Investors</B>&#148;) hold shares of Series Seed Preferred Stock, Series A
Preferred Stock, Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock, and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant
to that certain Second Amended and Restated Investors&#146; Rights Agreement dated as of August&nbsp;18, 2022, by and among the Company and such Existing Investors, as amended (the &#147;<B>Prior Agreement</B>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Existing Investors are holders of at least 68% of the Registrable Securities (as defined in the Prior Agreement)
outstanding, being a sufficient number of the securities of the Company as are required to amend the Prior Agreement, and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in
lieu of the rights granted to them under the Prior Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, certain of the Investors are parties to that certain
Series B Preferred Stock Purchase Agreement of even date herewith by and among the Company and such Investors (the &#147;<B>Purchase Agreement</B>&#148;), under which certain of the Company&#146;s and such Investors&#146; obligations are conditioned
upon the execution and delivery of this Agreement by the undersigned parties; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, the parties hereby agree as follows:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Definitions</U>. For purposes of this Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 &#147;<B>Affiliate</B>&#148; means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or other investment fund now or hereafter
existing that is controlled by one&nbsp;(1)&nbsp;or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person. For the avoidance of doubt, each of (a)&nbsp;MPM
Asset Management LLC and its Affiliates, and (b)&nbsp;MPM BioImpact LLC and its Affiliates, are Affiliates of one another for all purposes hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 &#147;<B>Board of Directors</B>&#148; means the board of directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3 &#147;<B>Certificate of Incorporation</B>&#148; means the Company&#146;s Fifth Amended and Restated Certificate of Incorporation, as
amended and/or restated from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.4 &#147;<B>Common Stock</B>&#148; means shares of the Company&#146;s common stock, par value
$0.0001 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.5 &#147;<B>Competitor</B>&#148; means a Person engaged, directly or indirectly (including through any partnership,
limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in developing radiopharmaceutical agents against the same targets as those focused on, currently or previously, or proposed to
be focused on, by the Company, but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not,
nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor; provided, however, that notwithstanding any of the foregoing, the definition of &#147;Competitor&#148; shall not include MPM (as
subsequently defined), EcoR1 Capital Fund, L.P. or any Affiliate thereof (collectively, &#147;<B>EcoR1</B>&#148;), Vida Ventures II, LLC or any Affiliate thereof (collectively, &#147;<B>VV</B>&#148;), Novartis Finance Corporation or any Affiliate
thereof (collectively, &#147;<B>Novartis</B>&#148;), Blue Owl Healthcare Investments IV LP or any Affiliate thereof (&#147;<B>Blue Owl</B>&#148;), RA Capital Healthcare Fund, L.P., and RA Capital Nexus Fund III, L.P. or any Affiliate thereof
(&#147;<B>RA Capital</B>&#148;), RTW Master Fund, Ltd., RTW Innovation Master Fund, Ltd. and RTW Biotech Opportunities Operating Ltd. or any Affiliate thereof (&#147;<B>RTW</B>&#148;), [***] or Janus Henderson Biotech Innovation Master Fund Limited
or any Affiliate thereof (&#147;<B>Janus</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.6 &#147;<B>Damages</B>&#148; means any loss, damage, claim or liability (joint or
several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon:
(i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto;
(ii)&nbsp;an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii)&nbsp;any violation or alleged violation by the indemnifying party (or any
of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.7 &#147;<B>Deemed Liquidation Event</B>&#148; shall have the meaning ascribed to it in the Certificate of Incorporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.8 &#147;<B>Derivative Securities</B>&#148; means any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Common Stock, including options and warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.9 &#147;<B>DPA</B>&#148; means Section&nbsp;721 of the
Defense Production Act, as amended, including all implementing regulations thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.10 &#147;<B>DPA Triggering Rights</B>&#148; means (i)&nbsp;&#147;control&#148; (as defined
in the DPA); (ii)&nbsp;access to any &#147;material <FONT STYLE="white-space:nowrap">non-public</FONT> technical information&#148; (as defined in the DPA) in the possession of the Company; (iii)&nbsp;membership or observer rights on the Board of
Directors or equivalent governing body of the Company or the right to nominate an individual to a position on the Board of Directors or equivalent governing body of the Company; (iv)&nbsp;any involvement, other than through the voting of shares, in
substantive decision-making of the Company regarding (x)&nbsp;the use, development, acquisition or release of any Company &#147;critical technology&#148; (as defined in the DPA); (y)&nbsp;the use, development, acquisition, safekeeping, or release of
&#147;sensitive personal data&#148; (as defined in the DPA) of U.S. citizens maintained or collected by the Company, or (z)&nbsp;the management, operation, manufacture, or supply of &#147;covered investment critical infrastructure&#148; (as defined
in the DPA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.11 &#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.12 &#147;<B>Excluded Registration</B>&#148; means (i)&nbsp;a registration relating to the sale or grant of
securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii)&nbsp;a registration relating to an SEC Rule 145 transaction; (iii)&nbsp;a registration on any form that does
not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv)&nbsp;a registration in which the only Common Stock being registered is Common
Stock issuable upon conversion of debt securities that are also being registered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.13 &#147;<B>FOIA Party</B>&#148; means a Person that,
in the reasonable determination of the Board of Directors, may be subject to, and thereby required to disclose <FONT STYLE="white-space:nowrap">non-public</FONT> information furnished by or relating to the Company under, the Freedom of Information
Act, 5 U.S.C. 552 (&#147;<B>FOIA</B>&#148;), any state public records access law, any state or other jurisdiction&#146;s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.14 &#147;<B>Foreign Person</B>&#148; means either (i)&nbsp;a Person or government that is a &#147;foreign person&#148; within the meaning of
the DPA or (ii)&nbsp;a Person through whose investment a &#147;foreign person&#148; within the meaning of the DPA would obtain any DPA Triggering Rights; provided, however, that notwithstanding any of the foregoing, the definition of &#147;Foreign
Person&#148; shall not include Janus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.15 &#147;<B>Form <FONT STYLE="white-space:nowrap">S-1</FONT></B>&#148; means such form under the
Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.16 &#147;<B>Form <FONT STYLE="white-space:nowrap">S-3</FONT></B>&#148; means such form under the Securities Act as in effect on the date
hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.17 &#147;<B>GAAP</B>&#148; means generally accepted accounting principles in the United States as in effect from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.18 &#147;<B>Holder</B>&#148; means any holder of Registrable Securities who is a party to
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.19 &#147;<B>Immediate Family Member</B>&#148; means a child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, life partner or similar statutorily-recognized domestic partner, sibling, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mother-in-law,</FONT></FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">father-in-law,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">son-in-law,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">daughter-in-law,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">brother-in-law,</FONT></FONT> or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">sister-in-law,</FONT></FONT> including adoptive relationships of a natural person referred to herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.20 &#147;<B>Initiating Holders</B>&#148; means, collectively, Holders who properly initiate a registration request under this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.21 &#147;<B>Investors</B>&#148; means the persons named on <U>Schedule A</U> hereto, each person to whom the rights of an Investor are
assigned pursuant to Section&nbsp;6.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.22 &#147;<B>IPO</B>&#148; means the Company&#146;s first underwritten public offering of the
Common Stock under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.23 &#147;<B>Key Holders</B>&#148; means the persons named on Schedule B hereto and each person
to whom the rights of a Key Holder are assigned pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.24 &#147;<B>Key Holder Registrable
Securities</B>&#148; means (i)&nbsp;the shares of Common Stock held by the Key Holders as of the date of this Agreement, and (ii)&nbsp;any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security
that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of such shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.25
&#147;<B>Major Investor</B>&#148; means (a)&nbsp;any Investor (which, for the avoidance of doubt, may include Novartis Finance Corporation) that, individually or together with such Investor&#146;s Affiliates, holds at least 500,000 shares of
Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), and (b)&nbsp;Novartis Finance Corporation for so long as it continues to hold at
least 1,900,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.26 &#147;<B>New Securities</B>&#148; means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.27 &#147;<B>Partner Preferred Stock</B>&#148; means shares of the Company&#146;s Partner Preferred Stock, par value $0.0001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.28 &#147;<B>Person</B>&#148; means any individual, corporation, partnership, trust, limited liability company, association or other entity.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.29 <B>&#147;Preferred Director</B>&#148; means any director of the Company that the holders of record of a class, classes, or series of
Preferred Stock are entitled to elect, exclusively and as a separate class, pursuant to the Certificate of Incorporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.30 &#147;<B>Preferred Stock</B>&#148; means, collectively, shares of Series B Preferred
Stock, Series <FONT STYLE="white-space:nowrap">A-1</FONT> Preferred Stock, Series A Preferred Stock, Series Seed Preferred Stock and Partner Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.31 &#147;<B>Registrable Securities</B>&#148; means (i)&nbsp;the Common Stock issuable or issued upon conversion of the Preferred Stock;
(ii)&nbsp;any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, held by the Investors from time to time; (iii)&nbsp;the Key Holder Registrable
Securities, provided, however, that such Key Holder Registrable Securities shall not be deemed Registrable Securities and the Key Holders shall not be deemed Holders for the purposes of <U>Sections 2.1</U> (and any other applicable Section with
respect to registrations under <U>Section</U><U></U><U>&nbsp;2.1</U>), <U>2.10</U>, <U>3.1</U>, <U>3.2</U>, <U>4.1</U> and <U>6.6</U>; and (iv)&nbsp;any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or
other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in <U>clauses (i)</U><U></U>&nbsp;and (ii)&nbsp;above; excluding in all cases (other than the
restrictions on transfer and legend requirements in Section&nbsp;2.12), however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to
<U>Section</U><U></U><U>&nbsp;6.1</U>, and excluding for purposes of <U>Section</U><U></U><U>&nbsp;2</U> any shares for which registration rights have terminated pursuant to <U>Section</U><U></U><U>&nbsp;2.13</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.32 &#147;<B>Registrable Securities then outstanding</B>&#148; means the number of shares determined by adding the number of shares of
outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.33 &#147;<B>Requisite Preferred Director Vote</B>&#148; means the approval of the Board of Directors, including a majority of the Preferred
Directors then seated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.34 &#147;<B>Restricted Securities</B>&#148; means the securities of the Company required to be notated with the
legend set forth in <U>Section</U><U></U><U>&nbsp;2.12(b)</U><U></U>&nbsp;hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.35 &#147;<B>Sanctioned Party</B>&#148; means any
Person: (i)&nbsp;organized under the laws of, ordinarily resident in, or located in a country or territory that is the subject of comprehensive Sanctions (which as of the date of this Agreement comprise Cuba, Iran, North Korea, Syria, and the
Crimea, Donetsk, and Luhansk regions of Ukraine (&#147;<B>Restricted Countries</B>&#148;)); (ii)&nbsp;50% or more owned or controlled by the government of a Restricted Country; or (iii)&nbsp;(A) designated on a sanctioned parties list administered
by the United States, including, without limitation, the U.S. Department of the Treasury&#146;s Office of Foreign Assets Control&#146;s Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List, Sectoral Sanctions
Identification List (collectively, &#147;<B>Designated Parties</B>&#148;); or (B) 50% or more owned or, where relevant under applicable Sanctions, controlled, individually or in the aggregate, by one or more Designated Party, in each case only to
the extent that dealings with such Person is are prohibited pursuant to applicable Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.36 &#147;<B>Sanctions</B>&#148; means
applicable laws and regulations pertaining to trade and economic sanctions administered by the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.37 &#147;<B>SEC</B>&#148;
means the Securities and Exchange Commission. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.38 &#147;<B>SEC Rule 144</B>&#148; means Rule 144 promulgated by the SEC under the
Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.39 &#147;<B>SEC Rule 145</B>&#148; means Rule 145 promulgated by the SEC under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.40 &#147;<B>Securities Act</B>&#148; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.41 &#147;<B>Selling Expenses</B>&#148; means all underwriting discounts, selling commissions, and stock transfer taxes applicable to
the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in <U>Section</U><U></U><U>&nbsp;2.6</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.42 <B>&#147;Series A Preferred Stock</B>&#148; means shares of the Company&#146;s Series A Preferred Stock, par value $0.0001 per share.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.43 <B>&#147;Series B Preferred Stock</B>&#148; means shares of the Company&#146;s Series B Preferred Stock, par value $0.0001 per
share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.44 &#147;<B>Series Seed Preferred Stock</B>&#148; means shares of the Company&#146;s Series Seed Preferred Stock, par value
$0.0001 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Registration Rights</U>. The Company covenants and agrees as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 Demand Registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
<U>Form <FONT STYLE="white-space:nowrap">S-1</FONT> Demand</U>. If at any time after the earlier of (i)&nbsp;five&nbsp;(5)&nbsp;years after the date of this Agreement or (ii)&nbsp;one hundred eighty (180)&nbsp;days after the effective date of the
registration statement for the IPO, the Company receives a request from any Holders of a majority of the Registrable Securities then outstanding that the Company file a Form <FONT STYLE="white-space:nowrap">S-1</FONT> registration statement with
respect to at least forty percent (40%) of the Registrable Securities then outstanding, then the Company shall: (x)&nbsp;within ten&nbsp;(10)&nbsp;days after the date such request is given, give notice thereof (the &#147;<B>Demand Notice</B>&#148;)
to all Holders other than the Initiating Holders; and (y)&nbsp;as soon as practicable, and in any event within sixty&nbsp;(60) days after the date such request is given by the Initiating Holders, file a Form
<FONT STYLE="white-space:nowrap">S-1</FONT> registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included
in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20)&nbsp;days of the date the Demand Notice is given, and in each case, subject to the limitations of <U>Sections
2.1(c)</U><U></U>&nbsp;and <U>2.3</U>; provided, however, that this right to request the filing of a Form <FONT STYLE="white-space:nowrap">S-1</FONT> registration statement shall in no event be made available to any Holder that is a Foreign Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Form <FONT STYLE="white-space:nowrap">S-3</FONT> Demand</U>. If at any time when it is eligible to use a Form <FONT
STYLE="white-space:nowrap">S-3</FONT> registration statement, the Company receives a request from Holders of the Registrable Securities then outstanding that the Company file a Form <FONT STYLE="white-space:nowrap">S-3</FONT> registration statement
with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5&nbsp;million, then the Company shall (i)&nbsp;within ten&nbsp;(10)&nbsp;days after
</P>
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the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii)&nbsp;as soon as practicable, and in any event within forty-five&nbsp;(45) days
after the date such request is given by the Initiating Holders, file a Form <FONT STYLE="white-space:nowrap">S-3</FONT> registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20)&nbsp;days of the date the Demand Notice is given, and in each case, subject to the limitations of<U> Sections 2.1(c)</U><U></U>&nbsp;and
<U>2.3</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this
<U>Section</U><U></U><U>&nbsp;2.1</U> a certificate signed by the Company&#146;s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i)&nbsp;materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii)&nbsp;require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii)&nbsp;render the Company
unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be
tolled correspondingly, for a period of not more than one hundred twenty&nbsp;(120) days after the request of the Initiating Holders is given; <U>provided</U>, <U>however</U>, that the Company may not invoke this right more than once in any twelve
(12)&nbsp;month period; and <U>provided</U> <U>further</U> that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty&nbsp;(120) day period other than an Excluded
Registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
<U>Section</U><U></U><U>&nbsp;2.1(a)</U>, (i)&nbsp;during the period that is sixty&nbsp;(60) days before the Company&#146;s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180)&nbsp;days after the
effective date of, a Company-initiated registration, <U>provided</U> that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii)&nbsp;after the Company has
effected two&nbsp;(2)&nbsp;registrations pursuant to <U>Section</U><U></U><U>&nbsp;2.1(a)</U>; or (iii)&nbsp;if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form <FONT
STYLE="white-space:nowrap">S-3</FONT> pursuant to a request made pursuant to <U>Section</U><U></U><U>&nbsp;2.1(b)</U>. The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
<U>Section</U><U></U><U>&nbsp;2.1(b)</U>, (i)&nbsp;during the period that is thirty&nbsp;(30) days before the Company&#146;s good faith estimate of the date of filing of, and ending on a date that is ninety&nbsp;(90) days after the effective date
of, a Company-initiated registration, <U>provided</U> that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii)&nbsp;if the Company has effected
two&nbsp;(2)&nbsp;registrations pursuant to <U>Section</U><U></U><U>&nbsp;2.1(b)</U><U></U>&nbsp;within the twelve (12)&nbsp;month period immediately preceding the date of such request. A registration shall not be counted as &#147;effected&#148; for
purposes of this <U>Section</U><U></U><U>&nbsp;2.1(d)</U><U></U>&nbsp;until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect
not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to <U>Section</U><U></U><U>&nbsp;2.6</U>, in which case such withdrawn registration statement shall be counted as
&#147;effected&#148; for purposes of this <U>Section</U><U></U><U>&nbsp;2.1(d)</U>; <U>provided</U>, that if such withdrawal is during a period the Company has deferred taking action pursuant to <U>Section</U><U></U><U>&nbsp;2.1(c)</U>, then the
Initiating Holders may withdraw their request for registration and such registration will not be counted as &#147;effected&#148; for purposes of this <U>Section</U><U></U><U>&nbsp;2.1(d)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Company Registration</U>. If the Company proposes to register (including for this
purpose a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration,
the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20)&nbsp;days after such notice is given by the Company, the Company shall, subject to the provisions of
<U>Section</U><U></U><U>&nbsp;2.3</U>, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this <U>Section</U><U></U><U>&nbsp;2.2</U> before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses)
of such withdrawn registration shall be borne by the Company in accordance with <U>Section</U><U></U><U>&nbsp;2.6</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3
<U>Underwriting Requirements</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If, pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U>, the Initiating Holders intend to distribute
the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U>, and the Company shall include such information in
the Demand Notice. The underwriter(s) will be selected by the Board of Directors and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder&#146;s Registrable
Securities in such registration shall be conditioned upon such Holder&#146;s participation in such underwriting and the inclusion of such Holder&#146;s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing
to distribute their securities through such underwriting shall (together with the Company as provided in <U>Section</U><U></U><U>&nbsp;2.4(e)</U>) enter into an underwriting agreement in customary form with the underwriter(s) selected for such
underwriting; provided, however, that no Holder (or any of their assignees) shall be required to make any representations, warranties or indemnities except as they relate to such Holder&#146;s ownership of shares and authority to enter into the
underwriting agreement and to such Holder&#146;s intended method of distribution, and the liability of such Holder shall be several and not joint, and limited to an amount equal to the net proceeds from the offering received by such Holder.
Notwithstanding any other provision of this <U>Section</U><U></U><U>&nbsp;2.3</U>, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten,
then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such
Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling
Holders; <U>provided</U>,<U> however</U>, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To
facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100)&nbsp;shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In connection with any offering involving an underwriting of shares of the
Company&#146;s capital stock pursuant to <U>Section</U><U></U><U>&nbsp;2.2</U>, the Company shall not be required to include any of the Holders&#146; Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting
as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities,
including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the
success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not
jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering
shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To
facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100)&nbsp;shares. Notwithstanding the foregoing, in no
event shall (i)&nbsp;the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii)&nbsp;the number of
Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the
underwriters make the determination described above and no other stockholder&#146;s securities are included in such offering; or (iii)&nbsp;notwithstanding (ii)&nbsp;above, any Registrable Securities which are not Key Holder Registrable Securities
be excluded from such underwriting unless all Key Holder Registrable Securities are first excluded from such offering. For purposes of the provision in this <U>Section</U><U></U><U>&nbsp;2.3(b)</U><U></U>&nbsp;concerning apportionment, for any
selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners,
retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single &#147;selling Holder,&#148; and any pro rata reduction with respect to such &#147;selling Holder&#148;
shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such &#147;selling Holder,&#148; as defined in this sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) For purposes of <U>Section</U><U></U><U>&nbsp;2.1</U>, a registration shall not be counted as &#147;effected&#148; if, as a result of an
exercise of the underwriter&#146;s cutback provisions in <U>Section</U><U></U><U>&nbsp;2.3(a)</U>, fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement
are actually included. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 <U>Obligations of the Company</U>. Whenever required under this
<U>Section</U><U></U><U>&nbsp;2</U> to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty&nbsp;(120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; <U>provided</U>, <U>however</U>, that (i)&nbsp;such one hundred twenty&nbsp;(120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii)&nbsp;in the case of any registration of
Registrable Securities on Form <FONT STYLE="white-space:nowrap">S-3</FONT> that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty&nbsp;(120) day period shall be
extended for up to ninety&nbsp;(90) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or <FONT STYLE="white-space:nowrap">blue-sky</FONT> laws of such jurisdictions as shall be reasonably requested by the selling Holders; <U>provided</U> that the Company shall not be required to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) promptly make available for
inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company&#146;s officers, directors, employees, and independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) notify each selling Holder, promptly after the Company receives notice thereof, of the
time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Company shall ensure that, at all times after any registration
statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company&#146;s directors may implement a trading program under Rule <FONT
STYLE="white-space:nowrap">10b5-1</FONT> of the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5 <U>Furnish Information</U>. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this <U>Section</U><U></U><U>&nbsp;2</U> with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder&#146;s Registrable Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6 <U>Expenses of Registration</U>. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to <U>Section</U><U></U><U>&nbsp;2</U>, including all registration, filing, and qualification fees; printers&#146; and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and
disbursements, not to exceed $75,000.00, of one counsel for the selling Holders (&#147;<B>Selling Holder Counsel</B>&#148;), shall be borne and paid by the Company; <U>provided</U>, <U>however</U>, that the Company shall not be required to pay for
any expenses of any registration proceeding begun pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U> if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in
which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit
their right to one registration pursuant to <U>Sections 2.1(a)</U><U></U>&nbsp;or <U>2.1(b)</U>, as the case may be; <U>provided</U> <U>further</U> that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change
in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required
to pay any of such expenses and shall not forfeit their right to one registration pursuant to <U>Sections 2.1(a)</U><U></U>&nbsp;or <U>2.1(b)</U>. All Selling Expenses relating to Registrable Securities registered pursuant to this
<U>Section</U><U></U><U>&nbsp;2</U> (other than fees and disbursements of counsel to any Holder, other than the Selling Holder Counsel, which shall be borne solely by the Holder engaging such counsel) shall be borne and paid by the Holders pro rata
on the basis of the number of Registrable Securities registered on their behalf. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7 <U>Delay of Registration</U>. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this <U>Section</U><U></U><U>&nbsp;2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8 <U>Indemnification</U>. If any Registrable Securities are included in a registration statement under this
<U>Section</U><U></U><U>&nbsp;2</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder,
and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel, accountants and investment advisors for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person,
if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any
legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; <U>provided</U>, <U>however</U>, that the indemnity agreement
contained in this <U>Section</U><U></U><U>&nbsp;2.8(a)</U><U></U>&nbsp;shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be
unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such
Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration except to the extent such information has been corrected in a subsequent writing prior to or concurrently with the sale of
Registrable Securities to the Person asserting the claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To the extent permitted by law, each selling Holder, severally and not
jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel
and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such
registration and has not been corrected in a subsequent writing prior to or concurrently with the sale of Registrable Securities to the Person asserting the claim; and each such selling Holder will pay to the Company and each other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; <U>provided</U>, <U>however</U>, that the indemnity
agreement contained in this <U>Section</U><U></U><U>&nbsp;2.8(b)</U><U></U>&nbsp;shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not
be unreasonably withheld; and <U>provided further</U> that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under <U>Section</U><U></U><U>&nbsp;2.8(b)</U><U></U>&nbsp;and
<U>2.8(d)</U><U></U>&nbsp;exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Promptly after receipt by an indemnified party under this
<U>Section</U><U></U><U>&nbsp;2.8</U> of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this <U>Section</U><U></U><U>&nbsp;2.8</U>, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the
indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; <U>provided</U>, <U>however</U>, that an
indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this
<U>Section</U><U></U><U>&nbsp;2.8</U>, to the extent that such failure materially prejudices the indemnifying party&#146;s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that
it may have to any indemnified party otherwise than under this <U>Section</U><U></U><U>&nbsp;2.8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) To provide for just and
equitable contribution to joint liability under the Securities Act in any case in which either: (i)&nbsp;any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this
<U>Section</U><U></U><U>&nbsp;2.8</U> but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case, notwithstanding the fact that this <U>Section</U><U></U><U>&nbsp;2.8</U> provides for indemnification in such case, or (ii)&nbsp;contribution under the Securities Act may be required on the part of
any party hereto for which indemnification is provided under this <U>Section</U><U></U><U>&nbsp;2.8</U>, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may
be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties&#146; relative intent,
knowledge, access to information, and opportunity to correct or prevent such statement or omission; <U>provided</U>,<U> however</U>, that, in any such case (x)&nbsp;no Holder will be required to contribute any amount in excess of the public offering
price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y)&nbsp;no Person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act)
will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and <U>provided</U> <U>further</U> that in no event shall a Holder&#146;s liability pursuant to this <U>Section</U><U></U><U>&nbsp;2.8(d)</U>,
when combined with the amounts paid or payable by such Holder pursuant to <U>Section</U><U></U><U>&nbsp;2.8(b)</U>, exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case
of willful misconduct or fraud by such Holder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control; <U>provided</U>,
<U>however</U>, that any matter expressly provided for or addressed by the foregoing provisions that is not expressly provided for or addressed by the underwriting agreement shall be controlled by the foregoing provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this <U>Section</U><U></U><U>&nbsp;2.8</U> shall survive the completion of any offering of Registrable Securities in a registration under this <U>Section</U><U></U><U>&nbsp;2</U>, and otherwise shall survive the
termination of this Agreement or any provision(s) of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.9 <U>Reports Under Exchange Act</U>. With a view to making
available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form <FONT
STYLE="white-space:nowrap">S-3,</FONT> the Company shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) make and keep available adequate current public information, as those terms
are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i)&nbsp;to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any
time after ninety&nbsp;(90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or
that it qualifies as a registrant whose securities may be resold pursuant to Form <FONT STYLE="white-space:nowrap">S-3</FONT> (at any time after the Company so qualifies); (ii)&nbsp;a copy of the most recent annual or quarterly report of the Company
and such other reports and documents so filed by the Company; and (iii)&nbsp;such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without
registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form <FONT STYLE="white-space:nowrap">S-3</FONT> (at any time after the Company so qualifies to use such form). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.10 <U>Limitations on Subsequent Registration Rights</U>. From and after the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would (i)&nbsp;provide to such holder or prospective
holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to include in the registration and
offering all shares of Registrable Securities that they wish to so include; or (ii)&nbsp;allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.11 <U>&#147;Market <FONT STYLE="white-space:nowrap">Stand-off&#148;</FONT> Agreement</U>.
Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the
managing underwriter (such period not to exceed one hundred eighty (180)&nbsp;days), (i)&nbsp;lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or
warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the
effective date of the registration statement for the IPO or (ii)&nbsp;enter into any swap, hedging, or other transaction or arrangement that transfers, or is designed to transfer, to another, in whole or in part, any of the economic consequences of
ownership, directly or indirectly, of such securities, whether or not any such transaction or arrangement described in <U>clause (i)</U><U></U>&nbsp;or (ii)&nbsp;above is to be settled by delivery of Common Stock or other securities, in cash, or
otherwise. The foregoing provisions of this <U>Section</U><U></U><U>&nbsp;2.11</U> shall apply only to the IPO, shall not apply to (i)&nbsp;the sale of any shares to an underwriter pursuant to an underwriting agreement, (ii)&nbsp;shall not apply to
any transactions (including, without limitation, any swap, hedge or similar agreement or arrangement) relating to securities (including shares of Common Stock) purchased or acquired in the IPO or in open market or other transactions following the
IPO or that otherwise do not involve or relate to securities of the Company owned by a Holder prior to the IPO or (iii)&nbsp;the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the Immediate Family Member of
the Holder, <U>provided</U> that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and <U>provided</U> <U>further</U> that any such transfer shall not involve a disposition for value, and shall be
applicable to the Holders only if all officers and directors of the Company and all stockholders individually owning more than one percent (1%) of the outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding
Preferred Stock) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this <U>Section</U><U></U><U>&nbsp;2.11</U> and shall have the right, power and authority to
enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this
<U>Section</U><U></U><U>&nbsp;2.11</U> or that are necessary to give further effect thereto. In the event that the Company or the managing underwriter waives or terminates any of the restrictions contained in this
<U>Section</U><U></U><U>&nbsp;2.11</U> or in a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement with respect to the securities of any Holder, officer, director or greater than one percent (1%) stockholder of the Company (in any such case,
the &#147;<B>Released Securities</B>&#148;), the restrictions contained in this <U>Section</U><U></U><U>&nbsp;2.11 </U>and in any <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements executed by the Holders shall be waived or terminated, as
applicable, to the same extent and with respect to the same percentage of securities of each Holder as the percentage of Released Securities represent with respect to the securities held by the applicable Holder, officer, director or greater than
one percent (1%) stockholder. For clarity, none of the covenants, restrictions, or obligations in this <U>Section</U><U></U><U>&nbsp;2.11</U> shall apply to any shares of the Company&#146;s capital stock acquired as part of such public offerings
referenced herein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.12 <U>Restrictions on Transfer</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act and all other applicable U.S. laws and regulations. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree
to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or,
following the IPO, SEC Rule 144, in each case, to be bound by the terms of this <U>Section</U><U></U><U>&nbsp;2.12</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each
certificate, instrument, or book entry representing (i)&nbsp;Preferred Stock, (ii)&nbsp;the Registrable Securities, and (iii)&nbsp;any other securities issued in respect of the securities referenced in <U>clauses (i)</U><U></U>&nbsp;and (<U>ii</U>),
upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of <U>Section</U><U></U><U>&nbsp;2.12(c)</U>) be notated with a legend substantially in the
following form: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE
STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Holders consent to the Company making a notation in its
records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this <U>Section</U><U></U><U>&nbsp;2.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
<U>Section</U><U></U><U>&nbsp;2</U>. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction or following the IPO, the
transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder&#146;s intention to effect such sale, pledge, or transfer, <U>provided</U> that no such notice shall be required in connection if the
intended sale, pledge or transfer complies with SEC Rule 144. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be
accompanied at such Holder&#146;s expense by either (i)&nbsp;a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed
transaction may be effected without registration under the Securities Act; (ii)&nbsp;a &#147;no action&#148; letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not
result in a recommendation by the staff of the </P>
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SEC that action be taken with respect thereto; or (iii)&nbsp;any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the
Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the
notice given by the Holder to the Company. The Company will not require such a notice, legal opinion or &#147;no action&#148; letter (x)&nbsp;in any transaction in compliance with SEC Rule 144; or (y)&nbsp;in any transaction in which such Holder
distributes Restricted Securities to an Affiliate of such Holder for no consideration; <U>provided</U> that with respect to transfers under the foregoing <U>clause (y)</U>, each transferee agrees in writing to be subject to the terms of this
<U>Section</U><U></U><U>&nbsp;2.12</U>. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate
restrictive legend set forth in <U>Section</U><U></U><U>&nbsp;2.12(b)</U>, except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such
legend is not required in order to establish compliance with any provisions of the Securities Act and the Company will use commercially reasonable efforts to cause any such legend to be removed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If (A)&nbsp;the Registrable Securities may be sold by the Holder without restriction under SEC Rule 144(b)(1)&nbsp;(as evidenced by
customary <FONT STYLE="white-space:nowrap">non-affiliate</FONT> certifications), including without limitation, any volume and manner of sale restrictions, and without any requirement that &#147;current public information&#148; (within the meaning of
SEC Rule 144 under the Securities Act) be available at the time of sale of such securities, including as a result of SEC Rule 144(i)&nbsp;under the Securities Act, (B)&nbsp;the Holder has sold or transferred Registrable Securities in compliance with
SEC Rule 144 (in which case the Holder shall submit a letter agreement reasonably satisfactory to the Company and its transfer agent with respect to ongoing compliance with SEC Rule 144 under the Securities Act) or (C)&nbsp;the Registrable
Securities are registered for resale under the Securities Act pursuant to an effective registration statement and the Holder has sold or transferred such Registrable Securities pursuant to such then-effective Registration Statement (in which case
the Holder shall submit a letter agreement reasonably satisfactory to the Company and its transfer agent with respect to such sale pursuant to such then-effective Registration Statement), then the Company shall, if requested by the Holder, use its
commercially reasonable efforts to (i)&nbsp;cause the removal of any restrictive legend related to compliance with the federal securities laws set forth on such Registrable Securities (including by using commercially reasonable efforts to cause its
legal counsel to deliver an opinion, if necessary, to the Company&#146;s transfer agent in connection with the removal of such legends, if required by such transfer agent), and (ii)&nbsp;reasonably promptly after such request issue such Registrable
Securities without any such legend in certificated or book-entry form or by electronic delivery (if then eligible for such delivery through the facilities of The Depository Trust Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.13 <U>Termination and Suspension of Registration Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to <U>Sections 2.1</U>
or <U>2.2</U> shall terminate, as to such Holder, upon the earliest to occur of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the closing of a Deemed Liquidation Event, in which
the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive registration rights from the acquiring company or other successor to the Company
reasonably comparable to those set forth in this<U> Section</U><U></U><U>&nbsp;2</U>; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) such time after consummation of an IPO when the Holder (A)&nbsp;together with its
&#147;affiliates&#148; (as determined under SEC Rule 144) holds less than 1% of the outstanding capital stock of the Company and (B)&nbsp;may immediately sell all of the Holder&#146;s Registrable Securities under SEC Rule 144 without volume
limitation, or another similar exemption under the Securities Act is available for the sale of all of such Holder&#146;s shares without limitation, during a three&nbsp;(3)-month period without registration; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) the third (3rd) anniversary of the IPO (or such later date that is one hundred eighty (180)&nbsp;days following the expiration of all
deferrals of the Company&#146;s obligations pursuant to <U>Section</U><U></U><U>&nbsp;2</U> that remain in effect as of the third (3rd) anniversary of the consummation of the IPO). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to
<U>Section</U><U></U><U>&nbsp;2.1</U> or <U>2.2</U> shall be suspended during any time as such Holder is a Sanctioned Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Information and
Observer Rights</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 <U>Delivery of Financial Statements</U>. The Company shall deliver to each Major Investor, <U>provided</U> that
the Board of Directors has not reasonably determined that such Major Investor is a Competitor: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) as soon as practicable, but in any
event within one hundred eighty (180)&nbsp;days after the end of each fiscal year of the Company (i)&nbsp;a balance sheet as of the end of such year, (ii)&nbsp;statements of income and of cash flows for such year, and a comparison between
(x)&nbsp;the actual amounts as of and for such fiscal year and (y)&nbsp;the comparable amounts for the prior year and as included in the Budget (as defined in <U>Section</U><U></U><U>&nbsp;3.1(d)</U>) for such year, with an explanation of any
material differences between such amounts and a schedule as to the sources and applications of funds for such year, and (iii)&nbsp;a statement of stockholders&#146; equity as of the end of such year, all such financial statements audited and
certified by independent public accountants of nationally recognized standing selected by the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) as soon as practicable, but in
any event within forty-five&nbsp;(45) days after the end of each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders&#146;
equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i)&nbsp;be subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments; and (ii)&nbsp;not contain
all notes thereto that may be required in accordance with GAAP), and each such statement shall contain a comparison of such statement against the applicable quarterly portion of the Budget (as subsequently defined); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) as soon as practicable, but in any event within forty-five&nbsp;(45) days after the end
of each quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period,
the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock
options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief
executive officer of the Company as being true, complete, and correct; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) as soon as practicable, but in any event thirty&nbsp;(30) days
before the end of each fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other
budgets or revised budgets prepared by the Company (such budget and business plan that is approved by the Requisite Preferred Director Vote is collectively referred to herein as the &#147;<B>Budget</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) with respect to the financial statements called for in <U>Section</U><U></U><U>&nbsp;3.1(a)</U>, and<U>
Section</U><U></U><U>&nbsp;3.1(b)</U>, an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently applied with prior
practice for earlier periods (except as otherwise set forth in <U>Section</U><U></U><U>&nbsp;3.1(b)</U><U></U>&nbsp;and <U>Section (d)</U>) and fairly present the financial condition of the Company and its results of operation for the periods
specified therein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) such other information relating to the financial condition, business, prospects, or corporate affairs of the
Company as any Major Investor may from time to time reasonably request; <U>provided</U>, <U>however</U>, that the Company shall not be obligated under this <U>Section</U><U></U><U>&nbsp;3.1</U> to provide information (i)&nbsp;that the Company
reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii)&nbsp;the disclosure of which would adversely affect the
attorney-client privilege between the Company and its counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, for any period, the Company has any subsidiary whose accounts are
consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated
subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All financial statements and other information to be delivered to the Major Investors pursuant to this <U>Subsection
3.1</U> shall be furnished in a form and manner reasonably acceptable to such Major Investor (including to any particular email address or site specified by a Major Investor). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything else in this <U>Section</U><U></U><U>&nbsp;3.1</U> to the contrary, the Company may cease providing the information
set forth in this <U>Section</U><U></U><U>&nbsp;3.1</U> during the period starting with the date sixty&nbsp;(60) days before the Company&#146;s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must
do so to comply with the SEC rules applicable to such registration statement and related offering; <U>provided</U> that the Company&#146;s covenants under this <U>Section</U><U></U><U>&nbsp;3.1</U> shall be reinstated at such time as the Company is
no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 <U>Inspection</U>. The Company shall permit each Major Investor (<U>provided</U> that
the Board of Directors has not reasonably determined that such Major Investor is a Competitor), at such Major Investor&#146;s expense, to visit and inspect the Company&#146;s properties; examine its books of account and records; and discuss the
Company&#146;s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; <U>provided</U>, <U>however</U>, that the Company shall not be obligated pursuant to
this <U>Section</U><U></U><U>&nbsp;3.2</U> to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form
acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 <U>Observer Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) As long as funds managed by MPM Asset Management LLC (or its Affiliates) (&#147;<B>MPM</B>&#148;) own Registrable Securities, the Company
shall invite a representative of MPM to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it
provides to its directors at the same time and in the same manner as provided to such directors; <U>provided</U>, <U>however</U>, that such representative shall agree to hold in confidence all information so provided; and <U>provided</U>
<U>further</U>, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the
attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) As long as EcoR1 owns Registrable Securities, the Company shall invite a representative of EcoR1 to attend all meetings of the Board of
Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to
such directors; <U>provided</U>, <U>however</U>, that such representative shall agree to hold in confidence all information so provided; and <U>provided further</U>, that the Company reserves the right to withhold any information and to exclude such
representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a
conflict of interest, or if such Investor or its representative is a Competitor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) As long as Novartis owns at least 500,000 shares of
Registrable Securities, the Company shall invite a representative of Novartis to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes,
consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; <U>provided</U>, <U>however</U>, that such representative shall agree to hold in confidence all information so
provided; and <U>provided further</U>, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely
affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company, it being understood that
Section&nbsp;3.5 of this Agreement shall be considered a form acceptable to the Company), or a conflict of interest. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) As long as Blue Owl owns Registrable Securities, the Company shall invite a
representative of Blue Owl to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its
directors at the same time and in the same manner as provided to such directors; <U>provided</U>, <U>however</U>, that such representative shall agree to hold in confidence all information so provided; and <U>provided</U> <U>further</U>, that the
Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between
the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) As long as Janus owns Registrable Securities, the Company shall invite a representative of Janus to attend all meetings of the Board of
Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to
such directors; <U>provided</U>, <U>however</U>, that such representative shall agree to hold in confidence all information so provided; and <U>provided further</U>, that the Company reserves the right to withhold any information and to exclude such
representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets (unless
covered by an enforceable confidentiality agreement, in form acceptable to the Company, it being understood that Section&nbsp;3.5 of this Agreement shall be considered a form acceptable to the Company) or a conflict of interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) As long as RTW Master Fund, Ltd. and RTW Innovation Master Fund, Ltd. collectively own Registrable Securities, the Company shall invite a
single representative (in aggregate) of RTW Master Fund, Ltd. and RTW Innovation Master Fund, Ltd. to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all
notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; <U>provided</U>,<U> however</U>, that such representative shall agree to hold in confidence all
information so provided; and <U>provided</U> <U>further</U>, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such
meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.4 <U>Termination of Information and Observer Rights</U>. The covenants set forth in<U> Section</U><U></U><U>&nbsp;3.1</U>,
<U>Section</U><U></U><U>&nbsp;3.2</U>, and <U>Section</U><U></U><U>&nbsp;3.3</U> shall terminate and be of no further force or effect (i)&nbsp;immediately before the consummation of the IPO, (ii)&nbsp;with respect to any Investor that is or becomes
a Sanctioned Party, for so long as such Investor is a Sanctioned Party; (iii)&nbsp;when the Company first becomes subject to the periodic reporting requirements of Section&nbsp;12(g)&nbsp;or 15(d)&nbsp;of the Exchange Act, or (iv)&nbsp;upon the
closing of a Deemed Liquidation Event, whichever event occurs first; <U>provided</U>, that, with respect to <U>clause (iv)</U>, the covenants set forth in <U>Section</U><U></U><U>&nbsp;3.1</U> shall only terminate if the consideration received by
the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities or if the Investors receive financial information from the acquiring company or other successor to the Company comparable to those set forth
in<U> Section</U><U></U><U>&nbsp;3.1</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.5 <U>Confidentiality</U>. Each Investor agrees that such Investor will keep confidential
and will not disclose, divulge, or use for any purpose (other than to monitor or make decisions with respect to its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including
notice of the Company&#146;s intention to file a registration statement), unless such confidential information (a)&nbsp;is known or becomes known to the public in general (other than as a result of a breach of this
<U>Section</U><U></U><U>&nbsp;3.5</U> by such Investor),(b)&nbsp;is or has been independently developed or conceived by such Investor without use of the Company&#146;s confidential information, or (c)&nbsp;is or has been made known or disclosed to
such Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; <U>provided</U>, <U>however</U>, that an Investor may disclose confidential information (i)&nbsp;to its attorneys,
accountants, consultants, and other professionals to the extent reasonably necessary to obtain their services in connection with monitoring its investment in the Company; (ii)&nbsp;to any prospective purchaser of any Registrable Securities from such
Investor, if such prospective purchaser agrees to be bound by the provisions of this <U>Section</U><U></U><U>&nbsp;3.5</U>; (iii)&nbsp;to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such
Investor in the ordinary course of business, <U>provided</U> that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; (iv)&nbsp;as may otherwise be
required by law, regulation, rule, court order or subpoena, or (v)&nbsp;to the extent required in connection with any routine or periodic examination or similar process by any regulatory or self-regulatory body or authority, including confidential
information obtained from the Company pursuant to the terms of this Agreement; <U>provided</U> that such Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.6 <U>Limitation on Foreign Person Investors</U>. Notwithstanding the covenants set forth in<U> Sections 3.1</U> and <U>3.2</U>, the
Company shall not provide any Investor that is a Foreign Person access to any &#147;material <FONT STYLE="white-space:nowrap">non-public</FONT> technical information&#148; within the meaning of the DPA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Rights to Future Stock Issuances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1
<U>Right of First Offer</U>. Subject to the terms and conditions of this <U>Section</U><U></U><U>&nbsp;4.1</U> and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New
Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i)&nbsp;itself, (ii)&nbsp;its Affiliates and (iii)&nbsp;its
beneficial interest holders, such as limited partners, members or any other Person having &#147;beneficial ownership,&#148; as such term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> promulgated under the Exchange Act, of such
Major Investor (&#147;<B>Investor Beneficial Owners</B>&#148;); <U>provided</U> that each such Affiliate or Investor Beneficial Owner (x)&nbsp;is not a Competitor or FOIA Party, unless such party&#146;s purchase of New Securities is otherwise
consented to by the Board of Directors, and (y)&nbsp;agrees to enter into this Agreement and each of the Amended and Restated Voting Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an
&#147;<B>Investor</B>&#148; under each such agreement (<U>provided</U> that any Competitor or FOIA Party shall not be entitled to any rights as a Major Investor under <U>Sections 3.1</U>, <U>3.2</U> and 4.1 hereof). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company shall give notice (the &#147;<B>Offer Notice</B>&#148;) to each Major
Investor, stating (i)&nbsp;its bona fide intention to offer such New Securities, (ii)&nbsp;the number of such New Securities to be offered, and (iii)&nbsp;the price and terms, if any, upon which it proposes to offer such New Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) By notification to the Company within twenty (20)&nbsp;days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all Preferred Stock and any other Derivative Securities then outstanding). At the expiration of such twenty (20)&nbsp;day period, the Company shall promptly notify each Major Investor that elects to
purchase or acquire all the shares available to it (each, a &#147;<B>Fully Exercising Investor</B>&#148;) of any other Major Investor&#146;s failure to do likewise. During the ten&nbsp;(10)&nbsp;day period commencing after the Company has given such
notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to
subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any
other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative
Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this <U>Section</U><U></U><U>&nbsp;4.1(b)</U><U></U>&nbsp;shall occur within the later of ninety&nbsp;(90)
days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to <U>Section</U><U></U><U>&nbsp;4.1(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
<U>Section</U><U></U><U>&nbsp;4.1(b)</U>, the Company may, during the ninety&nbsp;(90) day period following the expiration of the periods provided in <U>Section</U><U></U><U>&nbsp;4.1(b)</U>, offer and sell the remaining unsubscribed portion of such
New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within
such period, or if such agreement is not consummated within thirty&nbsp;(30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major
Investors in accordance with this <U>Section</U><U></U><U>&nbsp;4.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The right of first offer in this
<U>Section</U><U></U><U>&nbsp;4.1</U> shall not be applicable to (i)&nbsp;Exempted Securities (as defined in the Certificate of Incorporation); and (ii)&nbsp;shares of Common Stock issued in the IPO. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Termination</U>. The covenants set forth in <U>Section</U><U></U><U>&nbsp;4.1</U>
shall terminate and be of no further force or effect (i)&nbsp;immediately before the consummation of the IPO, or (ii)&nbsp;upon the closing of a Deemed Liquidation Event, in which the consideration received by the Investors in such Deemed
Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive participation rights from the acquiring company or other successor to the Company reasonably comparable to those set forth in <U>this
Section</U><U></U><U>&nbsp;4</U> whichever event occurs first and, as to each Major Investor, in accordance with <U>Section</U><U></U><U>&nbsp;4.1(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Additional Covenants</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1
<U>Insurance</U>. Until such time as the Board of Directors, including the Requisite Preferred Director Vote, determines that such insurance should be discontinued, the Company shall use commercially reasonable efforts to maintain, from financially
sound and reputable insurers, Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Board of Directors. Notwithstanding any other provision of this <U>Section</U><U></U><U>&nbsp;5.1</U> to the
contrary, for so long as a Preferred Director is serving on the Board of Directors, the Company shall not cease to maintain a Directors and Officers liability insurance policy in an amount of at least three&nbsp;(3)&nbsp;million unless approved by
such Preferred Director, shall include the Investors entitled to designate the Preferred Director pursuant to the Voting Agreement as additional insureds in such policy, and shall annually, within one hundred twenty&nbsp;(120) days after the end of
each fiscal year of the Company, deliver to the Investors a certification that such a Directors and Officers liability insurance policy remains in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>Employee Agreements</U>. Unless otherwise approved by the Board of Directors, including the Requisite Preferred Director Vote, the
Company will cause (i)&nbsp;each Person now or hereafter employed by it or by any subsidiary with access to confidential information and/or trade secrets to enter into a nondisclosure, proprietary rights assignment agreement and, to the extent
legally permissible, <FONT STYLE="white-space:nowrap">non-competition</FONT> and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> agreement and (ii)&nbsp;each Person engaged by the Company or any subsidiary as a consultant/independent
contractor with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any
of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board of Directors, including the Requisite Preferred Director Vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Employee Stock</U>. Unless otherwise approved by the Board of Directors, including the Requisite Preferred Director Vote, all future
employees of the Company who purchase, receive options to purchase, or receive awards of shares of the Company&#146;s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing
for (i)&nbsp;vesting of shares over a four&nbsp;(4)&nbsp;year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12)&nbsp;months of continued employment or service, and the remaining shares vesting in equal
monthly installments over the following <FONT STYLE="white-space:nowrap">thirty-six</FONT> (36)&nbsp;months, and (ii)&nbsp;a market <FONT STYLE="white-space:nowrap">stand-off</FONT> provision substantially similar to that in
<U>Section</U><U></U><U>&nbsp;2.11</U>. Without the prior approval by the Board of Directors, including the Requisite Preferred Director Vote, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock
purchase, stock restriction or option agreement with any existing employee or service provider if such amendment would cause it to be inconsistent with this <U>Section</U><U></U><U>&nbsp;5.3</U>. In addition, unless otherwise approved by the Board
of Directors, including the Requisite Preferred Director Vote, the Company (x)&nbsp;shall not offer or allow any acceleration of vesting, and (y)&nbsp;shall retain (and not waive) a &#147;right of first refusal&#148; on employee transfers until the
IPO, and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4 <U>Qualified Small Business Stock</U>. The Company shall use commercially reasonable
efforts to refrain from taking any action that could reasonably be expected to cause the shares of Series Seed Preferred Stock and Series A Preferred Stock originally issued by the Company to the Investors, as well as any shares into which such
shares are converted, within the meaning of Section&nbsp;1202(f)&nbsp;of the Internal Revenue Code (the &#147;<B>Code</B>&#148;), to fail to qualify as &#147;qualified small business stock&#148; as defined in Section&nbsp;1202(c)&nbsp;of the Code;
<U>provided</U>, <U>however</U>, that such requirement shall not be applicable if the Board of Directors determines, in its good-faith business judgment, that such qualification is inconsistent with the best interests of the Company. The Company
shall submit to the Investors and to the Internal Revenue Service any reports that may be required under Section&nbsp;1202(d)(1)(C) of the Code. In addition, within (a)&nbsp;twenty (20)&nbsp;business days after any Investor&#146;s written request
therefor, the Company shall deliver to such Investor a checklist in substantially the same form as <U>Annex 1</U>. The Company shall use commercially reasonable efforts to ensure the accuracy of any such checklist, but in no event shall the Company
be liable to the Investors or any other person for any damages arising from any errors or inaccuracies in such report or checklist, unless made by the Company in a manner either grossly negligent or fraudulent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5 <U>Matters Requiring Preferred Director Approval</U>. During such time or times as the holders of Preferred Stock are entitled to elect a
Preferred Director and such seat is filled, the Company hereby covenants and agrees with each of the Investors that it shall not, without the Requisite Preferred Director Vote: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) make, or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any subsidiary or other
corporation, partnership, or other entity unless it is wholly owned by the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) make, or permit any subsidiary to make, any loan
or advance to any Person, including, without limitation, any employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan
approved by the Board of Directors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly,
any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) make any
investment inconsistent with any investment policy approved by the Board of Directors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) incur any aggregate indebtedness in excess of
$500,000.00 that is not already included in the Budget (as defined in <U>Section</U><U></U><U>&nbsp;3.1(d)</U>), other than trade credit incurred in the ordinary course of business; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) hire, terminate, or change the compensation of the executive officers, including
approving any option grants or stock awards to executive officers; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) change the principal business of the Company, enter new lines of
business, or exit the current line of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) sell, assign, license, pledge, or encumber material technology or intellectual
property, other than licenses granted in the ordinary course of business; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) enter into any corporate strategic relationship
involving the payment, contribution, or assignment by the Company or to the Company of money or assets greater than one million dollars ($1,000,000.00). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.6 <U>Board Matters</U>. The Company shall reimburse the nonemployee directors for all reasonable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> travel expenses incurred (consistent with the Company&#146;s travel policy) in connection with attending meetings of the Board of Directors. The Company shall cause to be established, and will
maintain, an audit and compensation committee, each of which shall consist solely of <FONT STYLE="white-space:nowrap">non-management</FONT> directors. Each committee of the Board of Directors shall include at least one Preferred Director. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.7 <U>Successor Indemnification</U>. If the Company or any of its successors or assignees consolidates with or merges into any other Person
and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with
respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company&#146;s Bylaws, the Certificate of Incorporation, or elsewhere, as the case may
be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.8 <U>Expenses of Counsel</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event of an IPO or a transaction which is a Sale of the Company (as defined in the Amended and Restated Voting Agreement of even
date herewith among the Investors, the Company and the other parties named therein), the reasonable fees and disbursements, not to exceed $75,000.00, of one counsel for the Major Investors (&#147;<B>Investor Counsel</B>&#148;), in their capacities
as stockholders, shall be borne and paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Sale of the Company</U>. At the outset of considering a transaction
which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such counsel&#146;s clients) and shall share the confidential information (including, without limitation, the
initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the
transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company shall be obligated to share (and cause the Company&#146;s counsel and investment bankers to share) such materials when distributed
to the Company&#146;s executives and/or any one&nbsp;(1)&nbsp;or more of the other parties to such transaction(s). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>IPO</U>. If in connection with the IPO the underwriters or the Company request the
execution of additional agreements pursuant to <U>Section</U><U></U><U>&nbsp;2.11</U>, the Company shall share (and cause the Company&#146;s underwriters or their counsel to share) the form of such agreement with the Investor Counsel no less than
ten days prior to the deadline for execution such agreement, and in any event, no later than 20 days prior to the first public filing of a registration statement in connection with the IPO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Joint Defense/Common Interest Agreement</U>. In the event that Investor Counsel deems it appropriate, in its reasonable discretion, to
enter into a joint defense (or common interest) agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and shall
direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel and the Company&#146;s counsel. In the event that one&nbsp;(1)&nbsp;or more of the other
party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense (or common interest) agreement in order to receive such information, then the Company shall share whatever
information can be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the
clients of Investor Counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.9 <U>Indemnification Matters</U>. The Company hereby acknowledges that one&nbsp;(1)&nbsp;or more of the
Preferred Directors nominated to serve on the Board of Directors by one&nbsp;(1)&nbsp;or more Investors may have certain rights to indemnification, advancement of expenses and/or insurance provided by one&nbsp;(1)&nbsp;or more of the Investors and
certain of their Affiliates (collectively, the &#147;<B>Investor Indemnitors</B>&#148;). The Company hereby agrees (a)&nbsp;that it is the indemnitor of first resort (<I>i.e.</I>, its obligations to any such Preferred Director are primary and any
obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Preferred Director are secondary), (b)&nbsp;that it shall be required to advance the full amount of
expenses incurred by such Preferred Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Preferred Director to the extent legally permitted and as
required by the Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Preferred Director), without regard to any rights such Preferred Director may have against the Investor Indemnitors, and,
(c)&nbsp;that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Preferred Director with respect to any claim for which such Preferred Director has sought indemnification from the Company shall affect the foregoing and the
Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Preferred Director against the Company. The Preferred Directors and the Investor
Indemnitors are intended third-party beneficiaries of this <U>Section</U><U></U><U>&nbsp;5.9</U> and shall have the right, power and authority to enforce the provisions of this <U>Section</U><U></U><U>&nbsp;5.9</U> as though they were a party to
this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.10 <U>Right to Conduct Activities</U>. The Company hereby agrees and acknowledges that
each of MPM, EcoR1, VV, Novartis Finance Corporation, Blue Owl, RA Capital, Janus, BBI, and RTW is a professional investment organization, and as such reviews the business plans and related proprietary information of many enterprises, some of which
may compete directly or indirectly with the Company&#146;s business (as currently conducted or as currently propose to be conducted). Nothing in this Agreement shall preclude or in any way restrict such Investors from evaluating or purchasing
securities, including publicly traded securities, of a particular enterprise, or investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company; and the Company
hereby agrees that, to the extent permitted under applicable law, such Investor (and its Affiliates) shall not be liable to the Company for any claim arising out of, or based upon, (i)&nbsp;the investment by such Investor (or its Affiliates) in any
entity competitive with the Company, or (ii)&nbsp;actions taken by any partner, officer, employee or other representative of such Investor (or its Affiliates) to assist any such competitive company, whether or not such action was taken as a member
of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; <U>provided</U>, <U>however</U>, that the foregoing shall not relieve (x)&nbsp;any of such Investors from
liability associated with the unauthorized disclosure of the Company&#146;s confidential information obtained pursuant to this Agreement, or (y)&nbsp;any director or officer of the Company from any liability associated with his or her fiduciary
duties to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.11 <U>Anti-Harassment Policy</U>. The Company shall maintain in effect (i)&nbsp;a Code of Conduct governing
appropriate workplace behavior and (ii)&nbsp;an Anti-Harassment and Discrimination Policy prohibiting discrimination and harassment at the Company. Such policy shall be reviewed and approved by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.12 <U>FCPA</U>. The Company covenants that it shall not (and shall not permit any of its subsidiaries or Affiliates or any of its or their
respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third party,
including any <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the &#147;<B>FCPA</B>&#148;)), in each case, in violation of the FCPA, the U.K. Bribery
Act, or any other applicable anti-bribery or anti-corruption law. The Company further covenants that it shall (and shall cause each of its subsidiaries and Affiliates to) cease all of its or their respective activities, as well as remediate any
actions taken by the Company, its subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other
applicable anti-bribery or anti-corruption law. The Company further covenants that it shall (and shall cause each of its subsidiaries and Affiliates to) maintain systems of internal controls (including, but not limited to, accounting systems,
purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Upon request, the Company agrees to provide responsive information and/or certifications
concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any Enforcement Action (as defined in the Purchase Agreement). The Company shall, and shall cause any
direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its best efforts to cause any direct or indirect subsidiary, whether now in existence or
formed in the future, to comply in all material respects with all applicable laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.13 <U>Cybersecurity</U>. The Company shall, within one hundred eighty (180)&nbsp;days
following the Closing (as defined in the Purchase Agreement), use commercially reasonable efforts to (a)&nbsp;identify and restrict access (including through physical and/or technical controls) to the Company&#146;s confidential business information
and trade secrets and any information about identified or identifiable natural persons maintained by or on behalf of the Company (collectively, &#147;<B>Protected Data</B>&#148;) to those individuals who have a need to access it and
(b)&nbsp;implement reasonable physical, technical and administrative safeguards(&#147;<B>Cybersecurity Solutions</B>&#148;) designed to protect the confidentiality, integrity and availability of its technology and systems (including servers,
laptops, desktops, cloud, containers, virtual environments and data centers) and all Protected Data. The Company shall use commercially reasonable efforts to ensure that the Cybersecurity Solutions (x)&nbsp;are <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">up-to-date</FONT></FONT> and include industry-standard protections (<I>e.g.</I>, antivirus, endpoint detection and response and threat hunting), (y)&nbsp;to the extent determined necessary by the Company or the Board of
Directors, are backed by a breach prevention warranty from the vendor certifying the effectiveness of such solutions, and (z)&nbsp;require the vendors to notify the Company of any security incidents posing a risk to the Company&#146;s information
(regardless of whether information was actually compromised).The Company shall evaluate on a periodic basis at least annually whether such safeguards should be updated to maintain a level of security appropriate to the risk posed to Company systems
and Protected Data. The Company shall educate its employees about the proper use and storage of Protected Data, including periodic training as determined reasonably necessary by the Company or the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.14 <U>CFIUS and Foreign Person Limitations</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Unless otherwise approved by the Board of Directors, the Company will not provide to any Foreign Person any DPA Triggering Rights. No
Investor that is a Foreign Person shall be permitted to obtain any DPA Triggering Rights or a voting equity interest in the Company that exceeds 10% of the Company&#146;s total voting securities pursuant to the Purchase Agreement,<U>
Section</U><U></U><U>&nbsp;4</U> of this Agreement, or otherwise, including by way of any secondary transaction(s), without the approval of the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Investor covenants that it will notify the Company in advance of permitting any Foreign Person affiliated with Investor, whether
affiliated as a limited partner or otherwise, to obtain through Investor any DPA Triggering Rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.15 <U>Termination of Covenants</U>.
The covenants set forth in this <U>Section</U><U></U><U>&nbsp;5</U>, except for<U> Sections 5.7</U>, <U>5.8</U> and <U>5.9</U>, shall terminate and be of no further force or effect (i)&nbsp;immediately before the consummation of the IPO,
(ii)&nbsp;upon a Deemed Liquidation Event, whichever event occurs first; or (iii)&nbsp;with respect to any obligation to an Investor that is or becomes a Sanctioned Party, for so long as such Holder is a Sanctioned Party; provided, that, with
respect to clause (ii), the covenants set forth in Section<U>&nbsp;5</U> shall only terminate if the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities or if the
acquiring company or other successor to the Company agrees to covenants comparable to those set forth in <U>Section</U><U></U><U>&nbsp;5</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1 <U>Successors and Assigns</U>. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a
transferee of Registrable Securities that (i)&nbsp;is an Affiliate of a Holder; (ii)&nbsp;is a Holder&#146;s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder&#146;s Immediate Family Members; or
(iii)&nbsp;after such transfer, together with its Affiliates, would be a Major Investor; <U>provided</U>, <U>however</U>, that (x)&nbsp;the Company is, within a reasonable time after such transfer, furnished with written notice of the name and
address of such transferee and the Registrable Securities with respect to which such rights are being transferred; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) such transferee
agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of <U>Section</U><U></U><U>&nbsp;2.11</U>; and (z)&nbsp;such assignee is not a Sanctioned
Party. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1)&nbsp;that is an Affiliate or stockholder of a Holder; (2)&nbsp;who is a Holder&#146;s Immediate Family
Member; or (3)&nbsp;that is a trust for the benefit of an individual Holder or such Holder&#146;s Immediate Family Member shall be aggregated together and with those of the transferring Holder; <U>provided</U> <U>further</U> that all transferees who
would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> for the purpose of
exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in
this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2 <U>Governing Law</U>. This Agreement shall be governed by the internal law of the State of
Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3 <U>Counterparts</U>. This Agreement may be executed in two&nbsp;(2)&nbsp;or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, <I>e.g.</I>, www.docusign.com) or
other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.4 <U>Titles and Subtitles</U>. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.5 <U>Notices</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) All notices and other communications given or made pursuant to this Agreement shall be in writing (including electronic mail as permitted
in this Agreement) and shall be deemed effectively given upon the earlier of actual receipt or (i)&nbsp;personal delivery to the party to be notified; (ii)&nbsp;when sent, if sent by electronic mail during the recipient&#146;s normal business hours,
and if not sent during normal business hours, then on the recipient&#146;s next business day; (iii)&nbsp;five&nbsp;(5)&nbsp;days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or
(iv)&nbsp;one&nbsp;(1)&nbsp;business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying <FONT STYLE="white-space:nowrap">next-day</FONT> delivery, with written verification of receipt.
All communications shall be sent to the respective parties at their addresses as set forth on <U>Schedule A</U> or <U>Schedule B</U>, as applicable, or (as to the Company) to the principal office of the Company and to the attention of the Chief
Executive Officer, or in any case to such email address or address as subsequently modified by written notice given in accordance with this <U>Section</U><U></U><U>&nbsp;6.5</U>. If notice is given to the Company, a copy (which copy shall not
constitute notice) shall also be sent to Brown Rudnick LLP, One Financial Center, Boston, MA 02111, Attn: Michael J. Cohen, Esq. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
<U>Consent to Electronic Notice</U>. Each party to this agreement consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the &#147;<B>DGCL</B>&#148;), as amended or superseded from time to time, by
electronic mail pursuant to Section&nbsp;232 of the DGCL (or any successor thereto) at the electronic mail address set forth below such party&#146;s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the
books of the Company. To the extent that any notice given by means of electronic mail is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been
provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each party to this Agreement agrees to promptly notify the Company of any change in such stockholder&#146;s electronic mail address, and that
failure to do so shall not affect the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.6 <U>Amendments and Waivers</U>. Any term of this Agreement may be amended, modified
or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the
Registrable Securities then outstanding; <U>provided</U> that the Company may in its sole discretion waive compliance with <U>Section</U><U></U><U>&nbsp;2.12(c)</U><U></U>&nbsp;(and the Company&#146;s failure to object promptly in writing after
notification of a proposed assignment allegedly in violation of <U>Section</U><U></U><U>&nbsp;2.12(c)</U><U></U>&nbsp;shall be deemed to be a waiver); and <U>provided further</U> that any provision hereof may be waived by any waiving party on such
party&#146;s own behalf, without the consent of any other party. For the avoidance of doubt, Registrable Securities do not include any shares held by a person or entity that is a Sanctioned Party. Notwithstanding the foregoing, (a)&nbsp;this
Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, modification, termination, or waiver
applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of <U>Section</U><U></U><U>&nbsp;4</U> with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such
waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction; <U>provided</U>, <U>however</U>, if, after giving effect to any waiver of
<U>Section</U><U></U><U>&nbsp;4.1</U> or any provision pertaining to <U>Section</U><U></U><U>&nbsp;4.1</U> with respect to a particular transaction, a Major Investor in fact purchases New Securities in such transaction (such Major Investor, a
&#147;<B>Participating Investor</B>&#148;), the aforementioned waiver shall be deemed to apply to any Major Investor only if that Major Investor has been provided the opportunity to purchase a proportional number of the New Securities in such
transaction based on the pro rata purchase right of each Major Investor set forth in <U>Section</U><U></U><U>&nbsp;4.1</U>, </P>
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assuming a transaction size determined based upon the amount purchased by the Participating Investor that invested the largest percentage in such transaction), (b)<U>&nbsp;Sections 3.1</U> and
<U>3.2</U>, <U>Section</U><U></U><U>&nbsp;4</U> and any other section of this Agreement applicable to the Major Investors (including this <U>clause (b)</U><U></U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended, modified,
terminated or waived with only the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding and held by the Major Investors, (c)<U>&nbsp;Sections 1.5</U>,<U> 3.3(a)</U>, and <U>5.10</U> and any
other section of this Agreement applicable specifically to MPM (including this <U>clause (c)</U><U></U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended, modified, terminated or waived in a manner adverse to MPM only with the
written consent of MPM, (d)<U>&nbsp;Sections 1.5</U>, <U>3.3(b)</U>, and <U>5.10</U> and any other section of this Agreement applicable specifically to EcoR1 (including this <U>clause (d)</U><U></U>&nbsp;of this<U>
Section</U><U></U><U>&nbsp;6.6</U>) may be amended, modified, terminated or waived in a manner adverse to EcoR1 only with the written consent of EcoR1, (e)<U>&nbsp;Sections 1.5</U> and <U>5.10</U> and any other section of this Agreement applicable
specifically to VV (including this <U>clause (e)</U><U></U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended, modified, terminated or waived in a manner adverse to VV only with the written consent of VV, (f)<U>&nbsp;Sections
1.5</U>, <U>1.25(b)</U>, <U>3.3(c)</U>, and <U>5.10</U> and any other section of this Agreement applicable specifically to Novartis (including this <U>clause (f)</U><U></U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended,
modified, terminated or waived in a manner adverse to Novartis only with the written consent of Novartis, (g)<U>&nbsp;Sections</U><U></U><U>&nbsp;1.5</U>, <U>3.3(d)</U><U></U>&nbsp;and <U>5.10</U> and any other section of this Agreement applicable
specifically to Blue Owl (including this clause (g)&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended, modified, terminated or waived in a manner adverse to Blue Owl only with the written consent of Blue Owl,
(h)<U></U><U>&nbsp;Sections 1.5</U>, <U>1.14</U>, <U>3.3(e)</U><U></U>&nbsp;and <U>5.10</U> and any other section of this Agreement applicable specifically to Janus (including this clause (h)&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may
be amended, modified, terminated or waived in a manner adverse to Janus only with the written consent of Janus, (i)<U>&nbsp;Sections 1.5</U>, <U>3.3(f)</U><U></U>&nbsp;and <U>5.10</U> and any other section of this Agreement applicable specifically
to RTW (including this clause (i)&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended, modified, terminated or waived in a manner adverse to RTW only with the written consent of RTW, (j)<U>&nbsp;Sections 1.5</U> and<U> 5.10</U> and
any other section of this Agreement applicable specifically to RA Capital (including this clause (j)&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended, modified, terminated or waived in a manner adverse to RA Capital only with the
written consent of RA Capital, (k)<U>&nbsp;Sections 1.5</U> and<U> 5.10</U> and any other section of this Agreement applicable specifically to BBI (including this clause (k)&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.6</U>) may be amended,
modified, terminated or waived in a manner adverse to BBI only with the written consent of BBI. And (l)&nbsp;no provision hereof may be waived, in each case, in any way which would adversely affect the rights of the Key Holders hereunder in a manner
disproportionate to any adverse effect such amendment, modification, termination or waiver would have on the rights of the Investors hereunder, without the written consent of the holders of a majority of the Registrable Securities held by the Key
Holders. Notwithstanding the foregoing, <U>Schedule A</U> hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other
parties. The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or waiver. Any amendment,
modification, termination, or waiver effected in accordance with this<U> Section</U><U></U><U>&nbsp;6.6</U> shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term,
condition, or provision of this Agreement, in any one&nbsp;(1)&nbsp;or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.7 <U>Severability</U>. In case any one&nbsp;(1)&nbsp;or more of the provisions contained
in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable
provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.8
<U>Aggregation of Stock; Apportionment</U>. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliates may
apportion such rights as among themselves in any manner they deem appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.9 <U>Entire Agreement</U>. This Agreement (including any
Schedules hereto) together with the other Transaction Agreements (as defined in the Purchase Agreement), constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written
or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its
entirety by this Agreement, and shall be of no further force or effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.10 <U>Dispute Resolution</U>. The parties (a)&nbsp;hereby
irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out
of or based upon this Agreement, (b)&nbsp;agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware,
and (c)&nbsp;hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE <FONT STYLE="white-space:nowrap">ALL-ENCOMPASSING</FONT> OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.11 <U>Delays or Omissions</U>. No delay or omission to exercise any right, power, or
remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or <FONT STYLE="white-space:nowrap">non-defaulting</FONT>
party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors&#146; Rights Agreement as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COMPANY:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AKTIS ONCOLOGY, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew Roden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Matthew Roden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>CEO</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors&#146; Rights Agreement as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTORS:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>RA CAPITAL HEALTHCARE FUND, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: RA Capital Healthcare Fund GP, LLC Its: General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Kolchinsky</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Peter Kolchinsky</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>RA CAPITAL NEXUS FUND III, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: RA Capital Nexus Fund III GP, LLC Its: General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Kolchinsky</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Peter Kolchinsky</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Manager</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MPM BIOVENTURES 2018, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MPM BIOVENTURES 2018 GP LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MPM BIOVENTURES 2018 LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MPM BIOVENTURES 2018 (B), L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MPM BIOVENTURES 2018 GP LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MPM BIOVENTURES 2018 LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MPM ASSET MANAGEMENT INVESTORS BV2018 LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MPM BIOVENTURES 2018 LLC, its manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ONCOLOGY IMPACT PRIVATE INVESTMENT FUND 2, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MPM ONCOLOGY INVESTMENTS 2 LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorized Signatory</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MPM ONCOLOGY INNOVATIONS FUND, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MPM ONCOLOGY INNOVATIONS FUND GP LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MPM ASSET MANAGEMENT LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Kristen Laguerre</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorized Signatory</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>RTW MASTER FUND, LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Darshan Patel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Darshan Patel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>RTW INNOVATION MASTER FUND, LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Darshan Patel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Darshan Patel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>RTW BIOTECH OPPORTUNITIES OPERATING LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: RTW Investments, LP, its Investment Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Roderick Wong</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Roderick Wong, M.D.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Managing Partner</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BLUE OWL HEALTHCARE OPPORTUNITIES IV LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Blue Owl Healthcare Opportunities GP IV LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kevin Raidy</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Kevin Raidy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BLUE OWL HEALTHCARE OPPORTUNITIES EF IV LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kevin Raidy</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Kevin Raidy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>VIDA VENTURES II, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: VV Manager II LLC, its Managing Member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Helen S. Kim</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Helen S. Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>VIDA VENTURES <FONT STYLE="white-space:nowrap">II-A,</FONT> LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: VV Manager II LLC, its Managing Member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Helen S. Kim</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Helen S. Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">[***]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">[***]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EcoR1 Capital Fund, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: EcoR1 Capital, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Oleg Nodelman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Oleg Nodelman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EcoR1 Capital Fund Qualified, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: EcoR1 Capital, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Oleg Nodelman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Oleg Nodelman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EcoR1 Venture Opportunity Fund, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BY: Biotech Opportunity GP, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Oleg Nodelman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Oleg Nodelman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Manager</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>OCTAGON INVESTMENTS MASTER FUND LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Octagon Capital Advisors LP, its Investment Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ting Jia</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ting Jia</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>OCTAGON PRIVATE OPPORTUNITIES FUND LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Octagon Capital Advisors LP, its Investment Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ting Jia</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ting Jia</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Member</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Bristol-Myers Squibb Company</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sandra Ramos-Alves</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sandra Ramos-Alves</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President&nbsp;&amp; Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PAPPAS LIFE SCIENCE VENTURES VI, LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Pappas Management VI, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Arthur M. Pappas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Arthur M. Pappas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CEO&nbsp;&amp; Managing Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PV VI CEO FUND, LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Pappas Management VI, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Arthur M. Pappas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Arthur M. Pappas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CEO&nbsp;&amp; Managing Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PAPPAS CAPITAL, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Arthur M. Pappas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Arthur M. Pappas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CEO&nbsp;&amp; Managing Member</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ORIENTLAND INTERNATIONAL LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">I-Hsuan</FONT> Chen</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">I-Hsuan</FONT> Chen</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>GREEN OAK VENTURES LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">I-Hsuan</FONT> Chen</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">Yu-Ching</FONT> Chao</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARVALA INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Lloyd Segal</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Lloyd Segal</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>President</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TCG CROSSOVER FUND I, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By: TCG Crossover GP I, LLC</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Its General Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Chen Yu</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chen Yu</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Managing Member</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NOVARTIS FINANCE CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Eduard Marti</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Eduard Marti</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Vice President and Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ELI LILLY AND COMPANY</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jacob van Naarden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Jacob van Naarden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Executive Vice President and President, Loxo@Lilly</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Address: [***]</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MRL Ventures Fund, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jason Ruth</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Jason Ruth</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Partner, Executive Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARROWMARK FUNDAMENTAL OPPORTUNITY FUND, LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: its Investment Adviser</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ArrowMark Colorado Holdings LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Blake Rice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Blake Rice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chief Legal Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARROWMARK LIFE SCIENCE FUND II, LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: its Investment Adviser</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ArrowMark Colorado Holdings LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Blake Rice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Blake Rice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chief Legal Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>JANUS HENDERSON BIOTECH INNOVATION MASTER FUND LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Janus Henderson Investors US LLC, its investment advisor</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Daniel S. Lyons</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Daniel S. Lyons</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Investor:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>T. Rowe Price Health Sciences Fund, Inc.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TD Mutual Funds - TD Health Sciences Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>T. Rowe Price Health Sciences Portfolio</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Each account, severally and not jointly</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicholas Garifo</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nicholas Garifo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Address: [***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Attn.: [***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Phone: [***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">E-mail: [***]</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Avidity Private Master Fund I LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Avidity Capital Partners Fund (GP) LP, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Avidity Capital Partners (GP) LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Gregory</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michael Gregory</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Member</TD></TR>
</TABLE></DIV>
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<Center><DIV STYLE="width:8.5in" align="left">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Blaze Bioscience, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Heather Franklin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Heather Franklin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Chair</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO THIRD
AMENDED AND RESTATED INVESTORS&#146; RIGHTS AGREEMENT] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


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<TD VALIGN="top" COLSPAN="3"><B>MIRAE ASSET <FONT STYLE="white-space:nowrap">Bio-Frontier</FONT> Fund</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Mirae Asset Venture Investment Co., Ltd., its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Eung Suk Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eung Suk Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Mirae Asset Sage Investment Fund II</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Mirae Asset Venture Investment Co., Ltd., its <FONT STYLE="white-space:nowrap">co-General</FONT> Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Eung Suk Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eung Suk Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Mirae Asset Capital Co., Ltd., its <FONT STYLE="white-space:nowrap">co-General</FONT> Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Manhee Lee</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Manhee Lee</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESTORS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE B </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>KEY HOLDERS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>9
<FILENAME>d875386dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<TITLE>EX-10.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(formerly HOTKNOT THERAPEUTICS, INC.) </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020 EQUITY INCENTIVE PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Purpose
and Eligibility.</U> The purpose of this 2020 Equity Incentive Plan (the &#147;<B>Plan</B>&#148;) of <B>AKTIS ONCOLOGY, INC.</B>, a Delaware corporation formerly known as HotKnot Therapeutics, Inc. (the &#147;<B>Company</B>&#148;) is to provide
stock options, stock issuances and other equity interests in the Company (each, an &#147;<B>Award</B>&#148;) to (a)&nbsp;employees, officers, directors, consultants and advisors of the Company and its Affiliates, Parents and Subsidiaries, and
(b)&nbsp;any other Person who is determined by the Board to have made (or is expected to make) contributions to the Company. Any person to whom an Award has been granted under the Plan is called a &#147;<B>Participant</B>.&#148; Additional
definitions are contained in Section&nbsp;10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Administration</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <U>Administration by Board of Directors.</U> The Plan will be administered by the Board of Directors of the Company (the
&#147;<B>Board</B>&#148;). The Board, in its sole discretion, shall have the authority to grant and amend Awards, to adopt, amend and repeal rules relating to the Plan and to interpret and correct the provisions of the Plan and any Award. The Board
shall have authority, subject to the express limitations of the Plan, (i)&nbsp;to construe and determine the respective Award Agreement, Awards and the Plan, (ii)&nbsp;to prescribe, amend and rescind rules and regulations relating to the Plan and
any Awards, (iii)&nbsp;to determine the terms and provisions of the respective Award Agreements and Awards, which need not be identical, (iv)&nbsp;to initiate an Option Exchange Program, and (v)&nbsp;to make all other determinations in the judgment
of the Board of Directors necessary or desirable for the administration and interpretation of the Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement or Award in the
manner and to the extent it shall deem expedient to carry the Plan, any Award Agreement or Award into effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be final and binding on all interested
persons. Neither the Company nor any member of the Board shall be liable for any action or determination relating to the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b.
<U>Appointment of Committee.</U> To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (a &#147;<B>Committee</B>&#148;). If so delegated, all
references in the Plan to the &#147;<B>Board</B>&#148;<B> </B>shall mean such Committee or the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. <U>Delegation to Executive
Officers.</U> To the extent permitted by applicable law, the Board may delegate to one or more executive officers of the Company the power to grant Awards and exercise such other powers under the Plan as the Board may determine, <I>provided that
</I>the Board shall fix the maximum number of Awards to be granted and the maximum number of shares issuable to any one Participant pursuant to Awards granted by such executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Stock Available for Awards.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a.
<U>Number of Shares.</U> Subject to adjustment under <U>Section</U><U></U><U>&nbsp;3(b)</U>, the aggregate number of shares of Common Stock that may be issued pursuant to the Plan is the Available Shares (as specified on the last page hereof). If
any Award expires, or is terminated, surrendered or forfeited, in whole or in part, the unissued Common Stock covered by such Award shall again be available for the grant of Awards under the Plan. If an Award granted under the Plan shall expire or
terminate for any reason without having been exercised in full, the unpurchased shares subject to such Award shall again be available for subsequent Awards under the Plan, and if shares of Common Stock issued pursuant to the Plan are repurchased by,
or are surrendered or forfeited to, the Company at no more than the price paid for such shares, such shares of Common Stock shall again be available for the grant of Awards under the Plan. Shares issued under the Plan may consist in whole or in part
of authorized but unissued shares or treasury shares. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <U>Adjustment to Common Stock.</U> Subject to <U>Section</U><U></U><U>&nbsp;7</U>, in the
event of any stock split, reverse stock split, stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, <FONT STYLE="white-space:nowrap">spin-off,</FONT> <FONT
STYLE="white-space:nowrap">split-up,</FONT> or other similar change in capitalization or similar event, (i)&nbsp;the number and class of Available Shares and the <FONT STYLE="white-space:nowrap">per-Participant</FONT> share limit, (ii)&nbsp;the
number and class of securities, vesting schedule and exercise price per share subject to each outstanding Option, (iii)&nbsp;the repurchase price per security subject to repurchase, and (iv)&nbsp;the terms of each other outstanding Award shall be
adjusted by the Company (or substituted Awards may be made, if applicable) to the extent the Board shall determine, in good faith, that such an adjustment (or substitution) is appropriate. Any such adjustment to outstanding Awards will be effected
in a manner that precludes the enlargement of rights and benefits under such Awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Stock Options</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <U>General.</U> The Board may grant options to purchase Common Stock (each, an &#147;<B>Option</B>&#148;) and determine the number of
shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option and the shares of Common Stock issued upon the exercise of each Option, including,
but not limited to, vesting provisions, repurchase provisions and restrictions relating to applicable federal or state securities laws. Each Option will be evidenced by an Award Agreement, consisting of a Notice of Stock Option Award and Stock
Option Award Terms (collectively, an &#147;<B>Award Agreement</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <U>Incentive Stock Options.</U> An Option that the Board
intends to be an incentive stock option (an &#147;<B>Incentive Stock Option</B>&#148;) as defined in Section&nbsp;422 of the Code, as amended, or any successor statute (&#147;<B>Section</B><B></B><B>&nbsp;422</B>&#148;), shall be granted only to an
employee of the Company and shall be subject to and shall be construed consistently with the requirements of Section&nbsp;422 and regulations thereunder. The Board and the Company shall have no liability if an Option or any part thereof that is
intended to be an Incentive Stock Option does not qualify as such. An Option or any part thereof that does not qualify as an Incentive Stock Option is referred to herein as a &#147;<B>Nonstatutory Stock Option</B>&#148; or &#147;<B>Nonqualified
Stock Option</B>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. <U>Dollar Limitation.</U> For so long as the Code shall so provide, Options granted to any employee under the
Plan (and any other incentive stock option plans of the Company) which are intended to qualify as Incentive Stock Options shall not qualify as Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the
first time in any one calendar year for shares of Common Stock with an aggregate Fair Market Value (as defined below) (determined as of the respective date or dates of grant) of more than $100,000. The amount of Incentive Stock Options which exceed
such $100,000 limitation shall be deemed to be Nonqualified Stock Options. For the purpose of this limitation, unless otherwise required by the Code or regulations of the Internal Revenue Service or determined by the Board, Options shall be taken
into account in the order granted, and the Board may designate that portion of any Incentive Stock Option that shall be treated as Nonqualified Option in the event that the provisions of this paragraph apply to a portion of any Option. The
designation described in the preceding sentence may be made at such time as the Committee considers appropriate, including after the issuance of the Option or at the time of its exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. <U>Exercise Price.</U> The Board shall establish the exercise price (or determine the method by which the exercise price shall be
determined) at the time each Option is granted and specify the exercise price in the applicable Award Agreement, provided, however, in no event may the per share exercise price of an Option be less than the Fair Market Value of the Common Stock on
the date such Option is granted, except in accordance with Section&nbsp;7. In the case of an Incentive Stock </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Option granted to a Participant who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company, then the
exercise price shall be no less than 110% of the Fair Market Value of the Common Stock on the date of grant. In the case of a grant of an Incentive Stock Option to any other Participant, the exercise price shall be no less than 100% of the Fair
Market Value of the Common Stock on the date of grant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. <U>Duration of Options.</U> Each Option shall be exercisable at such times and
subject to such terms and conditions as the Board may specify in the applicable Award Agreement; provided, that the term of any Incentive Stock Option may not be more than ten (10)&nbsp;years from the date of grant. In the case of an Incentive Stock
Option granted to a Participant who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company, the term of the Option shall be no longer than five
(5)&nbsp;years from the date of grant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">f. <U>Exercise of Option.</U> Options may be exercised only by delivery to the Company of a
written notice of exercise signed by the proper person together with payment in full as specified in <U>Section</U><U></U><U>&nbsp;4(g)</U> and the Award Agreement for the number of shares for which the Option is exercised. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">g. <U>Payment Upon Exercise.</U> Common Stock purchased upon the exercise of an Option shall be paid for by one or any combination of the
following forms of payment as permitted by the Board in its sole and absolute discretion: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">i. by check payable to the order of the Company;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ii. only if the Common Stock is then publicly traded, by delivery of an irrevocable and unconditional undertaking by a creditworthy
broker to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company
cash or a check sufficient to pay the exercise price; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">iii. to the extent explicitly provided in the applicable Award Agreement, by
delivery of shares of Common Stock owned by the Participant valued at Fair Market Value; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">iv. by delivery of a promissory note of the
Participant, with full recourse to the Participant, to the Company (and delivery to the Company by the Participant of a check in an amount equal to the par value of the shares purchased); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">v. payment of such other lawful consideration as the Board may determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as otherwise expressly set forth in a Award Agreement, the Board shall have no obligation to accept consideration other than cash and in particular,
unless the Board so expressly provides, in no event will the Company accept the delivery of shares of Common Stock that have not been owned by the Participant at least six months prior to the exercise. The fair market value of any shares of the
Company&#146;s Common Stock or other <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration which may be delivered upon exercise of an Option shall be determined in such manner as may be prescribed by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">h. <U>Acceleration, Extension, Etc.</U> The Board may, in its sole discretion, and in all instances subject to any relevant tax and accounting
considerations which may adversely impact or impair the Company, (i)&nbsp;accelerate the date or dates on which all or any particular Options or Awards granted under the Plan may be exercised, or (ii)&nbsp;extend the dates during which all or any
particular Options or Awards granted under the Plan may be exercised or vest. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">i. <U>Determination of Fair Market Value.</U> If, at the time an Option is granted under the
Plan, the Company&#146;s Common Stock is publicly traded under the Exchange Act, &#147;<B>Fair Market Value</B>&#148; shall mean (i)&nbsp;if the Common Stock is listed on any established stock exchange or a national market system, including without
limitation the Nasdaq National Market or The Nasdaq Small Cap Market of The Nasdaq Stock Market, its fair market value shall be the last reported sales price for such stock (on that date) or the closing bid, if no sales were reported as quoted on
such exchange or system as reported in <I>The Wall Street Journal </I>or such other source as the Board deems reliable; or (ii)&nbsp;the average of the closing bid and asked prices last quoted (on that date) by an established quotation service for <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> securities, if the Common Stock is not reported on a national market system. In the absence of an established market for the Common Stock, the fair market
value thereof shall be determined in good faith by the Board after taking into consideration all factors which it deems appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Restricted
Stock</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <U>Grants.</U> The Board may grant Awards to Participants of restricted shares of Common Stock, subject to (i)&nbsp;delivery
to the Company by the Participant of (a)&nbsp;a check in an amount at least equal to the par value of the shares purchased or (b)&nbsp;by delivery of a promissory note of the Participant, with full recourse to the Participant, to the Company; or
(c)&nbsp;any other form of consideration acceptable to the Board in its sole discretion, and (ii)&nbsp;the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant in
the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award (each, a &#147;<B>Restricted Stock Award</B>&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <U>Terms and Conditions.</U> The Board shall determine the terms and conditions of any such Restricted Stock Award. Any stock
certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). After the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or, if the Participant has died, to the
beneficiary designated by a Participant, in a manner determined by the Board, to receive amounts due or exercise rights of the Participant in the event of the Participant&#146;s death (the &#147;<B>Designated Beneficiary</B>&#148;). In the absence
of an effective designation by a Participant, Designated Beneficiary shall mean the Participant&#146;s estate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Other Stock-Based Awards.</U> The
Board shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Board may determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities
convertible into Common Stock and the grant of stock appreciation rights, phantom stock awards or stock units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>General Provisions Applicable to
Awards.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <U>Transferability of Awards.</U> Except as the Board may otherwise determine or provide in an Award, Awards shall not be
sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, shall be
exercisable only by the Participant; provided, however, except as the Board may otherwise determine or provide in an Award, that Nonstatutory Stock Options and Restricted Stock Awards may be transferred pursuant to a qualified domestic relations
order (as defined in Employee Retirement Income Security Act of 1974, as amended) or to a grantor-retained annuity trust or a similar estate-planning vehicle in which the trust is bound by all provisions of the Award Agreement and Restricted Stock
Award, which are applicable to the Participant. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <U>Documentation.</U> Each Award under the Plan shall be evidenced by a written
instrument in such form as the Board shall determine or as executed by an officer of the Company pursuant to authority delegated by the Board. Each Award may contain terms and conditions in addition to those set forth in the Plan, <I>provided that
</I>such terms and conditions do not contravene the provisions of the Plan or applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. <U>Board Discretion.</U> The terms of
each type of Award need not be identical, and the Board need not treat Participants uniformly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. <U>Additional Award Provisions.</U> The
Board may, in its sole discretion, include additional provisions in any Award Agreement, Restricted Stock Award or other Award granted under the Plan, including without limitation restrictions on transfer, repurchase rights, commitments to pay cash
bonuses, to make, arrange for or guaranty loans or to transfer other property to Participants upon exercise of Awards, or transfer other property to Participants upon exercise of Awards, or such other provisions as shall be determined by the Board;
provided that such additional provisions shall not be inconsistent with any other term or condition of the Plan or applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">e.
<U>Termination of Status.</U> The Board shall determine the effect on an Award of the disability (as defined in Code Section&nbsp;22(e)(3)), death, retirement, authorized leave of absence or other change in the employment or other status of a
Participant and the extent to which, and the period during which, the Participant, or the Participant&#146;s legal representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Award, subject to applicable law and
the provisions of the Code related to Incentive Stock Options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">f. <U>Change of Control of the Company</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">i. Unless otherwise expressly provided in the applicable Award Agreement or Restricted Stock Award or other Award, in connection with the
occurrence of a Change of Control (as defined below), the Board shall, in its sole discretion as to any outstanding Award (including any portion thereof; on the same basis or on different bases, as the Board shall specify), take one or any
combination of the following actions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">A. make appropriate provision for the continuation of such Award by the Company or the assumption
of such Award by the surviving or acquiring entity and by substituting on an equitable basis for the shares then subject to such Award either (x)&nbsp;the consideration payable with respect to the outstanding shares of Common Stock in connection
with the Change of Control, (y)&nbsp;shares of stock of the surviving or acquiring corporation or (z)&nbsp;such other securities as the Board deems appropriate, the Fair Market Value of which shall not materially differ from the Fair Market Value of
the shares of Common Stock subject to such Award immediately preceding the Change of Control (as determined by the Board in its sole discretion); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">B. accelerate the date of exercise or vesting of such Award; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">C. permit the exchange of such Award for the right to participate in any stock option or other employee benefit plan of any successor
corporation; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">D. provide for the repurchase of the Award for an amount equal to the difference of (i)&nbsp;the consideration received
per share for the securities underlying the Award in the Change of Control minus (ii)&nbsp;the per share exercise price of such securities. Such amount shall be payable in cash or the property payable in respect of such securities in connection with
the Change of Control. The value of any such property shall be determined by the Board in its discretion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">E. provide for the termination of such Award immediately prior to the consummation of the
Change of Control; provided that no such termination will be effective if the Change of Control is not consummated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">F. For the purpose
of this Agreement, a &#147;<B>Change of Control</B>&#148; shall mean: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The acquisition by any individual, entity or
group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act of beneficial ownership (within the meaning of <FONT STYLE="white-space:nowrap">Rule&nbsp;13d-3</FONT> promulgated under the Exchange Act) of 50% or more of the then
outstanding shares of voting stock of the Company (the &#147;<B>Voting Stock</B>&#148;); provided, however, that any acquisition by the Company or its subsidiaries, or any employee benefit plan (or related trust) of the Company or its subsidiaries
of 50% or more of Voting Stock shall not constitute a Change of Control; and provided, further, that any acquisition by a corporation with respect to which, following such acquisition, more than 50% of the then outstanding shares of common stock of
such corporation, is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Voting Stock immediately prior to such acquisition in substantially the same
proportion as their ownership, immediately prior to such acquisition, of the Voting Stock, shall not constitute a Change of Control; and provided, further that the acquisition of 50% or more of the Voting Stock pursuant to a transaction, the primary
purpose of which was to effect an equity financing of the Company, shall not constitute a Change of Control; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The
consummation of (i)&nbsp;a reorganization, merger or consolidation (any of the foregoing, a &#147;<B>Merger</B>&#148;), in each case, with respect to which the individuals and entities who were the beneficial owners of the Voting Stock immediately
prior to such Merger do not, following such Merger, beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock of the corporation resulting from the Merger (the &#147;<B>Resulting Corporation</B>&#148;) as
a result of the individuals&#146; and entities&#146; shareholdings in the Company immediately prior to the consummation of the Merger and without regard to any of the individual&#146;s and entities&#146; shareholdings in the Resulting Corporation
immediately prior to the consummation of the Merger, (ii)&nbsp;a complete liquidation or dissolution of the Company or (iii)&nbsp;the sale or other disposition of all or substantially all of the assets of the Company, excluding a sale or other
disposition of assets to a subsidiary of the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">g. <U>Dissolution or Liquidation.</U> In the event of the proposed dissolution or
liquidation of the Company, the Board shall notify each Participant as soon as practicable prior to the effective date of such proposed transaction. The Board in its sole discretion may provide for a Participant to have the right to exercise his or
her Award until fifteen (15)&nbsp;days prior to such transaction as to all of the shares of Common Stock covered by the Option or Award, including shares as to which the Option or Award would not otherwise be exercisable, which exercise may in the
sole discretion of the Board, be made subject to and conditioned upon the consummation of such proposed transaction. In addition, the Board may provide that any Company repurchase option applicable to any shares of Common Stock purchased upon
exercise of an Option or Award shall lapse as to all such shares of Common Stock, provided the proposed dissolution and liquidation takes place at the time and in the manner contemplated. To the extent it has not been previously exercised, an Award
will terminate upon the consummation of such proposed action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">h. <U>Assumption of Options Upon Certain Events.</U> In connection with a
merger or consolidation of an entity with the Company, the acquisition by the Company of property or stock of an entity, a corporate transaction, within the meaning of Treasury <FONT STYLE="white-space:nowrap">Regulation&nbsp;1.424-1(a)(3),</FONT>
involving the Company, or an Affiliate, Parent or Subsidiary, or as otherwise may be permitted by Section&nbsp;409A of the Code, the Board may grant Awards under the Plan in substitution for stock and stock-based awards issued by such entity or an
affiliate thereof. The substitute Awards shall be granted on such terms and conditions as the Board considers appropriate in the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">i. <U>Parachute Payments and Parachute Awards.</U> Notwithstanding the provisions of <U>Section</U><U></U><U>&nbsp;7(f)</U>, if, in connection
with a Change of Control described therein, a tax under Section&nbsp;4999 of the Code would be imposed on the Participant (after taking into account the exceptions set forth in Sections&nbsp;280G(b)(4) and 280G(b)(5) of the Code), then the number of
Awards which shall become exercisable, realizable or vested as provided in such Section shall be reduced (or delayed), to the minimum extent necessary, so that no such tax would be imposed on the Participant (the Awards not becoming so accelerated,
realizable or vested, the &#147;<B>Parachute Awards</B>&#148;); provided, however, that if the &#147;aggregate present value&#148; of the Parachute Awards would exceed the tax that, but for this sentence, would be imposed on the Participant under
Section&nbsp;4999 of the Code in connection with the Change of Control, then the Awards shall become immediately exercisable, realizable and vested without regard to the provisions of this sentence. For purposes of the preceding sentence, the
&#147;aggregate present value&#148; of an Award shall be calculated on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis (other than taxes imposed by Section&nbsp;4999 of the Code) and shall be based on economic principles rather than the
principles set forth under Section&nbsp;280G of the Code and the regulations promulgated thereunder. All determinations required to be made under this <U>Section</U><U></U><U>&nbsp;7(i)</U> shall be made by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">j. <U>Amendment of Awards.</U> The Board may amend, modify or terminate any outstanding Award including, but not limited to, substituting
therefor another Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option, <I>provided that </I>the Participant&#146;s consent to such action shall
be required unless the Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">k. <U>Conditions on Delivery of Stock.</U> The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to
remove restrictions from shares previously delivered under the Plan until (i)&nbsp;all conditions of the Award have been met or removed to the satisfaction of the Company, (ii)&nbsp;in the opinion of the Company&#146;s counsel, all other legal
matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii)&nbsp;the Participant has executed
and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">l. <U>Acceleration.</U> The Board may at any time provide that any Options shall become
immediately exercisable in full or in part, that any Restricted Stock Awards shall be free of some or all restrictions, or that any other stock-based Awards may become exercisable in full or in part or free of some or all restrictions or conditions,
or otherwise realizable in full or in part, as the case may be, despite the fact that the foregoing actions may (i)&nbsp;cause the application of Sections&nbsp;280G and 4999 of the Code if a Change of Control of the Company occurs, or
(ii)&nbsp;disqualify all or part of the Option as an Incentive Stock Option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">m. <U>Time of Granting Awards.</U> The grant of an Award
shall, for all purposes, be the date on which the Company completes the corporate action relating to the grant of such Award and all conditions to the grant have been satisfied, provided that conditions to the grant, exercise or vesting of an Award
shall not defer the date of grant. Notice of a grant shall be given to each Participant to whom an Award is so granted within a reasonable time after the determination has been made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">n. <U>Participation in Foreign Countries.</U> The Board shall have the authority to adopt such modifications, procedures, and subplans as may
be necessary or desirable to comply with provisions of the laws of foreign countries in which the Company or its Subsidiaries may operate to assure the viability of the benefits from Awards granted to Participants performing services in such
countries and to meet the objectives of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Withholding.</U> The Company shall have the right to deduct from payments of any kind otherwise
due to the optionee or recipient of an Award any federal, state or local taxes of any kind required by law to be withheld with respect to any shares issued upon exercise of Options under the Plan or the purchase of shares subject to the Award.
Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the optionee or recipient of an Award may elect to satisfy such obligation, in whole or in part, (a)&nbsp;by causing the Company to withhold
shares of Common Stock otherwise issuable pursuant to the exercise of an Option or the purchase of shares subject to an Award or (b)&nbsp;by delivering to the Company shares of Common Stock already owned by the optionee or Award recipient of an
Award. The shares so delivered or withheld shall have a Fair Market Value of the shares used to satisfy such withholding obligation as shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined. An
optionee or recipient of an Award who has made an election pursuant to this Section may only satisfy his or her withholding obligation with shares of Common Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other
similar requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>No Exercise of Option if Engagement or Employment Terminated for Cause.</U> If the employment or engagement of any
Participant is terminated &#147;for Cause&#148;, the Award may terminate, upon a determination of the Board, on the date of such termination and the Option shall thereupon not be exercisable to any extent whatsoever and the Company shall have the
right to repurchase any shares of Common Stock subject to a Restricted Stock Award whether or not such shares have vested. For purposes of this <U>Section</U><U></U><U>&nbsp;9</U>, &#147;<B>for Cause</B>&#148;<B> </B>shall be defined as follows:
(i)&nbsp;if the Participant has executed an employment agreement, the definition of &#147;cause&#148; contained therein, if any, shall govern, or (ii)&nbsp;conduct, as determined by the Board of Directors, involving one or more of the following:
(a)&nbsp;gross misconduct or inadequate performance by the Participant which is injurious to the Company; or (b)&nbsp;the commission of an act of embezzlement, fraud or theft, which results in economic loss, damage or injury to the Company; or
(c)&nbsp;the unauthorized disclosure of any trade secret or confidential information of the Company (or any client, customer, supplier or other third party who has a business relationship with the Company) or the violation of any noncompetition or
nonsolicitation covenant or assignment of inventions obligation with the Company; or (d)&nbsp;the commission of an act which constitutes unfair competition with the Company or which induces any customer or prospective customer of the Company to
breach a contract with the Company or to decline to do business with the Company; or (e)&nbsp;the indictment of the Participant for a felony or serious misdemeanor offense, either in connection with the performance of his or her obligations
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to the Company or which shall adversely affect the Participant&#146;s ability to perform such obligations; or (f)&nbsp;the commission of an act of fraud or breach of fiduciary duty which results
in loss, damage or injury to the Company; or (g)&nbsp;the failure of the Participant to perform in a material respect his or her employment, consulting or advisory obligations without proper cause. In making such determination, the Board shall act
fairly and in utmost good faith. The Board may in its discretion waive or modify the provisions of this Section at a meeting of the Board with respect to any individual Participant with regard to the facts and circumstances of any particular
situation involving a determination under this Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Miscellaneous.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <U>Definitions.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">i.
&#147;<B>Affiliate</B>&#148; means any corporation or trade or business under common control with the Company, within the meaning of Section&nbsp;414(c) of the Code, or in a controlled group of corporations with the Company, within the meaning of
Section&nbsp;414(b) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ii. &#147;<B>Common Stock</B>&#148;<B> </B>means the common stock, par value $0.0001, per share, of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">iii. &#147;<B>Company</B>&#148; means <B>AKTIS ONCOLOGY, INC., </B>formerly known as HotKnot Therapeutics, Inc. For purposes of
eligibility under the Plan, shall include any Affiliate, Parent or Subsidiary of <B>AKTIS ONCOLOGY, INC</B>. For purposes of Awards of Incentive Stock Options, the term &#147;Company&#148; shall include a Parent or Subsidiary, as determined on the
date of an applicable Award. For purposes of Awards other than Incentive Stock Options, the term &#147;<B>Company</B>&#148;<B> </B>shall include any other business venture in which the Company has a direct or indirect significant interest, as
determined by the Board in its sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">iv. &#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">v. &#147;<B>Effective Date</B>&#148; means the date the Plan is adopted by the Company&#146;s Board
of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">vi. &#147;<B>Employee</B>&#148; for purposes of eligibility under the Plan shall include a person to whom an offer of
employment has been extended by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">vii. &#147;<B>Option Exchange Program</B>&#148; means a program whereby outstanding options
are exchanged for options with a lower exercise price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">viii. &#147;<B>Parent</B>&#148; means a parent corporation, as defined in
Section&nbsp;424(e) of the </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ix. &#147;<B>Subsidiary</B>&#148; means a subsidiary corporation, as defined in Section&nbsp;424(f) of the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 9 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <U>No Right To Employment or Other Status.</U> No person shall have any claim or right to
be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise
terminate its relationship with a Participant free from any liability or claim under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. <U>No Rights As Stockholder.</U>
Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. <U>Compliance with Law.</U> The Company shall not be required to sell or issue any shares of Common Stock under any Award if
the sale or issuance of such shares would constitute a violation by the Participant, any other individual exercising an Option, or the Company of any provision of any law or regulation of any governmental authority, including without limitation any
federal or state securities laws or regulation. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any share subject to an Award up on any security exchange or under any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of shares hereunder, no shares of Common Stock may be issued or sold to the Participant or any other individual exercising an Option
pursuant to such Award unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way effect the date of
termination of the Award. Any determination in this connection by the Board shall be final, binding and conclusive. The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The
Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option or the issuance of shares of Common Stock pursuant to the Plan to comply with any law or regulation of any governmental authority. As to any
jurisdiction that expressly imposes that a Option shall not be exercised until the shares of Common Stock covered by such Option are registered or exempt from registration, the exercise of such Option (under circumstances in which the laws of such
jurisdiction apply) shall be deemed conditioned up on the effectiveness of such registration or availability of such an exemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">e.
<U>Effective Date and Term of Plan.</U> The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall be granted under the Plan after the completion of ten years from the date on which the Plan was adopted by the
Board, but Awards previously granted may extend beyond that date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">f. <U>Amendment of Plan.</U> The Board may amend, suspend or terminate
the Plan or any portion thereof at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">g. <U>Governing Law.</U> The provisions of the Plan and all Awards made hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware, without regard to any applicable conflicts of law principles. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 10 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Approvals </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Original Plan: </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Available Shares:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Adopted by the Board of Directors on:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August&nbsp;25, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Approved by the Stockholders on:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August&nbsp;27, 2020</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 11 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020 EQUITY INCENTIVE PLAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESTRICTED STOCK NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Restricted Stock Notice (the &#147;<B>Notice</B>&#148;) incorporates herein by reference the Aktis Oncology, Inc. 2020 Equity Incentive
Plan (the &#147;<B>Plan</B>&#148;) and the attached Restricted Stock Terms (together, the &#147;<B>Agreement</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participant</B> (the
&#147;<B>Participant</B>&#148;) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[</B><B><I>See Carta</I></B><B>] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Restricted Stock</B>: In connection with Participant&#146;s engagement with Aktis Oncology, Inc. (the &#147;<B>Company</B>&#148;) as an employee,
consultant, director, advisor, or as otherwise approved by the Board (the &#147;<B>Engagement</B>&#148;), the Participant has been granted a right to purchase shares of common stock of the Company and hereby does agree to purchase such shares,
subject to the terms and conditions of this Agreement, as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="21%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Total Number of Shares</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>(the
&#147;</I><B><I>Restricted Shares</I></B><I>&#148;):</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><I>[See Carta]</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Purchase Price per Share</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><I>[See&nbsp;Carta]</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Date of Purchase:</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I>[See Carta]</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Aggregate Purchase Price</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I>[See Carta]</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Vesting Commencement</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Date:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I>[See Carta]</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vesting Schedule</B>: The Participant&#146;s right to retain the Restricted Shares shall vest and the Repurchase Right (as
defined below) shall lapse according to the following schedule: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Number of Months (Years) from Vesting</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Commencement Date</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>% of Grant (or # of Shares) Vested</I></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">[<B><I>See Carta</I></B>]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[<B><I>See Carta</I></B>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vesting of the Restricted Shares shall cease upon the later to occur of the termination of (i)&nbsp;the Engagement,
(ii)&nbsp;the Participant engagement as a consultant to the Company or (iii)&nbsp;the Participants engagement as an employee of the Company. Each of (i), (ii)&nbsp;and (iii)&nbsp;above a &#147;<B>Business Relationship</B>.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 12 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESTRICTED STOCK TERMS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 1.
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Purchase of Shares</U>. The Participant shall purchase on the Date of Purchase the Restricted Shares, subject to the terms and
conditions set forth in this Agreement and the terms and conditions of the Aktis Oncology, Inc. 2020 Equity Incentive Plan, and at the purchase price per Restricted Share listed on the Notice. The aggregate purchase price for the Restricted Shares
listed on the Notice shall be paid by the Participant in cash, or in the sole discretion of the Company, by the issuance of a promissory note in favor of the Company or its assigns indorsed by the Participant, by forgiveness of obligations owed to
the Participant by the Company (provided that such forgiveness of such obligations must include a release of claims by the Participant against the Company with respect to such obligations), or in such other manner acceptable to the Company in its
sole discretion. Upon receipt of the aggregate purchase price by the Company, the Company shall issue one or more certificates in the name of the Participant for the Restricted Shares. Participant understands and agrees that the Restricted Shares
are subject to certain restrictions on transfer and voting, as set forth in the Bylaws of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Investment
Representations</U>. The Participant represents, warrants and covenants as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Participant is acquiring the Restricted Shares
for his own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Restricted Shares in violation of the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), or any rule or
regulation under the Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Participant has had such opportunity as he has deemed adequate to obtain from representatives of
the Company such information as is necessary to permit him to evaluate the merits and risks of an investment in the Company. The Participant acknowledges that certain of such information may be forward-looking and is therefore speculative and
subject to known and unknown risks and uncertainties and other factors which may cause the actual performance of the Company to be materially and adversely different from any performance expressed or implied by such forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Participant has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in an
investment in the Restricted Shares and to make an informed investment decision with respect to such investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Participant can
afford the complete loss of the value of the Restricted Shares and is able to bear the economic risk of holding such Restricted Shares for an indefinite period of time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Participant understands that (i)&nbsp;the Restricted Shares have not been registered under the Securities Act and are &#147;restricted
securities&#148; within the meaning of Rule 144 under the Securities Act; (ii)&nbsp;the Restricted Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from
registration is then available; (iii)&nbsp;in any event, the exemption from registration under Rule 144 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 13 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
will not be available unless a public market then exists for the common stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule
144 are complied with; and (iv)&nbsp;there is now no registration statement on file with the Securities and Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the
Restricted Shares under the Securities Act or to create a public market for the Restricted Shares or its common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 2. COMPANY REPURCHASE
RIGHT; RIGHT OF FIRST REFUSAL </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>Vesting</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On any given date, the Restricted Shares that have not vested in accordance with the schedule in the Notice (the
&#147;<B>Schedule</B>&#148;) shall be referred to as the &#147;<B>Unvested Shares</B>&#148; and shall be subject to repurchase by the Company as provided herein (the &#147;<B>Repurchase Right</B>&#148;). On any given date, the Restricted Shares that
shall have vested in accordance with the Schedule are referred to herein as the &#147;<B>Vested Shares</B>&#148;. Subject to the provisions of <U>Section</U><U></U><U>&nbsp;2.1(b)</U> hereof, in the event that the Business Relationship ceases for
any reason or no reason or in the event of an Acquisition, the Company may repurchase (the &#147;<B>Repurchase Right</B>&#148;) from the Participant, (i)&nbsp;all or any portion of the Unvested Shares for the original purchase price indicated on the
Notice (the &#147;<B>Issue Price</B>&#148;) and (ii)&nbsp;all or any portion of the Vested Shares for the then fair market value of such Vested Shares (as reasonably determined by the Company&#146;s Board of Directors) (&#147;<B>Fair Market
Value</B>&#148; and together with the Issue Price, the &#147;<B>Repurchase Price</B>&#148;), provided, however, that in the event that the Business Relationship is terminated by the Company for Cause (as defined in the Plan), then the Company may
repurchase all or any portion of the Vested Shares from the Participant for an amount equal to the lesser of Fair Market Value or the Issue Price. In no event shall the Repurchase Right obligate the Company to purchase from the Participant any
Restricted Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) For purposes of this Agreement, a Business Relationship with the Company shall include a Business Relationship
with an affiliate of the Company (i.e., any business organization controlling, controlled by, or under common control with, the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Exercise of Repurchase Right and Closing</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company shall exercise the Repurchase Right by delivering or mailing to the Participant (or his estate), in accordance with
<U>Section</U><U></U><U>&nbsp;3.7,</U> written notice of exercise within 90 days after the termination of the Relationship of the Participant with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Within 10 days after his receipt of the Company&#146;s notice of the exercise of the Repurchase Right pursuant to subsection
(a)&nbsp;above, the Participant (or his estate) shall tender to the Company at its principal offices the certificate or certificates, if applicable, representing the Restricted Shares which the Company has elected to purchase, duly endorsed in blank
by the Participant or with duly executed stock powers attached thereto, all in form suitable for the transfer of such Restricted Shares to the Company after which the Company shall deliver to Participant the Repurchase Price. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 14 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) After the time at which any Restricted Shares are required to be delivered to the
Company for transfer to the Company pursuant to subsection (b)&nbsp;above, the Company shall not pay any dividend to the Participant on account of such Restricted Shares or permit the Participant to exercise any of the privileges or rights of a
Participant with respect to such Restricted Shares, but shall, insofar as permitted by law, treat the Company as the owner of such Restricted Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Company shall not purchase any fraction of a Restricted Share upon exercise of the Repurchase Right, and any fraction of a Restricted
Share resulting from a computation made pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U> of this Agreement shall be rounded to the nearest whole Restricted Share (with any <FONT STYLE="white-space:nowrap">one-half</FONT> Restricted Share being
rounded upward). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 <U>Restrictions on Transfer</U>. The Participant shall not, during the term of this Agreement, sell, assign,
transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively &#147;<B>transfer</B>&#148;), any of the Restricted Shares, or any interest therein; except Vested Shares may be transferred in compliance with
<U>Section</U><U></U><U>&nbsp;2.4</U> or <U>2.5</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 <U>Company&#146;s Right of First Refusal</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Exercise of Right</U>: If the Participant or any Authorized Transferee (the &#147;<B>Transferor</B>&#148;) desires to transfer all or
any part of the Vested Shares to any person other than the Company (an &#147;<B>Offeror</B>&#148;) the Transferor shall: (i)&nbsp;obtain in writing an irrevocable and unconditional bona fide offer (the &#147;<B>Offer</B>&#148;) for the purchase
thereof from the Offeror; and (ii)&nbsp;give written notice (the &#147;<B>Transfer Notice</B>&#148;) to the Company setting forth the Participant&#146;s desire to transfer such shares, which Transfer Notice shall be accompanied by a photocopy of the
Offer and shall set forth at least the name and address of the Offeror and the price and terms of the bona fide offer. Upon receipt of the Transfer Notice, the Company shall have an assignable option to purchase any or all of such shares (the
&#147;<B>Company Option Shares</B>&#148;) specified in the Transfer Notice, such option to be exercisable by giving, within 30&nbsp;days after receipt of the Transfer Notice, a written counter-notice to the Transferor. If the Company elects to
purchase any or all of such Company Option Shares, it shall be obligated to purchase, and the Participant shall be obligated to sell to the Company, such Company Option Shares at the price and terms indicated in the Offer within 30&nbsp;days from
the date of delivery by the Company of such counter-notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Sale of Company Option Shares to Offeror</U>: The Transferor may, for
60&nbsp;days after the expiration of the <FONT STYLE="white-space:nowrap">30-day</FONT> period during which the Company may give the counter-notice, sell, pursuant to the terms of the Offer, any or all of such Company Option Shares not purchased or
agreed to be purchased by the Company or its assignee; provided, however, that the Transferor shall not sell such Company Option Shares to the Offeror if the Offeror is a competitor of the Company and the Company gives written notice to the
Transferor, within 30&nbsp;days of its receipt of the Transfer Notice, stating that the Transferor shall not sell such Company Option Shares to such Offeror; and provided, further, that prior to the sale of such Company Option Shares to the Offeror,
the Offeror shall execute an agreement with the Company pursuant to which the Offeror agrees to be subject to the restrictions set forth in this <U>Section</U><U></U><U>&nbsp;2.4</U>. If any or all of such Company Option Shares are not sold pursuant
to an Offer within the time permitted above, the unsold Company Option Shares shall remain subject to the terms of this <U>Section</U><U></U><U>&nbsp;2.4</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 15 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Adjustments for Changes in Capital Structure</U>: If there shall be any change in the
common stock of the Company through merger, consolidation, reorganization, recapitalization, stock dividend, stock split, combination or exchange of shares, or the like, the restrictions contained in this <U>Section</U><U></U><U>&nbsp;2.4</U> shall
apply with equal force to additional and/or substitute securities, if any, received by the Participant in exchange for, or by virtue of his or her ownership of, Company Option Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Expiration of Company&#146;s Right of First Refusal</U>: The first refusal rights of the Company set forth above shall remain in effect
until such time, if ever, (i)&nbsp;as a distribution to the public is made of shares of the Company&#146;s common stock pursuant to a registration statement filed under the Securities Act or a successor statute (a &#147;<B>Public
Offering</B>&#148;), or (ii)&nbsp;as an Acquisition is consummated at which time the first refusal rights of the Company or any assignee set forth herein will automatically expire, provided however, that the Company&#146;s Repurchase Right with
respect to any Unvested Shares as set forth <U>Section</U><U></U><U>&nbsp;2.1</U> shall remain in effect in connection with an Acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5 <U>Authorized Transferees</U>. Notwithstanding anything to the contrary set forth in <U>Sections</U><U></U><U>&nbsp;2.3</U> and
<U>2.4</U>, but subject to the transfer restrictions of the Bylaws of the Company, the Participant may transfer Vested Shares to the following persons (hereinafter &#147;<B>Authorized Transferees</B>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the Participant as the sole trustee of a trust revocable by the Participant alone; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) a corporation of which the Participant owns, directly or indirectly, not less than a majority of the capital stock which is entitled to
vote for the election of directors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the Participant&#146;s executor, administrator, guardian, conservator or other legal
representative; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the Participant&#146;s spouse, or to any of his children or their issue (or to custodians for the benefit of minor
children or issue) or transfers of Vested Shares of any such children to their issue (or custodians for the benefit of minor issue); provided, that in any such case, the Authorized Transferee agrees in writing to be bound by the provisions of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6 <U>Market <FONT STYLE="white-space:nowrap">&#147;Stand-Off&#148;</FONT> Agreement</U>. The Participant hereby agrees that,
during the period of duration (not to exceed one hundred eighty (180)&nbsp;days) specified by the Company and an underwriter of common stock or other securities of the Company, following the effective date of a registration statement of the Company
filed under the Act, such Participant shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including without limitation, any short sale), grant any option to purchase
or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company held by the Participant at any time during such period except shares included in such registration; provided, however, that all
officers and directors of the Company enter into similar agreements. The market <FONT STYLE="white-space:nowrap">&#147;stand-off&#148;</FONT> agreement established pursuant to this <U>Section</U><U></U><U>&nbsp;2.6</U> shall have perpetual duration.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 16 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7 <U>Transfers in Violation of Agreement</U>. If any transfer of the Restricted Shares is
made or attempted contrary to the provisions of this Agreement, the Company shall have the right to purchase the Restricted Shares from the owner thereof or his transferee at any time before or after the transfer, as herein provided. In the event
that the Company elects to exercise its Repurchase Right or Right of First Refusal hereunder, it may do so by canceling the certificate(s) representing the Restricted Shares and depositing the purchase price, which shall be the Issue Price, in a
bank account for the benefit of Participant, whereupon such Restricted Shares, as applicable, shall be, for all purposes, canceled and neither the Participant nor any transferee shall have any rights as one of its Participants with respect to such
Restricted Shares for any purpose, including without limitation dividend and voting rights, until there has been compliance with all applicable provisions of this Agreement. In addition to any other legal or equitable remedies which it may have, the
Company may enforce its rights by actions for specific performance (to the extent permitted by law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8 <U>Take-Along Agreement</U>. If
owners of more than 50% of the common stock of the Company (the &#147;<B>Majority Owners</B>&#148;) shall determine to sell or exchange (in a business combination or otherwise) their common stock to a third-party (&#147;<B>Proposed
Transferee</B>&#148;), then upon the written request of the Majority Owners each Participant shall be obligated to and shall (i)&nbsp;sell, transfer and deliver to such Proposed Transferee the same percentage of the common stock as is being
transferred by the Majority Owners, at the same price and upon the same terms, and (ii)&nbsp;if Participant approval is required, vote all common stock in favor of such transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 3. MISCELLANEOUS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1
<U>Adjustments for Stock Splits, Stock Dividends, etc</U>. If from time to time during the term of the Repurchase Right there is any stock <FONT STYLE="white-space:nowrap">split-up,</FONT> stock dividend, stock distribution or other reclassification
of the common stock of the Company, any and all new, substituted or additional securities to which the Participant is entitled by reason of his or her ownership of the Restricted Shares shall be immediately subject to the Repurchase Right, the
restrictions on transfer and the other provisions of this Agreement in the same manner and to the same extent as the Restricted Shares, and the Issue Price shall be appropriately adjusted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 Withholding Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The
Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the
Restricted Shares by the Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If the Participant elects, in accordance with Section&nbsp;83(b) of the Internal Revenue Code
of 1986, as amended, to recognize ordinary income in the year of acquisition of the Restricted Shares, the Company will require at the time of such election an additional payment for withholding tax purposes based on the difference, if any, between
the purchase price for such Restricted Shares and the fair market value of such Restricted Shares as of the date of the purchase of such Restricted Shares by the Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 <U>No Rights to Relationship</U>. Nothing contained in this Agreement shall be construed as giving the Participant any right to continue
the Business Relationship. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 17 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.4 <U>Waiver; Disposition of Stock</U>. From time to time the Company may waive its rights
hereunder either generally or with respect to one or more specific transfers which have been proposed, attempted or made. All action to be taken by the Company hereunder shall be taken by vote of a majority of its disinterested members of the Board
of Directors then in office. Any Restricted Shares which the Company has elected to purchase hereunder may be disposed of by the Board of Directors in such manner as it deems appropriate, with or without further restrictions upon the transfer
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.5 <U>Restrictive Legends</U>. All certificates representing Restricted Shares shall have affixed thereto legends in
substantially the following form: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The shares of stock represented by this certificate are subject to restrictions on transfer and an option to
purchase set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of this certificate (or his predecessor in interest), and such Agreement is available for inspection without charge at the office of the
Secretary of the Corporation.&#148; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The shares represented by this certificate have not been registered under the Securities Act of 1933, as
amended, and may not be sold, transferred or otherwise disposed of in the absence of an effective registration statement under such Act or an opinion of counsel satisfactory to the corporation to the effect that such registration is not
required.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.6 <U>Successors and Assigns; Assignment</U>. This Agreement shall be binding upon the parties hereto and their heirs,
representatives, successors and assigns. The Company may assign its rights hereunder either generally or from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.7
<U>Notices</U>. All notices to a party hereto shall be in writing and shall be deemed to have been adequately given if delivered in person or if given by registered or certified mail, postage prepaid: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If to the Company: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Aktis
Oncology, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">c/o MPM Asset Management, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">450 Kendall Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Cambridge,
MA 02142 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: President and Secretary </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If to the Participant: to the address on the Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as any party may from time to time designate for itself by notice in writing given to the other parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.8 <U>Term and Termination</U>. This Agreement (other than the provisions of <U>Sections</U><U></U><U>&nbsp;2.4</U> through <U>2.7</U>
hereof) shall remain in effect until the Repurchase Right and Right of First Refusal have expired under <U>Sections</U><U></U><U>&nbsp;2.1</U> and <U>2.4</U> above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.9 <U>Amendments</U>. This Agreement may be amended or modified in whole or in part only by an instrument in writing signed by the Company
and the Participant. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 18 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.10 <U>Entire Agreement</U>. This Agreement constitutes the entire agreement between the
parties, and all premises, representations, understandings, warranties and agreements with reference to the subject matter hereof have been expressed herein or in the documents incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.11 <U>Applicable Law; Severability</U>. This Agreement shall be governed by and construed and enforced in accordance with law of the State
of Delaware. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision hereof shall be prohibited by or invalid under any such law, that provision
shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or nullifying the remainder of that provision or any other provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.12 <U>Counterparts</U>. This Agreement may be executed in multiple counterparts, each of which shall be deemed in original but all of which
together shall constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.13 <U>Effect of Heading</U>. Any table of contents, title of any article or
section heading herein contained is for convenience or reference only and shall not affect the meaning of construction of any of the provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[END OF TERMS] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 19 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020 EQUITY INCENTIVE PLAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>NOTICE OF STOCK OPTION AWARD </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise defined herein, the terms defined in the 2020 Equity Incentive Plan shall have the same meanings in this Notice of Stock Option Award and the
attached Stock Option Award Terms, which is incorporated herein by reference (together, the &#147;<B>Award Agreement</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><SMALL>PARTICIPANT</SMALL> (the &#147;Participant&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[</B><B><I>As described in the applicable Carta record]</I></B><B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>G<SMALL>RANT</SMALL> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned Participant has
been granted an option to purchase Common Stock of <B>Aktis Oncology, Inc.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(the &#147;<B>Company</B>&#148;), subject to the terms and conditions of
the Plan and this Award Agreement, as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="29%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>Date of Grant</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I></I></B><B>[</B><B><I>See Carta</I></B><B>]</B><B><I></I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I>Total Exercise Price</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I></I></B><B>[</B><B><I>See&nbsp;Carta</I></B><B>]</B><B><I></I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>Vesting Commencement Date</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I></I></B><B>[</B><B><I>See Carta</I></B><B>]</B><B><I></I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I>Type of Option (ISO/NQSO)</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I></I></B><B>[</B><B><I>See Carta</I></B><B>]</B><B><I></I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>Exercise Price per Share</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I></I></B><B>[</B><B><I>See Carta</I></B><B>]</B><B><I></I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>Total Number of Shares Granted</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I></I></B><B>[</B><B><I>See Carta</I></B><B>]</B><B><I></I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I>Term/Expiration Date</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I></I></B><B>[</B><B><I>See Carta</I></B><B>]</B><B><I></I></B></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V<SMALL>ESTING</SMALL> S<SMALL>CHEDULE</SMALL>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Option shall be exercisable, in whole or in part, according to the following vesting schedule: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Number of Months (or years) after Vesting</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Commencement Date</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>%&nbsp;of&nbsp;Grant&nbsp;(or&nbsp;#&nbsp;of&nbsp;Shares)&nbsp;Vested</I></B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">[<B><I>See Carta</I></B>]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[<B><I>See Carta</I></B>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vesting of this Option shall cease upon the complete termination of the Relationship of the Participant with the Company. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 20 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCK OPTION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AWARD TERMS
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Grant of Option.</U></B><B> </B>The Committee hereby grants to the Participant named in the Notice of
Stock Option Award an option (the &#147;<B>Option</B>&#148;) to purchase the number of Shares set forth in the Notice of Stock Option Award, at the exercise price per Share set forth in the Notice of Stock Option Award (the &#147;<B>Exercise
Price</B>&#148;), and subject to the terms and conditions of the 2020 Equity Incentive Plan (the &#147;<B>Plan</B>&#148;), which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and this
Award Agreement, the terms and conditions of the Plan shall prevail. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If designated in the Notice of Stock Option Award as an Incentive
Stock Option (&#147;<B>ISO</B>&#148;), this Option is intended to qualify as an Incentive Stock Option as defined in Section&nbsp;422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 limitation rule of Code Section&nbsp;422(d)
or otherwise fails to satisfy the rules of Code Section&nbsp;422, this Option shall be treated as a Nonstatutory Stock Option (&#147;<B>NSO</B>&#148;). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Exercise of Option</U></B><U>.</U> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Right to Exercise.</U> This Option may be exercised during its term in accordance with the Vesting Schedule
set out on the Notice of Stock Option Award and with the applicable provisions of the Plan and this Award Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Method of Exercise.</U> This Option shall be exercisable by delivery of an exercise notice in the form
attached as Exhibit&nbsp;A (the &#147;<B>Exercise Notice</B>&#148;) which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised (the &#147;<B>Exercised Shares</B>&#148;), the
Participant&#146;s agreement to be subject to a right of first refusal with respect to Exercised Shares and such other representations and agreements as may be required by the Company. The notice shall be accompanied by payment in the form of cash
or check payable to the order of the Company in an amount equal to the Exercise Price as to all Exercised Shares or, subject in each instance to the Committee&#146;s approval, acting in its sole discretion and subject to such conditions, if any, as
the Committee may deem necessary to comply with applicable laws, rules and regulations or to avoid adverse accounting effects to the Company, by delivery to the Company of (i)&nbsp;Shares having a Fair Market Value equal to the Exercise Price of the
Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price. No Shares shall be issued pursuant to the exercise of an Option
unless such issuance and such exercise complies with applicable laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Participant on the date on which the Option is exercised with respect to such
Shares. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Termination.</U></B><B> </B>This Option shall be exercisable for three months after the Relationship
ceases; provided, however, if the Relationship is terminated by the Company for cause, the Option shall terminate immediately. Upon Participant&#146;s death or Disability, this Option may be exercised for twelve (12)&nbsp;months after the
Relationship ceases. In no event may Participant exercise this Option after the Term/Expiration Date as provided in the Notice of Stock Option Award. The &#147;<B>Relationship</B>&#148; shall mean the service relationship of the Participant, whether
as an employee, officer, director, consultant, advisor, or otherwise, with the Company or its past, present, or future Affiliates, Parents or Subsidiaries, as applicable. For the avoidance of doubt, &#147;<B>Relationship</B>&#148; shall include any
service relationship with Aktis Oncology, Inc. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 21 - </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Participant&#146;s Representations.</U></B><B> </B>In the event the Shares have not been registered under
the Securities Act of 1933, as amended, (the &#147;<B>Securities Act</B>&#148;) at the time this Option is exercised and as a condition of such exercise, the Participant shall, if required by the Company, concurrently with the exercise of all or any
portion of this Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit&nbsp;B. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Restrictions on Transfer</U></B><U>.</U> By executing this Award Agreement, the Participant acknowledges
and agrees that as a condition to exercising this Option, the Shares acquired upon exercise of this Option shall be Shares subject to the terms and conditions of the Bylaws of the Company, which Bylaws impose transfer, voting and other restrictions
on the Shares. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U><FONT STYLE="white-space:nowrap">Lock-Up</FONT> Period.</U></B><B> </B>Participant hereby agrees that, if
so requested by the Company or any representative of the underwriters (the &#147;<B>Managing Underwriter</B>&#148;) in connection with any registration of the offering of any securities of the Company under the Securities Act, Participant shall not
sell or otherwise transfer any Shares or other securities of the Company during the <FONT STYLE="white-space:nowrap">180-day</FONT> period (or such other period as may be requested in writing by the Managing Underwriter and agreed to in writing by
the Company) (the &#147;<B>Market Standoff Period</B>&#148;) following the effective date of a registration statement of the Company filed under the Securities Act. The Company may impose stop-transfer instructions with respect to securities subject
to the foregoing restrictions until the end of such Market Standoff Period. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Take-Along Agreement</U></B><U>.</U> If owners of more than 50% of the common stock of the Company (the
&#147;<B>Majority Owners</B>&#148;) shall determine to sell or exchange (in a business combination or otherwise) their common stock to a third-party (&#147;<B>Proposed Transferee</B>&#148;), then upon the written request of the Majority Owners each
Participant shall be obligated to and shall (i)&nbsp;sell, transfer and deliver to such Proposed Transferee the same percentage of the Shares as is being transferred by the Majority Owners, at the same price and upon the same terms, and (ii)&nbsp;if
Participant approval is required, vote all Shares in favor of such transaction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Restrictions on Exercise.</U></B><B> </B>This Option may not be exercised until such time as the Plan has
been approved by the stockholders of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable law. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U><FONT STYLE="white-space:nowrap">Non-Transferability</FONT> of Option.</U></B><B> </B>This Option may not
be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Award Agreement shall be binding upon the
executors, Committees, heirs, successors and assigns of the Participant. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Term of Option.</U></B><B> </B>This Option may be exercised only within the Term set out in the Notice of
Stock Option Award which Term may not exceed ten (10)&nbsp;years from the Date of Grant, and may be exercised during such Term only in accordance with the Plan and the terms of this Award Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">21.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>United States Tax Consequences.</U></B><B> </B>Set forth below is a brief summary as of the date of this
Option of some of the United States federal tax consequences of exercise of this Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT SHOULD CONSULT A
TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 22 - </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Exercise of ISO.</U> If this Option qualifies as an Incentive Stock Option, there will be no regular federal
income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as an adjustment to the alternative minimum tax for federal tax
purposes and may subject the Participant to the alternative minimum tax in the year of exercise. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Exercise of Nonstatutory Stock Option.</U> There may be a regular federal income tax liability upon the
exercise of a Nonstatutory Stock Option. The Participant will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over
the Exercise Price. If the Participant is an employee or a former employee, the Company will be required to withhold from the Participant&#146;s compensation or collect from the Participant and pay to the applicable taxing authorities an amount in
cash equal to a percentage of this compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Disposition of Shares.</U> In the case of a Nonstatutory Stock Option, if Shares are held for at least one
year, any gain realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes. In the case of an Incentive Stock Option, if Shares transferred pursuant to the Option are held for at least one year
after exercise and for at least two years after the Date of Grant, any gain realized on disposition of the Shares will also be treated as long-term capital gain for federal income tax purposes. If Shares purchased under an Incentive Stock Option are
disposed of within one year after exercise or two years after the Date of Grant, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the difference between the Exercise
Price and the lesser of (1)&nbsp;the Fair Market Value of the Shares on the date of exercise, or (2)&nbsp;the sale price of the Shares. Any additional gain will be taxed as capital gain, short-term or long-term depending on the period that the
Incentive Stock Option Shares were held. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Notice of Disqualifying Disposition of Incentive Stock Option Shares.</U> If this Option is an Incentive
Stock Option, and if the Participant sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of (1)&nbsp;the date two years after the Date of Grant, or (2)&nbsp;the date one year after
the date of exercise, the Participant shall immediately notify the Company in writing of such disposition. The Participant agrees that the Participant may be subject to income tax withholding by the Company on the compensation income recognized by
the Participant. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Withholding.</U> Pursuant to applicable federal, state, local or foreign laws, the Company may be required
to collect income or other taxes on the grant of this Option, the exercise of this Option, the lapse of a restriction placed on this Option or the Shares issued upon exercise of this Option, or at other times. The Company may require, at such time
as it considers appropriate, that the Participant pay the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 23 - </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Company the amount of any taxes which the Company may determine is required to be withheld or collected, and the Participant shall comply with the requirement or demand of the Company. In its
discretion, the Company may withhold Shares to be received upon exercise of this Option or offset against any amount owed by the Company to the Participant, including compensation amounts, if in its sole discretion it deems this to be an appropriate
method for withholding or collecting taxes. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">22.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Entire Agreement; Governing Law.</U></B><B> </B>The Plan is incorporated herein by reference. The Plan
and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof, and may not be modified (except as provided herein and in the Plan) adversely to the Participant&#146;s interest except by means of a writing signed by the Company and Participant. This agreement is governed by the internal substantive laws
but not the choice of law rules of the State of Delaware. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">23.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>No Guarantee of Continued Service.</U></B><B> </B>PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF
SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING IN THE RELATIONSHIP AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING ENGAGED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). PARTICIPANT FURTHER
ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL,
AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT&#146;S RIGHT OR THE COMPANY&#146;S RIGHT TO TERMINATE THE RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan, this Award Agreement and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Option and fully understands all provisions of the Plan, this Award Agreement and this Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under
the Plan, this Award Agreement or this Option. Participant further agrees to notify the Company upon any change in the residence address indicated above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 24 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020 EQUITY INCENTIVE PLAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXERCISE NOTICE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AKTIS ONCOLOGY, INC.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATTENTION: President </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Exercise of Option</U>. Effective as of today, <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U>,
<U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U>, the undersigned (&#147;<B>Participant</B>&#148;) hereby elects to exercise Participant&#146;s option to purchase <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U> shares of the Common
Stock (the &#147;<B>Shares</B>&#148;) of Aktis Oncology, Inc<B>. </B>(the &#147;<B>Company</B>&#148;) under and pursuant to the 2020 Equity Incentive Plan (the &#147;<B>Plan</B>&#148;) and the Notice of Stock Option Award and Stock Option Award
Terms dated <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U> (the &#147;<B>Award Agreement</B>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Delivery of Payment</U>. Purchaser herewith delivers to the Company the full purchase price of the Shares,
as set forth in the Award Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Representations of Participant</U>. Participant acknowledges that Participant has received, read and
understood the Plan, and the Award Agreement, and agrees to abide by and be bound by their terms and conditions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rights as Stockholder</U>. Until the issuance of the Shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. The
Shares shall be issued to the Participant as soon as practicable after the Option is exercised. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in
Section&nbsp;3(b) of the Plan. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Company&#146;s Right of First Refusal</U>. Before any Shares held by Participant or any transferee (either
being sometimes referred to herein as the &#147;<B>Holder</B>&#148;) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on
the terms and conditions set forth in this Section&nbsp;(the &#147;<B>Right of First Refusal</B>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Notice of Proposed Transfer</U>. The Holder of the Shares shall deliver to the Company a written notice (the
&#147;<B>Notice</B>&#148;) stating: (i)&nbsp;the Holder&#146;s bona fide intention to sell or otherwise transfer such Shares; (ii)&nbsp;the name of each proposed purchaser or other transferee (&#147;<B>Proposed Transferee</B>&#148;); (iii) the
number of Shares to be transferred to each Proposed Transferee; and (iv)&nbsp;the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the &#147;<B>Offered Price</B>&#148;), and the Holder shall offer the
Shares at the Offered Price to the Company or its assignee(s). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 25 - </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Exercise of Right of First Refusal</U>. At any time within thirty (30)&nbsp;days after receipt of the
Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all or any part of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in
accordance with subsection (c)&nbsp;below. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Purchase Price</U>. The purchase price (&#147;<B>Purchase Price</B>&#148;) for the Shares purchased by the
Company or its assignee(s) under this Section&nbsp;shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration shall be
determined by the Board of Directors of the Company in good faith. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Payment</U>. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s),
in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of purchase by an assignee, to the assignee), or by any combination thereof within 30 days after receipt of the
Notice or in the manner and at the times set forth in the Notice. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Holder&#146;s Right to Transfer</U>. If all of the Shares proposed in the Notice to be transferred to a
given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided
that such sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that
the provisions of this <U>Section</U><U></U><U>&nbsp;5</U> shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new
Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Exception for Certain Family Transfers</U>. Anything to the contrary contained in this Section
notwithstanding, the transfer of any or all of the Shares during the Participant&#146;s lifetime or on the Participant&#146;s death by will or intestacy to the Participant&#146;s immediate family or a trust for the benefit of the Participant&#146;s
immediate family shall be exempt from the provisions of this Section. &#147;<B>Immediate Family</B>&#148; as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other
recipient shall receive and hold the Shares so transferred subject to the provisions of this <U>Section</U><U></U><U>&nbsp;5</U>, and there shall be no further transfer of such Shares except in accordance with the terms of this Section.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 26 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Termination of Right of First Refusal</U>. The Right of First Refusal shall terminate as to any Shares upon
the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Tax Consultation</U>. Participant understands that Participant may suffer adverse tax consequences as a
result of Participant&#146;s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that
Participant is not relying on the Company for any tax advice. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Restrictive Legends</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Legends</U>. Participant understands and agrees that the Company shall cause the legends set forth below or
legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE &#147;<B>ACT</B>&#148;) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS
IN COMPLIANCE THEREWITH. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST
REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT
OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Stop-Transfer Notices</U>. Participant agrees that, in order to ensure compliance with the restrictions
referred to herein, the Company may issue appropriate &#147;stop transfer&#148; instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own
records. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Refusal to Transfer</U>. The Company shall not be required (i)&nbsp;to transfer on its books any Shares that
have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii)&nbsp;to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares
shall have been so transferred. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 27 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Successors and Assigns</U>. The Company may assign any of its rights under this Agreement to single or
multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Participant and his or her heirs,
executors, Committees, successors and assigns. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Interpretation</U>. Any dispute regarding the interpretation of this Agreement shall be submitted by
Participant or by the Company forthwith to the Committee which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Committee shall be final and binding on all parties. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Governing Law; Severability</U>. This Agreement is governed by the laws of the state of incorporation of the
Company. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Entire Agreement</U>. The Plan and Award Agreement are incorporated herein by reference. This Agreement, the
Plan, the Award Agreement (including all exhibits) and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant&#146;s interest except by means of a writing signed by the Company and Participant. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signatures appear on next page.] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 28 - </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Submitted by:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Accepted by:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">PARTICIPANT</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>AKTIS ONCOLOGY, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Print Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Address</U>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Address</U>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Date Received by Company</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 29 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESTMENT REPRESENTATION STATEMENT </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="58%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">PARTICIPANT:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>[INSERT NAME]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">COMPANY:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>AKTIS ONCOLOGY, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">SECURITY:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">COMMON STOCK (the &#147;<B>Securities</B>&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NUMBER OF SHARES:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DATE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the
purchase of the above-listed Securities, the Participant represents to the Company the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participant is aware of the Company&#146;s business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant&#146;s own account only and not with a view to, or for resale in
connection with, any &#147;distribution&#148; thereof within the meaning of the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participant acknowledges and understands that the Securities constitute &#147;restricted securities&#148; under
the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant&#146;s investment intent as expressed
herein. In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant&#146;s representation was predicated solely upon a present
intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed
period in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further
acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities
unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company and any other legend required under applicable state securities laws. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 30 - </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities
Act, which, in substance, permit limited public resale of &#147;restricted securities&#148; acquired, directly or indirectly from the issuer thereof, in a <FONT STYLE="white-space:nowrap">non-public</FONT> offering subject to the satisfaction of
certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Participant, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes
subject to the reporting requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, ninety (90)&nbsp;days thereafter (or such longer period as any market <FONT STYLE="white-space:nowrap">stand-off</FONT> agreement may require)
the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1)&nbsp;the resale being made through a broker in an unsolicited &#147;broker&#146;s transaction&#148; or
in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate, (2)&nbsp;the availability of certain public information about the Company, (3)&nbsp;the amount of
Securities being sold during any three month period not exceeding the limitations specified in Rule 144(e), and (4)&nbsp;the timely filing of a Form 144, if applicable. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which requires the resale to occur (i)&nbsp;in the case of a reporting issuer (an issuer which is, and has been for a period of at least 90 days immediately before the sale, subject to the
reporting requirements of section 13 or 15(d) of the Exchange Act), not less than six months after, and (ii)&nbsp;in the case of a <FONT STYLE="white-space:nowrap">non-reporting</FONT> issuer, not less than one year after, the later of the date the
Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate or a
<FONT STYLE="white-space:nowrap">non-affiliate,</FONT> who subsequently holds the Securities less than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4)&nbsp;of the paragraph immediately above. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not
satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and
Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that
any such other registration exemption will be available in such event. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 31 - </P>

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<TYPE>EX-10.4
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<DESCRIPTION>EX-10.4
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.4 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875386g1217014902953.jpg" ALT="LOGO" STYLE="width:1.4375in;height:0.720833in;">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Purpose</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Senior Executive Cash
Incentive Bonus Plan (the &#147;Incentive Plan&#148;) is intended to provide an incentive for superior work and to motivate eligible executives of Aktis Oncology, Inc. (the &#147;Company&#148;) and its subsidiaries toward even higher achievement and
business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Incentive Plan is for the benefit of Covered Executives (as defined
below). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Covered Executives</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From
time to time, the Compensation Committee of the Board of Directors of the Company (the &#147;Compensation Committee&#148;) may select certain key executives (the &#147;Covered Executives&#148;) to be eligible to receive bonuses hereunder.
Participation in this Plan does not change the &#147;at will&#148; nature of a Covered Executive&#146;s employment with the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.
<U>Administration</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive
Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Bonus Determinations</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<U>Corporate Performance Goals</U>. A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of one or more performance objectives that are established by the Compensation Committee in its sole discretion
and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the &#147;Corporate Performance Goals&#148;), including: cash flow (including, but not limited to, operating cash flow and free cash flow);
achievement of specified research and development, publication, clinical, regulatory and/or commercial regulatory milestones; revenue; corporate revenue; earnings before interest, taxes, depreciation and amortization; net income (loss) (either
before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company&#146;s common stock; economic value-added; acquisitions or strategic transactions, including licenses, collaborations, joint ventures or
promotion arrangements; operating income (loss); return on capital, assets, equity or investment; stockholder returns; return on sales; gross or net profit levels; productivity; expense efficiency; margins; operating efficiency; customer
satisfaction; working capital; earnings (loss) per share of the Company&#146;s common stock; bookings, new bookings or renewals; sales or market shares; number of customers, number of new customers or customer references; operating income and/or net
annual recurring revenue; or </P>
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any other performance goal selected by the Compensation Committee, any of which may be (A)&nbsp;measured in absolute terms or compared to any incremental increase, (B)&nbsp;measured in terms of
growth, (C)&nbsp;compared to another company or companies or to results of a peer group, (D)&nbsp;measured against the market as a whole and/or as compared to applicable market indices and/or (E)&nbsp;measured on a
<FONT STYLE="white-space:nowrap">pre-tax</FONT> or <FONT STYLE="white-space:nowrap">post-tax</FONT> basis (if applicable). Further, any Corporate Performance Goals may be used to measure the performance of the Company as a whole or a business unit
or other segment of the Company, or one or more product lines or specific markets.&nbsp;The Corporate Performance Goals may differ from Covered Executive to Covered Executive and from performance period to performance period.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Calculation of Corporate Performance Goals</U>. At the beginning of each applicable performance period, the Compensation Committee will
determine whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with respect to any Covered Executive.&nbsp;In all other respects, Corporate Performance Goals will be calculated in
accordance with the Company&#146;s financial statements, generally accepted accounting principles or under a methodology established by the Compensation Committee at the beginning of the performance period and that is consistently applied with
respect to a Corporate Performance Goal in the relevant performance period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Target; Minimum; Maximum</U>. Each Corporate
Performance Goal shall have a &#147;target&#148; (100&nbsp;percent attainment of the Corporate Performance Goal) and may also have a &#147;minimum&#148; hurdle and/or a &#147;maximum&#148; amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Bonus Requirements; Individual Goals</U>. Except as otherwise set forth in this Section&nbsp;4(d): (i) any bonuses paid to Covered
Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii)&nbsp;bonus formulas for Covered Executives
shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and (iii)&nbsp;no bonuses shall be paid to Covered Executives unless and until the
Compensation Committee makes a determination with respect to the attainment of the performance targets relating to the Corporate Performance Goals. Notwithstanding the foregoing, the Compensation Committee may adjust bonuses payable under the
Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual performance goals and/or
upon such other terms and conditions as the Compensation Committee may in its discretion determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Individual Target Bonuses</U>.
The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance period. For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a
portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall be tied to attainment of individual performance objectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Employment Requirement</U>. Subject to any additional terms contained in a written agreement between the Covered Executive and the
Company, the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive&#146;s employment by the Company on the bonus payment date. If a Covered Executive was not employed for an
entire performance period, the Compensation Committee may <FONT STYLE="white-space:nowrap">pro-rate</FONT> the bonus based on the number of days employed during such period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Timing of Payment</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or
semi-annually), the Corporate Performance Goals will be measured at the end of each performance period after the Company&#8217;s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or
individual goals for such period are met, payments will be made as soon as practicable following the end of such period, but not later than 74 days after the end of the fiscal year in which such performance period ends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will be
measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company&#8217;s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for
any such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant fiscal year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.
<U>Amendment and Termination</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole
discretion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Company Recoupment Rights</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Covered Executive&#8217;s rights with respect to any award granted pursuant to the Incentive Plan shall in all events be subject to
reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i)&nbsp;any right that the Company may have under any Company clawback, forfeiture or recoupment policy as in effect from time to time or other agreement or
arrangement with a Covered Executive, or (ii)&nbsp;applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adopted on November 26, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective upon effectiveness of the <FONT STYLE="white-space:nowrap">S-1</FONT> registration statement </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.6 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Indemnification Agreement (&#8220;Agreement&#8221;) is made as of [&#149;] by and between Aktis Oncology, Inc., a Delaware corporation
(the &#8220;Company&#8221;), and ___________ (&#8220;Indemnitee&#8221;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in order to induce Indemnitee to [provide or continue to provide] services to the Company, the Company wishes to provide for the
indemnification of, and advancement of expenses to, Indemnitee to the maximum extent permitted by law; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Bylaws (the
&#8220;Bylaws&#8221;) of the Company require indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the
&#8220;DGCL&#8221;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not
exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Board of Directors of the Company (the &#8220;Board&#8221;) has determined that the increased difficulty in attracting and
retaining highly qualified persons such as Indemnitee is detrimental to the best interests of the Company&#8217;s stockholders; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
it is reasonable and prudent for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law, regardless of any amendment or revocation of the
Bylaws, so that they will [serve or continue to serve] the Company free from undue concern that they will not be so indemnified;[ and] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, this Agreement is a supplement to and in furtherance of the indemnification provided in the Bylaws and any resolutions adopted
pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder[.][; and] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[WHEREAS, Indemnitee has certain rights to indemnification and/or insurance provided by [Name of Fund/Sponsor] which Indemnitee and [Name of
Fund/Sponsor] intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided in this Agreement, with the Company&#8217;s acknowledgment and agreement to the foregoing being a material condition to
Indemnitee&#8217;s willingness to [serve or continue to serve] on the Board.] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U>Services to the Company</U>. Indemnitee agrees to serve
as [a director] [and] [an officer] of the Company. Indemnitee may at any time and for any reason resign from [any] such position (subject to any other contractual obligation or any obligation imposed by law), in which event the Company shall have no
obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U>Definitions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As used in this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
&#8220;Affiliate&#8221; and &#8220;Associate&#8221; shall have the respective meanings ascribed to such terms in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended (the &#8220;Exchange Act&#8221;), as in effect on the date of this Agreement; provided, however, that no Person who is a director or officer of the Company shall be deemed an Affiliate or an Associate of any other director or officer of the
Company solely as a result of his or her position as director or officer of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) A Person shall be deemed the
&#8220;Beneficial Owner&#8221; of, and shall be deemed to &#8220;Beneficially Own&#8221; and have &#8220;Beneficial Ownership&#8221; of, any securities: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) which such Person or any of such Person&#8217;s Affiliates or Associates, directly or indirectly, Beneficially Owns (as determined pursuant
to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> of the Rules under the Exchange Act, as in effect on the date of this Agreement); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) which such Person or any of such Person&#8217;s Affiliates or Associates, directly or indirectly, has: (A)&nbsp;the legal, equitable or
contractual right or obligation to acquire (whether directly or indirectly and whether exercisable immediately or only after the passage of time, compliance with regulatory requirements, satisfaction of one or more conditions (whether or not within
the control of such Person) or otherwise) upon the exercise of any conversion rights, exchange rights, rights, warrants or options, or otherwise; (B)&nbsp;the right to vote pursuant to any agreement, arrangement or understanding (whether or not in
writing); or (C)&nbsp;the right to dispose of pursuant to any agreement, arrangement or understanding (whether or not in writing) (other than customary arrangements with and between underwriters and selling group members with respect to a bona fide
public offering of securities); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or
Associate thereof) with which such Person or any of such Person&#8217;s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) (other than customary agreements with and between underwriters and selling
group members with respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting or disposing of any securities of the Company; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) that are the subject of a derivative transaction entered into by such Person or any of
such Person&#8217;s Affiliates or Associates, including, for these purposes, any derivative security acquired by such Person or any of such Person&#8217;s Affiliates or Associates that gives such Person or any of such Person&#8217;s Affiliates or
Associates the economic equivalent of ownership of an amount of securities due to the fact that the value of the derivative security is explicitly determined by reference to the price or value of such securities, or that provides such Person or any
of such Person&#8217;s Affiliates or Associates an opportunity, directly or indirectly, to profit or to share in any profit derived from any change in the value of such securities, in any case without regard to whether (A)&nbsp;such derivative
security conveys any voting rights in such securities to such Person or any of such Person&#8217;s Affiliates or Associates; (B)&nbsp;the derivative security is required to be, or capable of being, settled through delivery of such securities; or
(C)&nbsp;such Person or any of such Person&#8217;s Affiliates or Associates may have entered into other transactions that hedge the economic effect of such derivative security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, no Person engaged in business as an underwriter of securities shall be deemed the Beneficial Owner of any
securities acquired through such Person&#8217;s participation as an underwriter in good faith in a firm commitment underwriting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) A
&#8220;Change in Control&#8221; shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Acquisition of Stock by Third Party</U>. Any Person is or becomes the Beneficial Owner (as defined above), directly or indirectly, of
securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company&#8217;s then outstanding securities unless the change in relative Beneficial Ownership of the Company&#8217;s securities by any Person
results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, provided that a Change of Control shall be deemed to have occurred if subsequent to such reduction
such Person becomes the Beneficial Owner, directly or indirectly, of any additional securities of the Company conferring upon such Person any additional voting power; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Change in Board of Directors</U>. During any period of two (2)&nbsp;consecutive years (not including any period prior to the execution
of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in
Sections 2(c)(i), 2(c)(iii) or 2(c)(iv)) whose election by the Board or nomination for election by the Company&#8217;s stockholders was approved by a vote of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the directors then still in
office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Corporate Transactions</U>. The effective date of a merger or consolidation of the Company with any other entity, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving or successor entity) more than 50% of the combined voting power of the voting securities of the surviving or successor entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the
board of directors or other governing body of such surviving or successor entity; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>Liquidation</U>. The approval by the stockholders of the Company of a complete
liquidation of the Company or an agreement for the sale, lease, exchange or other transfer by the Company, in one or a series of related transactions, of all or substantially all of the Company&#8217;s assets; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) <U>Other Events</U>. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act whether or not the Company is then subject to such reporting requirement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) &#8220;<U>Corporate Status</U>&#8221; describes the status of a person as a current or former [director] [or] [officer] of the Company or
current or former director, manager, partner, officer, employee, agent or trustee of any other Enterprise which such person is or was serving at the request of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) &#8220;<U>Enforcement Expenses</U>&#8221; shall include all reasonable attorneys&#8217; fees, court costs, transcript costs, fees of
experts, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> disbursements or
expenses of the types customarily incurred in connection with an action to enforce indemnification or advancement rights, or an appeal from such action. Expenses, however, shall not include fees, salaries, wages or benefits owed to Indemnitee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) &#8220;<U>Enterprise</U>&#8221; shall mean any corporation (other than the Company), partnership, joint venture, trust, employee benefit
plan, limited liability company or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, manager, partner, officer, employee, agent or trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) &#8220;<U>Expenses</U>&#8221; shall include all reasonable attorneys&#8217; fees, court costs, transcript costs, fees of experts, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding.
Expenses, however, shall not include amounts paid in settlement by Indemnitee, the amount of judgments or fines against Indemnitee or fees, salaries, wages or benefits owed to Indemnitee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) &#8220;<U>Independent Counsel</U>&#8221; means a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm,
that is experienced in matters of Delaware corporation law and neither presently is, nor in the past five (5)&nbsp;years has been, retained to represent: (i)&nbsp;the Company, any subsidiary of the Company, any Enterprise or Indemnitee in any matter
material to any such party; or (ii)&nbsp;any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term &#8220;Independent Counsel&#8221; shall not include any Person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee&#8217;s rights under this Agreement. The Company agrees to pay the
reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) &#8220;Person&#8221; shall mean (i)&nbsp;an individual, a corporation, a partnership, a
limited liability company, an association, a joint stock company, a trust, a business trust, a government or political subdivision, any unincorporated organization or any other association or entity including any successor (by merger or otherwise)
thereof or thereto, and (ii)&nbsp;a &#8220;group&#8221; as that term is used for purposes of Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The term &#8220;Proceeding&#8221; shall include any threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, regulatory or
investigative nature, and whether formal or informal, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or was [a director] [or] [an officer] of the Company or is or was serving at the
request of the Company as a director, manager, partner, officer, employee, agent or trustee of any Enterprise or by reason of any action taken by Indemnitee or of any action taken on his or her part while acting as [a director] [or] [an officer] of
the Company or while serving at the request of the Company as a director, manager, partner, officer, employee, agent or trustee of any Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred
for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement; provided, however, that the term &#8220;Proceeding&#8221; shall not include any action, suit or arbitration, or part thereof, initiated by
Indemnitee to enforce Indemnitee&#8217;s rights under this Agreement as provided for in Section&nbsp;12(a) of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U>Indemnity in Third-Party Proceedings</U>. The Company shall indemnify Indemnitee to the extent set forth in this
Section&nbsp;3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section&nbsp;3, Indemnitee
shall be indemnified against all Expenses, judgments, fines, penalties, excise taxes and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or
matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding, had no reasonable cause to believe that his or
her conduct was unlawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <U>Indemnity in Proceedings by or in the Right of the Company</U>. The Company shall indemnify
Indemnitee to the extent set forth in this Section&nbsp;4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section&nbsp;4, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section&nbsp;4 in respect of any claim, issue or matter as to which Indemnitee shall
have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the &#8220;Delaware Court&#8221;) shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court shall deem proper. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <U>Indemnification for Expenses of a Party Who is Wholly or Partly
Successful</U>. Notwithstanding any other provisions of this Agreement and except as provided in Section&nbsp;7, to the extent that Indemnitee is a party to or a participant in any Proceeding and is successful in such Proceeding or in defense of any
claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful as to one
or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved
claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <U>Reimbursement for Expenses of a Witness or in Response to a Subpoena</U>. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee, by reason of his or her Corporate Status, (i)&nbsp;is a witness in any Proceeding to which Indemnitee is not a party and is not threatened to be made a party or (ii)&nbsp;receives a
subpoena with respect to any Proceeding to which Indemnitee is not a party and is not threatened to be made a party, the Company shall reimburse Indemnitee for all Expenses actually and reasonably incurred by him or her or on his or her behalf in
connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <U>Exclusions</U>. Notwithstanding any provision in this Agreement to the contrary, the Company
shall not be obligated under this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) to indemnify for amounts otherwise indemnifiable hereunder (or for which advancement is
provided hereunder) if and to the extent that Indemnitee has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise; provided that the foregoing shall not (i)&nbsp;apply to any personal or umbrella
liability insurance maintained by Indemnitee, or (ii)&nbsp;affect the rights of Indemnitee or the Fund Indemnitors as set forth in Section&nbsp;13(c); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) to indemnify for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the
Company within the meaning of Section&nbsp;16(b) of the Exchange Act or similar provisions of state statutory law or common law, or from the purchase or sale by Indemnitee of such securities in violation of Section&nbsp;306 of the Sarbanes-Oxley Act
of 2002 (&#8220;SOX&#8221;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) [to indemnify for any reimbursement of, or repayment to, the Company by Indemnitee of (i)&nbsp;any bonus
or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company pursuant to the terms of (A)&nbsp;Section&nbsp;304 of SOX, (B)&nbsp;Exchange Act Rule <FONT
STYLE="white-space:nowrap">10D-1</FONT> or (C)&nbsp;any formal policy of the Company adopted by the Board (or a committee thereof) or (ii)&nbsp;any other remuneration paid to Indemnitee if it shall be determined by a final judgment or other final
adjudication that payment of such remuneration was or would have been in violation of law;] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) to indemnify with respect to any Proceeding, or part thereof, brought by Indemnitee
against the Company, any legal entity which it controls, any director or officer thereof or any third party, unless (i)&nbsp;the Board has consented to the initiation of such Proceeding or part thereof and (ii)&nbsp;the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; provided, however, that this Section&nbsp;7[(c)][(d)] shall not apply to (A)&nbsp;counterclaims or affirmative defenses asserted by
Indemnitee in an action brought against Indemnitee or (B)&nbsp;any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under any directors&#8217; and officers&#8217; liability insurance policies
maintained by the Company in the suit for which indemnification or advancement is being sought as described in Section&nbsp;12; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) to
provide any indemnification or advancement of expenses that is prohibited by applicable law (as such law exists at the time payment would otherwise be required pursuant to this Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <U>Advancement of Expenses</U>. Subject to Section&nbsp;9(b), the Company shall advance the Expenses incurred by Indemnitee in
connection with any Proceeding, and such advancement shall be made within forty-five (45)&nbsp;days after the receipt by the Company of a statement or statements requesting such advances (including any invoices received by Indemnitee, which such
invoices may be redacted as necessary to avoid the waiver of any privilege accorded by applicable law) from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be
made without regard to Indemnitee&#8217;s (i)&nbsp;ability to repay the expenses, (ii)&nbsp;ultimate entitlement to indemnification under the other provisions of this Agreement and (iii)&nbsp;entitlement to and availability of insurance coverage,
including advancement, payment or reimbursement of defense costs, expenses or covered loss under the provisions of any applicable insurance policy (including, without limitation, whether such advancement, payment or reimbursement is withheld,
conditioned or delayed by the insurer(s)). Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement which shall constitute an undertaking providing that Indemnitee undertakes to the fullest extent
required by law to repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. No other
form of undertaking shall be required. The right to advances under this paragraph shall in all events continue until final disposition of any Proceeding, including any appeal therein. Nothing in this Section&nbsp;8 shall limit Indemnitee&#8217;s
right to advancement pursuant to Section&nbsp;12(e) of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <U>Procedure for Notification and Defense of
Claim</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor
specifying the basis for the claim, the amounts for which Indemnitee is seeking payment under this Agreement and all documentation related thereto as reasonably requested by the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event that the Company shall be obligated hereunder to provide indemnification
for or make any advancement of Expenses with respect to any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, or any claim, issue or matter therein, with counsel approved by Indemnitee (which approval shall not be
unreasonably withheld or delayed) upon the delivery to Indemnitee of written notice of the Company&#8217;s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Proceeding; provided that (i)&nbsp;Indemnitee shall have the
right to employ separate counsel in any such Proceeding at Indemnitee&#8217;s expense and (ii)&nbsp;if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (B)&nbsp;Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of such defense, (C)&nbsp;the Company shall not continue to retain such counsel to defend such Proceeding or (D)&nbsp;a Change in Control shall have
occurred, then the fees and expenses actually and reasonably incurred by Indemnitee with respect to his or her separate counsel shall be Expenses hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) In the event that the Company does not assume the defense in a Proceeding pursuant to paragraph (b)&nbsp;above, then the Company will be
entitled to participate in the Proceeding at its own expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Company shall not be liable to indemnify Indemnitee under this
Agreement for any amounts paid in settlement of any Proceeding effected without its prior written consent (which consent shall not be unreasonably withheld or delayed). Without limiting the generality of the foregoing, the fact that an insurer under
an applicable insurance policy delays or is unwilling to consent to such settlement or is or may be in breach of its obligations under such policy, or the fact that directors&#8217; and officers&#8217; liability insurance is otherwise unavailable or
not maintained by the Company, may not be taken into account by the Company in determining whether to provide its consent. The Company shall not, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or
delayed), enter into any settlement which (i)&nbsp;includes an admission of fault of Indemnitee, any <FONT STYLE="white-space:nowrap">non-monetary</FONT> remedy imposed on Indemnitee or any monetary damages for which Indemnitee is not wholly and
actually indemnified hereunder or (ii)&nbsp;with respect to any Proceeding with respect to which Indemnitee may be or is made a party or may be otherwise entitled to seek indemnification hereunder, does not include the full release of Indemnitee
from all liability in respect of such Proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <U>Procedure Upon Application for Indemnification</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Upon written request by Indemnitee for indemnification pursuant to Section&nbsp;9(a), a determination, if such determination is required
by applicable law, with respect to Indemnitee&#8217;s entitlement to indemnification hereunder shall be made in the specific case by one of the following methods: [(x) if a Change in Control shall have occurred[ and indemnification is being
requested by Indemnitee hereunder in his or her capacity as a director of the Company], by Independent Counsel in a written opinion to the Board; or (y) [in any other case,][if a Change in Control shall not have occurred:] (i) by a majority vote of
the disinterested directors, even though less than a quorum; (ii)&nbsp;by a committee of disinterested directors designated by a majority vote of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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the disinterested directors, even though less than a quorum; or (iii)&nbsp;if there are no disinterested directors or if the disinterested directors so direct, by Independent Counsel in a written
opinion to the Board. For purposes hereof, disinterested directors are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought. In the case that such determination is made by
Independent Counsel, a copy of Independent Counsel&#8217;s written opinion shall be delivered to Indemnitee and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within forty-five
(45)&nbsp;days after such determination. Indemnitee shall cooperate with the Independent Counsel or the Company, as applicable, in making such determination with respect to Indemnitee&#8217;s entitlement to indemnification, including providing to
such counsel or the Company, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such
determination. The Company shall likewise cooperate with Indemnitee and Independent Counsel, if applicable, in making such determination with respect to Indemnitee&#8217;s entitlement to indemnification, including providing to such counsel and
Indemnitee, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Company and reasonably necessary to such determination. Any <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs or expenses (including reasonable attorneys&#8217; fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the
Independent Counsel or the Company shall be borne by the Company (irrespective of the determination as to Indemnitee&#8217;s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section&nbsp;10(a), the
Independent Counsel shall be selected by the Board[; <U>provided</U> that,][if a Change in Control shall not have occurred or,] if a Change in Control shall have occurred[ and indemnification is being requested] by Indemnitee [hereunder in his or
her capacity as a director of the Company, the Independent Counsel shall be selected by Indemnitee]. Indemnitee [or the Company, as the case may be,] may, within ten (10)&nbsp;days after written notice of such selection, deliver to the Company [or
Indemnitee, as the case may be,] a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of &#8220;Independent
Counsel&#8221; as defined in Section&nbsp;2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person so selected shall act as Independent Counsel.
If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit.
If, within twenty (20)&nbsp;days after the later of (i)&nbsp;submission by Indemnitee of a written request for indemnification pursuant to Section&nbsp;9(a) and (ii)&nbsp;the final disposition of the Proceeding, including any appeal therein, no
Independent Counsel shall have been selected without objection, either Indemnitee or the Company may petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee or the Company to the selection of Independent
Counsel and/or for the appointment as Independent Counsel of a Person selected by the court or by such other Person as the court shall designate. The Person with respect to whom all objections are so resolved or the Person so appointed shall act as
Independent Counsel under Section&nbsp;10(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section&nbsp;12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary contained in this Agreement, the determination
of entitlement to indemnification under this Agreement shall be made without regard to the Indemnitee&#8217;s entitlement to and availability of insurance coverage, including advancement, payment or reimbursement of defense costs, expenses or
covered loss under the provisions of any applicable insurance policy (including, without limitation, whether such advancement, payment or reimbursement is withheld, conditioned or delayed by the insurer(s)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <U>Presumptions and Effect of Certain Proceedings</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) To the extent permitted by applicable law, in making a determination with respect to entitlement to indemnification hereunder, it shall be
presumed that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section&nbsp;9(a) of this Agreement, and the Company shall have the burden of proof and the
burden of persuasion by clear and convincing evidence to overcome that presumption in connection with the making of any determination contrary to that presumption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of guilty, <U>nolo</U> <U>contendere</U> or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not
act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct
was unlawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Indemnitee shall be deemed to have acted in good faith if Indemnitee&#8217;s actions based on the records or books of
account of the Company or any other Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, officers, agents or employees of the Company or any other Enterprise in the course of their duties, or on the
advice of legal counsel for the Company or any other Enterprise or on information or records given or reports made to the Company or any other Enterprise by an independent certified public accountant or by an appraiser or other expert selected with
reasonable care by the Company or any other Enterprise. The provisions of this Section&nbsp;11(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement. In addition, the knowledge and/or actions, or failure to act, of any director, manager, partner, officer, employee, agent or trustee of the Company, any subsidiary of the Company, or any Enterprise
shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section&nbsp;11(c) are satisfied, it shall in any event be presumed that Indemnitee has
at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by
clear and convincing evidence. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <U>Remedies of Indemnitee</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to Section&nbsp;12(f), in the event that (i)&nbsp;a determination is made pursuant to Section&nbsp;10 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii)&nbsp;advancement of Expenses is not timely made pursuant to Section&nbsp;8 of this Agreement, (iii)&nbsp;no determination of entitlement to indemnification shall have been made
pursuant to Section&nbsp;10(a) of this Agreement within sixty (60)&nbsp;days after receipt by the Company of the request for indemnification for which a determination is to be made other than by Independent Counsel, (iv)&nbsp;payment of
indemnification or reimbursement of expenses is not made pursuant to Section&nbsp;5 or 6 or the last sentence of Section&nbsp;10(a) of this Agreement within forty-five (45)&nbsp;days after receipt by the Company of a written request therefor
(including any invoices received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of any privilege accorded by applicable law) or (v)&nbsp;payment of indemnification pursuant to Section&nbsp;3 or 4 of this
Agreement is not made within forty-five (45)&nbsp;days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication by the Delaware Court of his or her entitlement to such
indemnification or advancement. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section&nbsp;12(a); provided, however, that the
foregoing time limitation shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section&nbsp;5 of this Agreement. The Company shall not oppose Indemnitee&#8217;s right to seek any such adjudication or
award in arbitration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event that a determination shall have been made pursuant to Section&nbsp;10(a) of this Agreement that
Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section&nbsp;12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be
prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section&nbsp;12, the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as
the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If a determination shall have been made pursuant to Section&nbsp;10(a) of this Agreement that Indemnitee is entitled
to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section&nbsp;12, absent (i)&nbsp;a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee&#8217;s statement not materially misleading, in connection with the request for indemnification or (ii)&nbsp;a prohibition of such indemnification under applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section&nbsp;12 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Company shall indemnify Indemnitee to the fullest extent permitted by law against
any and all Enforcement Expenses and, if requested by Indemnitee, shall (within forty-five (45)&nbsp;days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Enforcement Expenses to
Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under any directors&#8217; and officers&#8217; liability insurance policies
maintained by the Company in the suit for which indemnification or advancement is being sought. Such written request for advancement shall include invoices received by Indemnitee in connection with such Enforcement Expenses but, in the case of
invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law need not be included with the invoice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13. <U><FONT
STYLE="white-space:nowrap">Non-exclusivity;</FONT> Survival of Rights; Insurance; [Primacy of Indemnification;] Subrogation</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The
rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Bylaws, any agreement, a vote of
stockholders or a resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by
such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded
currently under the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of
any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To the
extent that the Company maintains an insurance policy or policies providing liability insurance for directors, managers, partners, officers, employees, agents or trustees of the Company or of any other Enterprise, Indemnitee shall be covered by such
policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, manager, partner, officer, employee, agent or trustee under such policy or policies. If, at the time of the receipt of a
notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such claim to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. Upon request
of Indemnitee, the Company shall also promptly provide to Indemnitee: (i)&nbsp;copies of all of the Company&#8217;s potentially applicable directors&#8217; and officers&#8217; liability insurance policies, (ii)&nbsp;copies of such notices delivered
to the applicable insurers and (iii)&nbsp;copies of all subsequent communications and correspondence between the Company and such insurers regarding the Proceeding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) [The Company hereby acknowledges that Indemnitee has certain rights to indemnification,
advancement of expenses and/or insurance provided by [Name of Fund/Sponsor] and certain of [its][their] affiliates (collectively, the &#8220;Fund Indemnitors&#8221;). The Company hereby agrees (i)&nbsp;that it is the indemnitor of first resort
(i.e<I>.</I>, its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be
required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms
of this Agreement and the Charter and/or Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and (iii)&nbsp;that it irrevocably waives, relinquishes and
releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors
on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such
advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section&nbsp;13(c).] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) [Except as provided in paragraph (c)&nbsp;above,] [I/i]n the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee [(other than against the Fund Indemnitors)], who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) [Except as provided in paragraph (c)&nbsp;above,]
[T/t]he Company&#8217;s obligation to provide indemnification or advancement hereunder to Indemnitee who is or was serving at the request of the Company as a director, manager, partner, officer, employee, agent or trustee of any other Enterprise
shall be reduced by any amount Indemnitee has actually received as indemnification or advancement from such other Enterprise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;14. <U>Duration of Agreement</U>. This Agreement shall continue until and terminate upon the later of: (a)&nbsp;ten (10) years
after the date that Indemnitee shall have ceased to serve as [both] [a director] [and] [an officer] of the Company or (b)&nbsp;one (1) year after the final termination of any Proceeding, including any appeal, then pending in respect of which
Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section&nbsp;12 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its
successors and assigns and shall inure to the benefit of Indemnitee and his or her heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15. <U>Severability</U>. If any provision or provisions of this Agreement shall
be held to be invalid, illegal or unenforceable for any reason whatsoever: (a)&nbsp;the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by
law; (b)&nbsp;such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c)&nbsp;to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so
as to give effect to the intent manifested thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;16. <U>Enforcement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in
order to induce Indemnitee [to serve or continue to serve] as [a director] [and] [an officer] of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as [a director] [and] [an officer] of the Company.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Bylaws and applicable law,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;17.
<U>Modification and Waiver</U>. No supplement, modification or amendment, or waiver of any provision, of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. No supplement, modification or amendment of this Agreement or of any provision hereof shall limit or restrict any
right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee prior to such supplement, modification or amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;18. <U>Notice by Indemnitee</U>. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification, reimbursement or advancement as provided hereunder. The failure of Indemnitee to so notify the
Company or any delay in notification shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise, unless, and then only to the extent that, the Company did not otherwise learn of the Proceeding
and such delay is materially prejudicial to the Company&#8217;s ability to defend such Proceeding or matter; and, provided, further, that notice will be deemed to have been given without any action on the part of Indemnitee in the event the Company
is a party to the same Proceeding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;19. <U>Notices</U>. All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given if (i)&nbsp;delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii)&nbsp;mailed by certified or
registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (iii)&nbsp;mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been
directed or (iv)&nbsp;sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If
to Indemnitee, at such address as Indemnitee shall provide to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If to the Company to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Aktis Oncology, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">17
Drydock Avenue, Suite <FONT STYLE="white-space:nowrap">17-401</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02210 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Attention: Kyle Kuvalanka </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to any other
address as may have been furnished to Indemnitee by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;20. <U>Contribution</U>. To the fullest extent permissible
under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect
(i)&nbsp;the relative benefits received by the Company and Indemnitee in connection with the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii)&nbsp;the relative fault of the Company (and its directors, officers, employees
and agents) and Indemnitee in connection with such event(s) and/or transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;21. <U>Internal Revenue Code
Section&nbsp;409A</U>. The Company intends for this Agreement to comply with the Indemnification exception under <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(b)(10)</FONT> of the regulations promulgated under the Internal Revenue Code of
1986, as amended (the &#8220;Code&#8221;), which provides that indemnification of, or the purchase of an insurance policy providing for payments of, all or part of the expenses incurred or damages paid or payable by Indemnitee with respect to a bona
fide claim against Indemnitee or the Company do not provide for a deferral of compensation, subject to Section&nbsp;409A of the Code, where such claim is based on actions or failures to act by Indemnitee in his or her capacity as a service provider
of the Company. The parties intend that this Agreement be interpreted and construed with such intent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;22. <U>Applicable Law and Consent to Jurisdiction</U>. This Agreement and the
legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee
pursuant to Section&nbsp;12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i)&nbsp;agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the
Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country, (ii)&nbsp;consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
arising out of or in connection with this Agreement, (iii)&nbsp;consent to service of process at the address set forth in Section&nbsp;19 of this Agreement with the same legal force and validity as if served upon such party personally within the
State of Delaware, (iv)&nbsp;waive any objection to the laying of venue of any such action or proceeding in the Delaware Court and (v)&nbsp;waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court has been brought in an improper or inconvenient forum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;23. <U>Headings</U>. The headings of the paragraphs of
this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;24. <U>Identical Counterparts</U>. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;25. <U>Monetary Damages Insufficient/Specific Enforcement</U>. The Company and Indemnitee agree that a monetary
remedy for breach of this Agreement may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement
by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm (having agreed that actual and irreparable harm will result in not forcing the Company to specifically perform its
obligations pursuant to this Agreement) and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee further
agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in
connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of a bond or undertaking. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>AKTIS ONCOLOGY, INC.</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>INDEMNITEE</B></TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.11 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution
Copy </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE REGISTRANT HAS
DETERMINED THAT IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LICENSE, RESEARCH
AND COLLABORATION AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BETWEEN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ELI LILLY AND COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY,
INC. </B></P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 1 DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 2 GOVERNANCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Alliance Managers and Project Managers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Joint Research Committee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Function and Powers of the JRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Meetings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>JRC Decisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Discontinuation of JRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 3 COLLABORATION TARGETS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>General</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Initial Collaboration Targets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Gatekeeper Process</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Replacement Collaboration Targets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 4 RESEARCH AND <FONT STYLE="white-space:nowrap">PRE-CLINICAL</FONT>
DEVELOPMENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Overview and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Diligence Efforts; Research Plan Costs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Research Term</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Research Plans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Candidate Selections</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Licensed Decoys</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Lilly Performance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Imaging and Dosimetry Assessment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Records</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reports and Data Package</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Research Costs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Subcontracting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Materials</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Certain Standards Applicable to Work</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Health and Safety</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Audit Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Inspections by Governmental Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 5 FURTHER DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 6 LICENSE RIGHTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>License Grants to Lilly</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>License Grants to Aktis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Third Party Sublicenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aktis <FONT STYLE="white-space:nowrap">In-Licenses</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Excluded <FONT STYLE="white-space:nowrap">In-Licenses</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Future IP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Implied Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 7 EXCLUSIVITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Collaboration Target Exclusivity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Acquisition of Existing Competing Product</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Change of Control</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Enforceability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Other Activities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 8 FEES, ROYALTIES, &amp; PAYMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Upfront Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Replacement Collaboration Target Nomination Fee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Milestone Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Royalties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Method of Payment; Currency Conversion</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Records and Audits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Late Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 9 INTELLECTUAL PROPERTY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Ownership of Inventions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Ownership of Aktis Platform Improvement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Ownership of Lilly Improvement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment Obligation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-ii- </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Patent Prosecution and Maintenance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Infringement or Misappropriation by Third Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>CREATE Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Infringement of Third Party Intellectual Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Trademarks</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Use of Name</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Inventor&#146;s Remuneration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 10 REPRESENTATIONS, WARRANTIES AND COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Mutual Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aktis Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Additional Aktis Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Disclaimer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Warranty of Success</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 11 INDEMNIFICATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitation of Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 12 CONFIDENTIALITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Confidential Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Licensed Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Publicity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Publication</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Prior Confidentiality Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Privacy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 13 TERM&nbsp;&amp; TERMINATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Term</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Termination for Material Breach</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Termination by Aktis for Patent Challenge</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Termination by Lilly</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Termination for Insolvency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Terminated Targets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iii- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effects of Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Survival</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Exercise of Rights to Terminate; Damages; Relief</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Bankruptcy Code</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 14 GOVERNING LAW; DISPUTE RESOLUTION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Governing Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Disputes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Litigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Equitable Relief</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 15 MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Entire Agreement; Amendment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Independent Contractors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Waivers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Force Majeure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Counterparts; Electronic Signatures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Third Party Beneficiary Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Construction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Cumulative Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Extension to Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iv- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibits </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="21%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="70%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 1.23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 1.67</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Excluded <FONT STYLE="white-space:nowrap">In-Licenses</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 2.5.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Responsibilities Matrix</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 4.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Key Terms for Licensed Decoy Development Agreement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 4.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Aktis Third Party Subcontractors</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 4.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Materials Transfer Record</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">4.14-</FONT> Part A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Eli Lilly and Company Good Research Practices</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">4.14-</FONT> Part B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Eli Lilly and Company Animal Care and Use Requirement for Animal Researchers and Suppliers</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 10.2.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit 12.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-v- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LICENSE, RESEARCH AND COLLABORATION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This License,<B> </B>Research and Collaboration Agreement (&#147;<B>Agreement</B>&#148;) is entered into as of May&nbsp;16, 2024 (the
&#147;<B>Effective Date</B>&#148;) by and between Aktis Oncology, Inc., a Delaware corporation, with its principal business office at 17 Drydock Avenue, Suite <FONT STYLE="white-space:nowrap">17-401,</FONT> Boston, MA 02210
(&#147;<B>Aktis</B>&#148;), and Eli Lilly and Company, an Indiana corporation, with its principal business office located at Lilly Corporate Center, Indianapolis, Indiana 46285 (&#147;<B>Lilly</B>&#148;). Lilly and Aktis are each hereafter referred
to individually as a &#147;<B>Party</B>&#148; and together as the &#147;<B>Parties</B><I>.</I>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Aktis is a
biotechnology company that has technology and expertise relating to the discovery and development of targeted radioligand compounds using its proprietary platform; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Lilly is a pharmaceutical company engaged in the research, development, manufacturing, marketing and distribution of
pharmaceutical products; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Aktis and Lilly desire to collaborate to discover and develop certain radioligand compounds
identified by Aktis using the Aktis Platform (as defined below), in each case Directed To (as defined below) each Collaboration Target (as defined below); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Lilly may desire to continue researching, developing, commercializing, and otherwise exploiting the Licensed Compounds and
Licensed Products (each, as defined below) subject to the terms and conditions as set forth below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in
consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used in this Agreement and the Exhibits hereto shall have the following meanings (or as defined elsewhere in this
Agreement): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.1</B> &#147;<B>Acquirer</B>&#148; has the meaning set forth in<U> Section&nbsp;1.29</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.2</B> &#147;<B>Acquirer Technology</B>&#148;<B> </B>has the meaning set forth in <U>Section&nbsp;7.3.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.3</B> &#147;<B>Acquisition Transaction</B>&#148; has the meaning set forth in <U>Section&nbsp;7.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.4</B> &#147;<B>Affiliate</B>&#148; means, with respect to any Person, any entity that, at the relevant time (whether as of the Effective Date or
thereafter), directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with such Person, for so long as such control exists. As used in this <U>Section</U><U></U><U>&nbsp;1.4</U>,
&#147;control&#148; (including, with correlative meanings, &#147;controlled by,&#148; &#147;controlling&#148; and &#147;under common control with&#148;) means: (a)&nbsp;to possess, directly or indirectly, the power to direct or cause the direction
of the management or policies of an entity, whether through ownership of voting securities or by contract relating to voting rights or corporate governance; or (b)&nbsp;direct or indirect ownership of fifty percent (50%) (or such lesser percentage
that is the maximum allowed to be owned by a foreign entity in a particular jurisdiction) or more of the voting share capital or other equity interest in such entity, [***]. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.5</B> &#147;<B>Agreement</B>&#148; has the meaning set forth in the Preamble. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.6</B> &#147;<B>Aktis</B>&#148; has the meaning set forth in the Preamble. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.7</B> <B>&#147;</B><B>Aktis Indemnitee</B><B>&#148;</B> has the meaning set forth in <U>Section&nbsp;11.1.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.8</B> &#147;<B>Aktis <FONT STYLE="white-space:nowrap">In-License</FONT></B>&#148; means any agreement between Aktis (or any of its Affiliates) and any
Third Party (such Third Party, a &#147;<B>Third Party Licensor</B>&#148;) [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.9</B> &#147;<B>Aktis</B> <B>Maintained Patents</B>&#148; has the
meaning set forth in <U>Section</U><U></U><U>&nbsp;9.5.2</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.10</B> &#147;<B>Aktis New <FONT STYLE="white-space:nowrap">In-License</FONT></B>&#148;
has the meaning set forth in <U>Section&nbsp;6.6.2</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.11</B> &#147;<B>Aktis Patents</B>&#148; means all Patents within the Licensed IP or the Aktis
Platform IP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.12</B> &#147;<B>Aktis Platform</B>&#148; means Aktis&#146; or any of its Affiliates&#146; proprietary platform to discover and develop
therapeutics or diagnostics for cancer using radioligands that selectively deliver a radioactive isotope payload to cancer cells via a tumor-specific &#147;miniprotein&#148; targeting ligand, [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.13</B> &#147;<B>Aktis Platform Improvement</B>&#148; means [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.14</B> &#147;<B>Aktis Platform IP</B>&#148; means any and all Patents and <FONT STYLE="white-space:nowrap">Know-How</FONT> Covering the Aktis Platform or
any Aktis Platform Improvement that are (a)&nbsp;Controlled by Aktis or its Affiliate(s) as of the Effective Date or thereafter during the Term and (b)&nbsp;necessary or useful to Exploit Licensed Compounds or Licensed Products in the Field in the
Territory; [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.15</B> &#147;<B>Aktis Technology</B>&#148; means the Licensed IP and Aktis Platform IP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.16</B> &#147;<B>Alliance Manager</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.17</B> &#147;<B>Alternative Remedy</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;13.2.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.18</B> &#147;<B>Annual Net Sales</B>&#148; means, with respect to a particular Licensed Product and Calendar Year, the aggregate Net Sales of such
Licensed Product in such Calendar Year for all jurisdictions within the Territory for which the Royalty Term for such Licensed Product has not expired. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.19</B> &#147;<B>Applicable Laws</B>&#148; means the applicable provisions of any and all federal, national, supranational, regional, state and local laws,
treaties, statutes, rules, regulations, guidelines or requirements, administrative codes, guidance, ordinances, judgments, decrees, directives, injunctions, orders, or permits of or from any court, arbitrator, Regulatory Authority, Governmental
Authority, taxing authority, national securities exchange or exchange listing organization having jurisdiction over or related to the relevant subject item that may be in effect from time to time during the Term. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.20</B> &#147;<B>Available Proposed Target</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;3.3.2(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.21</B> &#147;<B>Available Proposed Target Nomination Notice</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;3.3.2(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.22</B> &#147;<B>Avid Tumors</B>&#148; means [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.23</B> [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.24</B> [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.25</B> &#147;<B>Bring-Down Date</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.26</B> &#147;<B>Business Day</B>&#148; means any day, other than any Saturday, Sunday, or any day that banks are authorized or required by law to be
closed in Boston, Massachusetts or Indianapolis, Indiana. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.27</B> &#147;<B>Calendar</B><I> </I><B>Quarter</B>&#148; means each respective period of
three (3)&nbsp;consecutive months ending on March&nbsp;31, June&nbsp;30, September&nbsp;30, and December&nbsp;31 of any Calendar Year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.28</B>
&#147;<B>Calendar</B><I> </I><B>Year</B>&#148; means each respective period of twelve (12)&nbsp;consecutive months commencing on January&nbsp;1 and ending on December 31. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.29</B> &#147;<B>Change of Control</B>&#148; means with respect to either Party: (i)&nbsp;the acquisition by a Third Party, in one transaction or a series
of related transactions, of direct or indirect beneficial ownership of more than fifty percent (50%) of the outstanding securities or combined voting power of such Party (or any controlling Affiliate of such Party); (ii) a merger, reorganization or
consolidation involving such Party (or any controlling Affiliate of such Party), as a result of which a Third Party acquires direct or indirect beneficial ownership of more than fifty percent (50%) of the voting power of the surviving entity
immediately after such merger, reorganization or consolidation; (iii)&nbsp;a sale of all or substantially all of the assets of such Party or all or substantially all of such Party&#146;s assets related to this Agreement in one transaction or a
series of related transactions to a Third Party; or (iv)&nbsp;the acquisition by a Third Party of the ability to cause the direction of the management or allocation of corporate resources of Aktis (or any controlling Affiliate of Aktis). The
acquiring or combining Third Party in any of (i), (ii)&nbsp;or (iii), and any of such Third Party&#146;s Affiliates (whether in existence as of or any time following the applicable transaction, but other than the acquired Party and its Affiliates as
in existence prior to the applicable transaction) are referred to collectively herein as the &#147;<B>Acquirer</B>.&#148; Notwithstanding the foregoing, the term &#147;Change of Control&#148; will not include (a)&nbsp;any sale of shares of capital
stock of a Party, in a single transaction or series of related transactions in which such Party issues securities to institutional investors for cash or the cancellation or conversion of indebtedness or a combination thereof where such
transaction(s) are conducted primarily for bona fide financing purposes or (b)&nbsp;an initial public offering on a nationally or internationally recognized security exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.30</B> &#147;<B>Claim</B>&#148; has the meaning set forth in <U>Section&nbsp;11.1.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.31</B> &#147;<B>Clinical Development</B>&#148; means, with respect to a Licensed Product or other product or therapy, any and all Development activities
conducted following the Initiation of the Phase I Clinical Trial with respect to such Licensed Product or other product or therapy. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.32</B>
&#147;<B>Clinical Trial</B>&#148; means any clinical trial in humans, including any Phase I Clinical Trial, Phase II Clinical Trial or Phase III Clinical Trial, Registrational Trial or any post-Marketing Authorization human clinical trial, as
applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.33</B> &#147;<B>CMC Activities</B>&#148; means, with respect to a Licensed Compound, those chemistry manufacturing and control activities
that are necessary to file an IND with the FDA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.34</B> &#147;<B>Code</B>&#148; has the meaning set forth in <U>Section&nbsp;13.10</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.35</B> &#147;<B>Collaboration <FONT STYLE="white-space:nowrap">In-License</FONT></B>&#148; has the meaning set forth in <U>Section&nbsp;6.6.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.36</B> &#147;<B>Collaboration Targets</B>&#148; means, individually or collectively, the Initial Collaboration Targets and any Replacement Collaboration
Targets. For clarity, any Collaboration Target that becomes a Terminated Target in accordance with this Agreement shall no longer be a Collaboration Target. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.37</B> &#147;<B>Combination</B><I> </I><B>Product</B>&#148; means a single pharmaceutical product containing both (a)&nbsp;a Licensed Compound, and
(b)&nbsp;one or more other therapeutically active compound(s) or active ingredient(s) (&#147;<B>Other Component(s)</B>&#148;), [***].<B> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.38</B>
&#147;<B>Commercial Milestone Event</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.3.3</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.39</B> &#147;<B>Commercial
Milestone Payment</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.3.3</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.40</B> &#147;<B>Commercialization</B>&#148; means
any and all activities directed to the offering for sale or sale of a Licensed Product, or other product or therapy including: (a)&nbsp;activities directed to storing for commercial sale, marketing, promoting, detailing, distributing, importing,
exporting, selling or offering to sell that Licensed Product, or other product or therapy; (b)&nbsp;seeking Regulatory Approvals (as applicable) for and registration of a Licensed Product, or other product or therapy; (c)&nbsp;interacting with
Regulatory Authorities regarding the foregoing; or (d)&nbsp;conducting other activities, other than Research, Development or Manufacturing, in preparation for the foregoing clauses (a)&nbsp;through (c) (inclusive)&nbsp;in the Field in the Territory.
When used as a verb, &#147;to<B> </B><B>Commercialize</B>&#148; and &#147;<B>Commercializing</B>&#148; means to engage in Commercialization and &#147;<B>Commercialized</B>&#148; has a corresponding meaning. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.41</B> &#147;<B>Commercially Reasonable Efforts</B>&#148; of a Party means [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.42</B> &#147;<B>Competing Product</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;7.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.43</B> &#147;<B>Confidential Information</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;12.1.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.44</B> &#147;<B>Confidentiality Agreement</B>&#148; means that certain Confidentiality Agreement entered into between the Parties as of June&nbsp;20,
2023. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.45</B> &#147;<B>Control</B>&#148; or &#147;<B>Controlled</B>&#148; means, with respect to any
Materials, <FONT STYLE="white-space:nowrap">Know-How,</FONT> Patents, or other Intellectual Property Rights, that a Party or its Affiliate has the legal authority or right (whether by ownership, license, or otherwise) to grant to the other Party a
license, covenant not to sue, sublicense, access, or right to use (as applicable) under such Materials, <FONT STYLE="white-space:nowrap">Know-How,</FONT> Patents, or other Intellectual Property Rights, on the terms and conditions set forth herein,
in each case without violating any obligations of the granting Party or its Affiliate owed to a Third Party or breaching the terms of any agreement with a Third Party. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.46</B> &#147;<B>Cover</B>&#148; means, [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.47</B>
&#147;<B>Decoy</B>&#148; means, [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.48</B> &#147;<B>Development</B>&#148; or &#147;<B>Develop</B>&#148; means any and all <FONT
STYLE="white-space:nowrap">non-clinical</FONT> and Clinical Development activities for a Licensed Product, or other product or therapy, including design and conduct of Clinical Trials and the preparation and filing of Regulatory Filings and all
regulatory affairs related to the foregoing, including <FONT STYLE="white-space:nowrap">Pre-Clinical</FONT> Development. When used as a verb, &#147;<B>Developing</B>&#148; means to engage in Development and &#147;<B>Developed</B>&#148; has a
corresponding meaning. For clarity, &#147;<B>Development</B>&#148; shall not include any Research, Manufacturing or Commercialization activities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.49</B> &#147;<B>Development and Regulatory Milestone Event</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.3.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.50</B> &#147;<B>Development and Regulatory</B> <B>Milestone Payment</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.3.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.51</B> &#147;<B>Development Candidate</B>&#148; means a Licensed Compound which has achieved the Development Candidate Criteria as determined by the JRC
in accordance with <U>Section</U><U></U><U>&nbsp;4.5.2</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.52</B> &#147;<B>Development Candidate Criteria</B>&#148; means the criteria set forth in
the applicable Research Plan for a Licensed Compound to achieve development candidate status as determined by the JRC in accordance with <U>Section</U><U></U><U>&nbsp;2.5</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.53</B> &#147;<B>Development Candidate Nomination Date</B>&#148; means, with respect to a Licensed Compound, the date that the JRC determines that such
Licensed Compound has achieved the Development Candidate Criteria in accordance with <U>Section</U><U></U><U>&nbsp;4.5.2</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.54</B>
&#147;<B>Development Cost Cap</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.2.2(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.55</B> &#147;<B>Diagnostic
Product</B>&#148; means any standalone diagnostic Licensed Product Directed To a given Collaboration Target and excluding, for clarity, any Licensed Product that is or can be used with a Therapeutic Product Developed by or on behalf of Lilly and
Directed To the same Collaboration Target. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.56</B> &#147;<B>Directed To</B>&#148; means, when used to describe the relationship between a compound or
product and a Target, that the compound or product, as applicable, [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.57</B> &#147;<B>Disclosing Party</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;12.1.2</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.58</B> &#147;<B>Dispute</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;14.2</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.59</B> &#147;<B>Distinct Isotope Product</B>&#148; means a Licensed Product that contains or comprises a Licensed Compound that was contained in a
first Licensed Product but the radioactive isotope in such first Licensed Product is different from the radioactive isotope in the second Licensed Product (e.g., a Licensed Product comprising a Licensed Compound and
<FONT STYLE="white-space:nowrap">actinium-225</FONT> shall be a &#147;Distinct Isotope Product&#148; compared to a Licensed Product comprising the same Licensed Compound and <FONT STYLE="white-space:nowrap">lutetium-177).</FONT><B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.60</B> &#147;<B>Divestiture</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;7.2.1(b)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.61</B> &#147;<B>Dollar</B>&#148; means a U.S. dollar, and &#147;<B>$</B>&#148; is to be interpreted accordingly. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.62</B> &#147;<B>Effective Date</B>&#148; has the meaning set forth in the Preamble. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.63</B> <B>&#147;Eli Lilly and Company Good Research Practices&#148; </B>has the meaning set forth in <U>Section&nbsp;4.14</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.64</B> &#147;<B>Eli Lilly and Company Animal Care and Use Requirement for Animal Researchers and Suppliers</B>&#148;<B> </B>has the meaning set forth in
<U>Section&nbsp;4.14</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.65</B> &#147;<B>Excess Development Costs</B>&#148; has the meaning set forth in <U>Section&nbsp;4.2.2(b)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.66</B> &#147;<B>Exchange</B>&#148; has the meaning set forth in <U>Section&nbsp;10.2.9</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.67</B> &#147;<B>Excluded <FONT STYLE="white-space:nowrap">In-Licenses</FONT></B>&#148; means those agreements listed on <U>Exhibit 1.67</U>, as such
agreements may be amended or restated from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.68</B> &#147;<B>Excluded Sublicensee</B>&#148; means a Third Party that is granted a license
or sublicense to Exploit Licensed Products in the Field in the [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.69</B> &#147;<B>Excluded Target</B>&#148; means any [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.70</B> &#147;<B>Excluded Target Inquiry Notice</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.3.2(d)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.71</B> &#147;<B>Excluded Target Inquiry Response</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.3.2(d)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.72</B> &#147;<B>Excluded Target Inquiry Response Period</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.3.2(d)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.73</B> &#147;<B>Exclusivity Period</B>&#148; means, with respect to a particular Collaboration Target, the period commencing on the later of the Effective
Date or the Target Nomination Date (as applicable) and ending (a)&nbsp;unless earlier terminated in accordance with <U>Section</U><U></U><U>&nbsp;7.1</U>, on a Collaboration
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Target-by-Collaboration</FONT></FONT> Target basis upon the earlier of (i) [***] and (b)&nbsp;on a Terminated
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Target-by-Terminated</FONT></FONT> Target basis, [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.74</B> &#147;<B>Exclusivity
Termination Exception</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;7.1.2</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.75</B> &#147;<B>Exclusivity Termination Notice</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;7.1.4</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.76</B> &#147;<B>Executive Officers</B>&#148; means (a)&nbsp;with respect to Aktis, [***], and in each case
of (a)&nbsp;or (b), any other appropriately qualified person with authority to decide the matter at hand that such person in the foregoing (a)&nbsp;or (b) designates from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.77</B> &#147;<B>Existing Patents</B>&#148; has the meaning set forth in <U>Section&nbsp;10.2.2(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.78</B> &#147;<B>Exploit</B>&#148; or &#147;<B>Exploitation</B>&#148; means to make, have made, import, export, use, have used, sell, have sold, or offer
for sale, including to research, develop, commercialize, register, modify, enhance, improve, manufacture, or otherwise dispose of, including to Research, Develop, Manufacture, and Commercialize. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.79</B> &#147;<B>FDA</B>&#148; means the United States Food and Drug Administration or any successor agency thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.80</B> &#147;<B>Field</B>&#148; means all therapeutic (including prevention, control, amelioration, or treatment of any disease or medical condition) and
diagnostic uses in humans and <FONT STYLE="white-space:nowrap">non-human</FONT> animals. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.81</B> &#147;<B>Financial Investor</B>&#148; means any
Person that is a financial investor and is not [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.82</B> &#147;<B>Firewall Period</B>&#148; means [***]. <B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.83</B> &#147;<B>Firewalls</B>&#148; means effective walls and screens established between Aktis, on the one hand, and on the other hand an Acquirer of
Aktis, in each case to ensure [***].<B> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.84</B> &#147;<B>First Commercial Sale</B>&#148; means, with respect to any Licensed Product and any
country, the first sale, transfer or other disposition of a Licensed Product by Lilly (or its Affiliates or its or their Sublicensees) to a Third Party for <FONT STYLE="white-space:nowrap">end-use</FONT> or consumption of such Licensed Product after
Regulatory Approval required to market and sell the Licensed Product has been granted with respect to such Licensed Product in such country in which such Licensed Product is sold; [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.85</B> <U>&#147;</U><B>Force Majeure Event</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;15.7</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.86</B> &#147;<B>FTE</B>&#148; means a full-time equivalent person (i.e., one fully-dedicated or multiple partially-dedicated personnel aggregating to one
full-time personnel) employed or contracted by Aktis, based upon a total of [***] hours per year undertaken, in connection with the conduct of applicable activities under this Agreement. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.87</B> &#147;<B>FTE Costs</B>&#148; means, for any period, the FTE Rate multiplied by the number of FTEs who perform a specified activity under this
Agreement. FTEs will be <FONT STYLE="white-space:nowrap">pro-rated</FONT> on a daily basis if necessary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.88</B> &#147;<B>FTE Rate</B>&#148; means,
[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.89</B> &#147;<B>Future <FONT STYLE="white-space:nowrap">In-Licensed</FONT> IP</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.6.1</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.90</B> &#147;<B>Gatekeeper</B>&#148; has the meaning set forth in <U>Section&nbsp;3.3.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.91</B> &#147;<B>Generic Product</B>&#148; means, with<I> </I>reference to a Licensed Product in a country, any pharmaceutical product that is [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.92</B> &#147;<B>GLP Toxicology Study</B>&#148; means, with respect to a Licensed Compound, an <I>in vivo </I>toxicology study performed with the
expectation that the results may provide support for filing an IND and that is conducted in compliance with then-current GLPs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.93</B> &#147;<B>Good
Laboratory Practices</B>&#148; or &#147;<B>GLPs</B>&#148; means all applicable current good laboratory practice and standards, including, as applicable: (a)&nbsp;as set forth in the then-current good laboratory practice standards promulgated or
endorsed by the FDA as defined in 21 C.F.R. Part 58 or its equivalent; and (b)&nbsp;the equivalent Applicable Laws in any relevant country, each as may be amended and applicable from time to time </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.94</B> &#147;<B>Good Research Practices</B>&#148; or &#147;<B>GRP</B>&#148; means research practices consistent with: (a)&nbsp;the Eli Lilly and Company
Good Research Practices and (b)&nbsp;the Research Quality Association (RQA), 2014 Quality in Research Guidelines for Working in <FONT STYLE="white-space:nowrap">Non-Regulated</FONT> Research, each as may be amended and applicable from time to time.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.95</B> &#147;<B>Governmental Authority</B>&#148; means any national, international, federal, state, provincial or local government, or political
subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, and any court or tribunal (or
any department, bureau or division thereof, or any governmental arbitrator or arbitral body). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.96</B> &#147;<B>Government Official</B>&#148; has the
meaning set forth in <U>Section&nbsp;10.5.8</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.97</B> &#147;<B>Imaging and Dosimetry Assessment</B>&#148; means with respect to patients with Avid
Tumors, an imaging and dosimetry assessment [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.98</B> &#147;<B>IND</B>&#148; means an investigational new drug application filed with the FDA or
any similar application filed with a Regulatory Authority in a country outside the U.S. required to commence Clinical Trials of a pharmaceutical product. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.99</B> &#147;<B>IND Candidate</B>&#148; means a Licensed Compound which has achieved the TPP Criteria as determined by the JRC in accordance with
Section&nbsp;4.5.3. [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.100</B> &#147;<B>Indemnitee</B>&#148; has the meaning set forth in <U>Section&nbsp;11.1.3(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.101</B> &#147;<B>Indemnified Party</B>&#148; has the meaning set forth in <U>Section&nbsp;11.1.3(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.102</B> &#147;<B>Indemnification Claim Notice</B>&#148; has the meaning set forth in <U>Section&nbsp;11.1.3(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.103</B> &#147;<B>Indication</B>&#148; means a separate and distinct disease or medical condition that a product is intended to treat, prevent, diagnose,
monitor or ameliorate, as set forth in the label for such product and for which such product has received regulatory approval (including pricing and reimbursement approval, as and where appliable) from the applicable regulatory authority; [***].
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.104</B> &#147;<B>Industry Codes</B>&#148; means all applicable rules of
<FONT STYLE="white-space:nowrap">non-governmental</FONT> bodies such as pharmaceutical industry trade associations and self-regulatory organizations that are generally accepted as &#147;good practice&#148; within the research based pharmaceutical
industry, including those relating to good marketing practices and the relationship of pharmaceutical companies with health care providers and patients. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.105</B> &#147;<B>Infringement</B>&#148; has the meaning set forth in <U>Section&nbsp;9.6.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.106</B> &#147;<B>Initial Collaboration Targets</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.107</B> &#147;<B>Initiation</B>&#148; or &#147;<B>Initiate</B>&#148; means, (i)&nbsp;with respect to a Clinical Trial, the first dosing of the [***] human
subject in such Clinical Trial or (ii)&nbsp;with respect to a GLP Toxicology Study, the first dosing of the first animal in such GLP Toxicology Study. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.108</B> &#147;<B>Intellectual Property Rights</B>&#148; means any and all intellectual property rights provided under Applicable Laws, including
(i)&nbsp;Patents; (ii) trademarks, trade dress, logos, and other indicia of origin; (iii)&nbsp;copyrights and copyrightable works; and <FONT STYLE="white-space:nowrap">(iv)&nbsp;Know-How.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.109</B> &#147;<B>Internal Compliance Codes</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.5.4</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.110</B> &#147;<B>Inventions</B>&#148; means all discoveries, developments, improvements, and inventions, whether or not patentable, that are discovered,
generated, conceived or developed by or on behalf of a Party or its Affiliates (whether solely or jointly or with one or more Third Party(ies)) in the course of performing activities under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.111</B> &#147;<B>Joint Inventions</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;9.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.112</B> &#147;<B>Joint Patents</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;9.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.113</B> &#147;<B>JRC</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.2.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.114</B> &#147;<B>JRC <FONT STYLE="white-space:nowrap">Co-Chair</FONT></B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.115</B> &#147;<B>JRC Dispute</B>&#148; has the meaning set forth in <U>Section&nbsp;2.5</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.116</B> &#147;<B><FONT STYLE="white-space:nowrap">Know-How</FONT></B>&#148; means any proprietary scientific or technical information, inventions,
results, data, <FONT STYLE="white-space:nowrap">know-how,</FONT> processes, methods, models, software, or designs of any type whatsoever, in any tangible or intangible form, including databases, safety information, practices, methods, instructions,
techniques, algorithms, drawings, documentation, specifications, formulations, formulae, knowledge, trade secrets, materials, skill, experience, concepts, ideas, test data, experimental data, and other information or technology applicable to
compounds, formulations, compositions of matter, structures, structure activity relationships, or products, or to their design, discovery, identification, creation, selection, development, optimization, manufacture, registration, use, marketing,
commercialization, or sale, or to methods of assaying or testing them, including pharmacological, pharmaceutical, medicinal chemistry, biological, chemical, biochemical, toxicological and clinical test data, physical and analytical, safety, and
quality control data, manufacturing and stability data, materials, studies and procedures, and manufacturing process and development information, results and data; in each case (whether or not confidential, proprietary, patented or patentable, of
commercial advantage or not) in written, electronic or any other form now known or hereafter developed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.117</B> &#147;<B>Lead Candidate</B>&#148; means a Licensed Compound which has achieved the Lead
Candidate Criteria as determined by the JRC in accordance with <U>Section</U><U></U><U>&nbsp;4.5.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.118</B> &#147;<B>Lead Candidate
Criteria</B>&#148; means the criteria set forth in the applicable Research Plan for a Licensed Compound to achieve lead candidate status as determined by the JRC in accordance with <U>Section</U><U></U><U>&nbsp;2.5</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.119</B> &#147;<B>Lead Candidate Milestone</B>&#148; means when a Licensed Compound that has met the Lead Candidate Criteria is deemed a Lead Candidate in
accordance with <U>Section</U><U></U><U>&nbsp;4.5.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.120</B> &#147;<B>Licensed Compound</B>&#148; means, with respect to a Collaboration Target,
any compounds that are Directed To such Collaboration Target and are Controlled by Aktis or its Affiliates as of the Effective Date or are discovered, generated, conceived or developed by or on behalf of Aktis or any of its Affiliates by application
or use of the Aktis Platform during the applicable Research Program, [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.121</B> &#147;<B>Licensed Information</B>&#148; has the meaning set forth
in <U>Section</U><U></U><U>&nbsp;12.2</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.122</B> &#147;<B>Licensed Decoy</B>&#148; means any Decoy that is Controlled by Aktis or its Affiliates as
of the Effective Date or thereafter, including [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.123</B> &#147;<B>Licensed IP</B>&#148; means Licensed Patents and Licensed <FONT
STYLE="white-space:nowrap">Know-How.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.124</B> &#147;<B>Licensed <FONT STYLE="white-space:nowrap">Know-How</FONT></B>&#148; means all <FONT
STYLE="white-space:nowrap">Know-How</FONT> Controlled by Aktis or its Affiliate(s)&nbsp;(a) as of the Effective Date or (b)&nbsp;thereafter during the Term, in each case (a)&nbsp;and (b), that is necessary or useful to Exploit Licensed Compounds or
Licensed Products in the Field in the Territory [***]. &#147;Licensed <FONT STYLE="white-space:nowrap">Know-How&#148;</FONT> includes Aktis&#146; Sole Inventions and Aktis&#146; interest in Joint Inventions, but excludes <FONT
STYLE="white-space:nowrap">Know-How</FONT> within the Aktis Platform IP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.125</B> &#147;<B>Licensed Patents</B>&#148; means all Patents Controlled by
Aktis or its Affiliate(s)&nbsp;(a) as of the Effective Date or (b)&nbsp;thereafter during the Term, in each case (a)&nbsp;and (b), that are necessary or useful to Exploit Licensed Compounds or Licensed Products in the Field in the Territory [***].
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.126</B> &#147;<B>Licensed Product</B>&#148; means any pharmaceutical therapeutic or diagnostic product that contains or comprises a Licensed
Compound, in all presentations, formulations and dosage forms. [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.127</B> &#147;<B>Lilly</B>&#148; has the meaning set forth in the Preamble.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.128</B> &#147;<B>Lilly Background IP</B>&#148; means all Intellectual Property Rights Controlled by Lilly prior to the Effective Date or outside the
scope of this Agreement, in each case, that are [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.129</B> &#147;<B>Lilly Improvement</B>&#148; means any Invention that is discovered,
generated, conceived or developed by or on behalf of either Party or its Affiliates (whether solely, jointly or with one or more Third Party(ies)) in the course of conducting its activities under this Agreement that is [***]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.130</B> &#147;<B>Lilly Indemnitee</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;11.1.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.131</B> &#147;<B>Lilly Maintained Patents</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;9.5.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.132</B> &#147;<B>Lilly Trademarks</B>&#148; has the meaning set forth in <U>Section&nbsp;9.9</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.133</B> &#147;<B>Loss of Market Exclusivity</B>&#148; means, with respect to any Licensed Product in any country in the Territory, [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.134</B> &#147;<B>Losses</B>&#148; has the meaning set forth in <U>Section&nbsp;11.1.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.135</B> &#147;<B>Major European Countries</B>&#148; means the United Kingdom, Germany, France, Spain, and Italy. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.136</B> &#147;<B>Major Market Countries</B>&#148; means the U.S., one of the Major European Countries and Japan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.137</B> &#147;<B>Manufacture</B>&#148; and &#147;<B>Manufacturing</B>&#148; means any and all activities related to the production, manufacture,
formulation, finishing, packaging, labeling, shipping or holding of any Licensed Compound or Licensed Product, or other product or therapy, or any component, intermediary or precursor thereof (including, for clarity, expression vectors, cell lines,
culture media and feeds), and including process development, process qualification and validation, <FONT STYLE="white-space:nowrap">scale-up,</FONT> <FONT STYLE="white-space:nowrap">pre-clinical,</FONT> clinical and commercial manufacture, quality
assurance and quality control (including testing), and regulatory activities related to any of the foregoing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.138</B> &#147;<B>Marketing
Authorization</B>&#148; means, collectively, all Regulatory Approvals (including any pricing and reimbursement approvals) from the relevant Regulatory Authority necessary to initiate marketing and selling a Licensed Product in any country or
jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.139</B> &#147;<B>Material and Information Transfer</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.1.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.140</B> &#147;<B>Materials</B>&#148; means all biological materials, chemical compounds and other materials (i)&nbsp;provided by or on behalf of a Party
to the other Party for use by or on behalf of the other Party to conduct activities pursuant to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.141</B> <B>&#147;Materials
Provider&#148; </B>has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.13</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.142</B> <B>&#147;Materials Receiver&#148; </B>has the meaning
set forth in <U>Section</U><U></U><U>&nbsp;4.13</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.143</B> &#147;<B>Milestone Event</B>&#148; or &#147;<B>Milestone Events</B>&#148; means,
individually or collectively, as the case may be, the Research Collaboration Milestone Events, Development and Regulatory Milestone Events and Commercial Milestone Events. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.144</B> &#147;<B>Milestone Payment</B>&#148; or &#147;<B>Milestone Payments</B>&#148; means, individually or collectively, as the case may be, the
Research Collaboration Milestone Payments, Development and Regulatory Milestone Payments and Commercial Milestone Payments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.145</B> &#147;<B>Mixed Patent</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;9.5.4</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.146</B> &#147;<B>Net</B><I> </I><B>Sales</B>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.146.1</B> with respect to a particular Licensed Product, the gross amount invoiced by or on behalf of Lilly, its Affiliates, or any of its
or their Sublicensees or Excluded Sublicensees, to Third Parties (excluding any Sublicensee or Excluded Sublicensees that is not an <FONT STYLE="white-space:nowrap">end-user</FONT> of such Licensed Product) for such Licensed Product in the
Territory, less the following items consistent with U.S. Generally Accepted Accounting Principles (&#147;<B>U.S. GAAP</B>&#148;) consistently applied: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.147</B> &#147;<B>New
Technology</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;15.5</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.148</B> &#147;<B>Notices and Consents</B>&#148; has the
meaning set forth in <U>Section</U><U></U><U>&nbsp;12.6</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.149</B> &#147;<B>Offering</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.2.9</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.150</B>
&#147;<B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Out-of-Pocket</FONT></FONT> Costs</B>&#148; means costs and expenses paid to Third Parties (or payable to Third Parties and accrued in accordance with U.S. GAAP consistently
applied) directly incurred in the conduct of any applicable activities under this Agreement, including costs for independent contractors engaged as permitted under this Agreement; [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.151</B> &#147;<B>Party</B>&#148; and &#147;<B>Parties</B>&#148; has the meaning set forth in the Preamble. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.152</B> &#147;<B>Party Specific Regulations</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.5.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.153</B> &#147;<B>Patent Challenge</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;13.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.154</B> &#147;<B>Patents</B>&#148; means: (a)&nbsp;patent applications (including provisional patent applications, priority applications and rights to
claim priority from any of the patents or patent applications), issued patents, utility models and designs, (b)&nbsp;reissues, substitutions, confirmations, registrations, validations, <FONT STYLE="white-space:nowrap">re-examinations,</FONT>
additions, continuations, continued prosecution applications, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">continuations-in-part,</FONT></FONT> or divisions of or to any of the foregoing, and (c)&nbsp;extensions, renewals or
restorations of any of the foregoing by existing or future extension, renewal or restoration mechanisms, including any patent term extensions, supplementary protection certificates, pediatric exclusivities, or the equivalent thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.155</B> &#147;<B>Payment</B>&#148; has the meaning set forth in <U>Section&nbsp;8.8.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.156</B> &#147;<B>Person</B>&#148; means any corporation, limited or general partnership, limited liability company, joint venture, trust, unincorporated
association, governmental body, authority, bureau or agency, any other entity or body, or an individual. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.157</B> &#147;<B>Personal
Information</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;12.6</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.158</B> &#147;<B>Phase</B><I> </I><B>I</B><I> </I><B>Clinical</B><I> </I><B>Trial</B>&#148; means a
clinical trial of a Licensed Product that satisfies the requirements of 21 C.F.R. &#167;&nbsp;312.21(a) (or the <FONT STYLE="white-space:nowrap">non-United</FONT> States equivalent thereof). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.159</B> &#147;<B>Phase</B><I> </I><B>II</B><I> </I><B>Clinical</B><I> </I><B>Trial</B>&#148; means a clinical trial of a Licensed Product that satisfies
the requirements of 21 C.F.R. &#167; 312.21(b) (or the <FONT STYLE="white-space:nowrap">non-United</FONT> States equivalent thereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.160</B>
&#147;<B>Phase</B><I> </I><B>III</B><I> </I><B>Clinical</B><I> </I><B>Trial</B>&#148; means a clinical trial of a Licensed Product that satisfies the requirements of 21 C.F.R. &#167; 312.21(c) (or the
<FONT STYLE="white-space:nowrap">non-United</FONT> States equivalent thereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.161</B> &#147;<B><FONT STYLE="white-space:nowrap">Pre-Clinical</FONT>
Development</B>&#148; means, with respect to a compound or product, any and all Development activities conducted prior to the Initiation of the first Phase I Clinical Trial with respect to such compound or product, including, [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.162</B> &#147;<B>Product Patents</B>&#148; means all Patents owned or controlled (including Controlled) by Lilly, including Patents within the Licensed
IP, that Cover the Licensed Compound or Licensed Product, or its or their Exploitation, including formulation, manufacture, sale, offer for sale, or use. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.163</B> &#147;<B>Program Transfer Agreement</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;13.7.5(g)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.164</B> &#147;<B>Project Manager</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.165</B> &#147;<B>Proposed Target</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.3.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.166</B> &#147;<B>Prosecute and Maintain</B>&#148; or &#147;<B>Prosecution and Maintenance</B>&#148; with respect to a particular Patent, means all
activities associated with the preparation, filing, prosecution and maintenance of such Patent, together with the conduct of interferences, derivation proceedings, inter partes review and post-grant review, the defense of oppositions and other
similar proceedings with respect to that Patent, including any activities associated with claims, including as a counterclaim or declaratory judgment action, of unpatentability, invalidity or unenforceability of such Patent that are brought by a
Third Party in connection with an Infringement under <U>Section&nbsp;9.6</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.167</B> &#147;<B>Provided Materials</B>&#148; has the meaning set forth
in <U>Section</U><U></U><U>&nbsp;4.13</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.168</B> &#147;<B>Radioligand Product</B>&#148; means any diagnostic or therapeutic product that contains
or comprises a radioactive isotope. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.169</B> &#147;<B>Receiving Party</B>&#148; has the meaning set forth in <U>Section&nbsp;12.1.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.170</B> &#147;<B>Region</B>&#148; each of [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.171</B> &#147;<B>Registrational Trial</B>&#148; means, [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.172</B> &#147;<B>Regulatory Approvals</B>&#148; means, collectively, any and all approvals (including supplements, amendments, <FONT
STYLE="white-space:nowrap">pre-</FONT> and post-approvals, pricing and reimbursement approvals), licenses, registrations, permits, notifications, and authorizations (including Marketing Authorizations and labeling authorizations) or waivers of any
Regulatory Authority that are necessary for the Exploitation of a pharmaceutical product (including any Licensed Compound or Licensed Product) in any country or jurisdiction, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.173</B> &#147;<B>Regulatory Authority</B>&#148; means any Governmental Authority that has
responsibility in its applicable jurisdiction over Exploitation of pharmaceutical products (including any Licensed Compound or Licensed Product) in a given jurisdiction. For countries where governmental approval is required for pricing or
reimbursement for a pharmaceutical product (including any Licensed Product) to be reimbursed by national health insurance (or its local equivalent), Regulatory Authority includes any Governmental Authority whose review or approval of pricing or
reimbursement of such product is required. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.174</B> &#147;<B>Regulatory Exclusivity</B>&#148; means, with respect to each Licensed Product in any
country in the Territory, a period of exclusivity (other than Patent exclusivity) granted or afforded by Applicable Law or by a Regulatory Authority in such country that confers exclusive marketing rights with respect to such Licensed Product in
such country, such as [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.175</B> &#147;<B>Regulatory Filings</B>&#148; means, collectively, any and all applications, filings, submissions,
approvals (including supplements, amendments, <FONT STYLE="white-space:nowrap">pre-</FONT> and post-approvals, pricing and reimbursement approvals), licenses, registrations, permits, notifications, and authorizations (including Marketing
Authorizations and other Regulatory Approvals) or waivers with respect to the Exploitation of a pharmaceutical product (including any Licensed Product) made to or received from any Regulatory Authority in a given country, including INDs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.176</B> &#147;<B>Replacement Collaboration Target</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.4</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.177</B> &#147;<B>Replacement Collaboration Target Nomination Fee</B>&#148; has the meaning set forth in <U>Section&nbsp;3.4</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.178</B> &#147;<B>Replacement Right Term</B>&#148; means, with respect to an Initial Collaboration Target, the period commencing on the applicable Target
Nomination Date and ending on [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.179</B> &#147;<B>Research</B>&#148; means, with respect to a Licensed Compound or Licensed Product, or other
product or therapy, any and all activities directed to researching, analyzing, testing, compound optimization, or related activities. &#147;<B>Researching</B>&#148; means to engage in Research. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.180</B> &#147;<B>Research Budget</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.4.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.181</B> &#147;<B>Research Collaboration Milestone Event</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.3.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.182</B> &#147;<B>Research Collaboration Milestone Payment</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.3.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.183</B> &#147;<B>Research Plan</B>&#148; has the meaning set forth in <U>Section&nbsp;4.4.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.184</B> &#147;<B>Research Program</B>&#148; has the meaning set forth in <U>Section&nbsp;4.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.185</B> &#147;<B>Research Term</B>&#148; has the meaning set forth in <U>Section&nbsp;4.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.186</B> &#147;<B>Research Term Commencement Date</B>&#148; has the meaning set forth in <U>Section&nbsp;4.3</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.187</B> &#147;<B>Restricted Person</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.5.7</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.188</B> &#147;<B>Reversion License</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;13.7.5(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.189</B> &#147;<B>Reversion Product</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;13.7.5(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.190</B> &#147;<B>Royalty</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.4.2.</U>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.191</B> &#147;<B>Royalty Term</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.4.1</U><U>.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.192</B> &#147;<B>Sanctioned Territory</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.5.7</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.193</B> &#147;<B>Sole Inventions</B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;9.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.194</B> &#147;<B>Sublicensee</B>&#148; means a Third Party that is granted a license or sublicense to Exploit Licensed Products in the Field in the
Territory, excluding [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.195</B> &#147;<B>Target</B>&#148; means [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.196</B> &#147;<B>Target Nomination Date</B>&#148; means, with respect to an Initial Collaboration Target, the date on which Lilly designates such Target
as a Collaboration Target in accordance with <U>Section</U><U></U><U>&nbsp;3.2</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.197</B> &#147;<B>Term</B>&#148; has the meaning set forth in
<U>Section&nbsp;13.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.198</B> &#147;<B>Terminated Target</B>&#148; means any Collaboration Target that becomes a &#147;Terminated Target&#148; in
accordance with the terms of this Agreement. For clarity, once a Collaboration Target becomes a &#147;Terminated Target,&#148; it shall no longer be a Collaboration Target for purposes of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.199</B> &#147;<B>Territory</B>&#148; means worldwide. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.200</B> &#147;<B>Therapeutic Product</B>&#148; means any Licensed Product that is not a Diagnostic Product. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.201</B> &#147;<B>Third Party</B>&#148; means any Person other than&nbsp;Lilly or Aktis (or their respective Affiliates). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.202</B> &#147;<B>TPP Criteria</B>&#148; means, with respect to a Collaboration Target and a Licensed Compound, the target product profile for advancement
of the applicable Licensed Compound to IND Candidate selection specified by Lilly in writing in the Research Plan following consultation with Aktis and approval by the JRC in accordance with <U>Section</U><U></U><U>&nbsp;2.5</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.203</B> &#147;<B>U.S.</B>&#148; means the United States of America and its territories and possessions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.204</B> &#147;<B>UPC <FONT STYLE="white-space:nowrap">Opt-In</FONT></B>&#148; means, with respect to a Patent that has previously been opted out of the
exclusive competence of the Unified Patent Court pursuant to Article 83(3) of the Agreement on a Unified Patent Court ((2013/C 175/01), 20.6.2013, OJEU 175/1), withdrawing the UPC <FONT STYLE="white-space:nowrap">Out-Out</FONT> of such Patent
pursuant to Article 83(4) of the Agreement on a Unified Patent Court. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.205</B> &#147;<B>UPC <FONT STYLE="white-space:nowrap">Opt-Out</FONT></B>&#148;
means, with respect to a Patent, opting such Patent out of the exclusive competence of the Unified Patent Court pursuant to Article 83(3) of the Agreement on a Unified Patent Court ((2013/C 175/01), 20.6.2013, OJEU 175/1). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.206</B> &#147;<B>U.S. GAAP</B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1.146</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.207</B> &#147;<B>Valid Claim</B>&#148; means [***]. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GOVERNANCE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.1</B> <B>Alliance Managers</B><B> and Project Managers</B>. No later than [***] following the Effective Date, each Party shall appoint
(a)&nbsp;one (1) individual of such Party (each, an &#147;<B>Alliance Manager</B>&#148;) who will ensure clear and responsive communication between the Parties, facilitate alliance governance meetings, and serve as the primary point of contact for
any issues arising under this Agreement and (b)&nbsp;one (1) individual of such Party (each, a &#147;<B>Project Manager</B>&#148;) who will serve as the primary
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> point of contact for the Parties to exchange information and coordinate activities under this Agreement. A Party&#146;s Alliance Manager may be the same
individual as a Party&#146;s Project Manager; provided that neither Party&#146;s Alliance Manager nor Project Manager may concurrently serve as a member of the JRC. Either Party may change its Alliance Manager or Project Manager upon prior written
notice to the other Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.2</B> <B>Joint Research Committee</B>. No later than [***] after the Effective Date, the Parties shall the Parties shall
establish a joint research committee (the &#147;<B>JRC</B>&#148;), which will oversee and manage the collaboration between the Parties under this Agreement and with respect to each Research Program. The JRC shall comprise [***] members designated as
representatives from each Party, or such other number as the Parties mutually agree, provided that the JRC shall at all times comprise an equal number of representatives from each Party. The JRC may establish subcommittees, as it deems necessary or
appropriate from time to time, to further the purposes of this Agreement. Each Party may change its representatives to the JRC, in its sole discretion, effective upon written notice to the other Party designating such change. The representatives
from each Party shall be employees of such Party, who are bound by customary agreements of confidentiality and assignment of invention, the terms of which are consistent with the terms of this Agreement and the satisfaction of such Party&#146;s
obligations hereunder. The representatives of each Party shall have appropriate levels of seniority, decision-making authority, technical credentials, experience and knowledge pertaining to, and ongoing familiarity with, the Research and applicable
Research Programs. One of the representatives from each Party on the JRC shall be designated as a <FONT STYLE="white-space:nowrap">co-chair</FONT> of the JRC (each, a &#147;<B>JRC <FONT STYLE="white-space:nowrap">Co-Chair</FONT></B>&#148;). A JRC <FONT
STYLE="white-space:nowrap">Co-Chair</FONT> shall not have any extra or additional vote at the JRC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.3</B> <B>Function and Powers of the JRC</B>. The
JRC will: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.4</B>
<B>Meetings</B>. The JRC will meet [***] or at another frequency agreed by the Parties for so long as the JRC remains in effect. The JRC may conduct such meetings by telephone, videoconference, or in person. Each JRC
<FONT STYLE="white-space:nowrap">Co-Chair</FONT> may call special meetings of the JRC with at least [***] prior written notice, or a shorter time period in exigent circumstances, to resolve particular matters requested by a Party that are within the
purview of the JRC. Meetings of the JRC are effective only if at least one representative of each Party participates in such meeting. Each Alliance Manager and Project Manager shall be permitted to attend meetings of the JRC, and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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any JRC subcommittee, as a <FONT STYLE="white-space:nowrap">non-voting</FONT> observer. Each Party may invite a reasonable number of other participants, in addition to its representatives, to
attend JRC meetings in a <FONT STYLE="white-space:nowrap">non-voting</FONT> capacity; provided<I>, </I>that if either Party intends to have any Third Party (including any consultant) attend such a meeting, such Party shall obtain prior written
consent from the other Party&#146;s JRC <FONT STYLE="white-space:nowrap">Co-Chair.</FONT> Such Party shall ensure that such Third Party is bound by confidentiality and <FONT STYLE="white-space:nowrap">non-use</FONT> obligations consistent with the
terms of this Agreement. Each Party is responsible for its own expenses incurred in connection with participating in and attending all such meetings. The JRC <FONT STYLE="white-space:nowrap">Co-Chairs</FONT> will be responsible for calling meetings
of the JRC. The JRC <FONT STYLE="white-space:nowrap">Co-Chairs</FONT> will be responsible for circulating agendas, drafting and distributing minutes of JRC meetings, and performing administrative tasks required to assure efficient operation of the
JRC, all of which tasks a JRC <FONT STYLE="white-space:nowrap">Co-Chair</FONT> may delegate to her respective Party&#146;s Alliance Manager. The minutes of each JRC meeting shall record in writing all decisions made, action items assigned or
completed and other appropriate matters. The JRC <FONT STYLE="white-space:nowrap">Co-Chairs</FONT> shall alternate responsibility for preparation of such meeting minutes and shall send draft meeting minutes to all members of the JRC promptly after a
meeting for review. Such minutes shall be effective only after such minutes have been approved by both JRC <FONT STYLE="white-space:nowrap">Co-Chairs</FONT> in writing. Definitive minutes of all JRC meetings shall be finalized no later than [***]
after the meeting to which the minutes pertain, subject to the dispute resolution process with respect to a JRC Dispute set forth in <U>Section</U><U></U><U>&nbsp;2.5</U>. The Parties acknowledge and agree that, notwithstanding the requirements of
this <U>Section&nbsp;2.4</U> for the JRC to meet [***], the Parties shall communicate and meet (as appropriate, including via the Project Managers) on a more informal basis as needed to discuss the progress of the Research Programs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.5</B> <B>JRC Decisions</B>. The JRC will make decisions by [***]. If after good faith attempts to amicably resolve any disagreement, the JRC cannot reach
consensus or a dispute arises within its authority that cannot be resolved within the JRC (each, a &#147;<B>JRC Dispute</B>&#148;), then either Party may refer such JRC Dispute to the Executive Officers for resolution. If the Executive Officers
cannot reach a consensus agreement with respect to a JRC Dispute within [***] after attempted resolution by the Executive Officers, then the Parties shall resolve such JRC Dispute as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.6</B> <B>Authority</B>. The Alliance
Managers, the Project Mangers, the JRC, the JRC <FONT STYLE="white-space:nowrap">Co-Chairs,</FONT> and each subcommittee of the JRC have only the powers assigned expressly to them in this <U>Article</U><U></U><U>&nbsp;2</U> and elsewhere in this
Agreement (or in the case of JRC subcommittees, as expressly assigned to them by the JRC within the purview of the JRC). Each Party retains the rights, powers, and discretion granted to it under this Agreement and neither Party may delegate or vest
such rights, powers, or discretion in the Alliance Managers, the Project Managers, the JRC, the JRC <FONT STYLE="white-space:nowrap">Co-Chairs,</FONT> or any JRC subcommittee, unless expressly provided for in this Agreement or the Parties expressly
so agree in writing. The JRC shall not have the power to amend, waive or modify any term of this Agreement, and no decision of the JRC may be in contravention of any terms and conditions of this Agreement, including provisions where mutual agreement
by the Parties is expressly required. It is understood and agreed that issues to be formally decided by the JRC are limited to those specific issues that are expressly provided in this Agreement to be decided by the JRC. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.7</B> <B>Discontinuation of JRC</B>. The JRC will remain in effect on a Research <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Program-by-Research</FONT></FONT> Program basis until the date that is [***] following the expiration or termination of the Research Term for such Research Program and will disband entirely
following the expiry of such [***] period in connection with the final Research Program. Upon disbandment of the JRC (a)&nbsp;neither the JRC, the Alliance Mangers nor the Project Managers shall have further responsibilities for the applicable
Research Program (if the disbandment is on a Research <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Program-by-Research</FONT></FONT> Program basis) or under this Agreement (if the disbandment is in its entirety) and (b)&nbsp;as
between the Parties, Lilly shall have the sole control over the further Exploitation of the Licensed Compounds and Licensed Products, including any matters previously allocated to the JRC. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COLLABORATION
TARGETS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.1</B> <B>General</B>. Subject to the gatekeeping process set forth in <U>Section</U><U></U><U>&nbsp;3.3</U> to ensure a Target proposed
by Lilly is available to be a Collaboration Target, Lilly may designate up to [***] Initial Collaboration Targets and replace the Initial Collaboration Targets with Replacement Collaboration Targets, in each case, subject to and in accordance with
this <U>Article</U><U></U><U>&nbsp;3</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.2</B> <B>Initial Collaboration Targets</B>. Lilly may designate up to [***] initial Collaboration Targets
(such Targets, the &#147;<B>Initial Collaboration Targets</B>&#148;). [***]. Lilly shall forfeit the right to nominate an Initial Collaboration Target (and to replace such Initial Collaboration Target) if such nomination is not made within the time
period set forth in the immediately preceding sentence, unless the foregoing time periods are extended by mutual written agreement of the Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.3</B> <B>Gatekeeper Process</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>3.3.1
Gatekeeper</B>. Promptly following the Effective Date, the Parties shall jointly engage an independent attorney mutually acceptable to the Parties to serve as a gatekeeper (the &#147;<B>Gatekeeper</B>&#148;) through which Aktis may identify Excluded
Targets and Lilly may inquire as to whether any Target that Lilly would like to designate as a Collaboration Target (whether as an Initial Collaboration Target pursuant to <U>Section</U><U></U><U>&nbsp;3.2</U>, or a Replacement Collaboration Target
pursuant to <U>Section</U><U></U><U>&nbsp;3.4</U>) is an Excluded Target at such time. Aktis and Lilly shall cause the Gatekeeper to enter into a customary confidentiality agreement that includes confidentiality obligations at least as stringent as
the provisions set forth in <U>Article</U><U></U><U>&nbsp;12</U> and that prohibits the Gatekeeper from disclosing to Aktis any Confidential Information of Lilly, including the identity of a Target that is or was the subject of any inquiry by Lilly,
and from disclosing to Lilly any Confidential Information of Aktis other than whether a Target proposed by Lilly is available as a Collaboration Target. The initial Gatekeeper will be [***], whom the Parties have acknowledged and agreed is
independent. <B></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>3.3.2 Gatekeeper Procedures</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) Commencing on the Effective Date and in accordance with the applicable timeframe set forth in <U>Section</U><U></U><U>&nbsp;3.2</U>, and
ending upon the expiry of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">last-to-expire</FONT></FONT> Replacement Right Term as set forth in <U>Section</U><U></U><U>&nbsp;3.4</U>, Lilly may, at its discretion, propose Targets
for collaboration hereunder (each a &#147;<B>Proposed Target</B>&#148;) from time to time to the Gatekeeper, [***]. Upon receipt of an inquiry, the Gatekeeper shall notify Aktis as soon as practicable of such inquiry by Lilly without disclosing the
identity of the Proposed Targets, after which Aktis will have [***] to provide the Gatekeeper with the current list of Excluded Targets. Within [***] of receipt of the updated list of Excluded Targets from Aktis, the Gatekeeper shall compare the
Proposed Target(s) against the Excluded Target list provided by Aktis and inform Lilly in writing whether the Proposed Target(s) is or is not an Excluded Target. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) If the Gatekeeper confirms that a Proposed Target is not an Excluded Target (each, an
&#147;<B>Available Proposed Target</B>&#148;), then, within [***] of Lilly&#146;s receipt of such confirmation, (i)&nbsp;Lilly shall provide written notice to Aktis specifying the following (such notice, the &#147;<B>Available Proposed Target
Nomination Notice</B>&#148;): (1) the identity of the Available Proposed Target (if not already disclosed to Aktis by Lilly), (2) whether Lilly desires such Proposed Target be an Initial Collaboration Target or Replacement Collaboration Target and
(3)&nbsp;if Lilly desires such Available Proposed Target to be a Replacement Collaboration Target, the identity of the Collaboration Target Lilly desires to replace, and (ii)&nbsp;such Available Proposed Target shall be deemed an Initial
Collaboration Target or a Replacement Collaboration Target, as applicable. For clarity, Lilly&#146;s selection of an Available Proposed Target as an Initial Collaboration Target or Replacement Collaboration Target is subject to the terms and
conditions of <U>Section</U><U></U><U>&nbsp;3.2</U> or <U>Section</U><U></U><U>&nbsp;3.4</U>, respectively. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(c) If the Gatekeeper confirms
that a Proposed Target is an Excluded Target, (i)&nbsp;the Proposed Target shall not become a Collaboration Target under this Agreement, (ii)&nbsp;Lilly shall not forfeit its rights to nominate an Initial Collaboration Target or Replacement
Collaboration Target and, at Lilly&#146;s discretion, Lilly shall have the right to propose additional Proposed Targets by going through the process set forth in this <U>Section</U><U></U><U>&nbsp;3.3</U> again; and (iii)&nbsp;for Proposed Targets
nominated to be a Replacement Collaboration Target, the Collaboration Target that Lilly wished to replace shall continue until the end of its Research Term unless subsequently replaced. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(d) [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.4</B> <B>Replacement
Collaboration Targets</B>. On an Initial Collaboration <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Target-by-Initial</FONT></FONT> Collaboration Target basis, during the Replacement Right Term for a given Initial Collaboration
Target, Lilly shall have [***], to replace such Initial Collaboration Target with an Available Proposed Target (each, a &#147;<B>Replacement Collaboration Target</B>&#148;). [***] for each Replacement Collaboration Target in accordance with
<U>Section</U><U></U><U>&nbsp;8.2</U>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESEARCH AND <FONT STYLE="white-space:nowrap">PRE-CLINICAL</FONT> DEVELOPMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.1</B> <B>Overview and Responsibilities</B>. During the Research Term for each Collaboration Target, Aktis and Lilly shall collaborate on Research and <FONT
STYLE="white-space:nowrap">Pre-Clinical</FONT> Development of Licensed Compounds Directed To such Collaboration Target, in each case leveraging the Aktis Platform (each, a &#147;<B>Research Program</B>&#148;). Each Research Program will be conducted
in accordance with the applicable Research Plan for such Research Program. During the Research Term for each Collaboration Target, each Party shall lead and be primarily responsible for all activities assigned to such Party in the applicable
Research Plan for such Research Program. Except as otherwise mutually agreed by the Parties, as of the Effective Date, each Party&#146;s expected roles and responsibilities in connection with each Research Program are set forth on <U>Exhibit
4.1</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.2</B> <B>Diligence Efforts; Research Plan Costs</B>.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.2.1 </B><B>Research Plan Diligence</B>. Each Party shall, in a good scientific manner and in compliance with Applicable Law, and
applicable GLPs, execute and perform, or cause to be performed, the Research, <FONT STYLE="white-space:nowrap">Pre-Clinical</FONT> Development, and other activities assigned to it in each Research Plan, in each case, using its Commercially
Reasonable Efforts to achieve the desired outcome for such activities, including, in the case of Aktis, using Commercially Reasonable Efforts to discover, develop and transfer to Lilly, Licensed Compounds satisfying the TPP Criteria. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.2.2 </B><B>Research Plan Costs</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding <U>Section&nbsp;4.2.1</U>, on a Research
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Plan-by-Research</FONT></FONT> Plan basis, Aktis shall not be required to perform, or cause to be performed, any activities under a Research Plan to the extent such performance would
cause Aktis to incur [***] (such amount, on a per Research Plan basis, &#147;<B>Development Cost Cap</B>&#148;); provided, that after incurring costs in connection with performing activities under a given Research Plan up to the Development Cost
Cap, upon Lilly&#146;s written request, Aktis shall continue to perform, or cause to be performed, activities under such Research Plan, subject to <U>Section</U><U></U><U>&nbsp;4.2.2(b)</U>. Aktis shall notify Lilly [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) Subject to the remainder of this <U>Section</U><U></U><U>&nbsp;4.2.2</U>, Lilly shall reimburse Aktis for the reasonable and documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Out-of-Pocket</FONT></FONT> Costs and FTE Costs that Aktis actually incurs in excess of the Development Cost Cap (such excess costs, &#147;<B>Excess Development Costs</B>&#148;) and that
are within the applicable Research Budget in the performance of activities assigned to Aktis under an applicable Research Plan. Aktis shall calculate and maintain records in Aktis&#146; then-current accounting systems of FTE Costs (on an employee
allocation basis) and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Out-of-Pocket</FONT></FONT> Costs incurred with respect to the Research Plan [***], unless otherwise agreed by the Parties in writing. Aktis shall notify Lilly
[***] and the Parties shall discuss the matter at the JRC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(c) Within [***] after the end of each Calendar Quarter during which Aktis
incurs any costs for which Lilly is responsible under <U>Section</U><U></U><U>&nbsp;4.2.2(b)</U>, Aktis shall provide Lilly an invoice setting forth the Excess Development Costs incurred by or on behalf of Aktis during such Calendar Quarter, along
with a summary report of such Excess Development Costs, which report shall specify in reasonable detail all amounts included in the Excess Development Costs during such Calendar Quarter, including FTE Costs and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Out-of-Pocket</FONT></FONT> Costs [***], unless otherwise agreed by the Parties in writing. Upon Lilly&#146;s request, Aktis shall provide copies of any invoices or other supporting documentation for any payment (or series
of payments) to a Third Party that exceeds [***]. Lilly shall reimburse Aktis for all undisputed Excess Development Costs set forth in the applicable invoice within [***] after Lilly&#146;s receipt thereof; provided, that if Lilly disputes any
portion of such invoice, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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it shall pay Aktis the undisputed Excess Development Costs and shall provide Aktis with written notice of the disputed portion and its reasons therefor, and Lilly shall not be obligated to pay
such disputed portion unless and until such dispute is resolved in Aktis&#146;s favor. The Parties shall use good faith efforts to resolve any such disputes promptly. <U>Section</U><U></U><U>&nbsp;8.6.2</U> shall apply <I>mutatis mutandis</I> to
Aktis&#146;s records pertaining to its FTE Costs and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Out-of-Pocket</FONT></FONT> Costs incurred with respect to the Research Plan, with Lilly being entitled to undertake the audit of
Aktis and with any remedies accordingly flowing to Lilly. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.3</B> <B>Research Term</B>. Each Research Program for a given Collaboration Target will be
conducted for a period commencing on the date on which a Target becomes a Collaboration Target in accordance with <U>Article</U><U></U><U>&nbsp;3</U> (each, a &#147;<B>Research Term Commencement Date</B>&#148;), and continuing until the earliest to
occur of: [***] (each such period, the &#147;<B>Research Term</B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.4</B> <B>Research Plans</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.4.1 Content</B>. The Parties shall conduct each<U> </U>Research Program for a given Collaboration Target pursuant to a <FONT
STYLE="white-space:nowrap">JRC-approved</FONT> comprehensive written research plan (each, a &#147;<B>Research Plan</B>&#148;) that sets forth, for each Research Program: [***] (the &#147;<B>Research Budget</B>&#148;). Each Research Plan will include
activities designed to accomplish the following: discovery, selection and optimization of Licensed Compounds; selection of one or more Lead Candidates; and selection of an IND Candidate; in each case, in a manner consistent with <U>Exhibit 4.1</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.4.2 Approval</B>. Each Research Plan for each Initial Collaboration Target and any Replacement Collaboration Target shall be prepared
by Aktis and presented to the JRC no later than [***] after the date on which the applicable Target has been designated as a Collaboration Target in accordance with <U>Article</U><U></U><U>&nbsp;3</U>. Each such Research Plan shall be reviewed by
the JRC and each Party&#146;s JRC representatives may propose, acting in good faith, reasonable comments to each such Research Plan. Each Party&#146;s representatives shall not unreasonably object to addressing the other Party&#146;s reasonable
comments to the Research Plan. Each Research Plan must be approved by the JRC (following any applicable adjustments) no later than [***] after the date on which Aktis presents to the JRC an applicable Research Plan; provided that, the JRC shall
[***] after the date on which Aktis presents the initial Research Plan to the JRC to approve such initial Research Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.4.3
Amendments</B>. The JRC shall regularly review the Research Plans (including the coordination of the activities across Research Programs and to account for the number of active Research Plans at any given time) and the progress of activities being
conducted under the Research Plans, in no event less frequently than [***]. Either Party, acting in good faith, may propose amendments to the Research Plan for a particular Research Program, which amendments shall be reviewed by the JRC. Such
amendments will be effective upon JRC approval and subject to the decision making process set forth in <U>Section</U><U></U><U>&nbsp;2.5</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.5</B> <B>Candidate Selections</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.5.1 Lead Candidate Selection</B>. Aktis shall provide a written report to the JRC when it in good faith believes that a Licensed Compound
has achieved the applicable Lead Candidate Criteria. Thereafter, Aktis shall provide promptly to the JRC all data and information in Aktis&#146; possession and control in support thereof that is [***] for the JRC to confirm that such Licensed
Compound has achieved the applicable Lead Candidate Criteria. Aktis shall provide promptly to the JRC any supplementary data or information in Aktis&#146; possession and control as may be requested by either of the JRC
<FONT STYLE="white-space:nowrap">Co-Chairs.</FONT> The JRC shall [***] discuss and evaluate such report and such data and information to determine whether or not the Licensed Compound has achieved the applicable Lead Candidate Criteria. In the event
that the JRC determines that a Licensed Compound has achieved the Lead Candidate Criteria, then (a)&nbsp;such event shall be recorded in the minutes of the JRC, (b)&nbsp;such Licensed Compound shall be deemed a Lead Candidate and (c)&nbsp;Lilly
shall pay the Research Collaboration Milestone Payment corresponding to the Lead Candidate Milestone in accordance with <U>Section</U><U></U><U>&nbsp;8.3.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.5.2 Development Candidate Selection</B>. Aktis shall provide a written report to the JRC when it in good faith believes that a Licensed
Compound has achieved the applicable Development Candidate Criteria. Thereafter, Aktis shall provide promptly to the JRC all data and information in Aktis&#146; possession and control in support thereof that is [***] for the JRC to confirm that such
Licensed Compound has achieved the applicable Development Nomination Criteria. Aktis shall provide promptly to the JRC any supplementary data or information in Aktis&#146; possession and control as may be requested by either of the JRC <FONT
STYLE="white-space:nowrap">Co-Chairs.</FONT> The JRC shall [***] discuss and evaluate such report and such data and information to determine whether or not the Licensed Compound has achieved the applicable Development Candidate Criteria. In the
event that the JRC determines that a Licensed Compound has achieved the Development Candidate Criteria, then (a)&nbsp;such event shall be recorded in the minutes of the JRC and (b)&nbsp;such Licensed Compound shall be deemed a Development Candidate.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4.5.3 IND Candidate Selection</B>. Aktis shall provide a written report to the JRC when it in good faith believes that a Licensed
Compound has achieved the applicable TPP Criteria. Thereafter, Aktis shall provide promptly to the JRC all data and information in Aktis&#146; possession and control in support thereof that is [***] for the JRC to confirm that such Licensed Compound
has achieved the applicable TPP Criteria. Aktis shall provide promptly to the JRC any supplementary data or information in Aktis&#146; possession and control as may be requested by either of the JRC <FONT STYLE="white-space:nowrap">Co-Chairs</FONT>
The JRC shall [***] discuss and evaluate such report and such data and information to determine whether or not the Licensed Compound has achieved the applicable TPP Criteria. In the event that the JRC determines that a Licensed Compound has achieved
the TPP Criteria, then (a)&nbsp;such event shall be recorded in the minutes of the JRC and (b)&nbsp;such Licensed Compound shall be deemed an IND Candidate. Notwithstanding the foregoing, on a Research <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Program-by-Research</FONT></FONT> Program basis, should Lilly take over the performance of a Research Plan in its entirety pursuant to <U>Section</U><U></U><U>&nbsp;4.6</U>, and the JRC has been disbanded pursuant to
<U>Section</U><U></U><U>&nbsp;2.7</U>, Lilly shall [***] notify Aktis in writing upon a Licensed Compound becoming an IND Candidate with respect to such Research Program, which notice shall include the date on which such Licensed Compound became an
IND Candidate hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.6</B> <B>Licensed Decoys</B>. If during the applicable Research Term or, if such Research Term has not
expired pursuant to <U>Section</U><U></U><U>&nbsp;4.3(b)</U> or <U>Section</U><U></U><U>&nbsp;4.3(d),</U> [***], the Parties determine that one or more Decoys [***] to enable the clinical development of a Licensed Compound, then the Parties shall
negotiate in good faith to enter into a separate agreement related to the Development and Commercialization of one of more Licensed Decoys in accordance with the terms set forth on <U>Exhibit 4.6</U>. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.7</B> <B>Lilly</B><B> Performance</B>. <I></I>After a Licensed Compound is deemed a Development Candidate in accordance with
<U>Section</U><U></U><U>&nbsp;4.5.2</U>,<I> </I>Lilly will have the right, upon [***] written notice to Aktis, to take over the conduct of [***] activities that were previously assigned to Aktis in a given Research Plan for such Development
Candidate, outside the scope of the JRC and at Lilly&#146;s own cost and expense. [***]. If Lilly takes over the performance of any Aktis activities pursuant to this <U>Section</U><U></U><U>&nbsp;4.7</U> such activities previously assigned to Aktis
shall be deemed assigned to Lilly. Notwithstanding Lilly taking over such activities, it shall remain responsible for [***] milestones and royalties with respect to Licensed Compounds and Licensed Products as provided for in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.8</B> <B>Imaging and Dosimetry Assessment</B>. If Aktis performs any Imaging and Dosimetry Assessment, then it shall be responsible for submitting any
Regulatory Filings, as required, with respect thereto to applicable Regulatory Authorities and interacting with such Regulatory Authorities; [***]. Aktis shall ensure that (a) all applicable agreements required under Applicable Law will be obtained
from subjects of any Imaging and Dosimetry Assessments for performing such Imaging and Dosimetry Assessments, and (b)&nbsp;any written agreement pursuant to which Aktis obtains Control of data resulting from any Imaging and Dosimetry Assessments
permits the use, disclosure, sharing among the Parties, and processing of commercialization data, development data, regulatory data, safety data, product complaint data, and any other data resulting from such Imaging and Dosimetry Assessment,
including such that may contain personal information of individuals; [***]. At Lilly&#146;s reasonable request, the Parties shall cooperate to enter into any necessary joint controller agreements or controller-processor agreements with respect to
such personal information as necessary to comply with Applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.9</B> <B>Records</B>. Subject to the terms of this Agreement, including
<U>Article</U><U></U><U>&nbsp;9</U> and <U>Article</U><U></U><U>&nbsp;12</U><U>, </U>each Party shall maintain, or cause to be maintained, during the Research Term, complete and accurate records of the data and results generated by or on behalf of
such Party in connection with each Research Program, in sufficient detail and in a good scientific manner, compliant with GRPs, GLPs and appropriate for scientific, Patent, and regulatory purposes, which records will reasonably reflect all work
performed by or on behalf of such Party under the Research Plan for each Research Program. During the period that records are required to be maintained pursuant to this <U>Section</U><U></U><U>&nbsp;4.9</U>, Lilly shall have the right to review and
copy, upon reasonable notice, during normal business hours, and at Lilly&#146;s sole expense, any records referred to in this <U>Section</U><U></U><U>&nbsp;4.9</U> as may be necessary to conduct a compliance audit; provided that such records may be
redacted to protect information that is [***]. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.10</B> <B>Reports and Data Package</B>. Aktis shall provide [***] reports to the JRC setting forth a
summary of the data and results generated by or on behalf of Aktis under the Research Plan for each Research Program during the applicable Research Term, including data and results generated by or on behalf of Aktis in the performance of the
Research and <FONT STYLE="white-space:nowrap">Pre-Clinical</FONT> Development for such Research Program under this Agreement and a description of any materials, including deliverables set forth in the applicable Research Plan, transferred by Aktis
to Lilly. Aktis shall include in each such [***] report notice of any Licensed Compounds discovered, generated, conceived or developed by or on behalf of Aktis or any of its Affiliates during the applicable Research Term with respect to a
Collaboration Target, whether or not under the applicable Research Plan for a Research Program, and not included in a prior such [***] report. Aktis shall provide promptly to the JRC any supplementary data or information in Aktis&#146; possession
and control as may be requested by Lilly as [***] for the JRC to carry out its duties and obligations hereunder. In no case shall Aktis be required to transfer any results, data or other <FONT STYLE="white-space:nowrap">Know-How</FONT> relating to
the Aktis Platform and not relating to a Licensed Compound or Licensed Product. Lilly shall provide to Aktis, through the JRC, the data and results specified to be provided by Lilly to Aktis under the applicable Research Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.11</B> <B>Research Cost</B><B>s</B>. Subject to <U>Section</U><U></U><U>&nbsp;4.2.2(a)</U>, Aktis shall be solely responsible for all costs incurred in
its performance of Research and <FONT STYLE="white-space:nowrap">Pre-Clinical</FONT> Development activities pursuant to each applicable Research Plan, and Lilly shall be solely responsible for all costs incurred in its performance of Research and <FONT
STYLE="white-space:nowrap">Pre-Clinical</FONT> Development activities pursuant to each applicable Research Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.12</B> <B>Subcontracting</B>. Lilly
and Aktis ([***]) may each engage their respective Affiliates or Third Party subcontractors (including contract research organizations and contract manufacturing organizations) to perform such portions of their respective obligations under each
Research Plan. The activities of any such Third Party subcontractors will be considered activities of such subcontracting Party under this Agreement and under the applicable Research Plan. The subcontracting Party shall ensure compliance by such
Third Party subcontractors with the terms of this Agreement, including the applicable Research Plan. The subcontracting Party shall ensure, prior to engaging any Third Party subcontractor, that such Third Party subcontractor is subject to written
agreements containing terms and conditions that: (a)&nbsp;protect the rights of the Parties under this Agreement, including by imposing obligations of confidentiality on each such Third Party subcontractor that are no less stringent than the
obligations of confidentiality on each Party under this Agreement; (b)&nbsp;do not under any circumstance impose any payment obligations or liability on the <FONT STYLE="white-space:nowrap">non-subcontracting</FONT> Party; and (c)&nbsp;are otherwise
consistent with the terms of this Agreement, including <U>Article</U><U></U><U>&nbsp;6</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.13</B> <B>Materials</B>. In connection with each Research
Plan, and subject to the timing and further terms specified in such Research Plan, either Party or its Affiliates (the &#147;<B>Materials Provider</B>&#148;) may need to transfer certain Materials owned or Controlled by such Party or its Affiliates
to the other Party or its Affiliates (the &#147;<B>Materials Receiver</B>&#148;, and such Materials, &#147;<B>Provided Materials</B>&#148;). In each such case, the Parties will mutually agree on the terms of such material transfer. Any such Provided
Materials shall be accompanied by a materials transfer record substantially in the form of <U>Exhibit </U><U>4.13</U> and a safety data sheet to the extent one is available and relevant to the subject Provided Materials. In the event of such
transfer, unless otherwise agreed in writing, the Materials Provider shall be responsible for obtaining all necessary approvals or filings as required under Applicable Laws for the exportation and provision of any Provided Materials to the Materials
Receiver for use in accordance with the applicable Research Plan, and </P>
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the Materials Receiver shall be responsible for obtaining all necessary approvals or filings as required under Applicable Laws for their importation and use by the Materials Receiver. Other than
as expressly provided under this Agreement and under the applicable Research Plan, Lilly does not grant to Aktis or its Affiliates any rights or licenses in or to Lilly&#146;s Provided Materials and Aktis does not grant to Lilly or its Affiliates
any rights or licenses in or to Aktis&#146; Provided Materials. Following the end of the applicable Research Term or termination of this Agreement either in its entirety or as to a particular Collaboration Target, Licensed Compound or Licensed
Product, the Materials Receiver must destroy (except to the extent required under Applicable Law) any and all records, copies and other tangible embodiments of Provided Materials specific to the corresponding Research Plan and still in its
possession, and shall certify such destruction to the Materials Provider in a written notice within [***] of the end of such applicable Research Term, excluding, for clarity, any Provided Materials in the possession, custody or control of Lilly that
incorporate or embody the Licensed Compounds or Licensed Products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.14</B> <B>Certain Standards Applicable to Work</B>. All Research and <FONT
STYLE="white-space:nowrap">Pre-Clinical</FONT> Development conducted by either Party for <FONT STYLE="white-space:nowrap">non-regulated</FONT> work under this Agreement will be conducted in accordance with the Research Plan(s), Eli Lilly and Company
Good Research Practices, Eli Lilly and Company Animal Care and Use Requirement for Animal Researchers and Suppliers and all Applicable Laws, including those regarding data privacy and data security laws and regulations. For purposes of this
Agreement, &#147;<B>Eli Lilly and Company Good Research Practices</B>&#148; means the compiled set of shared research quality standards defining how Lilly&#146;s research laboratories conduct good science for
<FONT STYLE="white-space:nowrap">non-regulated</FONT> work as set forth in <U>Exhibit <FONT STYLE="white-space:nowrap">4.14-</FONT> Part A</U>. For purposes of this Agreement, &#147;<B>Eli Lilly and Company Animal Care and Use Requirement for Animal
Researchers and Suppliers</B>&#148; means the guidelines relating to animal care and use for research done on behalf of Lilly as set forth in <U>Exhibit <FONT STYLE="white-space:nowrap">4.14-</FONT> Part B</U>. [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.15</B> <B>Health and Safety</B>. Each Party shall be solely responsible for the safety and health of its employees, consultants, contractors, and
visitors, and for compliance with all Applicable Laws related to health, safety and the environment, including providing its employees, consultants, contractors and visitors with all required information and training concerning any potential hazards
involved in performing such activities and any precautionary measures to protect them from any such hazards. Each Party shall train its personnel assigned to perform activities under this Agreement to ensure compliance with the any Research Plans
and ensure that any personnel so assigned shall be capable of professionally and competently performing the activities assigned to such Party in any Research Plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.16</B> <B>Audit Rights</B>. On a Research <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Program-by-Research</FONT></FONT> Program
basis, Lilly shall have the right, during the applicable Research Term, to arrange with Aktis for Lilly&#146;s employees, consultants and contractors involved in activities related to the Exploitation or Licensed Compounds and Licensed Products as
contemplated by this Agreement to visit the offices and laboratories of Aktis and any of its Third Party subcontractors (to the extent such subcontractors perform activities under a Research Plan that are required to be GLP compliant, or compliant
with the requirements set forth in <U>Section</U><U></U><U>&nbsp;4.14</U>) during normal business hours and upon reasonable advance written notice, and to discuss the Research Plan(s), activities relating thereto, and the results thereof in detail
with Aktis&#146; technical employees, consultants and contractors. Additionally, Lilly and its representatives may conduct compliance audits of Aktis or Aktis&#146; Affiliates and such Third Party subcontractors (to the extent such subcontractors
perform activities under a Research </P>
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Plan that are required to be GLP compliant, or compliant with the requirements set forth in <U>Section</U><U></U><U>&nbsp;4.14</U>) and their respective facilities, engaged in activities related
to the Research Plan that are required to be <FONT STYLE="white-space:nowrap">GLP-compliant,</FONT> or compliant with the requirements set forth in <U>Section</U><U></U><U>&nbsp;4.14</U>, to ensure compliance with applicable GLP or GRP requirements;
provided that Lilly shall (a)&nbsp;provide written notice of at least [***] with respect to such audits and (b)&nbsp;conduct such audits during normal business hours, using reasonable efforts to not unreasonably interfere with Aktis&#146; or its
applicable Affiliates&#146; or Third Party subcontractors&#146; operations. Each of the audits permitted under this <U>Section</U><U></U><U>&nbsp;4.16</U> shall occur no more frequently than [***] and no more than once with respect to any period so
reviewed; [***]. All audits under this <U>Section</U><U></U><U>&nbsp;4.16</U> will be of scale, scope and duration reasonable for the circumstances, provided that Lilly shall be responsible for its costs associated with such audits and shall
reimburse Aktis for all of Aktis&#146; reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs incurred to comply with this <U>Section</U><U></U><U>&nbsp;4.16</U>, [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.17</B> <B>Inspections by </B><B>Governmental Authority</B>. On a Research
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Program-by-Research</FONT></FONT> Program basis, Aktis shall promptly notify Lilly if (a)&nbsp;during the applicable Research Term or within [***] thereafter, any Governmental
Authority or Regulatory Authority conducts or gives notice to Aktis of its intent to conduct an inspection (other than a routine health or safety inspection), investigation, or audit at any facility in [***] or (b)&nbsp;during the applicable
Research Term or thereafter, any Governmental Authority or Regulatory Authority conducts or gives notice to Aktis of its intent to take any other regulatory action [***]. Lilly shall have the right to consult with and offer reasonable guidance to
Aktis concerning the manner in which Aktis fulfills its obligations to permit such inspection or audit by any such Governmental Authority or Regulatory Authority, and to be present at such inspections as a silent observer and to review in advance
responses given to such Governmental Authority or Regulatory Authority by Aktis, in each case, to the extent not prohibited by Applicable Law, subject to any applicable confidentiality obligations of Aktis to any Third Party and subject to
Aktis&#146; right not to disclose to Lilly [***]. Aktis agrees to promptly inform Lilly of the issuance of any FDA Form 483 or any equivalent regulatory action by any other Regulatory Authority concerning any aspect of a Research Program. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 5 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FURTHER
DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.1</B> <B>Material and Information Transfer; Cooperation</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>5.1.1</B> <B>Material and Information Transfer</B>. On a Research
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Program-by-Research</FONT></FONT> Program basis, for a period of [***] after the end of the applicable Research Term, Aktis shall transfer to Lilly (or its designee), in such form and
format as Lilly may reasonably request (including by providing copies thereof), (a) all <FONT STYLE="white-space:nowrap">Know-How</FONT> generated under the applicable Research Program or that is Controlled by Aktis and otherwise necessary or useful
to enable Lilly&#146;s full practice of the licenses set forth in <U>Section</U><U></U><U>&nbsp;6.1,</U> and in each case was not previously transferred to Lilly hereunder and excluding any <FONT STYLE="white-space:nowrap">Know-How</FONT> relating
to the Aktis Platform IP and not related to a Licensed Compound or Licensed Product, and (b)&nbsp;all quantities (other than customary minimum amounts reasonably retained for audit or compliance purposes) of Licensed Compound generated under such
Research Program and in Aktis&#146; or its Affiliate&#146;s or subcontractor&#146;s possession (such transfer, a &#147;<B>Material and Information Transfer</B>&#148;). Notwithstanding anything to the contrary herein, in no case shall Aktis be
required to disclose or otherwise transfer to Lilly any <FONT STYLE="white-space:nowrap">Know-How</FONT> that comes into Control of Aktis or its Affiliate(s) after the end of the applicable Research Term. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>5.1.2</B> <B>Cooperation</B>. In addition to and not in limitation of Aktis&#146;
obligations set forth in <U>Section</U><U></U><U>&nbsp;5.4</U> and <U>Section</U><U></U><U>&nbsp;5.6</U>, on a Research <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Program-by-Research</FONT></FONT> Program basis, for a period
of [***] after completion of the Material and Information Transfer (but in no even more than [***] after the end of the applicable Research Term), upon Lilly&#146;s reasonable request, and without further compensation, Aktis will provide technical
assistance to Lilly to support each such Material and Information Transfer under this Agreement for up to [***] of consultation, including (a)&nbsp;providing reasonable access to Aktis personnel (and personnel of its Affiliates) involved in the
Research and <FONT STYLE="white-space:nowrap">Pre-Clinical</FONT> Development of Licensed Compounds and Licensed Products and (b)&nbsp;using Commercially Reasonable Efforts to provide reasonable access by teleconference to personnel of Aktis&#146;
Third Party subcontractors included in such Research and <FONT STYLE="white-space:nowrap">Pre-Clinical</FONT> Development of Licensed Compounds and Licensed Products who may have information not then in the possession of Aktis or its Affiliates. For
assistance in excess of [***] and for any reasonable and documented amounts charged by Aktis&#146; subcontractors, Aktis will invoice Lilly for FTE Costs for any FTE hours and [***] costs and expenses incurred by Aktis in connection with such
technical support with respect to the Material and Information Transfer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.2</B> <B>Diligence </B><B>Efforts and Annual Reports</B>. Following the end
of the applicable Research Term for a Research Program from which an IND Candidate has been generated, or, following the date Lilly takes over the activities in a Research Program in accordance with <U>Section</U><U></U><U>&nbsp;4.7</U>, as
applicable (except in the case that Lilly takes over the activities under a Research Plan as a result of Aktis&#146; failure to perform such Research Plan in material compliance with the then-current timelines), Lilly shall use Commercially
Reasonable Efforts to Develop, obtain Regulatory Approval for, and Commercialize (following receipt of Regulatory Approval) [***]. After the termination of the JRC in accordance with <U>Section 2.7</U>, and until [***], Lilly, by [***], shall
provide Aktis a [***]<U>.</U><U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.3</B> <B>Clinical Development Responsibilities</B>. Following the end of each applicable Research Term, as
between the Parties, Lilly shall have the sole right to conduct, and be solely responsible for, as between the Parties, at its sole cost, the Exploitation of all Licensed Compounds and Licensed Products arising from such Research Program, including
for preparation and submission of any applicable IND filing and any other Regulatory Filings. As between the Parties, and subject to the terms and conditions of this Agreement, all decisions concerning the foregoing, including the clinical and
regulatory strategy of Licensed Products covered under this Agreement, will be within the sole discretion of Lilly. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.4</B> <B>Regulatory
Responsibilities</B>. As between the Parties, Lilly shall have sole responsibility for and control of the preparation, submission, and maintenance of all Regulatory Filings and obtaining Regulatory Approvals (including the preparation and submission
of the IND filing and for seeking IND approval) with respect to Licensed Compounds and Licensed Products, and shall have sole control over all interactions with the applicable Regulatory Authority, in each case, at its sole cost and expense. Aktis
shall, at Lilly&#146;s reasonable request, reasonably cooperate with Lilly with respect to any regulatory matters related to the Licensed Compounds and Licensed Products, including providing all documents or other materials generated by or on behalf
of Aktis under the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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applicable Research Program [***] for Lilly to obtain and maintain Regulatory Approvals for the Licensed Compounds and Licensed Products and attending meetings with Regulatory Authorities with
respect to such documents or materials, provided that Lilly shall reimburse Aktis for all of Aktis&#146; [***] costs in connection with the foregoing obligations. Lilly will own all right, title and interest in and to any and all Regulatory Filings
and Regulatory Approvals for Licensed Compounds and Licensed Products and, as between the Parties, all such Regulatory Filings and Regulatory Approvals will be held in the name of Lilly. Aktis shall execute all documents and take all actions as
[***] requested by Lilly to vest such title in Lilly. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.5</B> <B>Adverse Event Reporting</B>. As between the Parties, Lilly shall establish, hold, and
maintain the global safety database for Licensed Products with respect to information on adverse events concerning the Licensed Products, as and to the extent required by Applicable Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.6</B> <B>Recalls, Suspensions or Withdrawals</B>. As between the Parties, Lilly shall have the right to make all determinations with respect to and to
implement any recall, market suspension or market withdrawal with respect to a Licensed Compound or Licensed Product in the Territory. [***].</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.7</B>
<B>Commercialization</B>. As between the Parties, Lilly shall have the sole right and responsibility for, and shall bear all costs associated with, the Manufacturing and Commercialization of Licensed Compounds and Licensed Products, including
distribution, marketing, and sales activities. All decisions concerning Manufacturing and Commercialization of Licensed Compounds and Licensed Products, including the marketing and sales of Licensed Compounds and Licensed Products, and the design,
price, and promotion of Licensed Compounds and Licensed Products, shall be within Lilly&#146;s sole discretion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.8</B> <B>Standards of Conduct</B>.
Lilly shall perform, and shall ensure that its Affiliates, and shall use Commercially Reasonable Efforts to ensure that its and their Sublicensees and Third Party contractors, perform, its Development and Commercialization activities with respect to
any Licensed Compound or Licensed Product in good scientific manner, and in compliance with GLP and, in all material respects, with Applicable Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.9</B> <B>Records</B>. Lilly shall prepare and maintain and shall cause its Affiliates, and shall use Commercially Reasonable Efforts to cause its and
their Sublicensees and Excluded Sublicensees, to prepare and maintain records regarding the Development and Commercialization of Licensed Compounds and Licensed Products in the Field in the Territory, which will records be complete and accurate in
all material respects. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 6 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LICENSE RIGHTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.1</B> <B>License
Grants to Lilly</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.1.1 Exclusive License to </B><B>Licensed IP</B>. Subject to the terms and conditions of this Agreement, Aktis
(on behalf of itself and its Affiliates) hereby grants to Lilly an exclusive (even as to Aktis and its Affiliates), royalty-bearing (as set forth in <U>Section</U><U></U><U>&nbsp;8.4</U>) license, with the right to grant sublicenses (through
multiple tiers, as provided in <U>Section</U><U></U><U>&nbsp;6.3</U>), under the Licensed IP to Exploit the Licensed Compounds and Licensed Products solely as Radioligand Products in the Field in the Territory. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.1.2 <FONT STYLE="white-space:nowrap">Non-Exclusive</FONT> License to Aktis Platform
IP</B>. Subject to the terms and conditions of this Agreement, Aktis (on behalf of itself and its Affiliates) hereby grants to Lilly a <FONT STYLE="white-space:nowrap">(a)&nbsp;non-exclusive,</FONT> royalty-bearing (as set forth in
<U>Section</U><U></U><U>&nbsp;8.4</U>) license, with the right to grant sublicenses (through multiple tiers, as provided in <U>Section</U><U></U><U>&nbsp;6.3</U>), under the Aktis Platform IP to Exploit the Licensed Compounds and Licensed Products
solely as Radioligand Products in the Field in the Territory, and <FONT STYLE="white-space:nowrap">(b)&nbsp;non-exclusive,</FONT> fully <FONT STYLE="white-space:nowrap">paid-up</FONT> license, with the right to grant sublicenses (through multiple
tiers), to Exploit the Aktis Platform Improvements that Lilly assigns to Aktis pursuant to <U>Section</U><U></U><U>&nbsp;9.2</U> (if any) for any and all purposes (other than for purposes of Exploiting the Aktis Platform). [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.2</B> <B>License Grants to Aktis</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.2.1 Research Program License</B>. Subject to the terms and conditions of this Agreement, Lilly hereby grants to Aktis, during each
Research Term for each Research Program, a fully <FONT STYLE="white-space:nowrap">paid-up,</FONT> royalty-free, sublicensable (through one tier and only to Affiliates or Third Party subcontractors as provided in
<U>Section</U><U></U><U>&nbsp;6.3</U>), <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license, under the Lilly Background IP, Lilly&#146;s Sole Inventions and Lilly&#146;s interest in the Joint Inventions, in the Territory solely to the
extent necessary for Aktis (or its Affiliates or Third Party subcontractors) to conduct the activities allocated to Aktis in the Research Plan applicable to such Research Program. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.2.2 Grant Back</B>. Subject to the terms and conditions of this Agreement, Lilly hereby grants to Aktis, during each Research Term for
each Research Program, a fully <FONT STYLE="white-space:nowrap">paid-up,</FONT> royalty-free, sublicensable (through one tier and only to Affiliates or Third Party subcontractors as provided in <U>Section</U><U></U><U>&nbsp;6.3</U>), <FONT
STYLE="white-space:nowrap">non-exclusive</FONT> license under the Licensed IP licensed to Lilly pursuant to <U>Section</U><U></U><U>&nbsp;6.1.1</U>, solely to conduct the activities allocated to Aktis in the Research Plan applicable to such Research
Program. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.3</B> <B>Third Party Sublicenses</B>. Subject to the terms and conditions of this Agreement, Lilly may grant one or more sublicenses under
the rights and licenses granted to it under <U>Section</U><U></U><U>&nbsp;6.1</U>, in whole or in part, to Third Parties (with the right to sublicense through multiple tiers). Aktis may grant one or more sublicenses under the rights and licenses
granted to it under <U>Section</U><U></U><U>&nbsp;6.2</U>, in whole or in part, to its Affiliates or Third Party subcontractors with respect to which Lilly has provided its prior written consent in accordance with
<U>Section</U><U></U><U>&nbsp;4.12</U>. Notwithstanding the foregoing, (a)&nbsp;any such permitted sublicense granted by a Party is consistent with and subject to the terms and conditions of this Agreement, including the confidentiality provisions
of <U>Article</U><U></U><U>&nbsp;12</U> and the intellectual property provisions of <U>Article</U><U></U><U>&nbsp;9</U> and (b)&nbsp;each Party shall remain responsible for performance of its obligations under this Agreement and shall be responsible
for all actions of each such sublicensee as if such sublicensee were the Party hereunder (provided, however, [***]). Each Party shall ensure that each sublicense under the licenses granted to it under <U>Section</U><U></U><U>&nbsp;6.1</U> (in the
case of Lilly) or <U>Section</U><U></U><U>&nbsp;6.2</U> (in the case of Aktis) grants the other Party rights with respect to Inventions discovered, generated, conceived or developed by the Sublicensee under such sublicense as if such Inventions were
discovered, generated, conceived or developed by the sublicensing Party in the course of performing activities under this Agreement (with the exception of improvements to the Sublicensee&#146;s background technology that are unrelated to the
Intellectual Property Rights that are the subject of this Agreement). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.4</B> <B>Aktis <FONT STYLE="white-space:nowrap">In-Licenses</FONT></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.4.1 General</B>. If Aktis desires to (a)&nbsp;use any Patents or <FONT STYLE="white-space:nowrap">Know-How</FONT> controlled by Aktis
pursuant to an Excluded <FONT STYLE="white-space:nowrap">In-License</FONT> in the performance of its activities under an applicable Research Plan or (b)&nbsp;incorporate any of the foregoing into any Licensed Compound or Licensed Product, then, in
either case, Aktis shall promptly notify Lilly thereof [***]. Lilly acknowledges and agrees to be bound by the terms applicable to Lilly in each Aktis <FONT STYLE="white-space:nowrap">In-License</FONT> (as may be modified or amended), to the extent
included hereunder and agrees not to take or fail to take any action that would cause Aktis to be in breach of any Aktis <FONT STYLE="white-space:nowrap">In-License.</FONT> Lilly acknowledges that certain of the licenses granted to Aktis under the
Aktis <FONT STYLE="white-space:nowrap">In-Licenses</FONT> may be <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> and that Lilly&#146;s license pursuant to <U>Section</U><U></U><U>&nbsp;6.1.1</U> with respect to the relevant Licensed IP is
exclusive only with respect to Aktis, and not necessarily with respect to Third Party Licensors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.4.2 Enforcement</B>. Aktis will
reasonably enforce, or otherwise take the actions necessary to enable Lilly to enforce, Aktis&#146; rights and the obligations of the counterparty under each Aktis <FONT STYLE="white-space:nowrap">In-License</FONT> that would reasonably be expected
to, or actually do, materially impact the rights or benefits or materially adversely impact the obligations of Lilly hereunder, including taking such actions as Lilly may reasonably request, and will inform Lilly of any action Aktis may take under
each Aktis <FONT STYLE="white-space:nowrap">In-License</FONT> to the extent such action may impact Lilly&#146;s interest or obligations under each Aktis <FONT STYLE="white-space:nowrap">In-License.</FONT> [***]. Aktis shall promptly notify Lilly of
any notice of default under, or termination or amendment of, any Aktis <FONT STYLE="white-space:nowrap">In-License,</FONT> to the extent such default, termination or amendment may have a material adverse effect on Lilly. For clarity, Aktis is solely
responsible for any payments due under each Aktis <FONT STYLE="white-space:nowrap">In-License.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.5</B> <B>Excluded In-</B><B>Licenses</B>.
Notwithstanding anything herein to the contrary, Lilly acknowledges that as of the Effective Date, certain Patents and <FONT STYLE="white-space:nowrap">Know-How</FONT> under which Aktis has rights are
<FONT STYLE="white-space:nowrap">in-licensed</FONT> by Aktis under the Excluded <FONT STYLE="white-space:nowrap">In-Licenses,</FONT> and that Aktis may be obligated to pay royalties, milestones and other payments to such Third Party licensor under
such Excluded <FONT STYLE="white-space:nowrap">In-Licenses.</FONT> It is understood and agreed that no sublicense is granted to Lilly by Aktis under the Excluded <FONT STYLE="white-space:nowrap">In-Licenses</FONT> pursuant to this Agreement, and
that no Patents or <FONT STYLE="white-space:nowrap">Know-How</FONT> licensed to Aktis under the Excluded <FONT STYLE="white-space:nowrap">In-Licenses</FONT> will be &#147;Controlled&#148; by Aktis under this Agreement, in each case unless and until
such Excluded <FONT STYLE="white-space:nowrap">In-License</FONT> becomes an Aktis <FONT STYLE="white-space:nowrap">In-License</FONT> pursuant to <U>Section</U><U></U><U>&nbsp;6.4</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.6</B> <B>Future IP</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.6.1 </B>In the
event that either Party identifies any Patent, <FONT STYLE="white-space:nowrap">Know-How</FONT> or other Intellectual Property Right owned or controlled by a Third Party that is necessary or reasonably useful for Exploitation of a Licensed Compound
or Licensed Product (&#147;Future <FONT STYLE="white-space:nowrap">In-Licensed</FONT> IP&#148;), it will so notify the other Party. [***]. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>6.6.2 </B>If, after the Effective Date and during the Term, Aktis acquires from a Third
Party rights to any Future <FONT STYLE="white-space:nowrap">In-Licensed</FONT> IP (including, for clarity, any Future <FONT STYLE="white-space:nowrap">In-Licensed</FONT> IP that solely Covers the Aktis Platform if and to the extent used under a
Research Program) (each such agreement, an &#147;<B>Aktis New <FONT STYLE="white-space:nowrap">In-License</FONT></B>&#148;), Aktis shall disclose the terms and conditions of the Aktis New <FONT STYLE="white-space:nowrap">In-License</FONT> to Lilly
(subject to applicable confidentiality obligations and reasonable redaction of provisions that do not relate to the use of intellectual property <FONT STYLE="white-space:nowrap">in-licensed</FONT> thereunder) to enable Lilly to evaluate and elect,
in its sole discretion, whether or not to include such Future <FONT STYLE="white-space:nowrap">In-Licensed</FONT> IP within the Aktis Technology. If Lilly so elects to include such Future <FONT STYLE="white-space:nowrap">In-Licensed</FONT> IP as
Aktis Technology, then (a)&nbsp;such Aktis New <FONT STYLE="white-space:nowrap">In-License</FONT> will become a &#147;<B>Collaboration <FONT STYLE="white-space:nowrap">In-License</FONT></B>&#148;, (b) the Future
<FONT STYLE="white-space:nowrap">In-Licensed</FONT> IP <FONT STYLE="white-space:nowrap">in-licensed</FONT> under such Aktis New <FONT STYLE="white-space:nowrap">In-License</FONT> will be deemed to be &#147;Controlled&#148; by Aktis or its Affiliates
for purposes of this Agreement and will be included in the Aktis Technology, (c)&nbsp;Lilly shall be responsible for payments that become due under such Collaboration <FONT STYLE="white-space:nowrap">In-License</FONT> with respect to the
Exploitation of the Licensed Compound or Licensed Product by Lilly, its Affiliates or any of its or their Sublicensees and Excluded Sublicensees ([***]), and (d)&nbsp;Lilly shall comply with any obligations under such Collaboration <FONT
STYLE="white-space:nowrap">In-License</FONT> that apply to Lilly, including any obligation to make such payments. [***]. Aktis shall provide Lilly with a reasonably detailed invoice for any payments to be made by Aktis pursuant to this
<U>Section</U><U></U><U>&nbsp;6.6.2</U> under any Collaboration <FONT STYLE="white-space:nowrap">In-License,</FONT> and Lilly shall pay the undisputed portion of such invoices to Aktis within [***] of receipt thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.7</B> <B>No Implied Rights</B>. Except as expressly set forth in this Agreement, neither Party grants, by implication, estoppel or otherwise, any license
or right to or under any Intellectual Property Rights, including any trademarks, <FONT STYLE="white-space:nowrap">Know-How,</FONT> or Patents, of the other Party. Neither Party nor any of its Affiliates will use or practice any <FONT
STYLE="white-space:nowrap">Know-How,</FONT> Patents or other Intellectual Property Rights licensed or provided to such Party or any of its Affiliates outside the scope of or otherwise not in compliance with this Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 7 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXCLUSIVITY
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.1</B> <B>Collaboration Target Exclusivity</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.1.1 </B>Subject to this <U>Article</U><U></U><U>&nbsp;7</U>, on a Collaboration <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Target-by-Collaboration</FONT></FONT> Target basis, during the applicable Exclusivity Period, neither Aktis nor its Affiliates shall ([***]) Exploit (a)&nbsp;any compound or product Directed To a Collaboration Target or
(b)&nbsp;any compound or product that [***], and in each case of (a)&nbsp;and (b), in the Field in the Territory (each, a &#147;<B>Competing Product</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.1.2 </B>Notwithstanding anything to the contrary herein, an Exclusivity Period with respect to a Collaboration Target shall terminate if
Lilly fails [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.1.3 </B>Notwithstanding anything to the contrary herein, an Exclusivity Period with respect to a Collaboration
Target shall terminate if Lilly [***]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.1.4 </B>Aktis may provide written notice to Lilly in the event Aktis reasonably
believes that an Exclusivity Period with respect to a Collaboration Target should be terminated (such notice, an &#147;<B>Exclusivity Termination Notice</B>&#148;). [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.1.5 </B>[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.2</B> <B>Acquisition of
Existing Competing Product</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.2.1 </B>[***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.2.2 </B>[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.3</B> <B>Change of
Control</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.3.1 </B>If there is a Change of Control of Aktis or its Affiliates, [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>7.3.2 </B>[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.4</B> Enforceability.
Aktis acknowledges and agrees [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.5</B> Other Activities. Except as expressly provided in this <U>Article 7</U>, each Party may engage in
Research, Development, Manufacturing, Commercialization or other Exploitation activities that utilize technologies similar to or involve compounds, biologics or products competitive with those contemplated by this Agreement. [***]. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 8 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FEES,
ROYALTIES, &amp; PAYMENTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.1</B> <B>Upfront Payment</B>. As partial consideration for the rights granted by Aktis to Lilly pursuant to the terms
of this Agreement, Lilly shall pay to Aktis a one-time payment equal to Sixty Million Dollars ($60,000,000) no later than [***] following the Effective Date. Such payment shall be <FONT STYLE="white-space:nowrap">non-creditable,</FONT> <FONT
STYLE="white-space:nowrap">non-refundable</FONT> and not subject to set-off. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.2</B> <B>Replacement Collaboration Target Nomination Fee</B>. As
consideration for replacing an Initial Collaboration Target as a Replacement Collaboration Target in accordance with <U>Section</U><U></U><U>&nbsp;3.4</U>, Lilly shall pay to Aktis the applicable Replacement Collaboration Target Nomination Fee for
each Replacement Collaboration Target no later than [***] after delivery of the Available Proposed Target Nomination Notice with respect to such Replacement Collaboration Target and delivery of an invoice from Aktis to Lilly setting forth the
applicable Replacement Collaboration Target Nomination Fee and including reasonable supporting documentation. Each such payment shall be <FONT STYLE="white-space:nowrap">non-refundable,</FONT> <FONT STYLE="white-space:nowrap">non-creditable</FONT>
and not subject to <FONT STYLE="white-space:nowrap">set-off.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.3</B> <B>Milestone Payments</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.3.1 Research Collaboration Milestone Payments</B>. On a [***] basis, Lilly shall provide written notice to Aktis within [***] after the
achievement of a specified milestone event as set forth in <U>Table</U><U></U><U>&nbsp;8.3.1</U> below (each, a &#147;<B>Research Collaboration Milestone Event</B>&#148;) by Lilly or its Affiliates or [***] after such achievement by its or their
Sublicensee or Excluded Sublicensee , and pay to Aktis the corresponding milestone payment indicated in <U>Table</U><U></U><U>&nbsp;8.3.1</U> (each such milestone payment, a &#147;<B>Research Collaboration Milestone Payment</B>&#148;) within [***]
after the achievement of a Research Collaboration Milestone Event by Lilly or its Affiliates or [***] after such achievement by its or their Sublicensee or Excluded Sublicensee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Table&nbsp;8.3.1 &#150; Research Collaboration Milestone Payments</U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Research Collaboration Milestone Event with
respect</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to a Licensed Compound</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Research Collaboration</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Milestone Payment</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*[***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.3.2 Development and Regulatory Milestone Payments</B>. On a [***] basis, Lilly shall provide written notice to Aktis within [***] after
the achievement of a specified milestone event as set forth in <U>Table</U><U></U><U>&nbsp;8.3.2.1</U> below (in the case of Therapeutic Products) or <U>Table</U><U></U><U>&nbsp;8.3.2.1</U> below (in the case of Diagnostic Products) (each, a
&#147;<B>Development and Regulatory Milestone Event</B>&#148;) by Lilly or its Affiliates or [***] after such achievement by its or their Sublicensee or Excluded Sublicensee, and pay to Aktis the corresponding milestone payment (each, a
&#147;<B>Development and Regulatory Milestone Payment</B>&#148;) within [***] after the achievement of Development and Regulatory Milestone Event by Lilly or its Affiliates or [***] after such achievement by its or their Sublicensee or Excluded
Sublicensee. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Table&nbsp;8.3.2.1 &#150; Development and Regulatory Milestone Payments for Therapeutic Products</U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Development and Regulatory Milestone Event</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>with respect to a Therapeutic Product</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Development and Regulatory</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Milestone Payment</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(d)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(e)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(f)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(g)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Table&nbsp;8.3.2.2 &#150; Development and Regulatory Milestone Payments for Diagnostic
Products</U> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Development and Regulatory Milestone Event</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>with respect to a Diagnostic Product</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Development and Regulatory</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Milestone Payment</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(d)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(e)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.3.3 Commercial Milestone Payments for Licensed Products</B>. On a [***] basis, Lilly shall provide
written notice to Aktis within [***] after the end of the Calendar Quarter in which a specified milestone event set forth in <U>Table</U><U></U><U>&nbsp;8.3.3.1</U> below (in the case of Therapeutic Products) or
<U>Table</U><U></U><U>&nbsp;8.3.3.2</U> below (in the case of Diagnostic Products) (each, a &#147;<B>Commercial Milestone Event</B>&#148;) is first achieved by Lilly, its Affiliates or any of its or their Sublicensees, and pay to Aktis the
corresponding milestone payment (each, a &#147;<B>Commercial Milestone Payment</B>&#148;) within [***] after the end of the Calendar Quarter in which any Licensed Product first achieves a Commercial Milestone Event. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Table&nbsp;8.3.3.1 &#150;Commercial Milestone Payments for Therapeutic Products</U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Commercial Milestone Event with respect to a</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Therapeutic Product</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Milestone Payment</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Table&nbsp;8.3.3.2 &#150; Commercial Milestone Payments for Diagnostic Products</U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Commercial Milestone Event with respect to a</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Diagnostic Product</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Milestone Payment</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this <U>Section</U><U></U><U>&nbsp;8.3</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">[***]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.4</B> <B><U>Royalties</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.1 Royalty Term</B>. Lilly shall pay Aktis royalties as set forth in this <U>Section</U><U></U><U>&nbsp;8.4</U><U> </U>on a [***] basis
in the Territory during the period of time beginning on the date of the First Commercial Sale of a Licensed Product in such country and continuing until the latest of: (a)&nbsp;the expiry of the last Valid Claim of a Patent within [***] Covering
[***], including [***], in such country; (b)&nbsp;the expiry of the Regulatory Exclusivity with respect to such Licensed Product in such country or (c)&nbsp;the [***]year anniversary of the First Commercial Sale of such Licensed Product in such
country (the&nbsp;&#147;<B>Royalty Term</B>&#148;). For purposes of this <U>Section 8.4.1</U>, [***].<B><U> </U></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.2 Royalty
Rates</B>. On a Licensed <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Product-by-Licensed</FONT></FONT> Product and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, during
the Royalty Term for a given Licensed Product in a given country, Lilly shall pay to Aktis a tiered royalty equal to the percentages of Annual Net Sales of such Licensed Product, as set forth below (the &#147;<B>Royalty</B>&#148;), calculated by
multiplying the applicable royalty rate percentage by the corresponding portion of aggregate Net Sales for such Licensed Product in such Calendar Year. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Annual Net Sales Per Licensed Product</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Royalty</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Rate for</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Therapeutic</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Products</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Royalty</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Rate for</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Diagnostic</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Products</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[***]</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.3 Valid Claim</B>. Subject to <U>Section</U><U></U><U>&nbsp;8.4.8</U>, in any Calendar Quarter during
the Royalty Term for a Licensed Product for which there is no Valid Claim of a Patent in [***] that Covers [***], the Royalty rates provided in <U>Section</U><U></U><U>&nbsp;8.4.2</U> above for the Licensed Product will be reduced in such country by
[***] for such Calendar Quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.4 Third</B> <B>Party</B> <B>Payments</B>. Subject to <U>Section</U><U></U><U>&nbsp;8.4.8</U>, if,
on a [***] basis, it is [***] to obtain or maintain a license from any Third Party [***], Lilly may deduct from any Royalty payments to Aktis under <U>Section</U><U></U><U>&nbsp;8.4.2</U>, for such [***], an amount equal to [***] made by Lilly to
such Third Party in consideration for such license. Subject to <U>Section</U><U></U><U>&nbsp;8.4.8</U>, if, on a [***] basis, it is [***] to obtain or maintain a license from any Third Party [***], Lilly may deduct from any Royalty payments to Aktis
under <U>Section</U><U></U><U>&nbsp;8.4</U><U>.2</U>, for such [***], an amount equal to [***] made by Lilly to such Third Party in consideration for such license, provided [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.5 Generic Products</B>. Subject to <U>Section</U><U></U><U>&nbsp;8.4.8</U>, on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">country-by-country</FONT></FONT> and Licensed <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Product-by-Licensed</FONT></FONT> Product basis: [***]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.6 Compulsory Licenses</B>. In any Calendar Quarter during the Royalty Term for a
Licensed Product for which Lilly is required by a Governmental Authority to grant a compulsory license to a Third Party permitting such Third Party to Manufacture and Commercialize a Licensed Product in a country in the Territory, and such
compulsory license has royalty rates for the Licensed Product lower than the Royalty rates provided in <U>Section</U><U></U><U>&nbsp;8.4.2</U> above, then the Royalty rate paid or to be paid by Lilly on sales for such Licensed Product in such
country, as applicable, shall be reduced to [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.7 Inflation Reduction Act</B>. Subject to
<U>Section</U><U></U><U>&nbsp;8.4.8</U>, in any Calendar Quarter during the Royalty Term for a Licensed Product for which such Licensed Product is designated as a &#147;selected drug&#148; by the Secretary of the U.S. Department of Health and Human
Services under the Inflation Reduction Act, and Lilly is required to negotiate a maximum fair price that will apply to sales of such Licensed Product during the price applicability period as specified in the Inflation Reduction Act, then, for each
Calendar Quarter thereafter and for so long as the Licensed Product remains subject to the Inflation Reduction Act and a maximum fair price, the Royalty rates provided in <U>Section</U><U></U><U>&nbsp;8.4.2</U> above for the Licensed Product will be
reduced in the United States by [***] for each such Calendar Quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.8 Royalty Floor</B>. Notwithstanding anything herein to the
contrary herein, during any Calendar Quarter in the Royalty Term for a Licensed Product in a country in the Territory, except with respect to reductions made pursuant to [***] individually or in combination shall not reduce [***] the royalties that
would otherwise have been due under <U>Section</U><U></U><U>&nbsp;8.4.2</U> with respect to Net Sales of such Licensed Product in such country during such Calendar Quarter, [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.4.9 Payment; Reports</B>. Following the First Commercial Sale of a Licensed Product and continuing for the remainder of the Royalty Term
for such Licensed Product, within [***] after the end of each Calendar Quarter, Lilly shall deliver a report to Aktis specifying on a Licensed <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Product-by-Licensed</FONT></FONT>
Product and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis: (a)&nbsp;the Net Sales in the relevant Calendar Quarter and (b)&nbsp;royalties payable on such Net Sales. Lilly shall pay all
Royalty payments due under this <U>Section</U><U></U><U>&nbsp;8.4</U> no later than [***] after the end of each Calendar Quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.5</B> <B>Method of
Payment; Currency Conversion</B>. Unless otherwise agreed by the Parties, all payments due under this Agreement will be paid by Eli Lilly and Company as the payor in Dollars by wire transfer or electronic funds transfer of immediately available
funds to an account designated by Aktis; provided, that [***]. When conversion of payments from any currency other than Dollars is required, [***] will be employed for the translation of foreign currency sales into Dollars; provided, that [***].
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.6</B> <B>Records and Audits</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.6.1 </B>Lilly shall keep, and shall cause its Affiliates, and shall [***] to cause its and their Sublicensees and Excluded Sublicensees to
keep, materially complete and accurate books and records which may be necessary to ascertain properly and to verify the Royalty payments due hereunder. Lilly shall keep such books and records for such period of time required by Applicable Laws, but
no less than [***] following the end of the Calendar Quarter to which they pertain. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.6.2 </B>Aktis shall have the right, but not more than [***] (unless for cause) during
the Term, [***] inspect Lilly&#146;s records for the purpose of determining the accuracy of Royalty payments for a period covering not more than [***] following the Calendar Quarter to which they pertain. No period will be audited more than once,
and each audit must be reasonable in scope. [***]. The independent, certified public accountant selected shall keep confidential any information obtained during such inspection and shall report to Aktis and Lilly only the amounts of Net Sales and
Royalties due and payable [***]. Such audits may only be exercised during normal business hours upon reasonable prior written notice to Lilly (not to be less than [***]). Aktis shall bear the full cost of such audit unless such audit discloses an
underpayment by Lilly of more than [***], of the amount of Royalties or other payments due under this Agreement for any applicable Calendar Quarter, in which case, Lilly shall bear the cost of such audit. Lilly shall remit to Aktis the amount of any
underpayment no later than [***] after the date the auditor&#146;s written report is received. Any overpayment by Lilly revealed by an audit shall be credited against future payments owed by Lilly to Aktis (and if no further payments are due, shall
be refunded by Aktis at the request of Lilly within [***] of the receipt of the request). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.7</B> <B>Late Payments</B>. Any amount required to be paid
by a Party hereunder that is not paid on the date due, and not subject to a good faith dispute, shall bear interest at a rate equal to the lesser of (a) [***] and (b)&nbsp;the maximum rate permitted by Applicable Law. Such interest shall be computed
on the basis of a year of three hundred sixty (360)&nbsp;days, calculated from the due date until the date of payment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.8</B> <B>Taxes</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.8.1 Cooperation</B> <B>and</B> <B>Coordination</B>. The Parties acknowledge and agree that it is their mutual objective and intent to
minimize, to the extent feasible and in compliance with Applicable Laws, taxes payable with respect to their collaborative efforts under this Agreement and that they shall use reasonable efforts to cooperate and coordinate with each other to achieve
such objective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>8.8.2 Payment</B> <B>of</B> <B>Tax</B>. The upfront, Milestone Payments, Royalties and other amounts payable by Lilly
to Aktis to this Agreement (each, a &#147;<B>Payment</B>&#148;) will be paid free and clear of any and all taxes, except for any withholding taxes required by Applicable Laws. Except as provided in this <U>Section</U><U></U><U>&nbsp;8.8.2</U>, Aktis
shall be solely responsible for paying any and all taxes (other than withholding taxes required by Applicable Laws to be deducted from Payments and remitted by Lilly) levied on account of, or measured in whole or in part by reference to, any
Payments it receives. Lilly shall deduct or withhold from the Payments any taxes that it is required by Applicable Laws to deduct or withhold. Notwithstanding anything to the contrary in the foregoing, if Aktis is entitled under any applicable tax
treaty to a reduction of rate of, or the elimination of, applicable withholding tax, then Aktis may deliver to Lilly or the appropriate Governmental Authority (with the assistance of Lilly to the extent reasonably required and expressly requested by
Aktis in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve Lilly of its obligation to withhold such tax and Lilly shall apply the reduced rate of withholding or dispense with withholding as the case
may be, provided that Lilly has received evidence, in a form satisfactory to Lilly, of Aktis&#146; delivery of all applicable forms (and, if necessary, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
its receipt of appropriate governmental authorization) at least fifteen (15)&nbsp;days prior to the time Payments are due. If, in accordance with the foregoing, Lilly withholds any amounts of
tax, then Lilly shall pay to Aktis the balance when due, make timely payment to the proper tax authority of the withheld amount and send to Aktis proof of such payment within ninety (90)&nbsp;days following such payments. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 9 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INTELLECTUAL
PROPERTY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.1</B> <B>Ownership of Inventions</B>. Ownership of all Inventions and corresponding Intellectual Property Rights will be as set forth
in this <U>Article</U><U></U><U>&nbsp;9</U>. Each Party will continue to own all Intellectual Property Rights that it owned prior to the Effective Date or discovers, creates or conceives of independently, outside of the activities under this
Agreement (including any Research Programs). Subject to <U>Section</U><U></U><U>&nbsp;9.2</U> and <U>Section</U><U></U><U>&nbsp;9.3</U>, each Party will own all Inventions (and corresponding Intellectual Property Rights, including Patents Covering
such Inventions) solely discovered, generated, conceived or developed of by or on behalf of it or its Affiliates, agents, or contractors in the course of performing its obligations or exercising its rights under a Research Program or otherwise in
connection with this Agreement (collectively, &#147;<B>Sole Inventions</B>&#148;). All Inventions (and corresponding Intellectual Property Rights, including) discovered, generated, conceived or developed of jointly by employees, Affiliates, agents,
or independent contractors of each Party in the course of performing its obligations or exercising its rights under a Research Program or otherwise in connection with this Agreement (collectively, &#147;<B>Joint Inventions</B>&#148;) and
corresponding Intellectual Property Rights, including Patents that claim such Joint Inventions (such Patents, the &#147;<B>Joint Patents</B>&#148;) will be owned jointly by the Parties. A Joint Invention shall be considered to be jointly owned by
Lilly and Aktis upon its development. Each Party will promptly disclose to the other Party any Joint Inventions in the format reasonably requested by the other Party. For purpose of clarity, each Party, as the joint and equal owner of such Joint
Inventions, shall have all right, title and interest in such Joint Inventions applicable to a joint owner of such Joint Inventions and, therefore, shall be entitled to freely use such Joint Inventions, subject to (a)&nbsp;the licenses granted
hereunder and (b)&nbsp;other terms and conditions of this Agreement, without any duty to account or obtain the consent of the other Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.2</B>
<B>Ownership of </B><B>Aktis Platform Improvement</B>. As between the Parties, Aktis will solely and exclusively own all right, title and interest in and to any Aktis Platform Improvement. To the extent that Lilly obtains any rights in the Aktis
Platform Improvement, by operation of law or otherwise, Lilly hereby assigns to Aktis all of its right, title, and interest in and to any Aktis Platform Improvement. Any Aktis Platform Improvements will be deemed the Confidential Information of
Aktis, and Aktis will be deemed to be the Disclosing Party of Aktis Platform Improvement, and Lilly will be deemed to be the Receiving Party with respect to Aktis Platform Improvement unless and until any exceptions set forth in
<U>Section</U><U></U><U>&nbsp;12.1.3</U> apply to such Aktis Platform Improvement rendering it no longer Confidential Information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.3</B> <B>Ownership
of </B><B>Lilly Improvement</B>. As between the Parties, Lilly will solely and exclusively own all right, title and interest in and to any Lilly Improvement. To the extent that Aktis obtains any rights in the Lilly Improvement, by operation of law
or otherwise, Aktis hereby assigns to Lilly all of its right, title, and interest in and to any Lilly Improvement. Any Lilly Improvements will be deemed the Confidential Information of Lilly, and Lilly will be deemed to be the Disclosing Party of
Lilly Improvement, and Aktis will be deemed to be the Receiving Party with respect to Lilly Improvement unless and until any exceptions set forth in <U>Section</U><U></U><U>&nbsp;12.1.3</U> apply to such Lilly Improvement rendering it no longer
Confidential Information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.4</B> <B>Assignment Obligation</B>. Each Party shall cause all Persons who perform activities for such
Party under this Agreement to assign (or, if such Party is unable to cause such Person to assign despite such Party&#146;s using Commercially Reasonable Efforts, then be under an obligation to assign; and if still unable to cause such Person to
agree to such assignment obligation despite such Party&#146;s using Commercially Reasonable Efforts to negotiate such assignment obligation, then provide a license under) their rights in any Inventions and corresponding Intellectual Property Rights
resulting therefrom to such Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.5 Patent Prosecution and Maintenance.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.1 Lilly Maintained Patents</B>. Lilly, at Lilly&#146;s expense and using Patent counsel of its choice, has the sole right, but not the
obligation, to control Prosecution and Maintenance of all Patents owned by Lilly or its Affiliates pursuant to this Agreement, other than any Product Patents or Joint Patents (collectively, the &#147;<B>Lilly Maintained Patents</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.2 Aktis Maintained Patents</B>. Aktis, at Aktis&#146; expense and using Patent counsel of its choice, has the sole right, but not the
obligation, to control Prosecution and Maintenance of all Patents owned by Aktis or its Affiliates pursuant to this Agreement, other than any Product Patents or Joint Patents (the &#147;<B>Aktis Maintained Patents</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.3 Product Patents and Joint Patents</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to the remainder of this <U>Section</U><U></U><U>&nbsp;9.5.3</U>, Lilly shall have the first right, but not the obligation, to
control Prosecution and Maintenance of the Product Patents and the Joint Patents, at Lilly&#146;s sole cost and expense using patent counsel of Lilly&#146;s choice, including Lilly <FONT STYLE="white-space:nowrap">in-house</FONT> counsel or external
counsel; provided that, with respect to the Product Patents within the Licensed IP and the Joint Patents, external counsel shall be subject to Aktis&#146; approval (such approval not to be unreasonably withheld, conditioned or delayed). Lilly shall
use Commercially Reasonable Efforts to Prosecute and Maintain the Product Patents and the Joint Patents. Aktis<B> </B>shall reasonably assist and cooperate with Lilly, as Lilly may reasonably request, in the transition of the prosecution and
maintenance, enforcement and defense of the Product Patents from Aktis to Lilly. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) The Parties shall discuss and coordinate in good
faith, regarding the Prosecution and Maintenance (including the filing of and filing strategies for) of the Product Patents within the Licensed IP and the Joint Patents. Lilly shall provide Aktis, with copies of all documents it receives or prepares
in connection with its Prosecution and Maintenance of the Product Patents within the Licensed IP and the Joint Patents and will inform Aktis, of the progress of such Prosecution and Maintenance. Before filing any such document with any patent
office, Lilly will provide a copy of such document to Aktis, reasonably in advance to enable Aktis to comment on it, and Lilly will give due consideration to any reasonable comments </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
of Aktis. Notwithstanding the foregoing, if Aktis notifies Lilly prior to the relevant filing deadline that such document discloses Aktis&#146; Confidential Information (including with respect to
the Aktis Platform or Aktis Platform IP), Lilly shall remove such Confidential Information identified by Aktis from such document, unless otherwise agreed by Aktis explicitly and in writing.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(c) In the event that Lilly elects not to Prosecute and Maintain in any country any Product Patent within the Licensed IP or any Joint Patent
Lilly shall give Aktis at least forty-five (45)&nbsp;days&#146; written notice prior to any relevant deadline and provide to Aktis all information Aktis reasonably requests relating to any applicable Product Patent within the Licensed IP or Joint
Patent. Aktis shall then have the right to assume responsibility, at its sole cost and expense using patent counsel of its choice, for the Prosecution and Maintenance of any such Product Patent within the Licensed IP or any Joint Patent; provided
that Aktis shall not have the right to assume the responsibilities for the Prosecution and Maintenance of such Product Patent within the Licensed IP or any Joint Patent if Lilly reasonably objects to such Prosecution and Maintenance for <I>bona
fide</I> strategic reasons to preserve the patentability, validity or patent term of any other Product Patent within the Licensed IP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.4 Separation of Patent Claims</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) Neither Party shall Prosecute and Maintain any Patent that includes (a)&nbsp;one or more claims directed to a Licensed Compound, a Licensed
Product, or any Exploitation thereof and (b)&nbsp;one or more claims directed to the Aktis Platform (a &#147;<B>Mixed Patent</B>&#148;). For any Mixed Patent existing as of the Effective Date, the Party prosecuting such Patent shall [***], including
by filing divisional applications, continuation applications, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">continuation-in-part</FONT></FONT> or otherwise, so as, to the extent feasible, to separate claims of any such Mixed
Patents into discrete Patents and will constitute Product Patents or Patents within the Aktis Platform IP, respectively. Prior to such separation, or if such separation is impermissible, any such Mixed Patent shall be deemed to be [***] for the
purpose of <U>Section</U><U></U><U>&nbsp;9.5.3</U>, <U>Sections 9.5.6</U> - <U>9.5.9</U> and <U>Section</U><U></U><U>&nbsp;9.6</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b)
Lilly shall ensure that the Product Patents (including the specification, any drawings and claims therein) are specific to the composition of matter, formulation, manufacture or use, in each case, of the relevant Licensed Compound or Licensed
Product do not contain and drawings, descriptions or claims of any Aktis Platform or Aktis Platform IP, in each case, without Aktis&#146; prior written consent (which may be granted or withheld in Aktis&#146; sole discretion). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(c) Aktis shall ensure that the Patents within the Aktis Platform IP (including the specification, any drawings and claims therein) do not
contain any drawings, descriptions or claims of the specific sequence or the specific structure of the composition of matter of any Licensed Compound without Lilly&#146;s prior written consent (which may be granted or withheld in Lilly&#146;s sole
discretion). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.5 Inventorship</B>. Inventorship for patentable inventions conceived during the
course of the performance of activities pursuant to this Agreement shall be determined in accordance with U.S. patent laws for determining inventorship and other Applicable Laws in the U.S. without regard to conflict of law, irrespective of where or
when such conception, discovery, development or making occurs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.6 </B><B>Cooperation in Prosecution</B>. Each Party shall cooperate
with the other Party in the Prosecution and Maintenance of the Lilly Maintained Patents, Aktis Maintained Patents, Joint Patents, Product Patents within the Licensed IP at its own cost (except as otherwise expressly set forth in this
<U>Article</U><U></U><U>&nbsp;9</U>), including by: (a)<U></U>&nbsp;executing all papers and instruments, or requiring its Affiliates, employees, agents, or contractors, to execute such papers and instruments, to enable the applicable Party to apply
for and to Prosecute and Maintain such Patents in any country as permitted by this <U>Section</U><U></U><U>&nbsp;9.5</U>; (b)<U></U>&nbsp;promptly informing the other Party of any matters coming to such Party&#146;s attention that may affect the
Prosecution and Maintenance of any Patents; and (c)<U></U>&nbsp;with reference specifically to <U>Section&nbsp;9.5.4</U>, each Party shall fully cooperate with the other Party in the patenting strategies and Prosecution and Maintenance of the Aktis
Maintained Patents, Joint Patents, Product Patents within the Licensed IP, and shall keep the other Party fully informed of all steps with regard to the Prosecution and Maintenance of such Patents, including by providing the other Party with a copy
of the drafts of any such Patents, material communications to and from any patent authority in the Territory regarding such Patents, and by providing the other Party drafts of any material filings or responses to be made to such patent authorities
in the Territory sufficiently in advance of the applicable deadlines so as to allow for a reasonable opportunity for the other Party to review and comment thereon. Each Party shall consider in good faith the requests and suggestions of the other
Party with respect to such drafts and with respect to strategies for Prosecuting and Maintaining such Patents in the Territory. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.7
Patent Term Extensions</B>. As between the Parties, Lilly will solely control and elect whether to pursue patent term extensions or supplemental protection certificates for any Patents Covering a Licensed Compound or Licensed Product (including
Joint Patents and Licensed Patents). Aktis agrees to abide by such election. Aktis shall provide prompt and reasonable assistance, as requested by Lilly, including by taking such action as may be required of the Patent holder under any Applicable
Laws, to obtain such patent term extension or supplementary protection certificate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.8 </B><B>Patent Listing</B>. Lilly shall have
the sole right to make all filings with Regulatory Authorities in the Territory with respect to Product Patents as required or allowed, including (a)&nbsp;in the United States, in the FDA&#146;s Orange Book or Purple Book and (b)&nbsp;in the
European Union, under the national implementations of Article 10.1(a)(iii) of Directive 2001/EC/83 or other international equivalents. Aktis shall (i)&nbsp;provide Lilly a correct and complete list of all applicable Patents within the Licensed IP
Covering the Licensed Products and other information necessary to enable Lilly to make such filings with Regulatory Authorities and (ii)&nbsp;cooperate with Lilly&#146;s reasonable requests in connection therewith, including executing any documents,
meeting any submission deadlines, in each case (i)&nbsp;and (ii), to the extent required or permitted by Applicable Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.5.9 UPC <FONT STYLE="white-space:nowrap">Opt-Out</FONT> and <FONT
STYLE="white-space:nowrap">Opt-In</FONT></B>. Lilly shall have the sole right to make decisions regarding any UPC <FONT STYLE="white-space:nowrap">Opt-Out</FONT> or UPC <FONT STYLE="white-space:nowrap">Opt-In</FONT> with respect to any Product
Patents. If Lilly wishes to subject any Product Patent within the Licensed IP, as applicable, to UPC <FONT STYLE="white-space:nowrap">Opt-Out</FONT> or UPC <FONT STYLE="white-space:nowrap">Opt-In,</FONT> Lilly shall so notify Aktis, and, at
Lilly&#146;s request, Aktis shall undertake, or shall cause to be undertaken, all actions as may be necessary or useful to obtain such UPC <FONT STYLE="white-space:nowrap">Opt-Out</FONT> or UPC <FONT STYLE="white-space:nowrap">Opt-In,</FONT> as
applicable, including providing all necessary documents and making all necessary submissions. Decisions regarding any UPC <FONT STYLE="white-space:nowrap">Opt-Out</FONT> or UPC <FONT STYLE="white-space:nowrap">Opt-In</FONT> with respect to any Joint
Patents (that are not Product Patents) shall be mutually agreed by the Parties; provided that Lilly shall have the sole right to make such decisions to the extent a Joint Patent qualifies as a Product Patent within the Licensed IP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.6</B> <B>Infringement or Misappropriation by Third Parties</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.6.1 Notice</B>. Each Party shall notify the other within [***] of becoming aware of any alleged or threatened infringement by a Third
Party of any of the Aktis Maintained Patents, Lilly Maintained Patents, Joint Patents, Product Patents, in each case, which infringing activity involves the Exploiting of a Licensed Compound, Licensed Product or Generic Product in the Field in the
Territory, or any related declaratory judgment, opposition, or similar action alleging the invalidity, unenforceability or <FONT STYLE="white-space:nowrap">non-infringement</FONT> of any such Patents (collectively, &#147;<B>Infringement</B>&#148;).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.6.2 Enforcement and Defense</B>. Lilly shall have the first right (but not the obligation) to control the enforcement and defense
[***] Patents with respect to any Infringement; provided that [***]. If Lilly fails to bring or defend any such action against an Infringement within [***], Aktis shall have the right to bring and control any such action with respect to [***], at
its own expense, to be represented in any such action by counsel of its own choice. In no event shall either Party admit the invalidity or unenforceability of, or after exercising its right to bring and control an action under this
<U>Section</U><U></U><U>&nbsp;9.6.2</U>, fail to defend the validity or enforceability of any Product Patent (or Patent within the Licensed IP) without the other Party&#146;s prior written consent, which shall not be unreasonably withheld,
conditioned or delayed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.6.3 Allocation of Certain Recoveries</B>. Any recoveries resulting from enforcement action relating to a
claim of Infringement of any Patent licensed or assigned to Lilly under this Agreement will be first applied against payment of each Party&#146;s costs and expenses in connection therewith. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.6.4 Cooperation</B>. At the request and expense of the Party bringing an action under this <U>Section</U><U></U><U>&nbsp;9.6.4</U>, the
other Party shall provide reasonable assistance in connection therewith, including by executing reasonably appropriate documents, cooperating in discovery and joining as a party to the action if required by Applicable Laws to pursue such action.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.7 CREATE Act</B>. It is the Parties&#146; intention that this Agreement is a &#147;joint research agreement&#148; as that phrase is defined in 35
U.S.C. &#167; 102(c) as amended by the Cooperative Research and Technology Enhancement (CREATE) Act, including the provisions of 35 U.S.C. &#167;&nbsp;102(b)(2)(c). The Parties agree to cooperate and to take reasonable actions to maximize the
protections available for the Licensed Compounds and Licensed Products under such safe harbor provisions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.8 Infringement of Third Party Intellectual Property.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.8.1 Notice</B>. In the event that the Exploitation of a Licensed Compound or Licensed Product, or the application of the Aktis Technology
to the Exploitation of a Licensed Compound or any corresponding Licensed Product, by either Party or its Affiliate or Sublicensee, becomes the subject of an actual Claim of infringement of a Third Party&#146;s Intellectual Property Rights anywhere
in the world, and without regard to which Party is charged with said Infringement, and the venue of such Claim, the Party becoming aware of such Claim shall promptly notify the other Party and promptly confer to discuss the Claim. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>9.8.2 Defense</B>. Subject to any different terms contained in this <U>Section&nbsp;9.8</U> with respect to such Claim, the Party such Claim
is against shall assume the primary responsibility for the conduct of the defense of any such Claim, at such Party&#146;s sole expense. The <FONT STYLE="white-space:nowrap">non-defending</FONT> Party shall have the right, but not the obligation, to
participate and be independently represented in any such suit at its sole option and at its own expense. Each Party shall keep the other Party reasonably informed of all material developments in connection with any such Claim, and the Parties shall
reasonably cooperate in conducting the defense of any such Claim. The controlling Party shall have the right to settle such Claim under this Section&nbsp;9.8, provided that the controlling Party shall not settle any such Claim in a manner that
impose any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs or liability on, or involves any admission by, the other Party, without the express written consent of such other Party.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.9</B> <B>Trademarks</B>. Lilly shall have the right to select, and will be free, in its sole discretion, to use and to register in any trademark office in
the Territory, any trademark for use with the Licensed Products. As between the Parties, Lilly shall own all right, title and interest in and to any such trademarks adopted by Lilly for use with such Licensed Product, and is responsible for the
registration, filing, maintenance and enforcement thereof (the &#147;<B>Lilly Trademarks</B>&#148;). Neither Aktis nor its Affiliates shall use any trademark, trade dress, color, trade name or other marks, advertising taglines or slogans confusingly
similar to the Lilly Trademarks, trade dress, color, trade name or other marks, advertising taglines or slogans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.10</B> <B>Use of Name</B>. Aktis
shall not use the name, trademark, logo, or physical likeness of Lilly or its respective officers, directors or employees, or any adaptation of any of them, in any advertising, promotional or sales literature, without Lilly&#146;s prior written
consent. Aktis shall require its Affiliates to comply with the foregoing. Lilly shall not use the name, trademark, logo, or physical likeness of Aktis or its officers, directors or employees, or any adaptation of any of them, in any advertising,
promotional or sales literature, without Aktis&#146; prior written consent. Lilly shall require its Affiliates, and shall contractually require its Sublicensees and Excluded Sublicensees, to comply with the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.11</B> <B>Inventor</B><B>&#146;</B><B>s Remuneration</B>. Each Party shall be solely responsible for any remuneration that may be due such Party&#146;s
inventors under any applicable inventor remuneration laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 10 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS, WARRANTIES AND COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.1</B> <B>Mutual Representations and Warranties</B>. Each of Lilly and Aktis represent and warrant, as of the Effective Date, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.1.1 </B>it is duly organized and validly existing under in the Applicable Laws of the jurisdiction of its incorporation or formation, as
applicable, has full corporate, limited liability company or other power and authority, as applicable, to enter into this Agreement and to carry out the provisions hereof, and has sufficient facilities, experienced personnel or other capabilities
(including via Affiliates or Third Parties) to enable it to perform its obligations under this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.1.2 </B>it is duly
authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the individual executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate, limited liability company or other
action, as applicable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.1.3 </B>this Agreement is legally binding upon it and enforceable in accordance with its terms (except as
the enforceability thereof may be limited by bankruptcy, bank moratorium or similar laws affecting creditors&#146; rights generally and laws restricting the availability of equitable remedies and may be subject to general principles of equity
whether or not such enforceability is considered in a proceeding at law or in equity) and the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate action and do not and will not:
(a)&nbsp;conflict with, or constitute a default or result in a breach under, any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, or violate any Applicable Laws; or (b)&nbsp;require any
consent or approval of its stockholders or similar corporate action (or, if any such consent or approval is required, it has already been obtained by such Party). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.2</B> <B>Aktis Representations and Warranties</B>. Aktis represents and warrants to Lilly as of the Effective Date:<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.1 No Grants that Conflict with this Agreement</B>. Aktis and its Affiliates have not granted any rights (or other encumbrances) to any
Third Party to Aktis Technology that prevent or conflict with the rights granted to Lilly hereunder or the performance of Aktis&#146; obligations hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.2 Existing Patents</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.3 No Other
License Required</B>. Other than the rights granted by Aktis to Lilly under this Agreement as of the Effective Date, no rights or licenses under any Intellectual Property Rights owned or licensed by Aktis or its Affiliates (including pursuant to any
Excluded <FONT STYLE="white-space:nowrap">In-License)</FONT> are necessary for Aktis to perform the activities contemplated in the Research Plan or for Lilly to perform the activities that are specifically assigned to Lilly under the Research Plan,
provided that if any other rights or license under Intellectual </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Property Rights owned or licensed by Aktis as of the Effective Date are identified after the Effective Date as necessary for Aktis to perform the activities contemplated in the Research Plan,
then such Intellectual Property Rights shall be automatically included within the Licensed IP at no additional cost. The foregoing is not and shall not be construed as a representation regarding infringement or misappropriation of any rights of a
Third Party, including any Third Party Intellectual Property Rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.4 No Third Party Agreements</B>. Except for the Aktis <FONT
STYLE="white-space:nowrap">In-Licenses</FONT> (to the extent applicable), (a) there are no license or other agreements with Third Parties regarding the exploitation of any Aktis Technology to which Aktis or its Affiliate is a party, and
(b)&nbsp;except as set forth on <U>Schedule 10.2.4</U>, none of the Aktis Technology is subject to any royalty or other payment obligations to any Third Party under any agreement or understanding entered into by Aktis or its Affiliates, and Aktis
has no knowledge of any obligation to pay any royalties or other amounts to any Third Party by reason of Lilly&#146;s use thereof as contemplated by this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.5 </B><B>Litigation</B><B> and Actions Relating to Intellectual Property</B>. There are no judgments or settlements against or owed by
Aktis or its Affiliates relating to the Aktis Technology. Aktis: (a)&nbsp;has not received any written notice of any threatened claims or litigation seeking to invalidate or otherwise challenge the Aktis Technology, including the Aktis Patents, or
Aktis&#146; or its Affiliates&#146; rights therein; and (b)&nbsp;is not aware of any pending action, suit, proceeding or claim by a Third Party asserting that Aktis or any of its Affiliates is infringing or has misappropriated or otherwise is
violating any Patents, trade secret or other Intellectual Property Right of any Third Party as would reasonably be expected to impair the ability of Aktis to fulfill any of its obligations under this Agreement, nor has Aktis received any written
threat of any such potential action, suit, proceeding or claim. Aktis has not given any written notice to any Third Party asserting infringement or misappropriation by such Third Party of any of the Aktis Technology and, to Aktis&#146; actual
knowledge, there is no unauthorized use, infringement or misappropriation of the Aktis Technology. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.6 Other </B><B>Material</B><B>
Claims and Actions</B>. There are no claims, actions, or proceedings pending, nor has Aktis received any written threat of any such claim, action or proceeding by any Third Party, nor, to Aktis&#146; knowledge, are there any formal inquiries
initiated by any Governmental Authority that may lead to the institution of any such legal proceedings, in each case against Aktis or its properties, assets or business, which if adversely decided, would, individually or in the aggregate, have a
material adverse effect on, or prevent Aktis&#146; ability to conduct the Research or <FONT STYLE="white-space:nowrap">Pre-Clinical</FONT> Development contemplated by each Research Program or to grant the licenses or rights granted to Lilly under
this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.7 No Government Funding</B>. The inventions claimed or covered by the Aktis Patents: (a)&nbsp;were not discovered,
generated, conceived or developed in connection with any research activities funded, in whole or in part, by the federal government of the United States of America or any agency thereof; (b)&nbsp;are not a &#147;subject invention&#148; as that term
is described in 35 U.S.C. Section&nbsp;201(e); and (c)&nbsp;are not otherwise subject to the provisions of the Patent and Trademark Law Amendments Act of 1980, as amended, codified at 35 U.S.C. &#167;&#167;
<FONT STYLE="white-space:nowrap">200-212,</FONT> as amended, as well as any regulations promulgated pursuant thereto, including in 37 C.F.R. Part 401. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.8 No False Statements</B>. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.2.9 Agreement Maintenance</B>. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.3</B> <B>Additional Aktis Representations and Warranties</B>. As of the date of the end of the applicable Research Term for a Research Program from which
an IND Candidate has been generated, and at any time Aktis provides the JRC with a written report when it in good faith believes that a Licensed Compound has met the Lead Candidate Criteria, Development Candidate Criteria and the TPP Criteria, as
applicable, (each such time, &#147;<B>Bring-Down Date</B>&#148;), subject to any express written disclosures that Aktis provides as of such date or in conjunction with any such written report, Aktis represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.3.1 No Other License Required</B>. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.3.2 Litigation and Actions Relating to Intellectual Property</B>. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.3.3 Other Material Claims and Actions</B>. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.3.4 Contents</B>. [***]. For the avoidance of doubt, representations and warranties, and related disclosures (if any), made as of each
Bring-Down Date shall not cure a breach of any representation or warranty made by Aktis as of the Effective Date (or any earlier Bring-Down Date) and shall not constitute a waiver of any remedies available to Lilly with respect to any such breach.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.4</B> <B>Covenants</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.4.1
</B><B>Debarment</B>. Each Party represents, warrants and covenants to the other Party that neither it nor its officers, employees, agents, consultants or any other person used by such Party in the performance of the respective research and
development activities under this Agreement is: (a)&nbsp;debarred or disqualified under the U.S. Federal Food, Drug and Cosmetic Act; (b)&nbsp;listed by any government or regulatory agencies as ineligible to participate in any government healthcare
programs or government procurement or <FONT STYLE="white-space:nowrap">non-procurement</FONT> programs (as that term is defined in 42 U.S.C. &#167; <FONT STYLE="white-space:nowrap">1320a-7b(f)),</FONT> or excluded, debarred, suspended or otherwise
made ineligible to participate in any such program; or (c)&nbsp;convicted of a criminal offense related to the provision of healthcare items or services, or is subject to any such pending action. Each Party will not during the Term knowingly, employ
or use, directly or indirectly, including through Affiliates or subcontractors, the services of any such Person. In the event that either Party becomes aware of the debarment or disqualification or threatened debarment or disqualification of any
Person providing services to such Party, directly or indirectly, including through Affiliates or subcontractors, or, in the case of Lilly, Sublicensees, which directly or indirectly relates to activities contemplated by this Agreement, such Party
shall promptly notify the other Party in writing and such Party shall cease employing, contracting with, or retaining any such person to perform any such services. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.4.2 Protection of Information</B>. During the Term, and without limiting a
Party&#146;s obligations hereunder, each Party shall implement technical and organizational measures to protect all information, including Confidential Information, under this Agreement that are appropriate and that provide no less protection than
both (i)&nbsp;good industry practice (i.e., in accordance with ISO 27001 or similar industry standards) and (ii)&nbsp;such Party&#146;s measures to protect its own information of a similar nature or importance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.4.3 Assignment by Employees, Agents and Consultants</B>. During the Term, each Party will, and will cause its Affiliates, subcontractors,
and in the case of Lilly, Sublicensees to, obtain from each of its employees, consultants and contractors, in each case who perform Research or Development activities pursuant to this Agreement, written agreements containing obligations of
confidentiality and <FONT STYLE="white-space:nowrap">non-use</FONT> and an assignment of all Inventions (and all of such Person&#146;s Intellectual Property Rights therein) for which Aktis or Lilly is intended to have ownership or license rights
under this Agreement such that no such employee, consultant or contractor shall retain any rights to such Inventions (or related Intellectual Property Rights) that would prevent or conflict with Aktis&#146; or Lilly&#146;s rights of ownership or use
of such Inventions contemplated by this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.4.4 No Conflicts</B>. During the Term, neither Party shall, and each Party shall
cause its Affiliates, subcontractors, and, in the case of Lilly, Sublicensees not to, grant any right to a Third Party that would prevent or conflict with the rights granted by such Party to the other Party under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.4.5 Aktis Technology</B>. During the Term, Aktis will not assign, transfer, convey or otherwise grant to any Third Party any rights to
any Aktis Technology (or any rights to any Intellectual Property Rights that would otherwise be included in the Aktis Technology if not assigned, transferred, conveyed or otherwise granted to a Third Party), in any manner that is inconsistent with,
or that would materially adversely affect, the licenses or other rights granted to Lilly under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.4.6 Excluded <FONT
STYLE="white-space:nowrap">In-Licenses</FONT></B>. <U>Exhibit 1.67</U> sets forth a complete and correct list of all Excluded <FONT STYLE="white-space:nowrap">In-Licenses</FONT> existing as of the Effective Date and Aktis has provided Lilly true,
complete and correct copies of such agreements. Aktis shall not (a)&nbsp;use any Patents or <FONT STYLE="white-space:nowrap">Know-How</FONT> <FONT STYLE="white-space:nowrap">in-licensed</FONT> by Aktis pursuant to an Excluded <FONT
STYLE="white-space:nowrap">In-License</FONT> or otherwise owned by a Third Party and not licensed to Aktis in the performance of its activities under an applicable Research Plan or (b)&nbsp;otherwise incorporate any of the foregoing into any
Licensed Compound or Licensed Product, in each case, without providing notice to Lilly thereof in accordance with <U>Section</U><U></U><U>&nbsp;6.4</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.5</B> <B>Compliance</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.1
Compliance with this Agreement</B>. Each of the Parties shall, and shall cause their respective Affiliates and its and its Affiliates&#146; employees, consultants and contractors to comply in all material respects with the applicable terms of this
Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.2 </B><B>Compliance</B><B> with Applicable Laws</B>. Each Party covenants to the
other that in the performance of its obligations under this Agreement, such Party shall comply, and shall cause its Affiliates and its and its Affiliates&#146; employees, consultants and contractors, to comply, with all Applicable Laws. No Party
shall, or shall be required to, undertake any activity under or in connection with this Agreement which violates, or which may be reasonably expected to, violate, any Applicable Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.3 Compliance with Party Specific Regulations</B>. In carrying out their respective obligations under this Agreement, the Parties shall
cooperate with each other as may reasonably be required to help ensure that each is able to fully meet its obligations with respect to all judgments, decrees, orders or similar decisions issued by any Governmental Authority specific to a Party, and
all consent decrees, corporate integrity agreements, or other agreements or undertakings of any kind by a Party with any Governmental Authority, in each case as the same may be in effect from time to time and applicable to a Party&#146;s activities
contemplated by this Agreement (the &#147;<B>Party Specific Regulations</B>&#148;). Each Party shall be responsible for providing the other Party with any Party Specific Regulations applicable to the other Party, including any updates to such Party
Specific Regulations, and the covenant in the preceding sentence shall only apply to the extent such Party Specific Regulations and any updates thereto have been provided to the other Party. Neither Party shall be obligated to pursue any course of
conduct that would result in such Party being in material breach of any Party Specific Regulation applicable to it; provided that in the event that a Party refuses to fulfill its obligations under this Agreement in any material respect on such
basis, the other Party may terminate this Agreement in accordance with <U>Section</U><U></U><U>&nbsp;13.2</U>; provided, that under such circumstances, such termination, including the applicable effects of such termination set forth in
<U>Section</U><U></U><U>&nbsp;13.7</U> shall be the sole remedy for such terminating Party and such terminating Party shall not be entitled to any other remedy under law or equity. All Party Specific Regulations are binding only in accordance with
their terms and only upon the Party to which they relate.<B> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.4 Compliance with Internal Compliance Codes</B>. All Internal
Compliance Codes shall apply only to the Party to which they relate. The Parties agree to reasonably cooperate with each other to ensure that each Party is able to comply with the substance of its respective Internal Compliance Codes and, to the
extent practicable, to operate in a manner consist with its usual compliance related processes. &#147;<B>Internal Compliance Codes</B>,&#148; as used in this <U>Section</U><U></U><U>&nbsp;10.5.4</U>, means a Party&#146;s internal policies and
procedures intended to ensure that a Party complies with Applicable Laws, Industry Codes, Party Specific Regulations, and such Party&#146;s internal ethical, medical and similar standards. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.5 Compliance with Anti-Corruption Laws</B>. In connection with this Agreement, the Parties shall comply with all Applicable Laws and
Industry Codes dealing with government procurement, conflicts of interest, corruption or bribery, including, if applicable, the U.S. Foreign Corrupt Practices Act of 1977, as amended, any anti-corruption or anti-bribery laws in jurisdictions where
the applicable Party operates, and any laws enacted to implement the Organisation of Economic Cooperation and Development Convention on Combating Bribery of Foreign Officials in International Business Transactions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.6 </B><B>Export</B><B> Control</B>. Each Party agrees to comply with all applicable
trade sanctions and export control laws and regulations, including where applicable the U.S. trade sanctions administered by the U.S. Treasury Department&#146;s Office of Foreign Assets Control (31 C.F.R. Part 501 et seq.), the U.S. Export
Administration Regulations (15 C.F.R. Part 734 et seq.), U.S. Department of State, U.S. Department of Commerce, the United Nations Security Council, European Union trade sanctions and export laws (including Council Regulation (EC) No.&nbsp;428/2009
(as amended)), or other relevant sanctions authority, and has implemented and will maintain policies and procedures reasonably designed to ensure compliance with all of the foregoing. Each Party agrees that the Licensed Products will not be
manufactured in, used, sold, exported, reexported, transferred, or otherwise made available, directly, or indirectly, to or for the benefit of a Sanctioned Territory (defined below) or Restricted Person (defined below) other than in compliance with
all applicable trade sanctions and export control laws and regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.7 Sanctioned Territories</B>. Each Party represents and
warrants that neither it, its directors, executive officers, agents, shareholders, nor any person having a controlling interest in such Party are: (a)&nbsp;a person targeted by trade or financial sanctions under the laws and regulations of the
United States, the European Union and its Member States, the United Kingdom or any other jurisdiction that both has legal authority over such Party and is applicable to the rights and licenses to be provided under this Agreement, including persons
designated on the U.S. Department of the Treasury, Office of Foreign Assets Control&#146;s List of Specially Designated Nationals and Other Blocked Persons and Consolidated Sanctions List, the U.S. State Department&#146;s <FONT
STYLE="white-space:nowrap">Non-proliferation</FONT> Sanctions Lists, the EU&#146;s Consolidated List of Persons, Groups and Entities Subject to EU Financial Sanctions, and the UK HM Treasury Consolidated Lists of Financial Sanctions Targets;
(b)&nbsp;incorporated or headquartered in, or organized under the laws of, a territory subject to comprehensive U.S. sanctions (each, a &#147;<B>Sanctioned Territory</B>&#148;) (currently, Belarus, Cuba, Iran, Crimea, North Korea, Russia, Syria,
Venezuela and the Russian controlled regions of Ukraine, currently Donetsk People&#146;s Republic and Luhansk People&#146;s Republic, but subject to change at any time); or (c)&nbsp;directly or indirectly owned or controlled by such Persons
(together &#147;<B>Restricted Person</B>&#148;). Each Party further represents and warrants that it shall notify the other Party in writing immediately if such Party or any of its directors, Executive Officers, agents, shareholders or any person
having a controlling interest in Aktis becomes a Restricted Person or if such Party becomes directly or indirectly owned or controlled by one or more Restricted Persons. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>10.5.8 Prohibited Conduct</B>. Without limiting the other obligations of the Parties set forth in this <U>Section&nbsp;10.5.8</U>, each
Party covenants to the other that, as of the Effective Date and in the performance of its obligations under this Agreement through the expiration and termination of this Agreement, such Party and, to its knowledge, its Affiliates and its and its
Affiliates&#146; employees and subcontractors, in connection with the performance of their respective obligations or exercise of their respective rights under this Agreement, have not made, offered, given, promised to give, or authorized, and will
not make, offer, give, promise to give, or authorize, any bribe, kickback, payment or transfer of anything of value, directly or indirectly, to any Person or any Government Official for the purpose of: (a)&nbsp;improperly influencing any act or
decision of the Person or Government Official; (b)&nbsp;inducing the Person or Government Official to do or omit to do an act in violation of a lawful or otherwise required duty; (c)&nbsp;securing any improper advantage; or (d)&nbsp;inducing the
Person or Government Official to improperly influence the act or decision of any organization, including any government or government instrumentality, to assist any Party </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
in obtaining or retaining business. For the purpose of this <U>Section&nbsp;10.5.8</U>, &#147;<B>Government Official</B>&#148; means: (i)&nbsp;any officer, employee (including physicians,
hospital administrators, or other healthcare professionals), agent, representative, department, agency, de facto official, representative, corporate entity, instrumentality or subdivision of any government, military or international organization,
including any ministry or department of health or any state-owned or affiliated company or hospital; (ii)&nbsp;any candidate for political office, any political party or any official of a political party, in each case for the purpose of obtaining or
retaining business for or with, or directing business to, any Person, including either Party; or (iii)&nbsp;any Person acting in an official capacity on behalf of any of the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.6</B> <B>Disclaimer</B>. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS <U>ARTICLE&nbsp;10</U>, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY
WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, TITLE, VALIDITY OF PATENT CLAIMS, OR ANY WARRANTY RESULTING FROM COURSE OF DEALING OR USAGE OF
TRADE. NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION MADE OR WARRANTY GIVEN BY EITHER PARTY THAT EITHER PARTY WILL BE SUCCESSFUL IN OBTAINING ANY PATENTS OR THAT ANY PATENTS WILL ISSUE BASED ON A PENDING APPLICATION. WITHOUT
LIMITING THE RESPECTIVE RIGHTS AND OBLIGATIONS OF THE PARTIES EXPRESSLY SET FORTH HEREIN, EACH PARTY SPECIFICALLY DISCLAIMS ANY GUARANTEE THAT THE RESEARCH PLAN(S) WILL BE SUCCESSFUL, IN WHOLE OR IN PART. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.7</B> <B>No Warranty of Success</B>. Nothing contained in this Agreement shall be construed as a warranty, either express or implied, on the part of
either Party that (a)&nbsp;the Research, Development or Commercialization of any Licensed Compound or Licensed Product (including during the Research Program) will be successful, or (b)&nbsp;any Licensed Product will be commercially exploitable in
any respect. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 11 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.1</B>
<B>Indemnity</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>11.1.1 </B><B>By Aktis</B>. Subject to Section&nbsp;11.1.3, Aktis shall defend, indemnify and hold harmless Lilly,
any of its Affiliates, and its and their respective directors, officers, employees, and agents (each, a &#147;Lilly Indemnitee&#148;) from and against any and all costs, fees, expenses, losses, liabilities, and damages, including reasonable legal
expenses and attorneys&#146; fees (collectively, &#147;Losses&#148;) to which any Lilly Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party (a &#147;Claim&#148;) to the extent such Losses
arise out of: [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>11.1.2 By Lilly</B>. Subject to Section&nbsp;11.1.3, Lilly shall defend, indemnify and hold harmless Aktis, any of
its Affiliates, and its and their respective directors, officers, employees and agents (each, a &#147;Aktis Indemnitee&#148;) from and against any and all Losses to which any Aktis Indemnitee may become subject as a result of any Claim to the extent
such Losses arise out of: [***]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>11.1.3 Procedure</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) <B>General. </B>All indemnification claims in respect of a Aktis Indemnitee or Lilly Indemnitee, as applicable (each, an
&#147;<B>Indemnitee</B>&#148;) shall be made solely by Aktis or Lilly, as applicable (the &#147;<B>Indemnified Party</B>&#148;). The Indemnified Party shall promptly notify the indemnifying Party in writing (an &#147;<B>Indemnification Claim
Notice</B><B>&#148;</B><B>)</B> of any Losses or discovery of fact upon which such Indemnified Party intends to base a request for indemnification under this <U>Article 11</U>, but in no event shall the indemnifying Party be liable for any Losses
that result from any delay in providing such notice. Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount of such Loss is known at such time). The
Indemnified Party shall furnish promptly to the indemnifying Party copies of all papers and official documents received in respect of any Losses and Claims. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) <B>Control of Defense</B>. <B></B>Subject to <U>Section</U><U></U><U>&nbsp;9.6</U> and <U>Section</U><U></U><U>&nbsp;9.8</U>, at its
option, the indemnifying Party may assume the defense of any Claim by giving written notice to the Indemnified Party within thirty (30)&nbsp;days after the indemnifying Party&#146;s receipt of an Indemnification Claim Notice. The assumption of the
defense of a Claim by the indemnifying Party shall not be construed as an acknowledgment that the indemnifying Party is liable to indemnify the Indemnified Party or its Indemnitees in respect of such Claim, nor shall it constitute a waiver by the
indemnifying Party of any defenses it may assert against the Indemnified Party&#146;s or its Indemnitees&#146; claim for indemnification. Upon assuming the defense of a Claim, the indemnifying Party may appoint as lead counsel in the defense of such
Claim any legal counsel selected by the indemnifying Party. If the indemnifying Party assumes the defense of a Claim, the Indemnified Party shall promptly deliver to the indemnifying Party all original notices and documents (including court papers)
received by the Indemnified Party or any of its Indemnitees in connection with such Claim. If the indemnifying Party assumes the defense of a Claim, except as provided in <U>Section</U><U></U><U>&nbsp;11.1.3(c)</U>, the indemnifying Party shall not
be liable to the Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party or any of its Indemnitees in connection with the analysis, defense or settlement of such Claim unless specifically requested in writing by the
indemnifying Party. If it is ultimately determined that the indemnifying Party is not obligated to indemnify, defend or hold harmless the Indemnified Party or its Indemnitees from and against the Claim, the Indemnified Party shall reimburse the
indemnifying Party for any and all costs and expenses (including attorneys&#146; fees and costs of suit) and any Losses incurred by the indemnifying Party in its defense of the Claim within thirty (30)&nbsp;days after receipt of any invoice therefor
from the indemnifying Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(c) <B>Right to Participate in Defense</B>. Any Indemnified Party shall be entitled to
participate in, but not control, the defense of such Claim and to employ counsel of its choice for such purpose; provided that such employment shall be at the Indemnified Party&#146;s own cost and expense unless (i)&nbsp;the employment thereof, and
the assumption by the indemnifying Party of such expense, has been specifically authorized by the indemnifying Party in writing, (ii)&nbsp;the indemnifying Party has failed to assume the defense and employ counsel in accordance with
<U>Section</U><U></U><U>&nbsp;11.1.3(b)</U> (in which case the Indemnified Party shall control the defense) or (iii)&nbsp;the interests of the Indemnitee and the indemnifying Party with respect to such Claim are sufficiently adverse to prohibit the
representation by the same counsel of both Persons under Applicable Law, ethical rules or equitable principles. For clarity, if the Indemnified Party has the right to control the defense of a Claim pursuant to <U>Section</U><U></U><U>&nbsp;9.6</U>
and <U>Section</U><U></U><U>&nbsp;9.8</U>, the Indemnified Party shall be entitled to control such Claim, without limiting the indemnifying Party&#146;s responsibility for Losses under <U>Section</U><U></U><U>&nbsp;11.1.1</U> or
<U>Section</U><U></U><U>&nbsp;11.1.2</U>, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(d) <B>Cooperation</B>. Regardless of whether the indemnifying Party chooses to
defend or prosecute any Claim, the Indemnified Party shall, and shall cause each Indemnitee to, reasonably cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, provide such witnesses and attend
such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith. Such cooperation shall include access during normal business hours afforded to the indemnifying Party to, and reasonable
retention by the Indemnified Party and Indemnitees of, records and information that are reasonably relevant to such Claim, and making Indemnitees and other employees and agents available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder and the indemnifying Party shall reimburse the Indemnified Party for all its reasonable and verifiable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs in connection therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(e)
<B>Expenses</B>. Except as set forth in <U>Section</U><U></U><U>&nbsp;11.1.3(b)</U>, the reasonable and verifiable costs and expenses, including fees and disbursements of counsel, incurred by the Indemnified Party in connection with any Claim shall
be reimbursed on a Calendar Quarter basis in arrears by the indemnifying Party, without prejudice to the indemnifying Party&#146;s right to contest the Indemnified Party&#146;s right to indemnification and subject to refund if the indemnifying Party
is ultimately held not to be obligated to indemnify the Indemnified Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(f) <B>Settlement</B>. With respect to any Losses relating
solely to the payment of money damages in connection with a Claim and that shall not result in the Indemnified Party or the applicable Indemnitee becoming subject to injunctive or other relief or otherwise adversely affecting the business of the
Indemnified Party or the applicable Indemnitee in any manner and that the indemnifying Party has acknowledged in writing the obligation to indemnify the Indemnified Party or the applicable Indemnitee hereunder, the indemnifying Party shall have the
sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such terms as the indemnifying Party, in its sole discretion, shall deem appropriate. With respect to all other Losses in connection
with Claims, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
if the indemnifying Party has assumed the defense of the Claim in accordance with <U>Section</U><U></U><U>&nbsp;11.1.3(b)</U>, the indemnifying Party shall have authority to consent to the entry
of any judgment, enter into any settlement or otherwise dispose of such Loss; provided that it obtains the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed). If the indemnifying
Party does not assume and conduct the defense of a Claim as provided above, the Indemnified Party may defend against such Claim. Without limiting the rights and obligations of the Parties under <U>Article 9</U>, regardless of whether the
indemnifying Party chooses to defend or prosecute any Claim, the Indemnified Party shall not, and shall cause its Indemnitees not to, admit any liability with respect to, or settle, compromise or dispose of, any Claim without the prior written
consent of the indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed). Except as provided in <U>Article 9</U>, the indemnifying Party shall not be liable for any settlement, compromise or other disposition of a
Loss by an Indemnified Party or any Indemnitee that is reached without the written consent of the indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed). For clarity, if a Claim, or the events giving rise to or
resulting in such Claim, are subject to <U>Article 9</U> and <U>Section</U><U></U><U>&nbsp;11.1.1</U> or <U>Section</U><U></U><U>&nbsp;11.1.2</U> then <U>Article 9</U> shall apply with respect to the defense of such Claim and
<U>Section</U><U></U><U>&nbsp;11.1.1</U> or <U>Section</U><U></U><U>&nbsp;11.1.2</U> as applicable, shall apply with respect to the allocation of financial responsibility for the related Losses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.2</B> <B>Limitation of Liability</B>. NEITHER PARTY, NOR ANY OF ITS AFFILIATES, LICENSEES, (SUB)LICENSEES/ SUBLICENSEES OR SUBCONTRACTORS, SHALL BE
LIABLE FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, INDIRECT OR PUNITIVE DAMAGES OR LOST PROFITS OR LOST REVENUES OR LOST ROYALTIES, LOST DATA OR COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT
(INCLUDING NEGLIGENCE AND STRICT PRODUCT LIABILITY), INDEMNITY OR CONTRIBUTION, AND REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, THAT THIS <U>SECTION</U><U></U><U>&nbsp;11.2</U> WILL NOT BE CONSTRUED TO LIMIT EITHER
PARTY&#146;S INDEMNIFICATION OBLIGATIONS UNDER <U>ARTICLE</U><U></U><U>&nbsp;11</U>, EITHER PARTY&#146;S LIABILITY FOR BREACH OF ITS EXCLUSIVITY OBLIGATIONS UNDER <U>ARTICLE</U><U></U><U>&nbsp;7</U> OR CONFIDENTIALITY OBLIGATIONS UNDER
<U>ARTICLE</U><U></U><U>&nbsp;12</U>, OR A PARTY&#146;S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.3</B> <B>Insurance</B>. During the Term, each Party
shall maintain such types and amounts of liability insurance (including self-insurance with respect to Lilly) as is normal and customary in the industry generally for similarly situated parties and adequate to cover its obligations under this
Agreement, and each Party will upon reasonable request from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT> provide the other Party with a certificate of insurance in that regard, along with any
amendments and revisions thereto existing and relevant at the time of such request.<U> </U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 12 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIALITY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.1</B>
<B>Confidential Information</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>12.1.1 Confidential Information</B>. In connection with this Agreement, each Party may disclose
certain proprietary or confidential information of such Party (or its Affiliates) to<U> </U>the other Party (or its Affiliates), including in the case of Lilly, such information that consists of Lilly Background IP, and in the case of Aktis,
including such information that is Aktis Technology (such information, &#147;<B>Confidential Information</B>&#148;). Without limiting the foregoing, (a)&nbsp;the terms of this Agreement are the Confidential Information of both Parties and shall be
treated confidentially by each of the Parties subject to the exceptions set forth in <U>Section</U><U></U><U>&nbsp;12.1.6</U>, (b) Aktis Platform and Aktis Platform IP shall be deemed to be Aktis&#146; Confidential information and
(c)<U></U>&nbsp;Lilly Background IP and Lilly Improvements shall be deemed to be Lilly&#146;s Confidential Information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>12.1.2
Restrictions</B>. A Party or its Affiliates (the &#147;<B>Receiving Party</B>&#148;) that receives Confidential Information from the other Party or its Affiliates (the &#147;<B>Disclosing Party</B>&#148;) shall keep all the Disclosing Party&#146;s
Confidential Information in confidence with at least the same degree of care with which the Receiving Party holds its own confidential information (but in no event less than a commercially reasonable degree of care). A Receiving Party shall not
disclose Disclosing Party&#146;s Confidential Information to any Third Party without the prior written consent of the Disclosing Party, except as otherwise expressly permitted below, and shall not use the Disclosing Party&#146;s Confidential
Information except in connection with the performance of its obligations and exercise of its rights under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>12.1.3
Exceptions</B>. The obligations of confidentiality and restriction on use of Confidential Information under <U>Section</U><U></U><U>&nbsp;12.1.2</U> do not apply to any information that the Receiving Party can prove by competent evidence:
(a)&nbsp;is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or available to the public; (b)&nbsp;is known by the Receiving Party at the time of receiving such information, other than by
previous disclosure of the Disclosing Party, or its Affiliates, employees, agents, consultants, or contractors (provided that the foregoing exception shall not apply with respect to Licensed Information); (c)&nbsp;is hereafter furnished to the
Receiving Party without restriction by a Third Party who has no obligation of confidentiality or limitations on use with respect thereto; or (d)&nbsp;is independently discovered, generated, conceived or developed by the Receiving Party without the
use of or reference to the Confidential Information belonging to the Disclosing Party (provided that the foregoing exception shall not apply with respect to Product Information or Joint <FONT STYLE="white-space:nowrap">Know-How).</FONT> Specific
information will not be deemed to be within any of the foregoing exclusions merely because it is embraced by more general information falling within those exclusions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>12.1.4 Permitted Disclosures</B>. The Receiving Party may disclose Confidential
Information belonging to the Disclosing Party as expressly permitted by this Agreement or if and to the extent such disclosure is reasonably necessary in the following instances: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) Prosecution and Maintenance of Patents as permitted by this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) in the case of Lilly as the Receiving Party or, upon the effective date of each Reversion License, Aktis as the Receiving Party, Regulatory
Filings for a Licensed Product or Reversion Product, as applicable, that such Party has a license or right to develop hereunder in a given country or jurisdiction; provided that with respect to Aktis as the Receiving Party, any such disclosures
under this <U>Section</U><U></U><U>&nbsp;12.1.4(b)</U> shall be limited to Confidential Information of Lilly that is included in the Regulatory Filings that Lilly assigns to Aktis pursuant to <U>Section</U><U></U><U>&nbsp;13.7.5(b)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(c) prosecuting or defending litigation as permitted by this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(d) complying with applicable court orders Applicable Laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(e) in response to a valid request by a U.S., state, foreign, provincial, or local tax authority, in which case either Party may disclose, a
copy of this Agreement (including any Exhibits, Appendices, ancillary agreements, and amendments hereto); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(f) disclosure to its and its
Affiliates&#146; employees, consultants, contractors and agents, and to Sublicensees (in the case of Lilly), in each case on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">need-to-know</FONT></FONT> basis in connection with
carrying out the activities assigned to it in each Research Plan and the Exploitation of Licensed Compounds and Licensed Products in the Field in the Territory in accordance with this Agreement, in each case under written obligations of
confidentiality and <FONT STYLE="white-space:nowrap">non-use</FONT> at least as stringent as those herein; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(g) in the case of Aktis as
the Receiving Party, [***]; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(h) in the case of Aktis as the Receiving Party, disclosure of [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, if a Party is required to make a disclosure of the other Party&#146;s Confidential Information pursuant to
<U>Section</U><U></U><U>&nbsp;12.1.4(d)</U>, it shall, except where impracticable, give reasonable advance notice to the other Party of such disclosure and (i)&nbsp;use efforts to secure confidential treatment of such Confidential [***] and
(ii)&nbsp;disclose such information solely to the extent reasonably necessary in complying with such court orders or governmental regulations or regulators or such valid requests. Any information disclosed pursuant to
<U>Section</U><U></U><U>&nbsp;12.1.4(d)</U> remains Confidential Information and subject to the restrictions set forth in this Agreement, including the foregoing provisions of this <U>Article</U><U></U><U>&nbsp;12</U>. For clarity, either Party may
disclose without any limitation such Party&#146;s U.S. federal income tax treatment and the U.S. federal income tax structure of the transactions relating to such Party that are based on or derived from this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>12.1.5 Public</B><B> Domain Information</B>. Nothing in this Agreement will prevent a Party from using any
<FONT STYLE="white-space:nowrap">Know-How</FONT> that is in the public domain (provided that such <FONT STYLE="white-space:nowrap">Know-How</FONT> is not in the public domain as a result of such Party&#146;s breach of this Agreement). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>12.1.6 Disclosure of Agreement</B>. Notwithstanding the foregoing, either Party or its
Affiliates may file a copy of this Agreement and disclose the relevant terms of this Agreement: (a)&nbsp;to the extent required or advisable to comply with the rules and regulations promulgated by the U.S. Securities and Exchange Commission or any
equivalent governmental agency in any country in the Territory, provided that [***]; (b) upon request from a Governmental Authority (such as a tax authority), [***]; and (c)&nbsp;to the extent necessary to perform obligations or exercise rights
under this Agreement, to any sublicensee, collaborator or potential sublicensee or potential collaborator of such Party, provided that any sublicensee, collaborator or potential sublicensee or collaborator agree in writing to be bound by obligations
of confidentiality and <FONT STYLE="white-space:nowrap">non-use</FONT> no less protective of the Disclosing Party than those set forth in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>12.1.7 Survival</B>. Each Party&#146;s obligations under this <U>Section</U><U></U><U>&nbsp;12.1</U> apply during the Term and continue for
[***] thereafter with respect to Confidential Information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.2</B> <B>Licensed Information</B>. Notwithstanding anything the contrary herein, <FONT
STYLE="white-space:nowrap">Know-How</FONT> exclusively licensed by Aktis to Lilly [***] (collectively, the &#147;<B>Licensed Information</B>&#148;), for purposes of this Agreement, is deemed to be Lilly&#146;s Confidential Information and,
regardless of the Party first disclosing the same, Lilly shall be deemed the Disclosing Party, and Aktis shall be deemed the Receiving Party, with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.3</B> <B><U>Publicity</U></B><U>.</U> Promptly following the Effective Date, Aktis may issue a press release in a mutually agreed upon form, which is
attached hereto as <U>Exhibit</U><U></U><U>&nbsp;12.3</U>. During the Research Term for a Research Program, except as permitted under <U>Section</U><U></U><U>&nbsp;12.1.4</U> and this <U>Section</U><U></U><U>&nbsp;12.3</U>, neither Party shall issue
any subsequent press release or public statement disclosing information relating to this Agreement or the transactions contemplated hereby or the terms hereof without the prior written consent of the other Party, not to be unreasonably withheld,
conditioned, or delayed; provided, that neither Party will be prevented from complying with any duty of disclosure it may have pursuant to Applicable Laws or pursuant to the rules of any recognized stock exchange or quotation system subject to the
restrictions set forth in <U>Section</U><U></U><U>&nbsp;12.1.4</U> and <U>Section</U><U></U><U>&nbsp;12.1.6</U><U>.</U><U> </U><U></U>If either Party desires to issue a press release or other public statement disclosing information relating to this
Agreement or the transactions contemplated hereby or the terms hereof during the Research Term for a Research Program, the issuing Party will provide the other Party with a copy of the proposed press release or public statement. The issuing Party
shall specify with each such proposed press release or public statement, taking into account the urgency of the matter being disclosed, a reasonable period of time within which the reviewing Party may provide any comments on such proposed press
release or public statement. If the reviewing Party provides any comments, the Parties shall consult with one another on such proposed press release or public statement and work in good faith to prepare a mutually acceptable press release or public
statement. Following the end of the Research Term for a Research Program, as between the Parties, Lilly shall have the sole right to issue press releases or public statements regarding the applicable Collaboration Target, and Licensed Compounds and
Licensed Products Directed To such Collaboration Target, without seeking Aktis&#146; prior written consent so long as no Confidential Information of Aktis&#146; is disclosed. Each Party may repeat any information relating to this Agreement that has
already been publicly disclosed in accordance with this <U>Section</U><U></U><U>&nbsp;12.3</U>, including pursuant to the initial press release, provided that such information continues as of such time to be accurate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.4</B> <B>Publication</B>. Lilly shall have the sole right to publicly present or publish results of
studies, including those carried out under a Research Program, with respect to the Licensed Compounds and Licensed Products Directed To Collaboration Targets and make other public presentations or publications regarding the Licensed Compounds,
Licensed Products and Collaboration Targets in its sole discretion, subject to the remainder of this <U>Section</U><U></U><U>&nbsp;12.4</U>. Lilly will deliver a complete draft of any such proposed publication that describes the Aktis Platform or
otherwise includes the results of studies carried out by Aktis under a Research Program to Aktis at least [***] before submitting the material to a publisher or initiating any other release. Aktis will review any such material and give its comments
to Lilly as quickly as possible, and no later than [***] after the delivery of such draft to Aktis. Upon reasonable request by Aktis, Lilly shall (a)&nbsp;incorporate Aktis&#146; feedback with respect to the Aktis Platform and remove any Aktis
Confidential Information related to the Aktis Platform and not specifically related to a Licensed Compound, Licensed Product or Collaboration Target, and (b)&nbsp;delay any submission or release for a period of up to an additional [***] to permit
Aktis to prepare and file, or have prepared and filed, any patent applications for any inventions as contemplated under this Agreement. Lilly will ascribe authorship of any proposed publication using accepted standards used in peer-reviewed,
academic journals at the time of the proposed publication. [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.5</B> <B>Prior Confidentiality Agreement</B>. Upon the Effective Date, the terms
of this <U>Article 12 </U>shall supersede the Confidentiality Agreement and the Confidentiality Agreement shall terminate and be of no further force or effect; provided that all &#147;Confidential Information&#148; disclosed by or on behalf of the
&#147;Disclosing Party&#148; under the Confidentiality Agreement shall be deemed Confidential Information of the applicable Disclosing Party hereunder and shall be subject to the terms and conditions of this Agreement, and the &#147;Receiving
Party&#148; thereunder shall be bound by and obligated to comply with such terms and conditions as if they were the applicable Receiving Party hereunder. The foregoing shall not be interpreted as a waiver of any remedies available to the
&#147;Disclosing Party&#148; under the Confidentiality Agreement as a result of any breach, prior to the Effective Date, by the &#147;Receiving Party&#148;, of its obligations pursuant to the Confidentiality Agreement. In the event of any
inconsistency or conflict between this Agreement and the Confidentiality Agreement, the terms of this Agreement shall govern. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.6</B> <B>Privacy</B>.
In connection with and solely to the extent applicable to a Party&#146;s obligations under this Agreement, each Party and its Affiliates, and each Person acting on its or their behalf, will comply, with (a)&nbsp;all Applicable Laws relating to the
privacy, processing and security of Personal Information in all countries and jurisdictions (including any transfer of Personal Information across national borders) in connection with (i)&nbsp;the receipt, collection, compilation, use, storage,
processing, sharing, safeguarding, security (technical, physical and administrative), disposal, destruction, disclosure or transfer of Personal Information (including any Personal Information that may be included or used in the Research Program),
including providing any notice, obtaining any consent or prior authorizations, and conducting any assessment required under Applicable Laws and (ii)&nbsp;the application, collection and Exploitation of the Aktis Technology, including with respect to
compounds, products and therapies that may become Licensed Compounds or Licensed Products, (b)&nbsp;all privacy related consents and notices that apply to or were obtained in connection with the foregoing, and (c)&nbsp;the requirements of any
contract or codes of conduct to which a Party is a party, including that all such Persons have complied with applicable data transfer requirements and provided all legally required privacy notices to, and obtained appropriate consents (including
research informed consents) from, data subjects </P>
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(&#147;<B>Notices and Consents</B>&#148;), and the Notices and Consents permit the use of the Aktis Technology and resulting data as contemplated under the Agreement to be, used and processed by
Aktis or its Affiliates (or Persons acting on its or their behalf), including under any Research Plan, and the applicable licensing and transfer of all such Personal Information of data subjects to, and subsequent use by, Lilly as permitted under
this Agreement. For purposes of this <U>Section</U><U></U><U>&nbsp;12.6</U>, &#147;<B>Personal Information</B>&#148; means (x)&nbsp;all information that identifies, could be used to identify or is otherwise associated with an individual person,
whether or not such information is associated with an identified individual person and (y)&nbsp;any other information included in any definition of &#147;Personal Information&#148; or any similar term (e.g., &#147;personal data&#148; or
&#147;personally identifiable information&#148; or &#147;PII&#148;) provided by Applicable Laws or by either Party in any of its own privacy policies, notices or contracts. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 13 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERM&nbsp;&amp; TERMINATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.1</B>
<B>Term</B>. This Agreement commences on the Effective Date and, unless terminated earlier as provided in this <U>Article&nbsp;13</U>, continues on a Licensed
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Product-by-Licensed</FONT></FONT> Product and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis until the expiration of the
Royalty Term for such Licensed Product in such country (the &#147;<B>Term</B>&#148;). Upon the expiration of the Term with respect to a given Licensed Product and a particular country, the licenses granted by Aktis to Lilly under
<U>Section</U><U></U><U>&nbsp;6.1</U> will become perpetual, irrevocable, fully-paid, and royalty-free, and the license granted under <U>Section&nbsp;6.1.1</U> shall remain exclusive (even as to Aktis and its Affiliates).</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.2</B> <B>Termination for Material Breach</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.2.1 </B><B>Termination</B>. Either Party may terminate this Agreement upon written notice to the other Party if such other Party
materially breaches this Agreement and, after receiving written notice from the <FONT STYLE="white-space:nowrap">non-breaching</FONT> Party identifying such material breach in reasonable detail, fails to cure such material breach (other than <FONT
STYLE="white-space:nowrap">non-payment</FONT> of an undisputed payment obligation) within [***] days from the date of such notice; provided that if such a material breach is not reasonably capable of cure within such [***], the breaching Party may
submit, prior to the end of such [***], a reasonable plan to cure the breach within an [***], in which case the other Party may not terminate this Agreement for so long as the breaching Party [***] to implement such cure plan and effects such cure
within such [***]. Either Party may terminate this Agreement upon written notice to the other Party if such other Party materially breaches this Agreement with respect to an undisputed payment obligation and, after receiving written notice from the <FONT
STYLE="white-space:nowrap">non-breaching</FONT> Party identifying such material breach in reasonable detail, fails to cure such material breach within [***] from the date of such notice. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.2.2 Dispute</B>. If the allegedly breaching Party disputes in good faith the existence or materiality of a breach specified in a notice
provided by the other Party in accordance with <U>Section</U><U></U><U>&nbsp;13.2.1,</U> such alleged breaching Party shall, within [***] of receipt of written notice of breach from the other Party, (a)&nbsp;provide the other Party notice of such
dispute which notice shall include in reasonable detail the rationale for disputing the alleged breach and (b)&nbsp;initiate dispute resolution procedures in accordance with <U>Article 14</U>, in which case, such termination shall not be effective
until it has been finally determined pursuant to<U> </U></P>
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<U>Article 14</U> that the alleged breaching Party has materially breached this Agreement and such Party fails to cure such breach within the applicable cure period set forth in
<U>Section&nbsp;13.2.1</U>. During the pendency of such dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their respective obligations hereunder. The Parties hereby
agree to take such steps as may be reasonably necessary to complete such dispute resolution process in accordance with <U>Article 14</U> as expeditiously as possible. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.2.3 Lilly Option to Continue Agreement</B>. Notwithstanding anything to the contrary under this Agreement, if Lilly has a right to
terminate this Agreement in its entirety pursuant<B> </B>to <U>Section&nbsp;13.2.1</U> as a result of Aktis&#146; uncured material breach of [***] (as finally determined under <U>Article 14</U> to the extent there is a dispute), then Lilly shall
have the right to, at its option and by written notice to Aktis given within [***] after such final determination (or such earlier time that a material breach is identified by Lilly without dispute by Aktis), in lieu of exercising its right to
terminate this Agreement under this <U>Section&nbsp;13.2</U> and as its sole and exclusive remedy for such material breach (except for injunctive relief), to continue this Agreement on its terms (&#147;<B>Alternative Remedy</B>&#148;), in which case
[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.3</B> <B>Termination by Aktis for Patent Challenge</B>. [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.4</B> <B>Termination by Lilly</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.4.1 </B><B>Partial </B><B>Termination</B>. Lilly may, at any time in its sole discretion and without cause, terminate this Agreement
[***] basis (or any combination thereof) upon [***] prior written notice to Aktis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.4.2 Entire Agreement</B>. Lilly may, in its sole
discretion, terminate this Agreement in its entirety at any time and without cause upon [***] prior written notice to Aktis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.5</B> <B>Termination
for Insolvency</B>. If either Party (or any controlling Affiliate)&nbsp;(a) files for protection under bankruptcy or insolvency laws, (b)&nbsp;makes an assignment for the benefit of creditors, (c)&nbsp;appoints or suffers appointment of a receiver
or trustee over substantially all of its property that is not discharged within [***] after such filing, (d)&nbsp;proposes a written agreement of composition or extension of its debts, (e)&nbsp;proposes or is a party to its dissolution or
liquidation, (f)&nbsp;files a petition under any bankruptcy or insolvency act or has any such petition filed against it that is not discharged within [***] of the filing or (g)&nbsp;admits in writing its inability generally to meet its obligations
as they fall due in the general course, then the other Party may terminate this Agreement in its entirety effective immediately upon written notice to such Party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.6</B> <B>Terminated Targets</B>. With respect to any Collaboration Target for which this Agreement has been terminated, subject to
<U>Section&nbsp;7.1</U> and <U>Article 12</U>, (a) such Collaboration Target shall no longer be considered a Collaboration Target for all purposes of this Agreement and shall become a Terminated Target, (b)&nbsp;each Party&#146;s rights and
obligations under this Agreement with respect to the Exploitation of Licensed Compounds and Licensed Products Directed To such Terminated Target(s) shall automatically cease as of the effective date of termination, [***]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.7</B> <B>Effects of Termination</B>. The following shall apply upon termination of this Agreement in
its entirety [***] basis, as applicable, made in accordance with this <U>Article&nbsp;13</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.7.1 Termination</B><B> of
Licenses</B>. All licenses and rights granted to each Party under <U>Article&nbsp;6</U> shall terminate automatically as of the of the termination of this Agreement in its entirety (or with respect to the terminated Collaboration Target and any
corresponding Licensed Compound(s) and Licensed Product(s), if terminated for specific Collaboration Target(s)); provided that if Lilly (or its Affiliates or Sublicensees) has inventory of usable Licensed Product(s) Directed To such Terminated
Target as of the effective date of termination, then Lilly (and its Affiliates and Sublicensees) may continue to sell off such inventory of such Licensed Products in the Field in the Territory (and fulfill customer orders therefor) until the earlier
to occur of one (1)&nbsp;year after the effective date of termination and the date on which Lilly (or its Affiliates or Sublicensees) no longer has such inventory of such Licensed Product(s) and shall pay Aktis any applicable Royalties due based on
such sales in accordance with <U>Section&nbsp;8.4</U>. [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.7.2 Destruction of Confidential Information</B>. Subject to the
potential transfer of any data and information covered below in <U>Section&nbsp;13.7.5</U>, each Receiving Party shall destroy (at the Disclosing Party&#146;s written request) all such Confidential Information of the Receiving Party in its
possession as of the effective date of expiration or termination (with the exception of one copy of such Confidential Information, which may be retained by the legal department of the Receiving Party in connection with standard record keeping
requirements of such Party or to comply with Applicable Law), and any Confidential Information of the Disclosing Party contained in its laboratory notebooks or databases, provided that each Receiving Party may retain and continue to use such
Confidential Information of the Disclosing Party to the extent necessary to exercise any surviving rights, licenses or obligations under this Agreement. Notwithstanding the foregoing, a Receiving Party shall not be required to destroy any computer
files created during automatic system back up that are subsequently stored securely by it and not readily accessible to its employees, consultants, or others who received the Disclosing Party&#146;s Confidential Information under this Agreement.
With respect to any Confidential Information retained in accordance with the foregoing, the Receiving Party shall continue to comply with <U>Article&nbsp;12</U> with respect to such Confidential Information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.7.3 Wind-Down</B>. Following termination of this Agreement with respect to a Collaboration Target or a Region, but subject to
<U>Section&nbsp;13.6.6</U> with respect to Reversion Products, to the extent applicable, the Parties shall cooperate, and use Commercially Reasonable Efforts, to wind-down and cease, within [***] of the effective date of termination in accordance
with Applicable Law and industry standards, all activities then being performed by the Parties and their Affiliates hereunder. In accordance therewith, the Parties shall enter into an agreement regarding (a)&nbsp;the maintenance of the global safety
database for Licensed Compounds and Licensed Products Directed To such Terminated Target, (b)&nbsp;a process for the exchange of adverse event safety data in a mutually agreed format in order to monitor the safety of Licensed Compounds and Licensed
Products Directed To such Terminated Target and to meet reporting requirements of any applicable Regulatory Authorities in the Territory and in any terminated Region(s), and (c)&nbsp;coordination of the Exploitation of Licensed Compounds and
Licensed Products [***], as needed. Should the Parties enter into a Program Transfer Agreement in accordance with <U>Section</U><U></U><U>&nbsp;13.6.6(g)</U>, the foregoing clauses (a)&nbsp;through (c) (inclusive) may be addressed in such agreement.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.7.4 Survival of Sublicenses</B>. Any permitted sublicense granted by Lilly or its
Affiliate to a Third Party under the licenses granted to Lilly under this Agreement shall survive the termination of this Agreement, provided that, in the case where termination of this Agreement for Lilly&#146;s uncured material breach pursuant to
<U>Section</U><U></U><U>&nbsp;13.2</U>, such Sublicensee [***]. If permitted under such a surviving sublicense, effective upon termination of this Agreement, such sublicense shall become a direct license from Aktis to such Sublicensee, provided,
that, [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13.7.5 Reversion</B>. Except in connection with termination by Lilly pursuant to <U>Section</U><U></U><U>&nbsp;13.2</U> or
<U>Section</U><U></U><U>&nbsp;13.5</U>, or if Lilly terminates this Agreement pursuant to <U>Section</U><U></U><U>&nbsp;13.4</U> in connection with a bona fide, material safety-related concern in connection with a Licensed Compound or Licensed
Product, in the event of any other termination of this Agreement either in its entirety or with respect to a Terminated Target, upon Aktis&#146; written request [***]: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">[***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.8</B> <B>Survival</B>. Expiration
or termination of this Agreement will not relieve the Parties of any obligation or right accruing prior to such expiration or termination. Except as set forth below or elsewhere in this Agreement, the obligations and rights of the Parties under the
following provisions of this Agreement shall survive expiration or termination of this Agreement: [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.9</B> <B>Exercise of Rights to Terminate;
Damages; Relief</B>. The valid use by either Party of a termination right provided for under this Agreement shall not give rise to the payment of damages or any other form of compensation or relief to the other Party with respect thereto; provided,
however, that termination of this Agreement shall not preclude either Party from claiming any other damages, compensation, or relief that it may be entitled to upon termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.10</B> <B>Bankruptcy Code</B>. If this Agreement is rejected by a Party as a debtor under Section&nbsp;365 of the United States Bankruptcy Code or
similar provision in the bankruptcy laws of another jurisdiction (the &#147;<B>Code</B>&#148;), then, notwithstanding anything else in this Agreement to the contrary, all licenses and rights to licenses granted under or pursuant to this Agreement by
the Party in bankruptcy to the other Party are, and shall otherwise be deemed to be, for purposes of Section&nbsp;365(n) of the Code (or similar provision in the bankruptcy laws of the jurisdiction), licenses of rights to &#147;intellectual
property&#148; as defined under Section&nbsp;101(35A) of the Code (or similar provision in the bankruptcy laws of another applicable jurisdiction). The Parties agree that a Party that is a licensee of rights under this <U>Agreement</U> shall retain
and may fully exercise all of its rights and elections under the Code, and that upon commencement of a bankruptcy proceeding by or against a Party under the Code, the other Party shall be entitled to a complete duplicate of, or complete access to
(as such other Party deems appropriate), any such intellectual property and all embodiments of such intellectual property, if not already in such other Party&#146;s possession, shall be promptly delivered to such other Party: (a)&nbsp;upon any such
commencement of a bankruptcy proceeding upon written request therefor by such other Party, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement; or (b)&nbsp;if not delivered under the foregoing
subclause (a), upon the rejection of this Agreement by or on behalf of the bankrupt Party upon written request therefor by the other Party. The foregoing provisions of this <U>Section&nbsp;13.10</U> are without prejudice to any rights a Party may
have arising under the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 14 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GOVERNING LAW; DISPUTE RESOLUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.1</B> <B>Governing Law</B>. This Agreement, and all claims or causes of action (whether in contract, tort or statute) that may be based upon, arise out
of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this
Agreement or as an inducement to enter into this Agreement) will be governed by, enforced, and construed in accordance with, the laws of the State of New York, including its statutes of limitations, regardless of the laws that might otherwise govern
under applicable principles of conflicts of law, and the Patent laws of the United States, provided that any disputes under this Agreement concerning the scope, validity, enforceability, or infringement of a Patent in a country or jurisdiction shall
be determined in accordance with the laws of such country or jurisdiction in which the particular Patent has been filed or granted, as the case may be.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.2</B> <B>Disputes</B>. The Parties recognize that controversies or claims arising out of, relating to, or in connection with this Agreement may arise
from time to time. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes in an expedient manner by mutual cooperation and without resort to litigation. To accomplish this objective, the Parties shall
follow the procedures set forth in this <U>Article&nbsp;14</U> to resolve any dispute other than a JRC Dispute. If any dispute, claim or controversy of any nature arising out of or relating to this Agreement other than a JRC Dispute, including any
action or claim based on tort, contract or statute, or concerning the interpretation, effect, termination, validity, performance or breach of this Agreement (each, a &#147;<B>Dispute</B>&#148;), arises between the Parties, either Party may refer the
Dispute to Executive Officers of each Party for resolution within [***] of a written request by either Party to the other Party. Each Party, within [***] after a Party has received such written request from the other Party to so refer such Dispute,
shall notify the other Party in writing of the Person (<I>i.e.</I>, the Executive Officer or their designees) to whom such Dispute is referred. If, after an additional [***] after the notice of Dispute, such Executive Officers have not succeeded in
negotiating a resolution of the Dispute, and a Party wishes to pursue the matter, the Parties may seek to resolve the Dispute in any federal court having jurisdiction thereof located in New York as further described in <U>Section&nbsp;14.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.3</B> <B>Litigation</B>. The Federal courts located in New York, New York, or in the absence of federal subject matter jurisdiction the state courts
located in New York, New York, shall have exclusive jurisdiction over, and shall be the exclusive venue for resolution of, any Dispute not resolved through the informal Dispute resolution procedures described above. Each Party irrevocably and
unconditionally waives any objection to the laying of venue of any Dispute arising out of this Agreement and hereby and thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Dispute
brought in any such court has been brought in an inconvenient forum. Any final judgment resolving a Dispute may be enforced by either Party in any court having appropriate jurisdiction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.4</B> <B>Equitable Relief</B>. Each Party acknowledges and agrees that the restrictions set forth in
<U>Article 7</U>, <U>Article 9</U>, and <U>Article 12</U> are reasonable and necessary to protect the legitimate interests of the other Party and that such other Party would not have entered into this Agreement in the absence of such restrictions,
and that any breach or threatened breach of any provision of <U>Article 7</U>, <U>Article 9</U>, or <U>Article 12</U> may result in irreparable injury to such other Party for which there shall be no adequate remedy at law. In the event of a breach
or threatened breach of any provision of <U>Article 7</U>, <U>Article 9</U>, or <U>Article 12</U> the <FONT STYLE="white-space:nowrap">non-breaching</FONT> Party shall be authorized and entitled to seek injunctive relief, whether preliminary or
permanent, specific performance, and an equitable accounting of all earnings, profits, and other benefits arising from such breach, which rights shall be cumulative and in addition to any other rights or remedies to which such <FONT
STYLE="white-space:nowrap">non-breaching</FONT> Party may be entitled in law or equity to prevent such breach or threatened breach of this Agreement and to enforce specifically the terms and provisions of such Sections of this Agreement. Both
Parties agree to waive any requirement that the other (a)&nbsp;post a bond or other security as a condition for obtaining any such relief, and (b)&nbsp;show irreparable harm, balancing of harms, consideration of the public interest, or inadequacy of
monetary damages as a remedy. Nothing in this <U>Section&nbsp;14.4</U> is intended, or should be construed, to limit either Party&#146;s right to equitable relief or any other remedy for a breach of any other provision of this Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 15 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.1</B> <B>Entire
Agreement; Amendment</B>. This Agreement, including the Exhibits hereto, sets forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the
Parties hereto with respect to the subject matter hereof and supersedes, as of the Effective Date, all prior and contemporaneous agreements and understandings between the Parties with respect to the subject matter hereof, including the
Confidentiality Agreement. Each Party acknowledges and agrees that in entering into this Agreement it places no reliance on any representation, warranty or other statement relating to the subject matter of this Agreement other than as expressly set
out in this Agreement. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each Party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.2</B> <B>Independent Contractors</B>. The relationship between Lilly and Aktis created by this Agreement is solely that of independent contractors. This
Agreement does not create any agency, distributorship, employee-employer, partnership, joint venture or similar business relationship between the Parties. Neither Party is a legal representative of the other Party, and neither Party can assume or
create any obligation, representation, warranty, or guarantee, express or implied, on behalf of the other Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.3</B> <B>Notice</B>. Any notice
required or permitted to be given by this Agreement must be in writing and in English. Any and all notices or other communications or deliveries required or permitted to be provided hereunder must be in writing and will be deemed given and effective
if: (a)&nbsp;delivered by hand or by overnight courier with tracking capabilities; (b)&nbsp;mailed postage prepaid by first class, registered, or certified mail; or (c)&nbsp;delivered by electronic mail followed by delivery via either of the methods
set forth in clauses (a)&nbsp;and (b) of this <U>Section&nbsp;15.3</U>, in each case, addressed as set forth below unless changed by notice so given: </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">If to Aktis:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Aktis Oncology, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17 Drydock Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite <FONT
STYLE="white-space:nowrap">17-401</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, MA 02210</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: CEO</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT>
[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">with a copy (which shall not constitute notice) to:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">If to Lilly:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Eli Lilly and Company</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each Party shall also provide a copy of any notice (via <FONT STYLE="white-space:nowrap">e-mail</FONT> if
available) to the other Party&#146;s Alliance Manager. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.4</B> <B>Severability</B>. If, for any reason, any part of this Agreement is adjudicated
invalid, unenforceable, or illegal by a court of competent jurisdiction, such adjudication shall not, to the extent feasible, affect or impair, in whole or in part, the validity, enforceability, or legality of any remaining portions of this
Agreement. All remaining portions will remain in full force and effect. The Parties shall make a good faith effort to replace any invalid, unenforceable or illegal term or provision with a valid, enforceable and legal term or provision such that the
objectives contemplated by the Parties when entering this Agreement may be realized to the extent practicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.5</B> <B>Assignment</B>. Neither
Party may assign or transfer this Agreement or any rights or obligations hereunder without the prior written consent of the other, except that a Party may make such an assignment or transfer without the other Party&#146;s consent to: (a)&nbsp;its
Affiliate, provided that such Party shall remain primarily liable for any acts or omissions of such Affiliate; or (b)&nbsp;to an Acquirer in connection with a Change of Control, subject to <U>Section&nbsp;7.3.2</U>. Any permitted assignee shall, in
writing to the <FONT STYLE="white-space:nowrap">non-assigning</FONT> Party, expressly assume performance of such assigning Party&#146;s rights and obligations. Any permitted assignee shall, in writing to the
<FONT STYLE="white-space:nowrap">non-assigning</FONT> Party, expressly assume performance of such assigning Party&#146;s rights and obligations. Any permitted assignment is binding on the successors of the assigning Party. Any assignment or
attempted assignment by either Party in violation of the terms of this Section&nbsp;15.5 is null, void and of no legal effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.6</B> <B>Waivers</B>.
The failure of a Party to insist upon strict performance of any provision of this Agreement or to exercise any right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in
whole or in part, in that instance or in any other instance. Any waiver by a Party of a particular provision or right shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by
such Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.7</B> <B>Force Majeure</B>. Neither Party shall be responsible to the other for any failure or delay
in performing any of its obligations under this Agreement or for other nonperformance hereunder (excluding, in each case, the obligation to make payments when due) if such delay or nonperformance is caused by strike, fire, flood, earthquake,
accident, war, act of terrorism, act of God, epidemic, pandemic, or of the government of any country or of any local government, or by any other cause unavoidable or beyond the control of any Party hereto (each a &#147;<B>Force Majeure
Event</B>&#148;). In such event, such affected Party shall use [***] to resume performance of its obligations and will keep the other Party informed of actions related thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.8</B> <B>Interpretation</B>. The captions and headings to this Agreement are for convenience only and are to be of no force or effect in construing or
interpreting any of the provisions of this Agreement. Unless specified to the contrary, references to Articles, Sections or Exhibits mean the particular Articles, Sections or Exhibits to this Agreement and references to this Agreement include all
Exhibits hereto. In the event of any conflict between the main body of this Agreement and any Exhibit hereto, the main body of this Agreement shall prevail. Unless context otherwise clearly requires, whenever used in this Agreement: (a)&nbsp;the
words &#147;include&#148; or &#147;including&#148; shall be construed as incorporating, also, &#147;but not limited to&#148; or &#147;without limitation&#148;; (b)&nbsp;the word &#147;day&#148; or &#147;year&#148; means a calendar day or year unless
otherwise specified; (c)&nbsp;the word &#147;notice&#148; means notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated under this Agreement; (d)&nbsp;the
words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereby&#148; and derivative or similar words refer to this Agreement as a whole and not merely to the particular provision in which such words appear; (e)&nbsp;the words &#147;shall&#148; and
&#147;will&#148; have interchangeable meanings for purposes of this Agreement; (f)&nbsp;provisions that require that a Party, the Parties or a committee hereunder &#147;agree,&#148; &#147;consent&#148; or &#147;approve&#148; or the like shall
require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter, approved minutes or otherwise; (g)&nbsp;words of any gender include the other gender; (h)&nbsp;words using the singular or plural
number also include the plural or singular number, respectively; (i)&nbsp;references to any specific law, rule or regulation, or article, section or other division thereof, shall be deemed to include the then-current amendments thereto or any
replacement law, rule or regulation thereof; (j)&nbsp;the phrase <FONT STYLE="white-space:nowrap">&#147;non-refundable&#148;</FONT> shall not prohibit, limit or restrict either Party&#146;s right to obtain damages in connection with a breach of this
Agreement; (k)&nbsp;the word &#147;or&#148; in reference to its objects A or B means either A or B or both A and B and is not exclusive, unless otherwise indicated; and (l)&nbsp;neither Party shall be deemed to be acting on behalf of the other
Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.9</B> <B>Counterparts; Electronic Signatures</B>. This Agreement may be executed in any number of counterparts, each of which is deemed an
original, but all of which together constitute one instrument. This Agreement may be executed and delivered electronically and upon such delivery such electronic signature will be deemed to have the same effect as if the original signature had been
delivered to the other Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.10</B> <B>Expenses</B>. Each Party shall pay its own costs, charges and expenses incurred in connection with the
negotiation, preparation, and execution of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.11</B> <B>Further Assurances</B>. Lilly and Aktis hereby covenant and agree without the
necessity of any further consideration, to execute, acknowledge and deliver any and all documents and take any action as may be reasonably necessary to carry out the intent and purposes of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.12</B> <B>No Third Party Beneficiary Rights</B>. This Agreement is not intended to and shall not be
construed to give any Third Party any interest or rights (including any Third Party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or contemplated hereby, except as otherwise expressly provided
for in this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.13</B> <B>Construction</B>. The Parties hereto acknowledge and agree that: (a)&nbsp;each Party and its counsel reviewed and
negotiated the terms and provisions of this Agreement and have contributed to its revision; (b)&nbsp;the rule of construction to the effect that any ambiguities are resolved against the drafting Party shall not be employed in the interpretation of
this Agreement; and (c)&nbsp;the terms and provisions of this Agreement shall be construed fairly as to all Parties hereto and not in a favor of or against any Party, regardless of which Party was generally responsible for the preparation of this
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.14</B> <B>Cumulative Remedies</B>. No remedy referred to in this Agreement is intended to be exclusive unless explicitly stated to be so,
but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.15</B> <B>Extension
to Affiliates</B>. Except as expressly set forth otherwise in this Agreement, each Party shall have the right to extend the rights and immunities granted in this Agreement to one or more of its Affiliates. All applicable terms and provisions of this
Agreement, except this right to extend, shall apply to any such Affiliate to which this Agreement has been extended to the same extent as such terms and provisions apply to the Party extending such rights and immunities. For clarity, if a Party
extends rights and immunities granted hereunder to one or more of its Affiliates, such Party shall remain primarily liable for any acts or omissions of such Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[signature page follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Parties have caused this Agreement to be executed as of the
Effective Date by their duly authorized representatives. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aktis Oncology, Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Eli Lilly and Company</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:&#8199;<U>/s/ Matthew Roden&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">By:&#8199;<U>/s/ [***]&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Printed: Matthew Roden, PhD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Printed: [***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: President and Chief Executive Officer, Aktis Oncology</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title: [***]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature page to License, Research and Collaboration Agreement] </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule 10.2.4 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 1.23 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[***] </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 1.67 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Excluded <FONT STYLE="white-space:nowrap">In-Licenses</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 2.5.3 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[***] </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 4.1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Responsibilities Matrix </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[***] </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
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<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[***] </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="10" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
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<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
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<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ROWSPAN="6" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">[***]</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">[***]</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 4.6 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Key Terms for Licensed Decoy Development Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***]. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 4.12 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aktis Third Party Subcontractors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[***] </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 4.13 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Materials Transfer Record </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***]
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit <FONT STYLE="white-space:nowrap">4.14-</FONT> Part A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Eli Lilly and Company Good Research Practices </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit <FONT STYLE="white-space:nowrap">4.14-</FONT> Part B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Eli Lilly and Company Animal Care and Use Requirement for Animal Researchers and Suppliers </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 10.2.2 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[***] </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit&nbsp;12.3 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Press Release </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.12 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN
INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE REGISTRANT HAS DETERMINED THAT IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXCLUSIVE LICENSE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS EXCLUSIVE LICENSE AGREEMENT </B>(the &#8220;<U>Agreement</U>&#8221;), dated as of November&nbsp;1, 2021 (the &#8220;<U>Effective
Date</U>&#8221;), is by and between Institute for Protein Innovation, Inc. a Massachusetts nonprofit corporation with an office at 4 Black fan Circle, Boston MA 02115 (&#8220;IPI&#8221;) and Aktis Oncology Inc., a Delaware corporation, with an
office at 450 Kendall Street, 5th Floor, Cambridge, MA 02142 (&#8220;<U>Licensee</U>&#8221;). Each of IPI and Aktis may be referred to individually as a &#8220;<U>Party</U>&#8221; and collectively as the &#8220;<U>Parties</U>&#8221;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B<SMALL>ACKGROUND</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties entered into that certain Sponsored Research Agreement dated August&nbsp;24, 2020 (the &#8220;<U>SRA</U>&#8221;), under
which IPI granted to Licensee an option to acquire a licensed under certain patents and technology rights related to Miniproteins binding Aktis Targets (as such terms are defined below) owned by IPI; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Licensee exercised such option and wishes to obtain a license under IPI&#8217;s interest in such patent and technology rights to
develop and market products and services based thereon; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, IPI is willing to grant a license to Licensee under such patent and
technology rights pursuant to the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of these premises and the mutual promises,
representations, and warranties contained herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree to the terms and conditions set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;I </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>EFINITIONS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless this Agreement expressly provides otherwise, the following terms, whether used in the singular or plural, will have the meanings set
forth below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 &#8220;<U>Affiliate</U>&#8221; shall mean, with respect to any organization or entity, any person, organization or
entity controlling, controlled by or under common control with, such organization or entity. For purposes of this definition only, &#8220;control&#8221; of another person, organization or entity shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the activities, management or policies of such person, organization or entity, whether through the ownership of voting securities, by contract or otherwise. Without limiting the foregoing, control shall
be presumed to exist when a person, organization or entity (a)&nbsp;owns or directly controls more than fifty percent (50%)&nbsp;of the outstanding voting stock or other ownership interest of the other organization or entity or (b)&nbsp;possesses,
directly or indirectly, the power to elect or appoint more than fifty percent (50%)&nbsp;of the members of the governing body of the organization or other entity. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 &#147;<U>Aktis Targets</U>&#148; shall mean the fourteen (14)&nbsp;target proteins listed
on Appendix A attached hereto From time to time and by mutual written agreement, Licensee and IPI may modify the Aktis Targets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3
&#147;<U>Combination Product</U>&#148; shall mean a product which contains both [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.4 &#147;<U>EMA</U>&#148; shall mean the European
Medicines Agency, or any successor thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.5 &#147;FDA&#148; shall mean the United States Food and Drug Administration, or any
successor thereof </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.6 &#147;<U>Field</U>&#148; shall mean all fields. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.7 &#147;<U>First Commercial Sale</U>&#148; shall mean with respect to a Licensed Product or a Discovered Product, or a Licensed Service or a
Discovered Service, the date of the first sale (in exchange for cash or other consideration to which value can reasonably be assigned for the purpose of determining Net Sales) by Licensee, its agents or Sublicensees of such Licensed Product in a
given country to an independent third party for distribution or end use or consumption of such Licensed Product after Regulatory Approval, and, where applicable, Pricing and Reimbursement Approval, for such Licensed Product in such country. [***].
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.8 &#147;<U>Licensed Patents</U>&#148; shall mean [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.9 &#147;<U>Licensed <FONT STYLE="white-space:nowrap">Know-How</FONT></U>&#148; means all <FONT STYLE="white-space:nowrap">know-how,</FONT>
data, materials, and information owned or controlled by IPI specifically related to the Licensed Patent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.10 &#147;<U>Licensed Patents
Expiration</U>&#148; means the expiration date of the last to expire Valid Claim of the Licensed Patents, taking into account any patent term extension, supplementary protection certificate, market exclusivity period, or other grant of any extended
term thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.11 &#147;<U>Licensed Product</U>&#148; means any and all products the manufacture, use, sale, offer for sale, importation,
or marketing of which would otherwise constitute infringement (direct or indirect) of any Valid Claim of the Licensed Patents. For the avoidance of doubt, a Licensed Product includes products made through the practice of a process covered by a Valid
Claim of the Licensed Patents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.12 &#147;<U>Licensed Product Information</U>&#148; means all data (including without limitation clinical
data), patent rights, <FONT STYLE="white-space:nowrap">know-how,</FONT> other intellectual property rights, Regulatory Applications, Regulatory Approvals, in each case, owned or controlled by Licensee, its Affiliates or sublicensees relating to a
given Product and which is generated following the Effective Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.13 &#147;<U>Discovered Product</U>&#148; means any and all products
or services, the research, development, manufacture, use or sale of which practices or incorporates any of the Licensed <FONT STYLE="white-space:nowrap">Know-How,</FONT> hut that it not a Licensed Product. For clarity, any polypeptide generated by
IPI solely as an antigen for use by or on behalf of Aktis for discovery purposes only shall not be considered a Discovered Product. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.14 &#147;<U>Discovered Service</U>&#148; means any and all services, the sale of which
practices or incorporates any of the Licensed <FONT STYLE="white-space:nowrap">Know-How,</FONT> but that is not a Licensed Service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.15
&#147;<U>Licensed Service</U>&#148; means any and all services (a)&nbsp;the performance, sale, offer for sale, or marketing of which would otherwise constitute infringement (direct or indirect) of any Valid Claim of the Licensed Patents; or
(b)&nbsp;that involve the use or consumption of Licensed Products. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.16 &#147;<U>Licensed Technology</U>&#148; means the Licensed Patents
and Licensed Know How. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.17 &#147;<U>IPI Background IP</U>&#148; means any intellectual property (other than the Licensed Technology)
owned solely or jointly by IPI relating to Miniproteins and Miniprotein libraries, or the design, screening, identification, and characterization thereof </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.18 &#147;<U>Miniproteins</U>&#148; shall mean any binder proteins identified in a screen of the IPI miniprotein libraries to the Aktis
Targets, and any modified binding proteins identified, including the final set of high affinity miniproteins. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.19 &#147;<U>Net
Sales</U>&#148; shall mean [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of a Combination Product, Net Sales shall mean [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.20 &#147;<U>PMDA</U>&#148; shall mean the Japanese Pharmaceuticals and Medical Devices Agency, or any successor thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.21 &#147;<U>Principal Investigator</U>&#148; means [***]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.22 &#147;<U>Products</U>&#148; collectively means Licensed Products, Licensed Services, Discovered Products, and Discovered Services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.23 &#147;<U>Territory</U>&#148; shall mean worldwide. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.24 &#147;<U>IPI Improvement</U>&#148; shall mean any new invention, new <FONT STYLE="white-space:nowrap">know-how,</FONT> development,
invention, patent, patent application or other improvements, whether or not patentable, made solely or jointly by one or more IPI inventors, [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon
Licensee&#146;s written request, not more often than quarterly, IPI shall provide Licensee with updates regarding IPI Improvements. IPI shall report IPI Improvements before such IPI Improvement is disclosed to the public. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.25 &#147;<U>Valid Claim</U>&#148; shall mean: (a)&nbsp;a claim of an issued and unexpired patent within the Licensed Patents that has not
been (i)&nbsp;held permanently revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, (ii)&nbsp;rendered unenforceable
through disclaimer or otherwise, (iii)&nbsp;abandoned or (iv)&nbsp;permanently lost through an interference or opposition </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
proceeding without any right of appeal or review or (b)&nbsp;a pending claim of a pending patent application within the Licensed Patents that (i)&nbsp;has been asserted and continues to be
prosecuted in good faith and (ii)&nbsp;has not been abandoned or finally rejected without the possibility of appeal or refiling, and (iii)&nbsp;has not been pending for more than [***]&nbsp;after the date of first substantive examination of such
claim, as evidenced by the receipt of an office action on the merits from the United States Patent and Trademark Office (or an equivalent examination report from a foreign patent office); provided, however, that in the event such claim issues as a
claim of an issued patent, then such claim shall be a Valid Claim hereunder and Licensee shall pay to TPT [***] The invalidity of a particular claim in one or more countries shall not invalidate such claim in the remaining countries of the
Territory, or otherwise affect whether such claim is a Valid Claim in the remaining countries of the Territory. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.26 &#147;<U>Royalty
Term</U>&#148; means the time period Licensee has an obligation to pay royalties on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis for a given Product which: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. with respect to a Licensed Product or Licensed Service, will commence on the First Commercial Sale of that Licensed Product
or Licensed Service and continue until the expiration of the last to expire Valid Claim covering the manufacture, use or sale of such Licensed Product or Licensed Service. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. with respect to a Discovered Product or Discovered Service, will commence on the First Commercial Sale of that Discovered
Product or Discovered Service and continue ten (10)&nbsp;years from First Commercial Sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purpose of clarity, a Licensed Product
or Licensed Service may become a Discovered Product or Discovered Service following expiration of the relevant Valid Claim of the Licensed Patents in the jurisdiction in the Territory which covers the making, using or selling of such Licensed
Product or Licensed Service and, if, in a given country, royalties were paid under Section&nbsp;4 2 for such Licensed Product or Licensed Service in such country for a period of less than ten (10)&nbsp;years, Licensee shall pay TPT royalties on Net
Sales of the corresponding Discovered Product or Discovered Service under Section&nbsp;4.2 for the remainder of the ten (10)&nbsp;year period; provided, that, under no circumstances shall the Royalty Term for such Product exceed ten (10)&nbsp;years
from First Commercial Sale. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.27 &#147;<U>Phase I Clinical Trial</U>&#148; shall mean a human clinical trial of a Licensed Product that is
designed to satisfy the requirements of 21 C.F.R. &#167;312 21 (a), as amended from time to time, or equivalent trial outside of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.28 &#147;<U>Phase 2 Clinical Trial</U>&#148; shall mean a human clinical trial of a Licensed Product that is designed to satisfy the
requirements of 21 C.F.R. &#167;312 2 l(c), as amended from time to time, or equivalent trial outside of the United States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.29
&#147;<U>Pricing and Reimbursement Approval</U>&#148; means, in any country where a governmental authority must authorize reimbursement, or approve or determine pricing, for a Licensed Product prior to the commercial sale of such Licensed Product in
such country, receipt or publication (if required to make such authorization, approval or determination effective) of such reimbursement authorization or pricing and reimbursement approval or determination with respect to such Licensed Product. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.30 &#147;<U>Regulatory Approval</U>&#148; shall mean, with respect to a country or region
in the Territory, any and all approvals, licenses, registrations or authorizations (including marketing and labeling authorizations) of any Regulatory Authority that are necessary for the manufacture, distribution, importation, exportation, use and
sale of a Licensed Product in such country or region. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.31 &#147;<U>Regulatory Authority</U>&#148; means any applicable government
regulatory authority involved in granting approvals for the manufacture, distribution, importation, exportation, use and sale of a Licensed Product in such country or region. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.32 &#147;<U>Regulatory Filing</U>&#148; means, with respect to the Product, any submission to a Regulatory Authority of any appropriate
regulatory application, and will include, without limitation, any submission to a regulatory advisory board, marketing authorization application, and any supplement or amendment thereto. Regulatory Filings will include any Investigation New Drug
Application (&#147;IND&#148;), Clinical Trial Application (&#147;CTA&#146;&#146;), Biologics Licensing Application (&#147;BLA&#148;), Marketing Authorization Application (&#147;MAA&#148;), or the corresponding application in any other country or
group of countries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.33 &#147;<U>Registration Clinical Trial</U>&#148; shall mean any Clinical Trial that is intended (as of the time the
Clinical Trial is initiated) to obtain sufficient data and results to support the filing of an application for Regulatory Approval, including but not limited to a Pivotal Clinical Trial, which shall mean (a)&nbsp;a Phase III Trial or, (b)&nbsp;a
Phase II Trial to the extent that either the FDA or the EMA has determined that the Phase II Trial can be considered as a pivotal clinical trial for purposes of obtaining Regulatory Approval. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.34 &#147;<U>BLA</U>&#148; means a Biologics License Application filed with the FDA in the United States with respect to a Licensed Product,
as defined in Title 21 of the U.S. Code of Federal Regulations, Section&nbsp;601.2 et. seq. or a foreign equivalent of a BLA for a Licensed Product in the applicable jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.35 &#147;<U>BLA Approval</U>&#148; means the Regulatory Approval of a BLA by the FDA for a Product in the United States, or a foreign
equivalent of the FDA for a Product in the applicable jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.36 &#147;<U>Reporting Period</U>&#148; shall begin on the first day
of each calendar quarter and end on the last day of such calendar quarter.<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">L<SMALL>ICENSE</SMALL> R<SMALL>IGHTS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>License Grant</U>. Subject to the terms and conditions of this Agreement, IPI hereby grants to Licensee an exclusive license under
IPI&#146;s interests in the Licensed Technology to research, develop, make, have made, use, sell, offer to sell, import and commercialize Products in the Territory in the Field, with the right to sublicense through multiple fields as set forth
herein </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Defined terms to be alphabetized prior to execution.
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(the &#147;Exclusive License&#148;). Additionally, subject to the terms and conditions of this Agreement, IPI hereby grants a nonexclusive license under IPI&#146;s interests in the IPI Background
IP controlled by IPI created during the term of the Agreement, to the extent required to research, develop, make, have made, use, sell, offer to sell, import and commercialize the Products in the Territory in the Field. For a period of three
(3)&nbsp;years after the effective date of the Agreement, IPI hereby grants to Licensee the first exclusive right to negotiate a license, or an amendment to the Agreement, to any IPI Improvements invented in the laboratory of the Principal
Investigator, that pertain to a Miniprotein to any Aktis Target. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Sublicenses</U>. Licensee shall have the right to grant written
Sublicenses under its respective rights and licenses granted herein as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. to its Affiliates with the right for
such Affiliates to grant subsequent Sublicenses through multiple tiers to other Affiliates (each, a &#147;sub sublicense&#148;) without IPI&#146;s prior written consent; and further including the right for each such Affiliate to grant a sub
sublicense to a <FONT STYLE="white-space:nowrap">non-Affiliate</FONT> third party without IPI&#146;s prior written consent provided that any further sub sublicensing by such third party would require IPI&#146;s prior written consent, such consent
not to be unreasonably withheld or delayed; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. to <FONT STYLE="white-space:nowrap">non-Affiliate</FONT> third parties
directly, provided that any further sub sublicensing by such third party would require IPI&#146;s prior written consent, such consent not to be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. All sublicenses and <FONT STYLE="white-space:nowrap">sub-sublicenses</FONT> must contain terms and conditions no less
restrictive than, no less protective of IPI&#146;s rights than, and consistent with those set forth in this Agreement, shall state that the sublicense (or sub sublicense) is subject to the termination of this Agreement, and shall name IPI a
third-party beneficiary of such terms and conditions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. No sublicense or sub sublicense shall purport to grant any rights
that extend beyond the scope of rights granted to Licensee under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. Licensee will provide written notice
to IPI identifying a prospective sublicensee at least [***] prior to execution of any sublicense or sub sublicense or amendment thereto, and will furnish to IPI a true and complete copy of each executed sublicense and sub sublicense, and each
amendment thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">f. No sublicense or sub sublicense shall relieve Licensee of any of its obligations hereunder, Licensee
shall be responsible for the conduct of its sub licensees or sub-sublicensees and their compliance with the terms of the sublicense or sub sublicense; and any act or omission of a sublicensee or sub sublicensee which would be a breach of this
Agreement if performed by Licensee shall be deemed a breach hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">g. Each sublicense or sub sublicense may provide
that the sublicensee can request, upon a showing of need, the right to grant further nonexclusive sub licenses through tiers <FONT STYLE="white-space:nowrap">(sub-sublicenses),</FONT> and IPI will not unreasonably withhold its consent to any such
request, presented by Licensee on behalf of its sublicensees, so long as a commercially reasonable need is demonstrated, each <FONT STYLE="white-space:nowrap">sub-sublicense</FONT> complies with all terms of this
</P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Agreement applicable to sublicenses, and each sub sublicensee executes and returns to IPI a copy of a sublicensing acknowledgment letter. In addition, each sublicense shall provide that in the
event this Agreement terminates, the sublicense will, at IPI&#146;s written election, either terminate or continue in full force and effect pursuant to Section&nbsp;9.4 as a direct license; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">h. Licensee shall promptly provide IPI with the name, contact information, and address of each sublicensee, as well as
information regarding the number of full-time employees of each such sublicensee to allow IPI to determine whether it can maintain its small entity filing status for patent prosecution and maintenance purposes. Thereafter, Licensee shall provide
IPI, through its regular reports under Section&nbsp;3 3, a summary of the business and activities of each sublicensee and containing sufficient details regarding the sublicensees&#146; business relating to the Licensed Patents to assess when,
whether, and the extent to which each sublicensee may be practicing its sublicensed rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 <U>Retained Rights</U>. In addition to the
U S. Government rights identified in Section&nbsp;2 4, IPI hereby reserves and retains the right for itself and the inventors of the Licensed Technology to practice and use the subject matter covered by Licensed Technology, and to extend such rights
to other universities, academic institutions and <FONT STYLE="white-space:nowrap">non-profit</FONT> research organizations, in each case, (a)&nbsp;for <FONT STYLE="white-space:nowrap">non-commercial</FONT> research (including sponsored research),
educational and compassionate use purposes and (h)&nbsp;to provide reagents to <FONT STYLE="white-space:nowrap">non-commercial,</FONT> academic research groups but not for clinical trials or for profit sponsored research or other commercial
activities related to generating Mini proteins for other sponsors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 <U>US. Government Requirements</U>. It is understood that the
United States Government has funded research, during the course of or through which inventions of the Licensed Patents were conceived or made Thus, the United States Government is entitled under the provisions of 35 U.S.C. &#167;&#167; 200212 and
applicable regulations of Chapter 37 of the Code of Federal Regulations, to a nonexclusive, nontransferable, irrevocable, <FONT STYLE="white-space:nowrap">paid-up</FONT> license to practice or have practiced the inventions of such Licensed Patents
for governmental purposes. Any license granted under this Agreement to Licensee, and all sublicensees and similar rights granted by Licensee, will be subject to such government license. In addition, unless a valid waiver is obtained from the
applicable funding agency at Licensee&#146;s written request and expense, all Products that are used or sold in the United States under the license granted herein (or any sub license thereunder) must be manufactured substantially in the United
States to the extent required by 35 U S.C &#167; 204 and applicable regulations of Chapter 37 of the Code of Federal Regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5
<U>Marking</U>. Licensee and its sublicensee(s)&nbsp;will mark all Products, or Product/advertising, invoices, or packaging with the appropriate patent number(s) or a virtual marking reference, as required for compliance with the requirements of 35
US C &#167; 287 and related foreign laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;III </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>ILIGENCE</SMALL> A<SMALL>ND</SMALL> R<SMALL>EPORTING</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 <U>Diligence</U>. As an inducement to IPI to enter into this Agreement, Licensee shall use diligent and commercially reasonable efforts to
develop, seek regulatory and pricing/reimbursement approval for and commercialize Products for the benefit of the public and to make Products that have gained any Regulatory Approval in at least one jurisdiction available to the public in such
jurisdiction. Such activities will include, as available and practicable under the circumstances, commercially reasonable participation in compassionate use, expanded access, patient access, and similar programs. The Parties agree that failure to
meet the obligations of diligence pursuant to this Section&nbsp;3.1 will constitute a material breach. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 <U>Reports</U>. No later than
[***] after each anniversary of the Effective Date, Licensee will provide to IPI a written [***] progress report in the form attached as Appendix B regarding the progress of Licensee and its sublicensee(s) concerning research and development,
regulatory approval, manufacturing, sublicensing, marketing and sale of Products during the preceding [***] period and plans for the forthcoming [***]. Each [***] progress report will contain a sufficient level of detail for IPI to determine whether
Licensee is in compliance with its obligations under Section&nbsp;3.1, as well as a general description of the overall business of Licensee and its sublicensee(s) in the Field (including, without limitation, an identification of all products and
services sold by the business unit of Licensee relating to the Field and total revenue for that business unit). Any such reports will be treated as Confidential Information of Licensee </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 <U>Adverse Event Reporting</U>. License shall maintain copies of all data and documentation relating to Products in the Field that are
generated for use or potential use in, or would be required to be submitted in, the pursuit of regulatory approval for a Product. Such data and documentation may include, but is not limited to, all Regulatory Filings and notices, copies of study
data and study outcomes, clinical protocols, preclinical and testing data, any associated reports or comparisons, and any expert or statistical analyses written or performed concerning the foregoing Upon request, Licensee will provide IPI with
copies of any such data and documentation (which will not include protected health information but may include Confidential Information of Licensee) in a prompt manner. In addition, Licensee shall notify IPI within no less than [***], or as soon as
reasonably practicable, of learning of any of the following events: any unanticipated or serious adverse events relating to a Product and/or adverse reactions to a Product; any communication, complaint, citation, or notice from any regulatory
authority or other governmental agency (e.g., any warning letter, notice of inspection, requirement of product recall or market withdrawal); or any other claim of an adverse event, health hazard or risk, contamination, lack of stability, or other
allegation that may reasonably be interpreted as having significant safety or regulatory consequences. Promptly thereafter, Licensee shall provide to IPI such additional information regarding the event as IPI reasonably requests. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.4 <U>Undeveloped Subfields</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. Beginning in the year after the fifth anniversary of the Effective Date, if IPI<B> </B>should receive a request to license the Licensed
Technology within the Field from a third party in which Licensee is not actively developing or commercializing a Product (each an &#147;Undeveloped Subfield&#148;), IPI<B> </B>shall provide written notice to Licensee within [***] of receipt of such
request from third party of said Undeveloped Subfield. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. Within [***]&nbsp;of receipt of such notice from IPI<B>, </B>Licensee must provide to JPT
either: (i)&nbsp;a commercially reasonable development plan that Licensee (or a sublicensee) will put into effect within [***], setting forth in detail the development and commercialization steps that Licensee (or its sublicensee) will undertake
with respect to the Undeveloped Subfield; (ii)&nbsp;or provide written support why Undeveloped Subfield is not in Licensee&#146;s (or its Sublicensee&#146;s) best business interest to license to third party; (iii)&nbsp;or enter into good faith
negotiations with third party for said Undeveloped Subfield </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;IV </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F<SMALL>EES</SMALL>, R<SMALL>OYALTIES</SMALL>, A<SMALL>ND</SMALL> R<SMALL>EPORTS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>License Fee</U>. In order to retain the licenses under Section&nbsp;2.1, Licensee shall pay: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(1) an initial <FONT STYLE="white-space:nowrap">up-front</FONT> payment of Two Hundred Thousand U.S. Dollars
($200,000)&nbsp;due within [***] of the Effective Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(2) (Commencing on the first anniversary of the Effective Date,
Licensee shall pay to IPI<B> </B>an annual license fee (the &#147;<B>License Fee</B>&#148;) in the amount of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) [***]&nbsp;on each of
the [***] of the Effective Date, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) Seventy-Five Thousand U.S. Dollars ($75,000)&nbsp;on the fourth anniversary of the Effective Date
and on each subsequent anniversary thereafter up to the date of the first commercial sale of the first Licensed Product anywhere in the Territory. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Royalties</U>. During the applicable Royalty Term, Licensee shall pay IPI<B> </B>a royalty on Net Sales of Products by Licensee, its
Affiliates and its sublicensees at the following rates: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(1) [***] of Net Sales of a Licensed Products or Licensed
Services; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(2) [***] of Net Sales of a Discovered Products or Discovered Services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Licensee is required to obtain or maintain a license from any third party under any patents in order to research, develop, make, have made,
use, sell, offer to sell, import and commercialize Products (each, a &#147;<U>Third Party License</U>&#148;), then Licensee will have the right to credit [***]&nbsp;of any royalty payments actually paid by Licensee under such Third Party License in
any calendar quarter against any royalty payment payable to IPI<B> </B>pursuant to this Section&nbsp;4.2 for such calendar quarter<SUP STYLE="font-size:75%; vertical-align:top">. </SUP>Notwithstanding the forgoing, in no event will the royalty
reductions under this section reduce the royalty rates otherwise due to IPI in any calendar quarter to less than [***]&nbsp;of such royalty rates otherwise due. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 <U>Milestone Payments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(1) <U>Licensee Product Milestone Payments</U>. Licensee shall pay IPI the applicable,
<FONT STYLE="white-space:nowrap">non-refundable,</FONT> <FONT STYLE="white-space:nowrap">non-creditable,</FONT> milestone payment set forth below upon the first achievement of each milestone event set forth below by or on behalf of Aktis (or by an
Affiliate or sublicensee, as the case may be) for each of the first [***]&nbsp;Licensed Products paid once per Aktis Target. </P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Milestone Event</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Milestone Payment</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(5)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(6)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For clarity, the total amount of milestone payments that could be owed to IPI per Licensed
Product (for each of the first [***] Licensed Products) will be [***] and in total will be Twenty Four Million U.S. Dollars ($ 24,000,000). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <U>General Provisions Regarding Product Milestone Payments</U>. Licensee shall notify IPI of the achievement of a milestone
event set forth in Section&nbsp;4.3(1)&nbsp;within [***] after its achievement and shall make the corresponding, <FONT STYLE="white-space:nowrap">non-refundable,</FONT> <FONT STYLE="white-space:nowrap">non-creditable,</FONT> milestone payment to IPI
within a [***] time period </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4 <U>Reports Payments and Accounting</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a) <U>Reports and Payments</U>. Aktis shall deliver to IPI, within [***] after the end of each calendar quarter commencing with
the calendar quarter in which the First Commercial Sale of a Licensed Product occurs, a written report of Net Sales of the Licensed Products for such calendar quarter Such reports shall indicate (i)&nbsp;gross sales, the deductions used in arriving
at Net Sales and Net Sales on a Product <FONT STYLE="white-space:nowrap">by-</FONT> Product and <FONT STYLE="white-space:nowrap">country-by-country</FONT> basis and (ii)&nbsp;the calculation of payment amounts owed to IPI. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b) <U>Audits by IPI</U>. Licensee shall keep, and shall require its Affiliates and sublicensees to keep, records of the latest
[***]&nbsp;calendar years relating to gross sales and Net Sales of Products. For the sole purpose of verifying Licensee&#146;s compliance with its payment obligations hereunder, IPI shall have the right no more than [***] each calendar year (except
in the case of fraud), at IPI&#146;s expense, to cause an independent, certified public accountant (chosen by IPI and reasonably acceptable to Licensee)&nbsp;to review such records in the location(s) where such records are maintained by Licensee or
its applicable Affiliate(s) or sublicensee(s) upon reasonable notice and during regular business hours. The results of such review shall be made available to Licensee at the same time as such results are made available to IPI. If the review reflects
that a milestone payment is due or there is an underpayment of royalties, Licensee shall promptly pay to IPI such milestone payment or underpayment of royalties and Licensee shall pay all of the reasonable costs of such review, and such review shall
not count as the [***]-per calendar year review IPI is entitled to conduct hereunder. Each report provided by Licensee shall be deemed final and not subject to challenge, except in the event of fraud or other willful misconduct. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c) <U>Late Payments</U>. Licensee shall pay interest to IPI on the aggregate amount of any payment that is not paid on or
before the date such payment is due under this Agreement at a rate per annum equal to the prime rate in the United States of Citibank, NA (or its successor bank) as in effect on the date such payment is due plus [***]&nbsp;for the period during
which such payment remains overdue. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d) <U>Mode of
Payment</U><U><SUB STYLE="font-size:75%; vertical-align:bottom">;</SUB></U><U> Currency Conversion</U>. All payments under this Agreement, shall be made by deposit of U.S. Dollars in the requisite amount to such bank account as IPI may from time to
time designate by notice to Licensee. For the purpose of calculating any sums due under this Agreement (including the calculation of Net Sales expressed in currencies other than U.S. Dollars), Licensee shall convert any amount expressed in a foreign
currency into U.S.&nbsp;Dollar equivalents using Licensee&#146;s standard conversion methodology consistent with U.S. generally accepted accounting principles (GAAP) or international financial reports standards (TFRS), as applicable, in a manner
consistent with Licensee&#146;s normal practices used to prepare its audited financial reports; <I>provided</I><B><I> </I></B>that, such practices use a widely accepted source of published exchange rates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">e) <U>Blocked Payments</U>. In the event that, by reason of applicable Laws or regulations in any country, it becomes
impossible or illegal for Licensee or its Affiliates to transfer, or have transferred on its behalf, milestones, royalties or other payments to IPI, such milestones, royalties or other payments shall be deposited in local currency in the relevant
country to the credit of IPI in a recognized banking institution designated by IPI or, if none is designated by IPI within a period of [***], in a recognized banking institution selected by Licensee or its Affiliates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">f) <U>Taxes</U>. If Licensee is required to withhold taxes imposed upon payments due hereunder, then Licensee may deduct from
such payments any such withholding taxes and shall pay such withheld amounts to the proper tax authorities for credit to the tax account of IPI. Licensee shall provide to IPI receipts of payment of any such withholding taxes promptly after payment
and any other such proof of payment, and Licensee will reasonably assist IPI in efforts to obtain said credit for the benefit of IPI. Licensee shall provide IPI with reasonable assistance in efforts by IPI to reduce any withholding taxes as far as
possible under the provisions of any relevant tax treaty or other statutory or regulatory provision. The Parties shall discuss applicable mechanisms for minimizing such taxes to extent possible in compliance with applicable laws. In addition, the
Parties shall cooperate in accordance with applicable laws to minimize indirect taxes (such as value added tax, sales tax, consumption tax and other similar taxes) in connection with this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5 <U>Patent Prosecution Fees</U>. Licensee will reimburse IPI for IPI&#146;s costs, fees, and expenses associated with the preparation,
filing, prosecution, defense, and maintenance with respect to each position within the Licensed Patents, including without limitation attorneys&#146; fees, governmental fees, vendor charges, and the costs of any patent office or other administrative
proceedings (e.g., interferences, oppositions, reexaminations, post grant reviews, or any other ex parte or inter partes proceeding)&nbsp;(collectively, &#147;Patent Expenses&#148;). Payments for reimbursement of Patent Expenses incurred, both
before and after the Effective Date, will be due within [***] of receipt of an invoice for Patent Expenses Unreimbursed or unreimbursable Patent Expenses incurred by IPI prior to the Effective Date total approximately [***]. If Licensee fails to pay
any Patent Expense reimbursement by the invoice due date, IPI will have the right, at its sole discretion, to abandon and/or remove from this Agreement the applicable Licensed Patent(s) after a [***] cure period, upon written notice </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;V </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>ATENT</SMALL> F<SMALL>ILINGS</SMALL> A<SMALL>ND</SMALL> M<SMALL>AINTENANCE</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 <U>Patent Filings</U>. Licensee will assume primary responsibility for prosecution of the Licensed Patents to the extent such actions
pertain solely to the prosecution of such rights, and shall be responsible for the related prosecutions costs. Licensee shall not abandon the filing and prosecution of the Licensed Patents without providing IPI [***] advance written notice. If
Licensee abandons any of the Licensed Patents, IPI will have the right to assume primary responsibility for prosecution of the Licensed Patent Rights and, at its sole discretion, to remove from this Agreement the applicable Licensed Patent(s).
Licensee shall have the option to acquire by an assignment from IPI to Licensee any IPI interests in the Licensed Technology or any IPI rights to joint intellectual property under the terms of Section&nbsp;4. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>Cooperation</U>. Licensee will promptly provide IPI with copies of all substantive communications received from and filed with all
patent offices regarding the Licensed Patents. Licensee shall provide IPI with draft filings no later than [***] prior to the filing date. Licensee shall consider in good faith all comments made by IPI to such filings. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Patent Term</U>. Licensee agrees that it will cooperate with IPI in good faith to extend, restore, and supplement the term of any
Licensed Patent (at IPI&#146;s selection) under the Drug Price Competition and Patent Term Restoration Act of 1984, (e.g., as codified at 21 U.S C &#167; 355 and 35 U.S.C. &#167;&#167; 156, 271, 282; and implemented in part by 37 CFR 1.710 et seq.),
and under any comparable domestic or foreign provision (e g, Regulation (EC) No 469/2009 of the European Parliament and Article&nbsp;63 of the European Patent Convention). Licensee agrees not to use any dossier, regulatory authorization, or any
regulatory review period it obtains or incurs as a result of seeking regulatory approval for any Product to seek any patent term extension, restoration, or supplementation for any other patent without first obtaining IPI&#146;s written consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">I<SMALL>NFRINGEMENT</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1
<U>Notice</U>. During the Term of this Agreement, each Party will promptly, and in any event no later than [***], report in writing to the other Party any actual or threatened infringement of the Licensed Patents of which it becomes aware (each, an
&#147;Infringement&#148;), and will provide the other Party with all available evidence supporting such actual or threatened Infringement (&#147;Infringement Notice&#148;). The Parties will reasonably cooperate with each other to terminate or settle
any such Infringement without litigation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2 <U>Suit Initiation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">a. Licensee will have the first right to commence an action against any Infringement in respect of a Licensed Product or Licensed Service
anywhere in the world at its own expense, provided Licensee gives IPI sufficient advance notice of its intent to take such action and the reasons therefore. IPI will cooperate with Licensee in bringing and pursuing such Infringement action as
reasonably requested and. at Licensee&#146;s sole expense. Licensee will keep </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
IPI promptly informed, will regularly consult with IPI, regarding the status of any such Infringement action and will provide IPI with copies of all documents filed in, and all written
communications relating to, such Infringement action. IPI may, at its option and expense, join Licensee in such Infringement action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">b. If
within [***] from the date of the Infringement Notice in respect of a Licensed Product or Licensed Service, the alleged Infringement is not terminated or settled and Licensee has failed to bring any action against the alleged or actual infringer,
then IPI will have the right to bring an action against the alleged or actual infringer at its own expense. Licensee will cooperate with IPI in bringing and pursuing such Infringement action as reasonably requested by IPI, and at IPT&#146;s expense.
IPI will keep Licensee promptly informed, will from time to time consult with Licensee regarding the status of any such Infringement action and will provide Licensee with copies of all documents filed in, and all written communications relating to,
such Infringement action. Licensee may, at its option and expense, join IPI in such Infringement action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3 <U>Conduct of Suit,
Settlement, and Recovery</U>. The Party filing such Infringement Claim (the &#147;Initiating Party&#148;)&nbsp;will conduct any suit it files in its own name in good faith with due care and regard for the value and validity of the Licensed Patents.
The Initiating Filing Party will have the right to settle any suit it may bring under Section&nbsp;6.2, provided that, in the case of Licensee as the Initiating Party, any such settlement shall not require any payment or action on the part of IPI;
may not impose any limitation or obligation on, or detriment or devalue any asset of, IPI; cause IPI to be in noncompliance with any law, regulation, contract, or other duty or obligation; nor entail any admission relating to IPI its Affiliates or
their respective employees, trustees inventors, student, partners, affiliates, or collaborators, regarding the Licensed Patents, the Licensed Technology, or any other intellectual property belonging to IPI or its Affiliates. Any recovery realized as
a result of any suit, claim or action or related settlement under this Section&nbsp;6 shall first be applied on a pro rata basis to reimburse the costs and expenses incurred by the Initiating Party (including any expenses already reimbursed to the
other Party) and to reimburse such costs and expenses of the other Party (to the extent not already reimbursed by the Initiating Party). Any remaining amounts shall be split equally between the Parties. Licensee and IPI agree to negotiate in good
faith an appropriate compensation to IPI for any <FONT STYLE="white-space:nowrap">non-cash</FONT> settlement or non-cash cross-license. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.4 <U>Contest of Validity</U>. Licensee must provide IPI at least [***] prior written notice before Licensee or its Affiliate(s) or
sublicensee(s) files any proceeding that contests the validity of any Licensed Patent during the term of this Agreement. In the event any such proceeding is filed and without limiting IPI&#146;s rights pursuant to Section&nbsp;9.2(e), Licensee
agrees to pay to IPI, directly and not into any escrow or other account, two times the amount of all royalties and other amounts due in view of Licensee&#146;s (and its sub licensees&#146;) activities under the Agreement during the period of
challenge. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VII </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>ONFIDENTIALITY</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.1 <U><FONT STYLE="white-space:nowrap">Non-Disclosure</FONT> and Non Use</U>. As used herein, &#147;Confidential Information&#148; shall
refer to and mean all nonpublic scientific, technical, financial or business information which is disclosed by one Party (&#147;disclosing Party&#148;) to the other Party (&#147;receiving Party&#148;). Without limitation, Confidential Information
shall include the terms of this Agreement, the Licensed Technology, Licensee&#146;s development plan and annual progress report, financial statements, revenue reports, sublicense agreements, nonpublic patent applications and unfiled patent office
documents, and information shared by the inventors of the Licensed Patents, and may include third party information. Each receiving Party agrees to maintain in confidence the disclosing Party&#146;s Confidential Information and not to disclose,
publish or otherwise communicate such Confidential Information to third parties; except that the receiving Party may disclose the disclosing Party&#146;s Confidential Information only on a need to know basis to its sublicensees and to their
respective employees and consultants, in each case, who are under obligations of confidentiality, nondisclosure and nonuse at least as stringent as those set forth herein. Each receiving Party agrees to use the same degree of care in protecting the
disclosing Party&#146;s Confidential Information at it uses to protect its own Confidential Information, hut in no event less than a reasonable degree of care. In addition, Licensee further agrees that it may only use IPI&#146;s Confidential
Information for the purposes of development and commercialization of Products and agrees not to use or exploit such Confidential Information for any other purpose (e.g., disclosing, using, or claiming IPI Confidential Information in any of
Licensee&#146;s own patent prosecution without IPI&#146;s consent). This Section&nbsp;7.1<B> </B>shall survive for [***] after the termination or expiration of this Agreement. The confidentiality provisions of this Section&nbsp;7.1<B> </B>will not
apply to any Confidential Information disclosed hereunder which: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. was known by the receiving Party prior to its date of
disclosure by the disclosing Party, as demonstrated by contemporaneous written evidence of the receiving Party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. is
disclosed to the receiving Party by an independent, unaffiliated third party rightfully in possession of the Confidential Information, with no duty or obligation of confidentiality; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. either before or after the date of the disclosure to the receiving Party becomes published or generally known to the public
through no fault or omission on the part of the receiving Party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. is independently developed by the receiving Party
without reference to, reliance on, or the benefit of the Confidential Information of the disclosing Party; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. is
required to be disclosed pursuant to a governing law, regulation, or order, provided that if such requirement exists, the receiving Party promptly notifies the disclosing Party, discloses only such information as is required to be disclosed, and,
where available, takes reasonable and lawful actions to request confidential treatment of the information disclosed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.2 <U>Publicity</U>.
Though the terms of this Agreement may not be disclosed without the prior written consent of the other Party, either Party may announce that the Parties have entered into a license Agreement with respect to the Licensed Patents and related
technology. In addition, Licensee may disclose the terms of this Agreement to any investors, prospective investors, lenders and other potential financing sources who are obligated to keep such information confidential under terms at least as
restrictive as those herein. Licensee may, in coordination with and subject to IPI&#146;s written consent, also disclose content of this Agreement to the extent required by law or by the requirements of any nationally-recognized securities exchange,
quotation system or over <FONT STYLE="white-space:nowrap">the-counter</FONT> market on which Licensee has its securities listed or traded. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.3 <U>Publication Rights</U>. IPI will have the right to publish any data and other results
relating to the Miniproteins following Licensee&#146;s standard review for patentable subject matter and Licensee Confidential Information and, if applicable, reasonable delay (but in any event not longer than [***] from the receipt by Licensee of a
draft publication or disclosure by IPI) for any patent application filings to be made. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VIII </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>EPRESENTATIONS</SMALL>, W<SMALL>ARRANTIES</SMALL>, A<SMALL>ND</SMALL> L<SMALL>IMITATIONS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.1 IPI represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. except as otherwise provided under Section&nbsp;2.4 with respect to U.S. Government interests, to the knowledge of IPI as of
the Effective Date, IPI is the owner by assignment from the inventors of record of all Licensed Patents or otherwise has the right to grant the licenses granted herein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. it is a nonprofit corporation organized and existing under the laws of the Commonwealth of Massachusetts and has the power
and authority to enter into this Agreement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. it has taken all necessary action to authorize the execution and
delivery of this Agreement by its representatives who carried out such execution and delivery, and to authorize the performance of its obligations hereunder </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.2 Other than as set forth m Section&nbsp;8.1 above, IPI MAKES NO REPRESENTATIONS OR WARRANTIES, AND EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED
OR EXPRESS WARRANTIES, WHATSOEVER INCLUDING WITHOUT LIMITATION AS TO MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, ACCURACY, ENFORCEABILITY, NON INFRINGEMENT, SCOPE, SAFETY, EFFICACY, SUFFICIENCY, OR REGULATORY APPROVAL OF THE LICENSED
PATENTS, LICENSED TECHNOLOGY, AND ANY PRODUCTS. Specifically and without limitation of the foregoing, IPI makes no warranty or representation as to the validity or scope of the Licensed Patents, or that protection will be available in any given
country; that any product or process made, used, sold, or otherwise disposed of under or in association with the license granted in this Agreement is or will be free from any claim of infringement or misappropriation of any intellectual property
rights; or that IPI, its affiliated organizations, or the inventors of the Licensed Technology will provide any assistance, support, data, or know how not already contained in the Licensed Technology as of the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.3 Licensee represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. it is a corporation organized and existing under the laws of the state of Delaware and has the power and authority to enter
into this Agreement; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. it has taken all necessary action to authorize its execution and delivery
of this Agreement by its representatives who carried out such execution and delivery, and to authorize the performance of its obligations hereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. it is prepared and intends to diligently develop and commercialize products under the Licensed Patents and to bring Licensed
Products and/or Licensed Services to market; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. it, on behalf of itself, its Affiliates and sublicensees, will
research, develop, make, have made, use, sell, offer to sell, import and commercialize Products in accordance with all applicable laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.4 <U>Limitation of Liability</U>. IPI SHALL NOT BE LIABLE TO LICENSEE UNDER ANY LEGAL THEORY (WHETHER TORT, CONTRACT OR OTHERWISE) FOR
SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING LOST PROFITS ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF
SUCH DAMAGES. Without limitation of the foregoing, IPI&#146;s liability to Licensee under this Agreement for any and all claims, losses, damages and expenses shall not exceed the total amounts paid by Licensee to IPI under this Agreement during the
[***] period preceding the claims, losses, damages and expenses. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;IX </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XPIRATION</SMALL> A<SMALL>ND</SMALL> T<SMALL>ERMINATION</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.1 <U>Term</U>. This Agreement is effective as of the Effective Date and unless sooner terminated under this Section&nbsp;9, will expire at
the end of the last to expire applicable Royalty Term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.2 <U>IPI Termination Rights</U>. IPI may, at its election, either
(a)&nbsp;terminate this Agreement, (b)&nbsp;convert any of Licensee&#146;s exclusive license rights under Section&nbsp;2.1 above, into <FONT STYLE="white-space:nowrap">non-exclusive</FONT> rights, or (c)&nbsp;choose to reduce the Field or Territory,
if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. The First Commercial Sale does not occur by January&nbsp;1, 2035, or the payment of earned royalties under
Section&nbsp;4.2 once begun, ceases for more than eight (8)&nbsp;consecutive calendar quarters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. Licensee defaults in
the timely payment of any amount due to IPI, does not timely provide a required development progress report, does not use reasonable and diligent efforts to pursue development of Licensed Products and Licensed Services, or is otherwise in breach of
any covenant, representation, warranty or other provision of this Agreement and fails to remedy such default or breach within thirty (30)&nbsp;days after written notice thereof by IPI; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. Licensee is found, on more than one examination by IPI pursuant to Section&nbsp;4 4 of this Agreement, to have underreported
or underpaid any royalty payment due under this Agreement by more than [***]&nbsp;in any [***]&nbsp;in the period under examination; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. Licensee ceases to carry on its business related to the subject matter
covered by the Licensed Patents (directly or through a sublicensee), dissolves, winds up its business; or otherwise ceases operations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. Licensee becomes insolvent, is unable to pay its debts as they become due, enters receivership, commits any act of
bankruptcy, files a petition under any bankruptcy or insolvency act, or has any such petition filed against it which is not dismissed within [***], or if Licensee or its sublicensee(s) offer any component of the Licensed Patents or Licensed
Technology (or their interest in any license or sublicense rights thereunder)&nbsp;to their creditors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.3 <U>Licensee&#146;s Termination
Rights</U>. Licensee may terminate this Agreement, with or without cause, in its entirety by giving IPI [***] prior written notice and providing a statement of the reasons for termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.4 <U>Effect of Termination</U>. Upon termination or expiration of this Agreement for any reason, Licensee will remain obligated to provide
an accounting for and to pay to IPI within [***] of termination all accrued amounts owed to IPI under this Agreement, including without limitation royalties earned (by Licensee and its sublicensee(s)) up to the date of the termination (for clarity,
any amount accrued, but for which the payment deadline extends past the date of termination, shall accelerate and become due within [***] of the date of termination). In addition, upon termination or expiration: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. All rights of Licensee to practice the Licensed Patents and Licensed Technology will cease immediately. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. Any sublicenses granted pursuant to Section&nbsp;2.2 shall state that they will survive termination of this Agreement, at
IPI&#146;s election, as follows: unless IPI provides notice to the sublicensee(s) (using the contact information provided by Licensee) that the sublicense will not survive, all sublicenses will automatically survive termination of this Agreement and
convert to direct licenses with IPI (of equivalent scope under the Licensed Patents and Licensed Technology as was contained in the sublicense) so long as the basis for termination was not related to the sublicensee, the sublicensee was in good
standing under the sublicense and had made all required payments, and the sublicensee agrees to enter into a new confirmatory license agreement document with IPI having terms no worse for IPI than those of this Agreement and the sublicense. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. Each Party will (and will cause its sublicensees, partners and other permitted third parties to) within [***] return or
destroy the Confidential Information of the other Party and will deliver a statement signed by one of its authorized officers that it has done so, except to the extent such Confidential Information is maintained by IPI as part of a permitted
disclosure pursuant to Section&nbsp;7.1(e); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. Notwithstanding subpart (c)&nbsp;above, each party (i)&nbsp;will be
permitted to retain one copy of such materials for archival and legal compliance purposes and (ii)&nbsp;will not be required to delete or destroy any electronic <FONT STYLE="white-space:nowrap">back-up</FONT> tapes or other electronic <FONT
STYLE="white-space:nowrap">back-up</FONT> files that have been created solely by the automatic or routine archiving and <FONT STYLE="white-space:nowrap">back-up</FONT> procedures of the retaining party, to the extent created and retained in a manner
consistent with its or their standard archiving and <FONT STYLE="white-space:nowrap">back-up</FONT> procedures. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. A copy of all Licensed Product Information must be provided to IPI within
[***] of such termination. All Licensed Product Information shall remain the Confidential Information of Licensee. Licensee shall, subject to any rights any sublicensees or other third parties may have with respect to any of the foregoing that
survive such termination, grant to IPI a right for IPI to access and to refer to all Licensed Product Information, and to provide a copy thereof to potential licensees of IPI (under conditions of confidentiality consistent with Article&nbsp;VII),
solely for use in IPI&#146;s efforts to license the Licensed Technology to any third party. IPI shall not be entitled to license, grant, or transfer to any third party any rights in such Licensed Product Information. In the event IPI agrees in
writing to material economic terms with a third party concerning the grant of a license to such third party under the Licensed Technology formerly licensed to Licensee hereunder, IPI shall provide written notice thereof to Licensee and Licensee
shall enter into good faith negotiations with such third party concerning the granting of rights to, or transfer of title in, the Licensed Product Information to such third party on commercially reasonable terms, subject to any rights any
sublicensees or other third parties may have with respect to any of the foregoing that survive termination of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">f. Any provision of this Agreement which, by its nature, would reasonably be understood as intended to survive the termination
or expiration of this Agreement will survive, including without limitation the provisions of Sections [4.9, 7.1, 8.2, 8.4, 9.4, 10.1, 11.1, and 11.4]<SUP STYLE="font-size:75%; vertical-align:top">2</SUP>. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;X </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">I<SMALL>NDEMNIFICATION</SMALL> A<SMALL>ND</SMALL> I<SMALL>NSURANCE</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.1 <U>Indemnification</U>. Licensee agrees, and shall cause its sublicensees to agree, to indemnify, hold harmless and defend IPI and its
current and former directors, governing board members, trustees, officers, faculty, medical and professional staff, employees, students, Affiliates and agents and their respective successors, heirs and assigns (collectively, the &#147;IPI
Indemnitees&#148;), against any liability, damage, loss or expenses (including reasonable attorneys&#146; fees and expenses of litigation) in connection with any claims, suits, actions, demands or judgments, arising out of or relating to
(a)&nbsp;the practice by Licensee, its Affiliates or its sublicensees of any Licensed Patents, Licensed Technology, and/or the exercise of any other rights granted in this Agreement or any sublicense; (b)&nbsp;the death of or injury to any person or
persons or the damage to any property (including without limitation under any theory of product liability or business tort) relating to Licensee&#146;s, its Affiliates&#146; and/or its sublicensees&#146; business pertaining to the Licensed Patents
and Licensed Technology, including without limitation the development, manufacture, use, sale, or provision of any Products developed, manufactured, used, sold, or provided by Licensee, its Affiliate or any of its sublicensees; (c)&nbsp;the
negligence or willful misconduct of Licensee, its Affiliates and its sublicensees (d)&nbsp;Licensee&#146;s breach of this Agreement; and/or (e)&nbsp;Licensee&#146;s, its Affiliates&#146; and its sublicensees&#146; criminal acts and violations of any
laws, regulations, or orders (including without limitation labeling laws, safety regulations, and export control regulations) </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be finalized prior to signing. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(collectively, &#147;Covered Claims&#148;). Licensee will not be responsible for the indemnification or defense of a IPI Indemnitee to the extent a Covered Claim is solely caused by the gross
negligence or willful misconduct of the IPI Indemnitee. IPI will notify Licensee of any Covered Claim hereunder and Licensee will, at its own expense, provide attorneys reasonably acceptable to IPI to defend against such Covered Claim. The IPI
Indemnitees will cooperate with Licensee and may, at IPI&#146;s option and expense, be represented in such action or proceeding by counsel of their own choosing; provided that in the event a IPI Indemnitee elects to be represented by their own
counsel due to a reasonable perceived conflict of interest with counsel selected by Licensee, Licensee agrees that such representation will be at Licensee&#146;s expense. Licensee agrees not to settle any Covered Claim without the written consent of
IPI. Licensee shall reimburse IPI for the actual fees, costs, and expenses (including attorneys&#146; fees) that it may incur in enforcing this provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.2 <U>Insurance</U>. Licensee will comply, and will cause its sub licensees to comply, at all times, with all statutory workers&#146;
compensation and employers&#146; liability requirements covering any and all employees and consultants of Licensee, its Affiliates or its sublicensees, as the case may be, with respect to activities performed under this Agreement. In addition to the
foregoing, Licensee will maintain, and will cause its Affiliates and sublicensees to maintain, through insurance (or equivalent self-insurance if approved by IPI): (a)&nbsp;during the term of this Agreement and at all times thereafter until the
expiration of all applicable statutes of limitation pertaining to the manufacture, marketing, possession, use, sale or other disposition of any Products, commercial general liability insurance, including coverage for contractual liability assumed by
them and coverage for their independent contractors with per occurrence limits of at least [***]&nbsp;each and a general aggregate limit of [***]; (b)&nbsp;umbrella/excess liability insurance with at least [***] each occurrence and general aggregate
limit; and (c)&nbsp;commencing immediately prior to the earlier to occur of the following of their activities pertaining to the Products clinical trial, regulatory clearance/approval or First Commercial Sale, products/completed operations liability
insurance to include clinical trials liability coverage and exclusive of the coverage provided by the commercial general liability insurance policy, with an aggregate limit of at least [***], both with reputable and financially secure insurance
carrier(s), rated [***] or better by AM Best, and licensed in the Commonwealth of Massachusetts (or <FONT STYLE="white-space:nowrap">pre-approved</FONT> by IPI) to cover the activities of Licensee and its sublicensees hereunder, as the case may be,
as well as the IPI Indemnitees with respect to events covered by Section&nbsp;10.1 above. For clarity, the foregoing limits shall not be construed as creating or implying any limits on Licensee&#146;s and its sublicensees&#146; liability for any
claim relating to this Agreement (including any claim for breach and any duty under Section&nbsp;10.1 for any Covered Claims). The Licensee&#146;s liability insurance will include IPI and the inventors of the Licensed Patents and Licensed Technology
as additional insureds and will be written to cover claims incurred, discovered, manifested, or made during or after the expiration of this Agreement. Within [***] of the Effective Date, Licensee will furnish, and will cause its sublicensees to
furnish, to IPI a Certificate of Insurance evidencing primary coverage and additional insured requirements. Licensee shall provide IPI [***] prior written notice of cancellation, <FONT STYLE="white-space:nowrap">non-renewal</FONT> or material
change. All such insurance will be primary coverage and any insurance obtained by IPI in its discretion will be deemed to be excess and noncontributory. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">M<SMALL>ISCELLANEOUS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.1 <U>Dispute Resolution</U>. In the event of any controversy or claim arising out of or relating to any provision of this Agreement or the
breach thereof, the Parties will first attempt to settle such conflict amicably between themselves by referring the matter to their respective chief executive officers or their designees. If the matter is not resolved with [***], and subject to the
limitation stated in the final sentence of this Section, any such conflict which the Parties are unable to resolve promptly will be settled through arbitration conducted in English in accordance with the rules of JAMS in Boston, Massachusetts. The
arbitrators shall not have the ability to determine the validity or enforceability of any Licensed Patent. The demand for arbitration must be filed, if at all, by the date upon which institution of legal proceedings based on such controversy or
claim would be barred by the applicable statute of limitation. The award through arbitration will be final and binding Either Party may enter any such award in a court having jurisdiction or may make application to such court for judicial acceptance
of the award and an order of enforcement, as the case may be Notwithstanding the foregoing, either Party may, without recourse to arbitration, assert against the other Party a third party claim or cross-claim in any non-collusive action brought by a
third party, to which the subject matter of this Agreement may be relevant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.2 <U>No Use of Names</U>. Licensee and its sublicensees
will not use IPI&#146;s name or insignia, or any adaptation of them, or the name of any of IPI&#146;s faculty and staff, in any advertising, promotional or sales literature without the prior written approval of IPI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.3 <U>Assignment</U>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by Licensee without the prior
written consent of IPI. Notwithstanding the foregoing, however, Licensee may assign this Agreement in its entirety, without the consent of IPI, to a third party successor in interest by way of merger, consolidation or sale of all or substantially
all of Licensee&#146;s business and assets to which this Agreement relates, provided: (i)&nbsp;Licensee will notify IPI in writing within [***] of such assignment, identifying such assignee, (ii)&nbsp;the assignee agrees in writing to be bound by
all of the terms and conditions of this Agreement hereunder and to be responsible for all obligations and liabilities hereunder, (iii)&nbsp;if the assignee is an Affiliate of Licensee, Licensee will agree to remain jointly responsible for the acts,
omissions, and obligations of the assignee hereunder; and (iv)&nbsp;if the assignee is not an Affiliate, the assignee must be a bona fide business, reasonably capitalized, with a reasonable expectation of being able to meet the obligations
hereunder. Further, upon IPI&#146;s request in connection with any permitted assignment to a third party, Licensee and such third party assignee will enter into a written agreement with IPI evidencing and confirming such assignment, and the transfer
of all obligations to such assignee. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their permitted successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.4 <U>Governing Law; Jurisdiction</U>. This Agreement will be governed by and interpreted in accordance with the laws of the Commonwealth of
Massachusetts, U.S.A, without regard to conflict of laws rules or principles. Subject to Section&nbsp;11.1 of this Agreement, any dispute or issue arising hereunder, including any alleged breach by any Party, will be heard, determined and resolved
by an action commenced in the state or federal courts in Boston, Massachusetts, which the Parties hereby agree will have proper jurisdiction over the issues and the Parties. IPI and Licensee hereby agree to submit to the jurisdiction of the state or
federal courts in Boston, Massachusetts and waive the right to make any objection based on jurisdiction or venue. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.5 <U>Notices</U>. Any notice or other communication required or permitted under this
Agreement will be properly addressed to the other Party as set forth below and will be effective (a)&nbsp;on the day it is hand delivered, (b)&nbsp;[***]&nbsp;after being mailed, postage prepaid, first class, certified mail, return receipt
requested, (c)&nbsp;the next business day after being sent, shipping prepaid, receipt requested, via a reputable overnight courier service, or (d)&nbsp;on the next business day after being dispatched by facsimile or electronic mail. Any notice so
sent shall be deemed effective as of the date it was sent to the contact information listed below. Either Party may change its contact information to which notices will be sent by giving notice to the other Party in accordance with the terms of this
Section&nbsp;11.5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For notices, communications and payment to IPI: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">IPI&#146;s email: [***] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Institute for Protein Innovation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">4 Blackfan Circle, Room 921, Boston MA 02115 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">IPI&#146;s Federal Tax I.D. No.: [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For notices, communications and invoices to Licensee: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: [***] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Aktis Oncology,
Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.6
<U>Independent Contractor Waiver</U>. The Parties hereto are independent contractors, and nothing in this Agreement shall be construed as creating or implying any other relationship between them including any joint venture, partnership, or agency.
Neither Party is given the power to represent or obligate the other The waiver by either Party of a breach or series of breaches by the other Party will not be construed as a waiver of any succeeding breach of the same or any other provision, nor
will any delay of either Party in availing itself of any remedy operate as a waiver of any right, power or privilege by such Party </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.7
<U>Integration and Severability</U>. This Agreement contains the full understanding of the Parties with respect to the subject matter hereof and supersedes all prior understandings and writings relating thereto. Notwithstanding the foregoing, this
Agreement shall not be construed as limiting a Party&#146;s rights or obligations under the SRA that expressly survive the term of the SRA, as expressly set forth in Section&nbsp;6.5(d)&nbsp;of the SRA No waiver, alteration or modification of any of
the provisions hereof will be binding unless made in writing and signed by the Parties by their respective, duly authorized officers. In the event that any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable
because it is invalid or in conflict with any law of any relevant jurisdiction, the validity of the remaining provisions will not be affected, and the rights and obligations of the Parties will be construed and enforced as if the Agreement did not
contain the particular provisions held to be unenforceable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.8 <U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which will be deemed an original but all of which together will constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[The remainder of this page is
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, duly authorized representatives of the Parties have executed this Agreement as of the
Effective Date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>I<SMALL>NSTITUTE</SMALL> F<SMALL>OR</SMALL> P<SMALL>ROTEIN</SMALL> I<SMALL>NNOVATION</SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" ALIGN="center"><B>A<SMALL>KTIS</SMALL> O<SMALL>NCOLOGY</SMALL>, INC.</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew Roden</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Name</P></TD>
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<TD VALIGN="top">November&nbsp;19, 2021</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">11/26/21</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Date</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>IMS</SMALL> T<SMALL>ARGETS</SMALL> </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit&nbsp;10.13 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ROYALTY TRANSFER AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Royalty
Transfer Agreement (the &#8220;<U>Agreement</U>&#8221;) is effective as of <B>August</B><B></B><B>&nbsp;27, 2020</B> (the &#8220;<U>Effective </U>Date&#8221;), by and between <B>HotKnot Therapeutics, Inc.</B>, a Delaware corporation (the
&#8220;<U>Company</U>&#8221;), <B>MPM Oncology Charitable Foundation, Inc.</B>, a Massachusetts charitable foundation (the &#8220;<U>MPM Charitable Foundation</U>&#8221;) and the <B>UBS Optimus Foundation,</B> a Swiss charitable foundation
(&#8220;<U>Optimus,</U>&#8221; and together with the MPM Charitable Foundation, each a &#8220;Charitable Foundation&#8221; and together the &#8220;<U>Charitable Foundations</U>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, certain investors of the Company have requested that the Company enter into this Agreement providing for the transfer of 1.0%
of Net Sales on the terms and conditions outlined below; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company is willing to enter into this Agreement in
connection with such request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, the Company, the MPM Charitable Foundation and Optimus agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Section&nbsp;1: Definitions. </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following terms, as used herein, have the following meanings: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<B>Affiliate</B>&#8221; shall mean any legal entity (such as a corporation, partnership, limited liability company, etc.) that is directly or indirectly
controlled by, or is under common control with, the Company. For the purposes of this definition, &#8220;control&#8221; shall mean direct or indirect (i)&nbsp;beneficial ownership of at least 50% of the voting securities of a legal entity, or
(ii)&nbsp;a 50% or greater interest in the net assets or profits of a legal entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<B>Bad Debt</B>&#8221; shall mean any amounts booked as such
on the Company&#8217;s financial statements, prepared in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<B>Company IP</B>&#8221; shall mean (a)&nbsp;any invention and/or
(b)&nbsp;any patents and/or patent applications in each case which is in whole or in part developed by, or otherwise becomes owned or controlled by, the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<B>Company Products</B>&#8221; shall mean any product developed or owned by the Company requiring <FONT STYLE="white-space:nowrap">pre-market</FONT>
regulatory approval, provided that any product developed or owned by the Company that references, practices or incorporates, or (if such intellectual property was not owned or controlled by the Company), would infringe, only <FONT
STYLE="white-space:nowrap">Post-IPO</FONT> IP shall not be deemed a &#8220;Company Product&#8221; hereunder. Further, notwithstanding anything to the contrary herein, for the avoidance of doubt, Company Products shall not include any products that
are discovered, developed, manufactured and/or commercialized by or on behalf of, or are covered by intellectual property (whether or not patentable) of, any person or entity that is an acquiror or merger partner of Company, becomes an Affiliate or
successor of the Company by reason of any transaction in connection with the sale of all or substantially all of the stock and/or assets of the Company related to such product (such transaction, an &#8220;<U>Acquisition</U>&#8221;), or an assignee
of this Agreement in connection with any of the aforementioned transactions, provided that the discovery, development, manufacture and/or commercialization of such product are performed without use of
<FONT STYLE="white-space:nowrap">Pre-Acquisition</FONT> IP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<B>End of the Year</B>&#8221; shall mean December&nbsp;31 of a given calendar year.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<B>Licensee</B>&#8221; shall mean any party that is not an Affiliate that has been granted a license to the applicable Company Product(s). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Net Sales</B>&#148; means, with respect to a Company Product, the gross amounts invoiced in
arm&#146;s length transactions by the Company or its Affiliates or Licensees to third parties for sales of such Company Product, less good faith estimates of the following deductions to the extent specifically relating to sales of such Company
Product, which will be adjusted to reflect actual deductions on a periodic basis (no less frequently than annually): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">discounts (including trade, quantity, and cash discounts) actually allowed, cash and <FONT
STYLE="white-space:nowrap">non-</FONT> cash coupons, and retroactive price reductions (including to governmental entities or agencies, purchasers, reimbursers, customers, distributors, wholesalers, and group purchasing and managed care organizations
or entities (and other similar entities and institutions); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">credits or allowances, if any, on account of price adjustments, recalls, claims, damaged goods, rejections or
returns of items previously sold (including Company Products returned in connection with recalls or withdrawals) and amounts written off by reason of Bad Debt; provided, that if the debt is thereafter paid, the corresponding amount will be added to
the Net Sales of the period during which it is paid; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">rebates (or their equivalent), administrative fees, and any other similar allowances granted or paid by
Company, its Affiliates or Licensees (including to governmental authorities, purchasers, reimbursers, customers, distributors, wholesalers, and managed care organizations and entities (and other similar entities and institutions) that effectively
reduce the selling price or gross sales of the Company Product; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">insurance, customs charges, freight, postage, shipping, handling, and other transportation costs incurred by
Company, its Affiliates or Licensees in shipping Company Products; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to the extent not already deducted or excluded from the gross amounts invoiced, import taxes, export taxes,
excise taxes, sales taxes, value-added taxes, consumption taxes, duties or other taxes levied on, absorbed, determined, and/or imposed with respect to such sales, including pharmaceutical excise taxes (such as those imposed by the United States
Patient Protection and Affordable Care Act of 2010 (Pub. L. <FONT STYLE="white-space:nowrap">No.&nbsp;111-48)</FONT> and other comparable laws), but excluding income or net profit taxes or franchise taxes of any kind; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">other similar or customary deductions taken in the ordinary course of business in accordance with GAAP.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net Sales will be determined in accordance with GAAP except that GAAP compliance will not be required with respect to the deduction of
pharmaceutical excise taxes described in clause (e)&nbsp;above. Net Sales will not be imputed to transfers of Company Products for u.se in clinical trials, <FONT STYLE="white-space:nowrap">non-clinical</FONT> development activities, or other
development activities that might be required by regulatory authorities with respect to Company Products, for bona fide charitable purposes, for compassionate u.se, for indigent patient programs, or as free samples. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, in the event a Company Product contains another active ingredient that is not a Company Product itself, which Company Product
is sold as a unit at a single price either as a fixed dosage form or as separate dosage forms (such Company Product, a &#147;<U>Combination Product&#148;</U>), Net Sales of such Company Product for a particular country for the purpose of determining
royalties due hereunder shall be calculated by the Company using commercially reasonable accounting practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Post-IPO</FONT> IP</B>&#148; shall mean Company IP that (a)&nbsp;was discovered or developed or (b)&nbsp;has a
priority date (in the case of a patent or patent application) after the effective date of the registration statement with respect to an initial public offering of the Company&#146;s common stock pursuant to an effective registration statement under
the Securities Act of 1933. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Pre-Acquisition</FONT> IP</B>&#148; shall mean Company IP that
(a)&nbsp;was discovered or developed or (b)&nbsp;has a priority date (in the case of a patent or patent application) prior to the closing of an Acquisition of the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Section 2: Payments/Termination. </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Payments to MPM Charitable Foundation</U>. Within 120 days of the End of the Year, the Company agrees to pay
to the MPM Charitable Foundation 0.5% of all global Net Sales of any Company Products received by the Company, its Licensees or its Affiliates during the prior calendar year. The Company&#146;s payment obligations to the MPM Charitable Foundation
under this Section&nbsp;2.1 shall terminate immediately upon the authorization by the board of directors (or similar governing body) of the MPM Charitable Foundation or the winding up or dissolution of the MPM Charitable Foundation, or earlier as
provided in Section&nbsp;2.3. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Payments to Optimus.</U> Within 120 days of the End of the Year, the Company agrees to pay to Optimus 0.5%
of all global Net Sales of any Company Products received by the Company, its Licensees or its Affiliates during the prior calendar year. The Company&#146;s payment obligations to Optimus under this Section&nbsp;2.2 shall terminate immediately, upon
the winding up of Oncology Impact Fund 2, L.P., a Cayman Islands exempted limited partnership (&#147;OIF Management&#148;), or earlier as provided in Section&nbsp;2.3. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Termination/Step-Down</U>. Notwithstanding the foregoing, Company&#146;s obligation to pay royalties under
Sections 2.1 and 2.2 for a Company Product shall terminate on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-</FONT></FONT> country basis upon the later of (i)&nbsp;the date that is the twelfth (12<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP>) anniversary of the first commercial sale of that Company Product in such country, and (ii)&nbsp;the expiration of the last to expire issued patent claim of any
<FONT STYLE="white-space:nowrap">Pre-Acquisition</FONT> IP (other than <FONT STYLE="white-space:nowrap">Post-IPO</FONT> IP) covering the composition or use of such Company Product in such country (the &#147;<U>Royalty Term</U>&#148;). If the Royalty
Term pursuant to clause (i)&nbsp;of this Section&nbsp;2.3 exceeds the Royalty Term pursuant to clause (ii), the royalty rates under Sections 2.1 and 2.2 shall each be reduced by fifty percent (50%) for the remainder of the Royalty Term, such that
the new royalty rates under Section&nbsp;2.1 and 2.2 shall be 0.25% each for the remainder of the Royalty Term. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Currency of Payments</U>. All payments under this Agreement shall be paid in U.S. dollars by wire transfer
to an account designated by the receiving party (which account the receiving party may update from time to time in writing). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Currency; Withholding Tax Matters</U>. In the event that any of the payments made by the Company under this
Agreement become subject to withholding taxes under the laws of any jurisdiction, the Company shall deduct and withhold the amount of such taxes for the account of the applicable Charitable Foundation to the extent required by law, such payment to
the applicable Charitable Foundation shall be reduced by the amount of taxes deducted and withheld, and the Company shall pay the amount of such taxes to the proper governmental authority in a timely manner. Any such withholding taxes required under
applicable law to be paid or withheld shall be an expense of, and borne solely by, the applicable Charitable Foundation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. All information regarding Net Sales and other information disclosed by or on behalf of
the Company under this Agreement shall be deemed to be the confidential information of the Company, and each Charitable Foundation shall not use such information for any purpose or disclose such information to any third party, in each case during or
after the term of this Agreement. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Section&nbsp;3: Miscellaneous. </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Binding Agreement and Assignment</U>. This Agreement shall be binding upon and inure to the benefit of the
Company and its successors and assigns. The Company may not transfer, assign or sell any rights to commercialize any Company Products (other than to trade customers) without securing from the transferee, assignee or acquirer, as the case may be, an
acknowledgement of its continuing obligations under this Agreement. The Charitable Foundations may not assign any of their rights or obligations under this Agreement to any individual or entity without the express written prior consent of the
Company. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Entire Agreement. Headings. and Modification</U>. This Agreement contains the entire understandings of the
parties with respect to the subject matter herein, and supersedes all previous agreements (whether oral or written), negotiations, and discussions among the parties with respect to such subject matter. The descriptive headings of the sections of
this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any provision hereof. Any modifications or amendments to this Agreement must be made in writing and signed by all parties.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Choice of Law</U>. This Agreement shall be construed, governed, interpreted, and applied in accordance with
the laws of the Commonwealth of Massachusetts, exclusive of its conflicts of law provisions. Any unresolved controversy or claim arising out of or relating to this Agreement shall be submitted to arbitration by one arbitrator mutually agreed upon by
the parties, and if no agreement can be reached within 30 days after names of potential arbitrators have been proposed by the American Arbitration Association (the &#147;<U>AAA</U>&#148;), then by one arbitrator having reasonable experience in
licensing and royalty transactions who is chosen by the AAA. The arbitration shall take place in Boston, Massachusetts, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may
be entered in any court having jurisdiction thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Waiver</U>. The waiver by any party of the breach of any covenant or provision in this Agreement shall not
operate or be construed as a waiver of any subsequent breach by such party. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Severability</U>. In the event a court of competent jurisdiction declares any term or provision of this
Agreement to be invalid or unenforceable for any reason, this Agreement will remain in full force and effect, and either: (a)&nbsp;the invalid or unenforceable provision(s) will be modified to the minimum extent necessary to make such provision(s)
valid and enforceable; or (b)&nbsp;if such a modification is not possible, this Agreement will be interpreted as if such invalid or unenforceable provision(s) were not a part of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Counterparts</U>. This Agreement may be executed in any number of counterparts, all of which will constitute
one and the same instrument, and will be an original of this Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page to follow.</I>] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Agreement has been executed by the parties hereto through
their duly authorized officers as of the Effective Date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>HOTKNOT THERAPEUTICS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Todd Foley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Todd Foley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MPM ONCOLOGY CHARITABLE FOUNDATION, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ansbert Gadicke</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ansbert Gadicke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>UBS OPTIMUS FOUNDATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nina Hoppe</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nina Hoppe</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Owen Strickland</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Owen Strickland</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Business Manager</TD></TR>
</TABLE>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>15
<FILENAME>d875386dex1014.htm
<DESCRIPTION>EX-10.14
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.14</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.14 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE REGISTRANT HAS DETERMINED
THAT IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LEASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IDB <FONT STYLE="white-space:nowrap">17-19</FONT> DRYDOCK LIMITED PARTNERSHIP, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>a Delaware Limited Partnership </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Landlord </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AKTIS ONCOLOGY, INC., </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>a
Delaware corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tenant </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Innovation and
Design Building </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Premises located on the Fourth (4<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) Floor of One Design
Center Place </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boston, Massachusetts </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>January&nbsp;13, 2022 </B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I BASIC LEASE INFORMATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Leased Premises and Term</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Landlord&#146;s Work</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Use</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Base Rent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Tenant&#146;s Proportionate Share of Operating Costs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Separately Metered Utilities and Utility Usage</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Additional Rent; Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Appurtenant Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Utilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Services to be Furnished by Landlord to Tenant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Landlord&#146;s Failure to Provide Utilities or Services</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Peaceful Enjoyment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Hazardous Materials</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Operation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Alterations, Improvements and Additions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Maintenance and Repairs and Cleaning</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Trade Fixtures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Laws and Regulations; Building Rules</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Landlord&#146;s Access</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Tenant&#146;s Access</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment and Subletting by Tenant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Light, Air and View</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Subordination to Mortgages and Leases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitation on Weight</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Access to Books and Records</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Restorative Work; Renovations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Boston Marine Industrial Park</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Condemnation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Casualty Damage</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Surrender of Leased Premises</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Damages from Certain Causes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Hold Harmless</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Default by Tenant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Landlord&#146;s Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Landlord&#146;s Right to Perform Certain Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Cumulative Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Security Deposit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE VII</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Attorneys&#146; Fees and Other Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Alteration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">Non-Waiver</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Merger of Estates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Other Tenants of Building</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Consent by Landlord</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Legal Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment by Landlord</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Time of the Essence</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Instruments and Evidence Required to Be Submitted to Landlord</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Gender</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Force Majeure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recordation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Prime Lease</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Commissions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Surrender of Premises and Holding Over</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Relocation of Premises</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.24</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>When Lease Becomes Binding</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.25</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Construction Against Drafting Party</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.26</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>OFAC List</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.27</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Confidentiality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.28</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Sustainability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.29</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Press Releases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.30</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Parking</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE VIII</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Exhibits, Supplements and Riders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE INNOVATION AND DESIGN BUILDING </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lease Agreement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS
LEASE AGREEMENT (the &#147;<B>Lease</B>&#148;) is made and entered into as of January&nbsp;13, 2022 (the &#147;<B>Effective Date</B>&#148;), by and between <B>IDB <FONT STYLE="white-space:nowrap">17-19</FONT> DRYDOCK LIMITED PARTNERSHIP</B>, a
Delaware limited partnership (&#147;<B>Landlord</B>&#148;), whose address is c/o Jamestown, Ponce City Market, 675 Ponce de Leon Avenue, NE, 7th Floor, Atlanta, Georgia 30308 and c/o Related Fund Management, 30 Hudson Yards, New York, New York
10001, and <B>AKTIS ONCOLOGY, INC.</B>, a Delaware corporation,<B> </B>(&#147;<B>Tenant</B>&#148;) whose address is 450 Kendall Street, c/o MPM Capital, Cambridge, Massachusetts 02142. The terms set forth herein shall have the respective meanings
set forth for the same in Articles I and VIII of this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to all of the terms and conditions of this Lease, and in
consideration of the covenants and obligations contained in this Lease, Landlord and Tenant agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BASIC LEASE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Leased Premises </B>shall mean, in the aggregate, approximately 17,944 rentable square feet comprised of: (i)&nbsp;approximately 17,767
rentable square feet located on the fourth (4th) floor, as shown on the floor plan attached to this Lease as Exhibit A; and (ii)&nbsp;approximately 177 rentable square feet located on the first (1st) floor comprised of chemical storage space, each
within the Building located at One Design Place, Boston, Massachusetts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Commencement Date </B>shall mean the date upon which Landlord
tenders sole and exclusive possession of the Leased Premises to Tenant with Landlord&#146;s Work Substantially Complete therein in accordance with the terms hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Scheduled Commencement Date </B>shall mean November&nbsp;15, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Rent Commencement Date </B>shall mean that date which is the earlier of: (i)&nbsp;the Commencement Date; and (ii)&nbsp;Tenant&#146;s
occupancy of the Premises for the Permitted Use. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Expiration Date </B>shall mean that date which is the last day of the month in which
the tenth (10<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) anniversary of the Rent Commencement Date occurs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Lease Term
</B>shall mean a term beginning on the Commencement Date and ending on the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Base Rent </B>shall mean the rent payments
as set forth on <U>Exhibit E</U> attached hereto and made a part hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Permitted Use </B>shall mean use for General Industrial (as
defined in the Prime Lease, as hereinafter defined) purposes, including without limitation research and development, laboratory and office uses, and for no other use or purpose. In no event will the Leased Premises be used for any purpose not
permitted under the Prime Lease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Tenant&#146;s Proportionate Share </B>shall mean 3.24% (17,944 SF / 553,245 SF). The
parties hereto further stipulate and agree that Tenant&#146;s Proportionate Share of Operating Costs shall be deemed a separately enumerated amount for purposes of the Prime Lease, particularly, but without limitation, for purposes of <U>Exhibit
D</U> of the Prime Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Security Deposit </B>shall mean $897,120.00 in the form of a letter of credit, subject to reduction in
accordance with Section&nbsp;6.5 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Broker</B> shall mean JLL, the commission for said Broker shall be paid by Landlord in
accordance with a separate agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1 <U>Leased Premises and Term</U>. Upon the Effective Date, the terms and provisions of this Lease shall be fully binding on
Landlord and Tenant, subject to the terms set forth herein. Landlord does hereby lease, demise and let to Tenant and Tenant does hereby lease and take from Landlord the Leased Premises for a term beginning on the Commencement Date and continuing in
full force and effect for the Lease Term, unless this Lease is terminated earlier pursuant to the provisions hereof. In addition, Landlord grants to Tenant the right to use, on a <FONT STYLE="white-space:nowrap">non-exclusive</FONT> basis and in
common with other tenants, the Common Areas. Once the Commencement Date is determined, Landlord and Tenant shall endeavor to execute a supplemental agreement stating the Commencement Date, the Rent Commencement Date and the Expiration Date;
provided, however, the failure to do so will not affect the determination of such dates. The Leased Premises are demised hereby subject to all easements, restrictions, agreements of record, mortgages and deeds of trust, zoning and building laws, and
the terms and provisions of the Prime Lease, including, but not limited to, the provisions of the Prime Lease relating to employment and <FONT STYLE="white-space:nowrap">non-discrimination,</FONT> which provisions are set forth on <U>Exhibit D</U>
to this Lease. If and to the extent that the Prime Lease shall be changed or modified as a result of any change imposed upon Landlord by the landlord under the Prime Lease (&#147;<B>Prime Lessor</B>&#148;), Tenant shall be given notice of such
change and Tenant agrees to comply with any such changed provision provided that such changes do not materially adversely affect Tenant&#146;s rights or tenancy hereunder. Except for the Landlord&#146;s Work (as hereinafter defined), Landlord shall
have no obligation to perform any work to the Leased Premises or Building to ready same for Tenant&#146;s initial use or occupancy.<B> </B>Except as otherwise specifically provided herein,<B> </B>Landlord specifically excepts and reserves to itself
the use of the roof, the exterior portions of the Leased Premises, and such areas within the Leased Premises required for installation, maintenance, replacement and repair of utility lines and other installations required to service other tenants of
the Building from time to time during the Lease Term. No rights are conferred on Tenant, and Landlord specifically excepts and reserves to itself, unless otherwise specifically provided, all rights to the land and improvements below the floor level
of the Leased Premises and to the air rights above the Leased Premises and to the land and improvements located on and within the Common Areas. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2 <U>Landlord</U><U>&#146;</U><U>s Work</U>. For purposes of this
Section&nbsp;2.2, the following terms shall have the meanings set forth below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) &#147;<B>Approved Plans</B>&#148; shall
mean the plans and specifications for the Premises Work as approved pursuant to the terms of this Section&nbsp;2.2. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
&#147;<B>Landlord&#146;s Change Order</B>&#148; shall mean a change order proposed by Landlord to the Approved Plans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) &#147;<B>Landlord&#146;s Contribution</B>&#148; shall mean $4,306,560.00 (i.e., $240.00 per rentable square foot of the
Premises). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) &#147;<B>Landlord&#146;s Work</B>&#148; shall mean collectively (x)&nbsp;the items identified as
&#147;Landlord Scope&#148; (the &#147;<U>Base Building Work</U>&#148;) on the Landlord/Tenant Work Matrix attached hereto as <U>Exhibit <FONT STYLE="white-space:nowrap">F-2</FONT></U>; and (y)&nbsp;the items identified as &#147;TI Scope Performed by
Landlord&#148; (the &#147;<U>Premises Work</U>&#148;) on <U>Exhibit <FONT STYLE="white-space:nowrap">F-2</FONT></U> and as such Premises Work is shown on the Approved Plans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) &#147;<B>Substantially Complete</B>&#148; shall mean the substantial completion of Landlord&#146;s Work excepting only
(i)&nbsp;punch-list items which can be completed without material interference with Tenant&#146;s use of the Leased Premises, and (ii)&nbsp;any other items which because of the seasonal nature of the item (such as HVAC balancing) or in accordance
with good construction practice, are not practicable to complete at such time, so long as none of the foregoing items is a <FONT STYLE="white-space:nowrap">pre-condition</FONT> for either (y)&nbsp;the issuance of a Certificate of Occupancy for the
Premises, or (z)&nbsp;the completion of all alterations and improvements in the Premises necessary for Tenant to conduct its normal business operations therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) &#147;<B>Tenant Change Order</B>&#148; shall mean a change order proposed by Tenant to the Approved Plans, in the form
described herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) &#147;<B>Tenant&#146;s Contribution</B>&#148; shall mean an amount equal to the positive excess
(if any) of (i)&nbsp;the costs and expenses of performing the Premises Work, over (ii)&nbsp;the amount of the Landlord&#146;s Contribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) &#147;<B>Tenant Delay</B>&#148; shall mean any delay in the performance of Landlord&#146;s Work and/or the issuance of a
building permit or certificate of occupancy arising out of or resulting from the following: (i)&nbsp;any Tenant Change Orders, (ii)&nbsp;any delay and/or default on the part of Tenant or its agents, engineers, architects, or contractors, or
(iii)&nbsp;any interference with the performance of Landlord&#146;s Work by Tenant or any of its agents, engineers, architects, or contractors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) &#147;<B>Tenant&#146;s Work</B>&#148; shall mean (i)&nbsp;the installation of tel/data/AV and computer systems and all
related wiring and cabling, (ii)&nbsp;the installation of Trade Fixtures, furniture, and personal property, (iii)&nbsp;all items identified as &#147;Tenant Performed Scope&#148; on the Landlord/Tenant Work Matrix attached hereto as <U>Exhibit <FONT
STYLE="white-space:nowrap">F-2</FONT></U>, and (iv)&nbsp;and any other improvements and alterations necessary or desired to prepare the Leased Premises for initial occupancy of the Leased Premises by Tenant, excepting only the Landlord&#146;s Work.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. <U>Base Building Work; Premises Work; Approved Plans</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Landlord shall cause the Base Building Work to be completed in a good and workmanlike manner, utilizing standard building
materials and finishes and in compliance with all applicable laws and Requirements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Attached hereto as <U>Exhibit <FONT
STYLE="white-space:nowrap">F-1</FONT></U> is a fit plan showing the Premises Work to be performed within the Leased Premises (the &#147;<B>Fit Plan</B>&#148;). Based upon the Fit Plan, Landlord shall cause final plans and specifications which
conform to the Fit Plan in all material respects (for normal <FONT STYLE="white-space:nowrap">fit-up</FONT> construction of the general quality of the design of the Building and in accordance with Landlord&#146;s building standards for tenant <FONT
STYLE="white-space:nowrap">build-out),</FONT> sufficient to permit the construction of the Premises Work, to be prepared (the &#147;<B>Construction Plans</B>&#148;) which Construction Plans shall be submitted to Tenant. Tenant shall approve the
Construction Plans on the basis of whether the same conforms with the Fit Plan in all material respects, which approval shall not be unreasonably withheld, conditioned or delayed and shall be deemed given if not disapproved of in writing (with
highlighted changes thereon and a detailed list of the deficiencies from the Fit Plan) within seven (7)&nbsp;days of submittal. If Tenant gives Landlord a list of requested changes to the Construction Plans to cause the same to conform to the Fit
Plan, Landlord shall give Tenant notice either (i)&nbsp;approving the applicable changes (in which case the Construction Plans shall be deemed to be the &#147;Approved Plans&#148;) or (ii)&nbsp;disapproving the applicable changes, in which case the
Construction Plans shall be submitted to Tenant for approval, which approval shall not be unreasonably withheld, conditioned or delayed and shall be deemed given if not disapproved of in writing (with highlighted changes thereon and a detailed list
of the deficiencies from the Fit Plan) within three (3)&nbsp;days of submittal. The foregoing iterative process (and timing) shall continue until Landlord and Tenant approve the Construction Plans, at which point the same shall be deemed to be the
&#147;Approved Plans&#148;. Tenant&#146;s approval of the Construction Plans shall be consistent with the Fit Plan and with previous approvals, choices and directions given. Throughout the approval process, each party shall use commercially
reasonable and diligent efforts to cooperate with the other and the other&#146;s architect and professionals in responding to questions or requests for information or submissions. Tenant hereby acknowledges and agrees that Tenant&#146;s failure to
approve the Construction Plans within ten (10)&nbsp;days of Landlord&#146;s submission of the initial Construction Plans for Tenant&#146;s approval, then such failure shall be deemed to be a Tenant Delay (as defined below), except to the extent
caused by Landlord&#146;s failure to meet its obligations under this Section&nbsp;2.2(A) (including, without limitation, its obligation to prepare the Construction Plans in conformance with the Fit Plan in all material respects) in good faith and as
expressly required hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Following the approval of the Approved Plans, Landlord shall deliver to Tenant a
detailed estimate of the costs to complete the Premises Work. Tenant shall have the right, exercised promptly and in good faith (but no longer than seven (7)&nbsp;days from submission), to discuss and request substitutions to value-engineer or
cost-engineer aspects of the work, remove aspects of the Premises Work and otherwise seek to minimize the cost of the Premises Work, subject to the terms and conditions hereof. Each party shall use commercially reasonable and diligent efforts to
cooperate with the other and the other&#146;s architect and professionals in responding to questions or requests for information or submissions. Tenant understands and agrees, however, that changes to the Approved Plans shall be subject to the
approval standards set forth in Section&nbsp;2.2(B) below. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Landlord and Tenant acknowledge that because the Approved Plans have
not yet been prepared, (x)&nbsp;it is impossible to determine the schedule impact of delivery and construction of items that Tenant will be required to select in connection with the various iterations of the Approved Plans; and (y)&nbsp;it may be
necessary to release certain lead time items prior to execution of a contract with the General Contractor. As a result, Tenant hereby agrees to work in good faith with Landlord in order to allow Landlord to proceed with the Premises Work without any
impact on Landlord&#146;s schedule as a result of the foregoing which may include, without limitation, making certain substitutions of Tenant selected items provided that the same are materially equivalent in terms of function and use. Any failure
by Tenant to act in good faith in accordance with the foregoing shall be deemed a Tenant Delay. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Upon finalization of
the Approved Plans, Landlord will enter into a construction contract with a general contractor (the &#147;<B>General Contractor</B>&#148;) for the performance of the Premises Work. The General Contractor shall obtain all approvals and permits
required by applicable Requirements to perform the Premises Work. Landlord shall be responsible for performing the Premises Work; provided, however, (i)&nbsp;in no event shall Landlord be obligated to perform any work or alterations which are not
shown on the Approved Plans; and (ii)&nbsp;in no event shall Landlord be obligated to expend an amount in excess of the Landlord&#146;s Contribution on account of the Premises Work. The Landlord&#146;s Contribution shall be applied toward all of the
costs and expenses incurred by Landlord arising out of and in connection with performing the Premises Work, including, without limitation, architectural and engineering fees, construction costs, permit fees, overhead and profit of the general
contractor, costs and expenses for the purchase and installation of improvements, additional security if required as a result of the Premises Work, and the costs of any dedicated freight elevator operation after Normal Business Hours. If, from time
to time, Landlord determines in its good faith reasonable discretion that the cost of performing the Premises Work will exceed the amount of the Landlord&#146;s Contribution, then Tenant shall reimburse Landlord for the excess costs proportionally
in relation to the amount of the Landlord&#146;s Contribution within thirty (30)&nbsp;days of billing, as the work associated with such costs is being performed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. <U>Change Orders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Approved Plans will not be materially modified or amended without the prior approval of Tenant, such approval not to
be unreasonably withheld, conditioned or delayed. From time to time, prior to or during the performance of the Premises Work, Landlord may elect to propose Landlord Change Orders to the Approved Plans. Landlord shall submit each proposed
Landlord&#146;s Change Order to Tenant for its approval, which approval shall not be unreasonably withheld, conditioned or delayed, unless the proposed Landlord Change Order (a)&nbsp;is materially inconsistent with the Approved Plans; or
(b)&nbsp;would materially and adversely affect the use or layout of the Leased Premises by Tenant for its usual and customary business operations; notwithstanding the foregoing, Tenant shall not unreasonably withhold, condition or delay its approval
to the extent such change is required to (i)&nbsp;comply with applicable Requirements, (ii)&nbsp;to obtain or to comply with any required permit for the Landlord&#146;s Work, (iii)&nbsp;to make reasonable adjustments for field deviations or
conditions encountered during the construction of the Landlord&#146;s Work, or (iv)&nbsp;to </P>
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account for long-lead time items, availability, shortages, labor issues, and the like. Tenant shall approve or disapprove each proposed Landlord Change Order within three (3)&nbsp;Business Days
after receipt thereof, and if Tenant so disapproves Tenant shall specify the reason for disapproval. If Tenant fails to approve or disapprove the proposed Landlord&#146;s Change Order within three (3)&nbsp;Business Days after receipt thereof, then
the proposed Landlord&#146;s Change Order shall be considered to have been approved by Tenant, and the Approved Plans shall be considered to be amended and modified thereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Tenant may elect to propose Tenant Change Orders to the Approved Plans by written request to Landlord from time to time
prior to Substantial Completion of the Premises Work. Each proposed Tenant Change Order shall be subject to Landlord&#146;s approval, such approval not to be unreasonably withheld, conditioned or delayed. If a proposed Tenant Change Order is
determined by Landlord in its reasonable discretion to be likely to increase the cost of the Landlord&#146;s Work above the Landlord&#146;s Contribution, to delay the completion of the Landlord&#146;s Work, and/or to cause an increase in other costs
and expenses payable by Landlord, then Landlord shall notify Tenant of the estimated amount of such costs and thereafter Tenant may elect, within three (3)&nbsp;days after receipt of Landlord&#146;s request, to withdraw the proposed Tenant Change
Order or to elect to proceed with the proposed Tenant Change Order. Failure of Tenant to respond within such three (3)&nbsp;day period shall be deemed an election by Tenant not to proceed with the Tenant Change Order. If Tenant withdraws the
proposed Tenant Change Order within said three (3)&nbsp;day period or fails to respond within such time frame, then Landlord will not be obligated to implement the proposed Tenant Change Order and the proposed Tenant Change Order shall be null and
void and of no further force or effect. If Tenant elects to proceed with a Tenant Change Order, Tenant shall reimburse Landlord for the costs associated with such Tenant Change Order proportionally in relation to the amount of the Landlord&#146;s
Contribution within thirty (30)&nbsp;days of billing, as the work associated with such Tenant Change Order is being performed. In addition, if as a result of a Tenant Change Order the actual costs of the Landlord&#146;s Work are greater than the
estimated increased costs and expenses, then Tenant shall pay the difference in increased costs and expenses to Landlord within thirty (30)&nbsp;days of billing in the same manner set forth above. Time is of the essence of this Section&nbsp;2.2(B).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. <U>Substantial Completion and Delivery</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Landlord will exercise commercially reasonable efforts to cause the Commencement Date to occur by the Scheduled
Commencement Date, as the same may be extended by Tenant Delays and/or any Force Majeure Event. Except as expressly provided herein, Landlord shall not be liable for any failure to Substantially Complete the Landlord&#146;s Work, to deliver
possession of the Leased Premises, or to cause the Commencement Date to have occurred by the Scheduled Commencement Date or any other particular date, and no such failure shall impair the validity of this Lease or extend the Lease Term.
Notwithstanding any provision contained herein, Landlord shall have no liability for, and there shall be no postponement of the Rent Commencement Date, or any credit afforded to Tenant for any delay in the Commencement Date, arising out of or
resulting solely from a Tenant Delay. Notwithstanding anything to the contrary contained in this Lease, subject to Force Majeure and Tenant Delay, if Landlord has not delivered the </P>
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Premises to Tenant in the condition herein required on or before the sixtieth (60<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day following the Scheduled Commencement Date (the
&#147;<B>Initial Delivery Deadline</B>&#148;), then the Rent Commencement Date shall be extended by one (1)&nbsp;day for each day beyond the Initial Delivery Deadline through the Outside Date, if applicable, that the Premises have not been delivered
to Tenant in said condition. In the event that Landlord has not delivered the Premises to Tenant in the condition herein required on or before the one hundred and eightieth (180<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day following
the Scheduled Commencement Date (&#147;<B>Outside Date</B>&#148;), subject to Force Majeure and Tenant Delay, then (x)&nbsp;Tenant shall no longer have the right to day to day extensions of the Rent Commencement Date; and (y)&nbsp;Tenant shall have
the right to terminate this Lease by written notice to Landlord on or before that date which is thirty (30)&nbsp;days following the Outside Date but prior to the date that Landlord delivers the Premises to Tenant in said condition. In the event,
however, that Tenant elects to terminate the Lease pursuant to the foregoing and if the Commencement Date occurs on or before the thirtieth (30th) day after the Outside Date, Tenant&#146;s termination notice shall be deemed to be void and of no
force or effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If Substantial Completion of any part of Landlord&#146;s Work is delayed as a result of or arising
out of a Tenant Delay, then Landlord&#146;s Work shall be deemed to have been Substantially Completed on the date that such work would have been Substantially Completed but for such Tenant Delay. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) On or about the date when the Premises Work is Substantially Completed, Landlord&#146;s construction representative shall
prepare a punch-list setting forth any items of Landlord&#146;s Work which are incomplete and deliver the same to Tenant and Landlord. Landlord shall complete such punch-list items as soon as reasonably practicable after such walk-through of the
Leased Premises and Landlord shall use reasonable efforts to cause such punch-list items to be completed no later than sixty (60)&nbsp;days following the Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. <U>Landlord&#146;s Plans Contribution</U>. Landlord shall contribute up to Two Thousand Six Hundred
<FONT STYLE="white-space:nowrap">Ninety-One</FONT> and 60/100 Dollars ($2,691.60) (i.e., $0.15 per rentable square foot of the Premises) (the &#147;<B>Landlord&#146;s Plans Contribution</B>&#148;) towards the cost of one <FONT
STYLE="white-space:nowrap">(1)&nbsp;test-fit</FONT> plan and one (1)&nbsp;revision thereto which amounts will be paid directly by Landlord in the same manner as the Landlord&#146;s Contribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. <U>General Provisions</U>. Except for performance of Landlord&#146;s Work and Landlord&#146;s Plans Contribution, Landlord has no
obligation to perform any work, supply any materials, incur any expense or make any alterations, additions or improvements to the Leased Premises in order to prepare the Leased Premises for Tenant&#146;s use and occupancy. Excepting only
Landlord&#146;s Work, Tenant shall, at its own cost and expense, in accordance with and subject to the terms and provisions of this Lease, perform or cause to be performed any and all Tenant&#146;s Work. All of Tenant&#146;s Work shall be subject to
Section&nbsp;4.2 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F. <U>Construction Representatives</U>. Each party authorizes the other to rely upon all approvals granted and
other actions taken by the respective construction representative designated from time to time by such party, or any person hereafter expressly designated in writing in substitution or addition thereof by notice to the party relying thereon. Tenant
hereby designates Amy Lynch<B><I> </I></B>as its construction representative and Landlord hereby designates Dustin Lord and Erin Orpik as its construction representative. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3 <U>Use</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>General Use Provisions</U>. The Leased Premises shall be used and occupied by Tenant solely for the Permitted Use and for no other
purpose. Tenant shall not use the Leased Premises or allow the Leased Premises to be used in a manner constituting a Prohibited Use. If Tenant uses the Leased Premises for a purpose constituting a Prohibited Use, violating any Requirement, or
causing the Building and/or the Project to be in violation of any Requirement, then Tenant shall promptly discontinue such use upon receipt of notice of such violation. Tenant, at its expense shall procure and at all times maintain and comply with
the terms of all licenses and permits required for the lawful conduct of the Permitted Use in the Leased Premises. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Radiation
Laboratory</U>. Provided that Tenant, at its sole expense, obtains all governmental permits and approvals required therefor, Tenant shall have the right to install and utilize a radiation laboratory room (&#147;<B>Radiation Lab</B>&#148;) in the
Leased Premises in accordance with the terms and conditions of Section&nbsp;4.2 hereof. Tenant shall be responsible, at its sole expense, for the operations of its Radiation Lab in accordance with all Requirements and Governmental Authorities and
deliver to Landlord copies of all necessary permits and approvals necessary for the use and operation of the Radiation Lab and shall maintain such permits and approvals during the Lease Term.&#8195;Landlord shall have the right, from time to time by
written notice to Tenant, to promulgate reasonable and uniformly applicable rules and regulations with respect to the operation of the Radiation Lab so as to minimize any adverse effects that such operation may have on other occupants of the
Building, including without limitation, regulations as to noise mitigation. In all events, Tenant shall conduct its operations within the Radiation Lab in accordance with best industry practices and in no event shall radiation shall be permitted to
emanate from or permeate the Radiation Lab. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4 <U>Base Rent</U>. Commencing on the Rent Commencement Date, Tenant agrees to
pay the Base Rent to Landlord for each month during the Lease Term as herein provided. Base Rent shall be due and payable in advance on the first day of the month without notice or demand, and without any
<FONT STYLE="white-space:nowrap">set-off,</FONT> counterclaim, abatement or deduction whatsoever. If the Rent Commencement Date is a day other than the first day of a calendar month or in the event this Lease terminates on such other than the last
day of a calendar month, then Base Rent for each month or months shall be prorated and the installment or installments so prorated shall be paid in advance. In the event that Tenant fails to make any payment of Base Rent or any other amount payable
to Landlord hereunder within five (5)&nbsp;days after the date Tenant receives a notice of <FONT STYLE="white-space:nowrap">non-payment</FONT> from Landlord in an amount equal to the greater of: (i)&nbsp;four percent (4%) of such payment; or (ii)
$150.00, shall also become due and payable to Landlord by Tenant, such late charge being for Landlord&#146;s administrative and other costs and is in addition to and cumulative with any other rights and remedies which Landlord may have hereunder
with regard to the failure of Tenant to make any payment of Base Rent or any other sum due hereunder. As of the date hereof, Tenant shall pay all amounts in the manner set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Rent Payments</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>For ACH
delivery</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>For
Wire Transfers</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5 <U>Tenant</U><U>&#146;</U><U>s Proportionate Share of Operating Costs</U>.
In addition to the payment of Base Rent, commencing as of the Rent Commencement Date, Tenant shall pay to Landlord Tenant&#146;s Proportionate Share of Operating Costs in accordance with the following provisions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Prior to the start of each calendar year, Landlord shall furnish to Tenant a statement (&#147;<B>Statement</B>&#148;) setting forth
Landlord&#146;s reasonable estimate of Tenant&#146;s Proportionate Share of Operating Costs, if any (the &#147;<B>Expense Estimate</B>&#148;). Tenant shall pay to Landlord the amount of such Expense Estimate in monthly installments of 1/12th each on
a monthly basis contemporaneously with the payment of Base Rent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If at any time Landlord shall have reasonable grounds to believe
that the amount of actual Operating Costs incurred and to be incurred will vary from the Expense Estimate, then Landlord reserves the right to revise such estimates accordingly. Upon delivery of written notice of any such revision, the monthly
payments due and payable to Landlord by Tenant under this Section shall be increased to an amount which will amortize such revised estimate over the remainder of the calendar year in which any such revision is made by Landlord. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Within one hundred twenty (120)&nbsp;days after the end of any calendar year Landlord shall provide Tenant with an annual reconciliation
statement in reasonable detail showing actual Operating Costs for such calendar year. If the Statement shows that Tenant&#146;s payments for Tenant&#146;s Proportionate Share of Operating Costs exceed the actual amount of Tenant&#146;s Proportionate
Share of Operating Costs for such calendar year, then Landlord shall credit the amount of such excess against subsequent payments of rent due hereunder or, in the event that the Lease has expired or terminated prior to delivery of the Statement,
refund the amount of such excess after first deducting any amounts due from Tenant hereunder. If the Statement shows that Tenant&#146;s payments for Tenant&#146;s Proportionate Share of Operating Costs are less than the actual amount of
Tenant&#146;s Proportionate Share of Operating Costs, then Tenant shall pay the amount of such deficiency within thirty (30)&nbsp;days after delivery of the Statement to Tenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If the Commencement Date is a day other than the first day of a calendar month or if this Lease terminates on a day other than the last
day of a calendar month, then the amounts due and owing by Tenant to Landlord under this Section shall be prorated accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)
Landlord&#146;s failure to render any Statement on a timely basis with respect to any calendar year shall not prejudice Landlord&#146;s right to thereafter render a Statement with respect to such calendar year or any subsequent calendar year, nor
shall the rendering of a Statement prejudice Landlord&#146;s right to thereafter render a corrected Statement for that calendar year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Each Statement sent to Tenant shall constitute an account stated between Landlord and
Tenant and shall be conclusively binding upon Tenant unless Tenant (i)&nbsp;pays to Landlord when due the amount set forth in such Statement, without prejudice to Tenant&#146;s right to dispute such Statement, and (ii)&nbsp;within sixty
(60)&nbsp;days after Tenant&#146;s receipt of such Statement, sends a written notice to Landlord objecting to such Statement and specifying the reasons therefor. Tenant agrees that Tenant will not employ, in connection with any dispute under this
Lease, any person or entity who is to be compensated in whole or in part, on a contingency fee basis. If the parties are unable to resolve any dispute as to the correctness of such Statement within thirty (30)&nbsp;days following such notice of
objection, either party may refer the issues raised to a nationally recognized public accounting firm selected by Landlord and reasonably acceptable to Tenant, and the decision of such accounting firm shall be conclusively binding upon Landlord and
Tenant. In connection therewith, Tenant and such accountants shall execute and deliver to Landlord a confidentiality agreement, in form and substance reasonably satisfactory to Landlord and Tenant, whereby such parties agree not to disclose to any
third party any of the information obtained in connection with such review. Tenant shall pay the fees and expenses relating to such procedure, unless such accounting firm determines that Landlord overstated Operating Costs by more than three percent
(3%) for such calendar year, in which case Landlord shall pay such fees and expenses. Tenant shall have no right whatsoever to dispute, by judicial proceeding or otherwise, the accuracy of any Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.6 <U>Separately Metered Utilities and Utility Usage</U>. From and after the Rent Commencement Date, Tenant shall pay to the
relevant third-party service providers, upon demand or receipt of an invoice, all amounts due and owing with respect to utilities furnished to the Leased Premises by a separate meter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.7 <U>Additional Rent; Payments</U>. All sums of money due and payable by Tenant to Landlord under the terms of this Lease in
addition to the Base Rent shall constitute additional rent (&#147;<B>Additional Rent</B>&#148;) hereunder for the purposes of the collection thereof. Landlord shall have the same remedies for default in the payment of Additional Rent as are
available to Landlord in the case of a default in the payment of Base Rent. Base Rent and/or Additional Rent are sometimes referred to as &#147;rent.&#148; All rent shall be paid in the manner set forth in Section&nbsp;2.4 above. Tenant agrees to
pay all rent under this Lease at the times and in the manner herein provided, without <FONT STYLE="white-space:nowrap">set-off,</FONT> counterclaim, abatement or deduction whatsoever, except as otherwise expressly provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.8 <U>Appurtenant Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Emergency Generator</U>. Landlord shall, as part of the Base Building Work, provide a Building common emergency generator
(&#147;<B>Generator</B>&#148;) for Tenant&#146;s use (which will provide Tenant with approximately five (5)&nbsp;Watts per rentable square foot to the laboratory portion of the Leased Premises which shall in no event be more than sixty percent (60%)
of the Leased Premises), in common with others so entitled thereto from time to time (provided that the aggregate electrical demand (based on metered use) of all equipment connected by Tenant to the Generator at any time shall not exceed five
(5)&nbsp;Watts per rentable square foot to the laboratory portion of the Leased Premises which shall in no event be more than sixty percent (60%) of the Leased Premises). The Generator shall be installed at Landlord&#146;s cost as part of the Base
Building Work. Tenant shall be responsible, at Tenant&#146;s sole cost and expense, for all work required to connect the Leased </P>
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Premises to, and distribute power from, the Generator. Landlord shall be responsible for obtaining all governmental permits, licenses, and authorizations necessary for the operation of the
Generator. In addition, Tenant shall comply with all reasonable and uniformly applicable rules and regulations promulgated by Landlord with respect to its connection to, and use of, the Generator. Landlord may, at its sole costs and expense,
relocate the Generator within the Project provided the same does not materially adversely affect Tenant&#146;s ability to utilize the Generator. Tenant shall pay, as Additional Rent, Tenant&#146;s Laboratory Share of the costs to operate, maintain,
and repair the Generator pursuant to the foregoing. As used herein, &#147;<B>Tenant&#146;s Laboratory Share</B>&#148; shall be the proportion that the rentable square footage of the Leased Premises bears to the rentable square footage of all the
premises in the Building in which laboratory uses are permitted, from time to time shall be the proportion that the rentable square footage of the Leased Premises bears to the rentable square footage of all the premises in the Building in which
laboratory uses are permitted, from time to time (defined below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>PH Neutralization System</U>. Subject to the terms and
conditions of this Section&nbsp;2.8(b), the Leased Premises include Tenant&#146;s share of the Building common PH neutralization system located, or to be located, on the first (1<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>) floor of the
Building. Landlord has or will obtain a wastewater treatment operator permit (a &#147;<B>MWRA Permit</B>&#148;) from the Massachusetts Water Resources Authority (&#147;<B>MWRA</B>&#148;) for the operation of the PH neutralization system. The type,
size, location, and manner of all connections and discharges by Tenant to the PH neutralization system, if any, shall be subject to the prior approval of Landlord in each instance prior to connecting to the PH neutralization system. Tenant&#146;s
rights under this Section&nbsp;2.8(b) shall be subject to all of the terms and conditions of this Lease, as well as the following additional conditions and requirements: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Tenant&#146;s use of the PH neutralization system shall be at Tenant&#146;s sole risk to the extent permitted pursuant to applicable
Requirements (Landlord making no representation or warranty regarding the sufficiency of the PH neutralization system for Tenant&#146;s use); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Tenant&#146;s use of the PH neutralization system shall be undertaken by Tenant in compliance with all applicable Requirements, and,
Tenant shall obtain any and all permits required in connection with such use by Tenant (excepting only the MWRA Permit); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Tenant
shall be responsible for connecting to the central distribution point for the PH neutralization system in locations approved by Landlord; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Tenant shall pay, as Additional Rent, Tenant&#146;s Laboratory Share of the costs to operate, maintain, and repair the PH neutralization
system; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) The use of the PH neutralization system shall be subject to the Building Rules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tenant shall not introduce any substances or materials into the PH neutralization system, if any, (x)&nbsp;which are in violation of the terms
of the MWRA Permit, (y)&nbsp;which are in violation of applicable Requirements, or (z)&nbsp;which would interfere with the proper functioning of the PH neutralization system. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1 <U>Utilities</U>. Landlord shall furnish or cause public utilities to furnish electricity to the Leased Premises and water to
the Building to the extent and in such manner as is reasonably adequate for Tenant&#146;s use and occupancy of the Leased Premises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2 <U>Services to be Furnished by Landlord to Tenant</U>. Landlord shall furnish or cause to be furnished (in good working
order) to Tenant and thereafter maintained throughout the Lease Term: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Central heating, ventilation and air conditioning to the Leased
Premises; heating, ventilation and <FONT STYLE="white-space:nowrap">air-conditioning</FONT> supplied to the Leased Premises after Normal Business Hours shall be subject to the overtime hourly rates then charged by Landlord at the Building; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <FONT STYLE="white-space:nowrap">Non-exclusive</FONT> passenger elevator service and <FONT STYLE="white-space:nowrap">non-exclusive</FONT>
freight elevator service; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <FONT STYLE="white-space:nowrap">Non-exclusive</FONT> use of loading facilities for the Building; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Maintenance and repair of the roof, exterior walls, Common Areas, common equipment (including, without limitation, sanitary, electrical
(including without limitation the Generator serving the Leased Premises), heating, air conditioning, plumbing, life safety, and other systems); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Standard building signage identifying Tenant in the building lobby and floor directories on any multi-tenant floor; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Janitorial service for the Common Areas of the Building. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as specified above, such services shall be provided during Normal Business Hours, at such locations, in such manner and to the extent
deemed by Landlord to be adequate for the use and occupancy of the Building, with due regard for the prudent control of energy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision of this Lease, Landlord, for itself and its employees, agents and contractors, reserves the right to
refuse to perform any repairs or services in any laboratory portion of the Leased Premises or any other portion which, pursuant to Tenant&#146;s safety guidelines, practices or custom or prudent industry practices, require any special form of safety
clothing or equipment, other than safety glasses. In any such case, Tenant shall contract with commercial parties who are reasonably acceptable to Landlord, in Landlord&#146;s reasonable discretion, for all such repairs and services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.3 <U>Landlord</U><U>&#146;</U><U>s Failure to Provide Utilities or Services</U>. Failure by Landlord to any extent to furnish
or cause to be furnished the utilities or services described in Sections 3.1 and 3.2, or any cessation or interruption thereof, resulting from causes beyond Landlord&#146;s reasonable control, including without limitation mechanical breakdown,
overhaul, maintenance, or repair of equipment, strikes, riots, acts of God, shortages of labor or material, or governmental laws, regulations or restrictions or any other similar causes shall not render Landlord liable in
</P>
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any respect for damages to either person or property, be construed as an eviction of Tenant, result in an abatement of rent or relieve Tenant from its obligation to perform or observe any
covenant or agreement contained in this Lease provided, however, that if any such failure, cessation or interruption shall (i)&nbsp;result from the negligence or willful misconduct of Landlord, its employees, contractors, or agents, (ii)&nbsp;cause
the Leased Premises to be untenantable and (iii)&nbsp;continue for more than five (5)&nbsp;Business Days after notice by Tenant to Landlord, Tenant shall be entitled to a commensurate abatement of Base Rent from the date of such interruption until
such service is restored in a manner causing the Leased Premises to be tenantable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.4 <U>Peaceful Enjoyment</U>. Subject to
the other terms of this Lease, Landlord covenants that Tenant shall and may peacefully have, hold and enjoy the Leased Premises for the Lease Term free of any claims by any party claiming by, through or under Landlord, provided that Tenant pays the
rent to be paid by Tenant under this Lease and performs all of Tenant&#146;s covenants and agreements herein contained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.5
<U>Hazardous Materials</U>. Landlord and Tenant agree as follows with respect to the existence or use of &#147;Hazardous Material&#148; in, on or about the Leased Premises, Building, and the Project: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Tenant, at its sole cost and expense, shall comply with all laws, statutes, ordinances, rules and regulations of any local, state or
federal governmental authority having jurisdiction concerning environmental, health and safety matters (collectively, &#147;<B>Environmental Laws</B>&#148;), including, but not limited to, the use of animals or laboratory specimens, any discharge
into the air, surface, water, sewers, soil or groundwater of any Hazardous Material (as defined below), whether within or outside the Leased Premises or within the Building or Project. Notwithstanding the foregoing, nothing contained in this Lease
requires, or shall be construed to require, Tenant to incur any liability related to or arising from environmental conditions (i)&nbsp;for which the Landlord is responsible pursuant to the terms of this Lease, or (ii)&nbsp;which existed within the
Leased Premises, the Building or Project prior to the date Tenant takes exclusive possession of the Leased Premises, provided, however, that if any such environmental condition was exacerbated by Tenant (or Tenant&#146;s contractors, subcontractors,
agents, subtenants, assigns, etc.), the direct, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> cost (and any delays resulting therefrom) of the liability therefor and any such removal or remediation
shall be equitably borne by Landlord and Tenant based upon the degree to which Tenant&#146;s (or such other Tenant parties&#146;) actions have increased the cost of such removal or remediation. Tenant shall comply with all applicable Requirements
(including applicable zoning and building code requirements and Landlord&#146;s reasonable quantity limitations to provide for multiple tenant use and compliance applicable to the Building area and/or the
<FONT STYLE="white-space:nowrap">so-called</FONT> &#147;control area&#148; therein; provided, however, that Tenant shall only be permitted to use the &#147;control area&#148; located within the Leased Premises and within the chemical storage area
located on the first (1<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>) floor of the Building, and in such areas Tenant shall not use more than the allocated proportionate share of permitted storage of Hazardous Materials for the floor on
which such portion of the Leased Premises are located) pertaining to the transportation, storage, use or disposal of such Hazardous Materials. Tenant is required to adhere to and comply with the allowable quantities of Hazardous Materials that are
allocated to them by the Landlord&#146;s flammable matrix, from time to time. Landlord consents to Tenant&#146;s use of the Hazardous Materials in the quantities listed in <U>Exhibit H</U>. In the event that Tenant requests Landlord&#146;s consent
to revise or modify <U>Exhibit H</U>, Landlord shall respond within ten (10)&nbsp;Business Days after Tenant&#146;s request for consent, which consent shall not be unreasonably withheld, conditioned or delayed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Except with respect to the items listed in <U>Exhibit H</U> hereto, Tenant shall not
cause or permit any Hazardous Material to be brought upon, kept or used in or about the Leased Premises or otherwise in, on or at the Building or Project by Tenant, its agents, employees, contractors or invitees, without the prior written consent of
Landlord, not to be unreasonably withheld, conditioned or delayed, and provided that such materials are stored, used and disposed of in strict compliance with all applicable Environmental Laws and with good scientific and medical practice. Within
ten (10)&nbsp;days following Landlord&#146;s written request, Tenant shall provide Landlord with any information requested by Landlord concerning the existence, use, generation or disposal of Hazardous Materials at the Leased Premises, including,
but not limited to, the following information: (a)&nbsp;the name, address and telephone number of the person or entity employed by Tenant to dispose of its Hazardous Materials, including a copy of any contract with said person or entity,
(b)&nbsp;all relevant information relating to such materials (e.g., a list of each type of Hazardous Materials used, stored, generated or disposed of by Tenant at the Leased Premises and a description of how Tenant disposes of said Hazardous
Materials, a copy of its most current materials list and applicable quantities thereof, applicable material safety data sheets ( MSDS) and safety data sheets (SDS) and transportation and removal manifests), (c) a copy of any laws, rules or
regulations in Tenant&#146;s possession relating to the disposal of the Hazardous Materials generated by Tenant, and (d)&nbsp;copies of any licenses or permits obtained by Tenant in order to use, generate or dispose of Hazardous Materials, including
any MWRA permits and approvals. Tenant shall also as soon as practicable provide to Landlord (without demand by Landlord) a copy of any notice, registration, application, permit, or license given to or received from any governmental authority or
private party, or persons entering or occupying the Leased Premises, concerning the presence, release, exposure or disposal of any Hazardous Materials in or about the Leased Premises, the Building, or the Project. Notwithstanding the foregoing, with
respect to any of Tenant&#146;s Hazardous Materials which Tenant does not properly handle, store or dispose of in compliance with all applicable Environmental Laws and good scientific and medical practice, Tenant shall, upon written notice from
Landlord, no longer have the right to bring such material into the Leased Premises, the Building of which the Leased Premises is a part or the Project until Tenant has demonstrated, to Landlord&#146;s reasonable satisfaction, that Tenant has
implemented programs to thereafter properly handle, store or dispose of such material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) As used herein, the term &#147;<B>Hazardous
Material</B>&#148; means any hazardous or toxic substances, hazardous waste, environmental, biological, chemical, radioactive substances, oil, petroleum products and any waste or substance, which because of its quantitative concentration, chemical,
biological, radioactive, flammable, explosive, infectious or other characteristics, constitutes or may reasonably be expected to constitute or contribute to a danger or hazard to public health, safety or welfare or to the environment, or that would
trigger any employee or community <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;right-to-know&#148;</FONT></FONT> requirements adopted by any federal, state or local governing or regulatory body or which is or otherwise
becomes regulated by any Environmental Law, including but not limited to the Massachusetts &#147;Right to Know&#148; Law, Chapter 111F of the General Laws of Massachusetts, specifically including live organisms, viruses and fungi, Medical Waste (as
defined below), and <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;biohazard&#148; materials. The term &#147;<B>Hazardous Material</B>&#148; includes, without limitation, any material or substance which is (i)&nbsp;designated as a
&#147;hazardous substance&#148; pursuant to Section&nbsp;1311 of the Federal Water Pollution Control Act (33 U.S.C. Section 1317), </P>
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(ii) defined as a &#147;hazardous waste&#148; pursuant to Section&nbsp;1004 of the Federal Resource Conservation and Recovery Act, 42 U.S.C. Section&nbsp;6901 et seq. (42 U.S.C.
Section&nbsp;6903), (iii) defined as a &#147;hazardous substance&#148; pursuant to Section&nbsp;101 of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section&nbsp;9601 et seq. (42 U.S.C. Section&nbsp;9601), (iv)
defined as &#147;hazardous substance&#148; or &#147;oil&#148; under Chapter 21E of the General Laws of Massachusetts, or (v)&nbsp;a <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;biohazard&#148; or Medical Waste, or is contaminated with
blood or other bodily fluids; and &#147;Environmental Laws&#148; include, without limitation, the laws listed in the preceding clauses (i)&nbsp;through (iv). The term &#147;<B>Medical Waste</B>&#148; shall mean the types of waste described in any
federal, state or local laws, rules and regulations and any similar type of waste. Tenant shall not cause or permit any Medical Waste to be brought, kept or used in or about the Leased Premises, the Building, or the Project by Tenant, its employees,
agents, contractors or invitees except in strict compliance with all applicable Environmental Laws and with good scientific and medical practice. Tenant shall comply with all applicable and appropriate laboratory biosafety level criteria,
requirements and recommendations including specific &#147;BSL&#148; limitations, standards, practices, safety equipment and facility requirements for the applicable BSL level pursuant to the Center for Disease Control and otherwise consistent with
good scientific and medical practice (and in no event shall Tenant&#146;s use or occupancy involve activities that would qualify or be characterized or categorized as BSL 3 or BSL 4. Information can be found at:
https://www.cdc.gov/biosafety/publications/bmbl5/bmbl5_sect_iv.pdf </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Any increase in the premium for necessary insurance on the Leased
Premises, the Building or Project which arises directly from Tenant&#146;s use and/or storage of these Hazardous Materials shall be solely at Tenant&#146;s expense. Tenant shall procure and maintain at its sole expense such additional insurance as
may be necessary to comply with any requirement of any federal, state or local government agency with jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Prior to the
expiration of this Lease (or within thirty (30)&nbsp;days after any earlier termination), Tenant shall clean and otherwise decommission all interior surfaces within the lab space at the Leased Premises (including floors, walls, ceilings, and
counters), piping, supply lines, waste lines, pH neutralization system, and plumbing in and/or exclusively serving the Leased Premises, and all exhaust or other ductwork in and/or exclusively serving the Leased Premises, in each case which has
carried or released or been exposed to any Hazardous Material, and shall otherwise clean the Leased Premises (to the point of ceiling penetration) so as to permit the report hereinafter called for by this Section&nbsp;3.5 to be issued. Prior to the
expiration of this Lease (or within thirty (30)&nbsp;days after any earlier termination), Tenant, at Tenant&#146;s expense, shall obtain for Landlord a report (the &#147;<B>Decommissioning Report</B>&#148;) addressed to Landlord and Landlord&#146;s
designees (and, at Tenant&#146;s election, Tenant) by a reputable licensed environmental engineer or certified industrial hygienist that, in either case, is designated by Tenant and acceptable to Landlord in Landlord&#146;s reasonable discretion,
which Decommissioning Report shall be based on the environmental engineer&#146;s or industrial hygienist&#146;s inspection of the Leased Premises and shall show: that the Hazardous Materials, to the extent, if any, existing prior to such
decommissioning, have been removed as necessary so that the interior surfaces of the Leased Premises (including but not limited to floors, walls, ceilings, and counters), piping, supply lines, waste lines and plumbing, and all such exhaust or other
ductwork in and/or exclusively serving the Leased Premises, may be reused by a subsequent tenant or disposed of in compliance with applicable Environmental Laws without taking any special precautions for Hazardous Materials, without incurring
special costs or undertaking special procedures for demolition, disposal, investigation, assessment, cleaning or </P>
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removal of Hazardous Materials and without incurring regulatory compliance requirements or giving notice in connection with Hazardous Materials; and that the Leased Premises may be reoccupied for
office, research or laboratory use, demolished or renovated without taking any special precautions for Hazardous Materials, without incurring special costs or undertaking special procedures for disposal, investigation, assessment, cleaning or
removal of Hazardous Materials and without incurring regulatory requirements or giving notice in connection with Environmental Substances. Further, for purposes of this Section&nbsp;3.5: &#147;special costs&#148; or &#147;special procedures&#148;
shall mean costs or procedures, as the case may be, that would not be incurred but for the nature of the Hazardous Materials as Hazardous Materials instead of <FONT STYLE="white-space:nowrap">non-hazardous</FONT> materials. The Decommissioning
Report shall include reasonable detail concerning the <FONT STYLE="white-space:nowrap">clean-up</FONT> location, the tests run and the analytic results. In addition, to the extent Tenant (or any party taking by or through Tenant) used, stored,
generated or disposed of any radioactive or radiological substances on or about the Leased Premises, such decommissioning shall also be conducted in accordance with the regulations of the U.S. Nuclear Regulatory Commission and/or the Massachusetts
Department of Public Health for the control of radiation, and cause the Leased Premises to be released for unrestricted use by the Radiation Control Program of the Massachusetts Department of Public Health for the control of radiation, and deliver
to Landlord the report of a certified industrial hygienist stating that he or she has examined the Leased Premises (including visual inspection, Geiger counter evaluation and airborne and surface monitoring) and found no evidence that such portion
contains Hazardous Materials or is otherwise in violation of any Environmental Law. If Tenant fails to perform its obligations under this Section&nbsp;3.5, without limiting any other right or remedy, Landlord may, on not less than five
(5)&nbsp;Business Days&#146; prior written notice to Tenant, perform such obligations at Tenant&#146;s expense, and Tenant shall thereafter promptly reimburse Landlord for all documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses reasonably incurred, together with an administrative charge of 5% of the cost thereof. Tenant&#146;s obligations under this Section&nbsp;3.5 shall survive the expiration or
earlier termination of this Lease. All amounts owed to Landlord under this Section&nbsp;3.5 shall be payable as Additional Rent, and if not paid on or before the date when due shall incur interest at the rate set forth in Section&nbsp;7.5, below,
until paid in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Tenant hereby represents and warrants to Landlord that (i)&nbsp;neither Tenant nor any of its legal predecessors
has been required by any prior landlord, lender or governmental authority at any time to take remedial action in connection with Hazardous Materials contaminating a property which contamination was permitted by Tenant of such predecessor or resulted
from Tenant&#146;s or such predecessor&#146;s action or use of the property in question, and (ii)&nbsp;Tenant is not subject to any enforcement order issued by any governmental authority in connection with the use, storage, handling, treatment,
generation, release or disposal of Hazardous Materials (including, without limitation, any order related to the failure to make a required reporting to any governmental authority). If Landlord determines that this representation and warranty was not
true as of the date of this Lease, Landlord shall have the right to terminate this Lease in Landlord&#146;s sole and absolute discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Landlord shall have the right to conduct annual tests of the Leased Premises to determine whether any contamination of the Leased
Premises, the Building or the Project has occurred as a result of Tenant&#146;s use (or more frequently if at any time Tenant is found to have violated this Section&nbsp;3.5). Tenant shall be required to pay the cost of such annual test of the
Leased Premises if there is violation of this Section&nbsp;3.5 or if contamination for which Tenant is responsible under this Section&nbsp;3.5 is identified; provided, however, that if Tenant conducts its own tests of the Leased Premises using third
party contractors and test procedures reasonably acceptable to Landlord which tests are certified to Landlord, Landlord shall accept such tests in lieu of seeking payment from Tenant for any corresponding annual test conducted by Landlord. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Within thirty (30)&nbsp;days following receipt of Landlord&#146;s written request,
Tenant shall provide Landlord with any information requested by Landlord concerning the existence, use, generation or disposal of Hazardous Materials at the Leased Premises, including, but not limited to, the following information: (a)&nbsp;the
name, address and telephone number of the person or entity employed by Tenant to dispose of its Hazardous Materials, including a copy of any contract with said person or entity, (b)&nbsp;all relevant information relating to such materials (e.g., a
list of each type of Hazardous Materials used, stored, generated or disposed of by Tenant at the Leased Premises and a description of how Tenant disposes of said Hazardous, a copy of its most current materials list and applicable quantities thereof,
applicable material safety data sheets ( MSDS) and safety data sheets (SDS) and transportation and removal manifests), (c) a copy of any laws, rules or regulations in Tenant&#146;s possession relating to the disposal of the Hazardous Materials
generated by Tenant, and (d)&nbsp;copies of any licenses or permits obtained by Tenant in order to use, generate or dispose of Hazardous Materials, including any MWRA permits and approvals. Tenant shall also as soon as practicable provide to
Landlord (without demand by Landlord) a copy of any notice, registration, application, permit, or license given to or received from any governmental authority or private party, or persons entering or occupying the Leased Premises, concerning the
presence, release, exposure or disposal of any Hazardous Materials in or about the Leased Premises, the Building, or the Project. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)
Tenant hereby covenants and agrees to indemnify, defend and hold Landlord and its employees, partners, agents, contractors, lenders and ground lessors (said persons and entities are hereinafter collectively referred to as the &#147;<B>Indemnified
Parties</B>&#148;) harmless from any and all liabilities, losses, costs, damages, claims, loss of rents, liens, judgments, penalties, fines, settlement costs, investigation costs, the cost of consultants and experts, reasonable attorneys&#146; fees,
court costs and other legal expenses, the effects of environmental contamination, the cost of environmental testing, the removal, remediation and/or abatement of Hazardous Materials), insurance policy deductibles and other expenses (collectively
&#147;<B>Losses</B>&#148;) arising out of or related to an Indemnified Matter. For purposes of this Section&nbsp;3.5 (j), an &#147;<B>Indemnified Matter</B>&#148; shall mean any matter for which one or more of the Indemnified Parties incurs
liability or damages if the liability or damages arise out of or involve, directly or indirectly, (i)&nbsp;the presence of any Hazardous Material on or about the Leased Premises (or the Building) in violation of applicable law, the presence of which
is caused or permitted by Tenant or its employees, agents, contractors or invitees (all of said persons or entities are hereinafter collectively referred to as &#147;<B>Tenant Parties</B>&#148;), (ii) the Tenant Parties&#146; use or occupancy of the
Leased Premises, the Building or the Project relating to Hazardous Materials, (iii)&nbsp;Tenant&#146;s failure to perform any of its obligations under this Section&nbsp;3.5 or any other provision relating to Hazardous Materials, (iv)&nbsp;the
existence, use or disposal of any Hazardous Material brought on to the Building by a Tenant Party, or (v)&nbsp;any other matters for which Tenant has agreed to indemnify Landlord or any Indemnified Party pursuant to any other provision of this Lease
relating to Hazardous Materials. Tenant&#146;s obligations hereunder shall include, but shall not be limited to compensating the Indemnified Parties for Losses arising out of Indemnified Matters within thirty (30)&nbsp;days after written demand from
an Indemnified Party and providing a defense, with counsel reasonably satisfactory to the Indemnified Party, at Tenant&#146;s sole expense, within thirty (30)&nbsp;days after written demand from the Indemnified
</P>
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Party, of any claims, action or proceeding arising out of or relating to an Indemnified Matter whether or not litigated or reduced to judgment and whether or not well founded. This
indemnification of the Indemnified Parties by Tenant includes, without limitation, reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs incurred in connection with any investigation of site
conditions or any cleanup, remedial, removal or restoration work required by any federal, state or local governmental agency or political subdivision because of Hazardous Material present in the soil or ground water on or under the Leased Premises
based upon the circumstances identified herein. Without limiting the foregoing, if the presence of any Hazardous Material in the Building or otherwise in, on, at or under the Land caused by any Tenant Party results in any contamination of the Leased
Premises, Tenant shall promptly take all actions at its sole expense as are reasonably necessary to return the Leased Premises to a condition which complies with all Environmental Laws; provided that Landlord&#146;s approval of such actions shall
first be obtained, which approval shall not be unreasonably withheld so long as such actions, in Landlord&#146;s reasonable discretion, would not potentially have any materially adverse long-term or short-term effect on the Leased Premises, and, in
any event, Landlord shall not withhold its approval of any proposed actions which are required by applicable Environmental Laws. If Tenant is obligated to compensate an Indemnified Party for Losses arising out of an Indemnified Matter, Landlord
shall have the immediate and unconditional right, but not the obligation, without notice or demand to Tenant, to pay the damages and Tenant shall, upon thirty (30)&nbsp;days&#146; advance written notice from Landlord, reimburse Landlord for the
actual <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs incurred by Landlord. By way of example, and not limitation, Landlord shall have the immediate and unconditional right to cause any damages to
the Common Areas, another tenant&#146;s premises or to any other part of the Building or Project to be repaired and to compensate other tenants of thereof or other persons or entities for Losses arising out of an Indemnified Matter. The Indemnified
Parties need not first pay any Losses to be indemnified hereunder. This indemnity is intended to apply to the fullest extent permitted by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The provisions of this Section&nbsp;3.5 shall survive the expiration or termination of this Lease unless specifically waived in writing by
Landlord after said expiration or termination. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1 <U>Operation</U>. Tenant shall operate the Leased Premises only for the applicable Permitted Use, consistent with the terms
of this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.2 <U>Alterations, Improvements and Additions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Any and all furnishing, equipping or improving of or other alteration, improvement or addition to the Leased Premises shall be: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) made and kept at the Leased Premises at Tenant&#146;s sole cost, risk, and expense; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) performed in a prompt, good and workmanlike manner with labor and materials of such quality as Landlord may reasonably
require in full compliance with all Requirements; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) constructed in accordance with plans and specifications approved in
writing by Landlord prior to the commencement of any such work (which approval shall not unreasonably be withheld in the case of <FONT STYLE="white-space:nowrap">non-structural</FONT> work); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) prosecuted diligently to completion so as to reasonably minimize interference with the normal business operations of other
tenants in the Building, the performance of Landlord&#146;s obligations under this Lease or any mortgage or underlying lease covering or affecting all or any part of the Project and any work being done by contractors engaged by Landlord with respect
to or in connection with the Building; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) performed by contractors approved in writing by Landlord (which approval
shall not unreasonably be withheld, conditioned or delayed) and if requested by Landlord and shown to be industry practice, all such contractors and work shall be bonded in a manner satisfactory to Landlord. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Any and all alterations, improvements and additions to the Leased Premises shall constitute a part of the Leased Premises once permanently
affixed thereto. All alterations, improvements and additions constructed by Landlord, shall be, and remain, the property of Landlord unless Landlord notifies Tenant that such alterations, improvements and/or additions are to be removed by Tenant,
which shall be provided at the time of plan approval for the same. All alterations, improvements and additions constructed by Tenant shall, at Landlord&#146;s election, which shall be provided at the time that Landlord approves plans of the same,
remain the property of Landlord at the end of the Lease Term. Tenant shall be entitled to the exclusive right to depreciate and amortize any alterations or improvements that it constructs at its sole cost and take investment tax credits with respect
thereto. Except in connection with Landlord&#146;s Contribution, Tenant shall have no (and hereby waives all) other rights to payment or compensation for such alteration, improvement or addition to the Leased Premises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) No sign may be installed or maintained by Tenant at the Leased Premises except with the prior written consent of Landlord (not to be
unreasonably withheld) and in accordance with rules and regulations therefor adopted from time to time by Landlord. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) No approval which
may be given by Landlord to Tenant pursuant to this Lease, if any, shall (i)&nbsp;constitute an approval (or even be deemed to have confirmed Landlord&#146;s review) with respect to compliance with any codes, building laws or other governmental
requirements or (ii)&nbsp;relieve Tenant of any of its obligations as set forth in this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Tenant shall not employ, or permit the
employment of, any contractor, mechanic or laborer, or permit any materials to be delivered to or used in the Project, if, in Landlord&#146;s commercially reasonable judgment, such employment, delivery or use will interfere or cause any material
conflict with other contractors, mechanics or laborers engaged in the construction, maintenance or operation of the Project by Landlord, Tenant or others. If such interference or conflict occurs, upon Landlord&#146;s written request, Tenant shall,
subject to applicable employment laws, cause all contractors, mechanics or laborers causing such interference or conflict to leave the Project immediately. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) For all alterations performed by Tenant, Tenant shall pay to Landlord a construction
management fee for Landlord&#146;s oversight of such work in an amount equal to one percent (1%) of the hard costs of such work, which construction management fee shall be paid pro rata as such costs are incurred by Tenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) For all alterations performed by Landlord on behalf of Tenant (including the Premises Work), Tenant shall pay to Landlord a construction
management fee in an amount equal to three percent (3%) of the hard costs of such work, which construction management fee shall be paid pro rata as such costs are incurred by Landlord. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of this Section&nbsp;4.2, if Tenant makes any Alterations that require unusual expense to readapt the Leased
Premises to normal use as an office and research and development facility (&#147;<B>Specialty Alterations</B>&#148;), then Landlord may elect &#150; at the time Landlord approves of such Alteration - to require Tenant at the expiration or sooner
termination of the Lease Term to remove such Specialty Alterations and repair any damage to the Leased Premises directly caused by such removal (which election shall be made at the time of Landlord&#146;s approval of such Alterations). Without
limiting the foregoing, Alterations associated with the Radiation Lab including, without limitation, installations or material enhancements such as radiology, diagnostic and/or imaging suite(s) or room(s), lead-lined walls, lead-lined doors,
lead-lined windows, lead-lined duct work (or similarly shielded areas or building materials) and/or with the operation of the Vivarium in the Leased Premises may, at Landlord&#146;s election, be deemed to be Specialty Alterations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.3 <U>Maintenance and Repairs</U><U> and Cleaning</U>. Subject to reasonable wear and use, having in mind good maintenance
practices, damage by fire or other insured casualty for which proceeds sufficient for restoration (plus any deductible or self-insured retention) are paid to Landlord only excepted, Tenant shall maintain the Leased Premises and all Trade Fixtures
and other improvements situated therein in first class, clean and safe condition. Tenant shall, prior to employing any person for the purpose of cleaning the Leased Premises, request a bid for the cleaning of the Leased Premises from the company
that provides janitorial service for the Common Areas of the Building; provided, however that Tenant shall not be required to employ such company. Tenant shall be solely responsible for the proper maintenance of all equipment and appliances operated
by Tenant, including, without limitation, all refrigerators, coolers, ventilators and hoods, clean areas, and specialty and/or laboratory equipment exclusively serving the Leased Premises. Tenant shall maintain (in good working order and repair and
in accordance with the applicable manufacturer&#146;s warranty guidelines), repair and replace all systems installed by or on behalf of Tenant or exclusively serving the Leased Premises. In connection with Tenant&#146;s obligations hereunder, Tenant
shall enter into and maintain contracts with service and maintenance contractors reasonably approved by Landlord providing for, without limitation, regularly scheduled (monthly or quarterly as reasonably determined by Landlord) preventive
maintenance/service contracts with respect to any heating, ventilation and air conditioning equipment and systems and other Building systems installed by Tenant or exclusively serving the Leased Premises to maintain same in good working order and
repair and in accordance with the applicable manufacturer&#146;s warranty guidelines. Tenant shall keep the Leased Premises equipped with all safety appliances required by any Requirements because of any use made of the Leased Premises. Tenant shall
make, as and when needed as a result of misuse by, or neglect or improper conduct of, Tenant or Tenant&#146;s servants, employees, agents, contractors, invitees, or </P>
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licensees or otherwise, all repairs in and about the Leased Premises necessary to preserve them in such repair, order and condition, which repairs shall be in quality and class equal to the
original work. Landlord may elect, at the expense of Tenant, to make any such repairs or to repair any damage or injury to the Building or the Leased Premises caused by moving property of Tenant in or out of the Building, or by installation or
removal of furniture or other property, or by misuse by, or neglect, or improper conduct of, Tenant or Tenant&#146;s servants, employees, agents, contractors, or licensees. Tenant shall, prior to employing any person for the purpose of cleaning the
Leased Premises, request a bid for the cleaning of the Leased Premises from the company that provides janitorial service for the Common Areas of the Building; provided, however that Tenant shall not be required to employ such company. Tenant shall
cause all extermination of vermin in the Leased Premises to be performed by companies reasonably approved by Landlord in writing and shall contract and utilize pest extermination services for the Leased Premises as reasonably necessary or as
requested by Landlord. Landlord shall be obligated to maintain in good working order and repair the structural portions of the Building and Project and all shared building infrastructure not allocated to the tenants in the Building. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4 <U>Trade Fixtures</U>. Landlord and Tenant agree that all Trade Fixtures in the Leased Premises shall be and remain the
property of Tenant and, so long as Tenant is not in default hereunder, may be removed by Tenant prior to or upon the expiration of the Lease Term and in any event shall be removed at the request of Landlord. Tenant shall, at its sole cost and
expense, repair any damage caused by such removal and restore the Leased Premises to such condition as existed prior to the installation of such Trade Fixtures. Any such repair and restoration shall be performed in accordance with the conditions set
forth in Section&nbsp;4.2(a) hereof. Any Trade Fixtures which are not removed from the Leased Premises shall at Landlord&#146;s election become the property of Landlord or Landlord may remove and dispose of the same, at Tenant&#146;s cost, without
necessity of further notice to Tenant. Tenant shall have no (and hereby waives all) rights to payment or compensation for any such item(s) remaining at the Leased Premises beyond the expiration or earlier termination of the Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.5 <U>Laws and Regulations; Building Rules</U>. Tenant shall comply with all laws, ordinances, rules and regulations of any
governmental authority relating to the Leased Premises, including the furnishing, equipping and improving thereof and Tenant&#146;s use therein. Tenant shall, and shall cause its employees, agents, customers and invitees to, comply with the Building
Rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.6 <U>Landlord</U><U>&#146;</U><U>s Access</U>. Landlord and its representatives and contractors shall have the
right to enter upon the Leased Premises, upon not less than forty-eight (48)&nbsp;hours prior written notice to Tenant (or at such other times required by emergency circumstances) in order to carry out its obligations and responsibilities under this
Lease (including, without limitation, the performance of repairs, alterations, modifications, improvements or additions thereto) and at any time for any emergency. Landlord shall make reasonable efforts to enter only during Normal Business Hours and
upon advance oral or written notice. Landlord agrees that, to the extent possible, it will not unreasonably interfere with the conduct of Tenant&#146;s business in the exercise of its rights hereunder. Notwithstanding anything to the contrary in the
Lease contained: (i)&nbsp;Landlord, its agents, employees and contractors shall not, except in an emergency and except for normal cleaning and maintenance operations, exercise any right which it has to enter the Premises without giving Tenant
reasonable advance notice; and (ii)&nbsp;in exercising any right which it has to enter the Premises, Landlord shall in no event enter any secure areas, as designated by Tenant in writing to Landlord, without being accompanied by a representative of
Tenant. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.7 <U>Tenant</U><U>&#146;</U><U>s Access</U>. Subject to terms and conditions
of this Lease, emergencies, the Building Rules, and reasonable security requirements as the same may be amended from time to time and of which Tenant has received prior written notice, Tenant shall have access to the Leased Premises twenty-four
(24)&nbsp;hours a day, seven (7)&nbsp;days a week. In addition, Tenant shall have twenty-four (24)&nbsp;hour shared access to the loading dock at the Building at no additional charge to Tenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.8 <U>Assignment and Subletting by Tenant</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding any other provisions of this Lease, except as provided in subsection (e)&nbsp;below, Tenant covenants and agrees that it
will not assign this Lease or sublet (which term, without limitation, shall include the granting of concessions, licenses, and the like) the whole or any part of the Leased Premises without in each instance having first (i)&nbsp;received the express
written consent of Landlord, which consent shall not be unreasonably withheld, delayed or conditioned, and (ii)&nbsp;if such consent is given by Landlord, caused the assignee or transferee to execute and deliver to Landlord an instrument reasonably
acceptable to Landlord whereby such assignee or transferee assumes all obligations of Tenant under this Lease. In any case where Landlord shall consent to such assignment or subletting, the tenant named herein shall remain fully liable for the
obligations of Tenant hereunder, including, without limitation, the obligation to pay the rent and other amounts provided under this Lease. In connection with any request by Tenant for such consent to assignment or sublet, Tenant shall provide
Landlord with all relevant information requested by Landlord concerning the proposed assignee&#146;s or tenant&#146;s financial responsibility, creditworthiness and business experience to enable Landlord to make an informed decision (including,
without limitation, a list of Hazardous Materials, certified by the proposed assignee or sublessee to be true and correct, which the proposed assignee or sublessee intends to use, store, handle, treat, generate in or release or dispose of from the
Leased Premises, together with copies of all documents relating to such use, storage, handling, treatment, generation, release or disposal of Hazardous Materials by the proposed assignee or subtenant in or about the Leased Premises). Tenant shall
reimburse Landlord promptly for all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by Landlord and all reasonable attorneys&#146; fees in connection with the review of
Tenant&#146;s request for approval of any assignment or sublease, up to a maximum of $2,500.00 per review. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Except in connection with
a Permitted Transfer, upon receipt from Tenant of such request and information, Landlord shall have the right, but not the obligation, to be exercised in writing within ten (10)&nbsp;calendar days after its receipt from Tenant of such request and
information, (i)&nbsp;if the request is to assign the Lease, to terminate this Lease, or (ii)&nbsp;if the request is to sublet fifty percent (50%) or more of the Leased Premises for the remainder of the Lease Term, as it may be extended, to release
Tenant from its obligations under this Lease with respect to the portion of the Leased Premises subject to the proposed sublet; in either case as of the date set forth in Landlord&#146;s notice of exercise of such option, which date shall not be
less than thirty (30)&nbsp;days nor more than ninety (90)&nbsp;days following the giving of such notice. In the event of an assignment or a sublet of the Leased Premises where Landlord exercised either of these options, Tenant shall surrender
possession of the entire Leased Premises (in the event of an assignment or sublease of all of the Leased Premises) or the portion of the Leased Premises sublet (in the event of a sublet </P>
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of a portion of the Leased Premises) on the date set forth in Landlord&#146;s notice of its option exercise, in accordance with the provisions of this Lease relating to surrender of the Leased
Premises at the expiration of the Lease Term. If Landlord shall exercise its option with respect to a sublet of less than the entire Leased Premises, Base Rent payments and Tenant&#146;s Proportionate Share shall be readjusted proportionately
according to the ratio of the number of square feet and the portion of the space surrendered compared to the floor area of the portion of the Leased Premises retained by Tenant for the duration of the sublet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Tenant shall not offer to make, or enter into negotiations with respect to an assignment, sublease or transfer to: (i)&nbsp;so long as
Landlord or an affiliate thereof has comparable space, any entity owned by, or under the common control of, whether directly or indirectly, a tenant in the Building or any other building located in Boston, Massachusetts owned by Landlord or any
affiliates thereof; or (ii)&nbsp;any party with whom Landlord has been negotiating with respect to other space in the Building or any other buildings in the Boston, Massachusetts area owned by Landlord or any affiliates thereof during the prior six
(6)&nbsp;months as evidenced by written proposals or letters of intent. Tenant shall not publicly advertise to assign or sublet this Lease for an aggregate consideration of less than 100% of the fixed rent at which Landlord is then offering to lease
other space in the Building (the &#147;<B>Market <FONT STYLE="white-space:nowrap">Sub-rent</FONT></B>&#148;) determined as though the Leased Premises were vacant and taking into account (1)&nbsp;the length of the term; (2)&nbsp;any rent concessions
granted, and (3)&nbsp;the cost of any alterations being performed for the transferee. In no event shall the Leased Premises be used by any assignee, sublessee, concessionaire, licensee or any other person except for the Permitted Use. For the
purposes of this Lease, the entering into of any management agreement or any agreement in the nature thereof transferring control of and any substantial percentage of the profits and losses from the business operations of Tenant in the Leased
Premises to a person or entity other than Tenant, or otherwise having substantially the same effect, shall be treated for all purposes as an assignment of this Lease and shall be governed by the provisions of this Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If Tenant is a legal entity, the transfer (by one or more transfers), directly or indirectly, by operation of law or otherwise, of a
majority of the stock or other beneficial ownership interest in Tenant or of all or substantially all of the assets of Tenant (collectively &#147;<B>Ownership Interests</B>&#148;) shall be deemed a voluntary assignment of this Lease; provided,
however, that the provisions of this Section&nbsp;4.8 shall not apply to the transfer of Ownership Interests in Tenant (i)&nbsp;if and so long as Tenant is publicly traded on a nationally recognized stock exchange, or (ii)&nbsp;between and among the
principals or members of Tenant, incident to the admittance of principals or members into, or the exiting of principals or members from, the entity comprising Tenant in the ordinary course of the operations of Tenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary contained in this Section&nbsp;4.8, the prior consent of Landlord shall not be required with
respect to an assignment of this Lease to a Permitted Transferee (as defined in Article VIII) or a sublease of all or part of the Leased Premises to any Related Entity (as defined in Article VIII) for the Permitted Uses so long as (i)&nbsp;such
transfer was made for a legitimate independent business purpose and not primarily for the purpose of transferring this Lease to avoid Landlord&#146;s consent requirements; (ii)&nbsp;the assignee or subtenant agrees directly with Landlord, by written
instrument in form satisfactory to Landlord, to be bound by all the obligations of Tenant hereunder including, without limitation, the covenant against further assignment and subletting except in accordance with the provisions of this
Section&nbsp;4.8, (iii) in no event shall Tenant be released from its obligations under this Lease, and (iv), the involvement </P>
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by Tenant or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged
<FONT STYLE="white-space:nowrap">buy-out</FONT> or otherwise) whether or not a formal assignment or hypothecation of this Lease or Tenant&#146;s assets occurs, will not result in a reduction of the &#147;Net Worth&#148; of Tenant as hereinafter
defined, by an amount equal to such Net Worth of Tenant as it is represented to Landlord at the time of the execution by Landlord of this Lease. &#147;<B>Net Worth</B>&#148; of Tenant for purposes of this Section shall be the tangible net worth of
Tenant (excluding any guarantors) established under generally accepted accounting principles consistently applied. In the event of a sublease permitted pursuant to this Section&nbsp;4.8(e), such sublease shall not be deemed to vest in any such
Related Entity any right or interest in this Lease nor shall it relieve, release, impair or discharge any of Tenant&#146;s obligations hereunder. Tenant shall provide Landlord with notice of any assignment or sublease pursuant to this
Section&nbsp;4.8(e) within ten (10)&nbsp;days following the effective date of any such transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) In the event Tenant assigns this
Lease (which term shall include the entering into of any management or similar control transferring agreement, and also shall include the sale or transfer of stock, as aforesaid), or sublets the whole or any part of the Leased Premises, in either
case in violation of the terms and provisions of this Section&nbsp;4.8, in addition to and without limiting any of Landlord&#146;s rights and remedies on account of the resulting default hereunder by Tenant, Landlord shall have the right to
terminate this Lease by giving Tenant notice of Landlord&#146;s desire so to do, in which event this Lease shall terminate on the date specified by Landlord in such notice as if such date were the date specified herein for the expiration hereof. In
the event of any assignment or subletting Tenant shall pay Landlord fifty percent (50%) of all rent and other consideration which Tenant receives as a result thereof that is in excess of the rent payable to Landlord for the portion of the Leased
Premises and Term covered by the assignment or sublease. Tenant shall pay Landlord for Landlord&#146;s share of such excess within thirty (30)&nbsp;days after Tenant&#146;s receipt of such excess, after first deducting all reasonable and customary
expenses directly incurred by Tenant attributable to the assignment or sublease, including without limitation all brokerage fees, improvement allowances and rent concessions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.9 <U>Light, Air and View</U>. Neither the diminution nor the shutting off of any light, air or view nor any other effect on the
Leased Premises by any structure or condition now or hereafter existing on property adjacent to the Building shall affect this Lease, abate rent or otherwise impose any liability on Landlord. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.10 <U>Taxes</U>. Tenant shall pay all ad valorem and similar taxes or assessments levied upon or applicable to any of
Tenant&#146;s Trade Fixtures or any other equipment, fixtures, furniture and other property situated in the Leased Premises and all license and other fees or charges imposed on the business conducted by Tenant on the Leased Premises. Upon request by
Landlord, Tenant will furnish Landlord annually with official tax receipts and other official receipts showing payment of such taxes, assessments, fees and charges. If Landlord shall be required to pay a higher ad valorem tax as a result of
Tenant&#146;s leasehold improvements, then Tenant shall pay to Landlord, upon demand, the amount of such increase in ad valorem taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.11 <U>Liens</U>. Tenant shall not place or permit to be placed any lien, affidavit, charge or other encumbrance or order upon
the Building or the Leased Premises or any part thereof or any interest therein. In the event that any such lien, affidavit, charge, encumbrance or order upon the Building or the Leased Premises or any part thereof or any interest therein attaches,
regardless of the validity or enforceability thereof, Tenant shall, within five (5)&nbsp;Business Days, cause the same to be discharged of record by payment, bonding or otherwise. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.12 <U>Subordination to Mortgages and Leases</U>. This Lease shall be subject
and subordinated at all times to (a)&nbsp;all underlying leases now existing or which may hereinafter be executed affecting the Building, including but not limited to the Prime Lease, (b)&nbsp;the lien or liens of all mortgages and deeds of trust in
any amount or amounts whatsoever now or hereafter placed on the Building or Landlord&#146;s interest or estate therein or on or against such underlying leases and (c)&nbsp;all renewals, modifications, consolidations, replacements and extensions
thereof. The subordinations set forth herein shall be self-operative and effective without the necessity of execution of any further instruments by any party; provided, however, Tenant shall execute and deliver upon demand any instruments, releases
or other documents requested by any lessor or mortgagee for the purpose of confirming the provisions hereof or further subjecting and subordinating this Lease to such underlying leases, mortgages or deeds of trust. In the event of the enforcement by
the holder of or trustee or the beneficiary under any such mortgage or deed of trust of the remedies provided for by law or by such mortgage or deed of trust, upon request of any person or party succeeding to the interest of Landlord as a result of
such enforcement, Tenant will automatically attorn to and become the tenant of such successor in interest without change in the terms or provisions of this Lease; provided, however, that such successor in interest shall not be bound by (i)&nbsp;any
payment of rent or Additional Rent for more than one (1)&nbsp;month in advance except prepayments actually delivered to such successor in the nature of security for the performance by Tenant of its obligations under this Lease, (ii)&nbsp;any payment
of the security deposit or any other deposit unless such security deposit or other deposit has actually been delivered or credited to such successor or (iii)&nbsp;any amendment or modification of this Lease made without the written consent of such
holder or such trustee or such beneficiary or such successor in interest, and Tenant shall execute and deliver an instrument or instruments confirming the attornment and other agreements provided for herein, provided that such successor shall
recognize this Lease as remaining in full force and effect and Tenant&#146;s rights to possession remain undisturbed so long as Tenant is not in default hereunder. Further, notwithstanding anything contained in this Lease to the contrary, in the
event of any default by Landlord in the performance of its covenants or obligations hereunder which would give Tenant the right to terminate this Lease, Tenant shall not exercise such right unless and until (i)&nbsp;Tenant gives written notice of
such default (which notice shall specify the exact nature of said default and the steps necessary to cure same) to the holder of any mortgage or deed of trust encumbering the Building who has theretofore notified Tenant in writing of its interest
and the address to which notices are to be sent, and (ii)&nbsp;such holder fails to cure such default within thirty (30)&nbsp;days from the giving of such notice by Tenant.<B> </B>Notwithstanding the foregoing, upon Tenant&#146;s written request,
Landlord agrees to use reasonable efforts to obtain a subordination, <FONT STYLE="white-space:nowrap">non-disturbance</FONT> and attornment agreement for Tenant from its current mortgagee, if any, and any future mortgagees.&nbsp;Tenant agrees that
(i)&nbsp;any such agreement shall be on such mortgagee&#146;s standard form, subject to reasonable review and comment; and (ii)&nbsp;Tenant shall pay any charges (including legal fees) required by such mortgagee as a condition to entering into such
agreement, up to a maximum of $1,500.00 per occasion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.13 <U>Certificates</U>. At any time and from time to time during the Lease
Term, upon twenty (20)&nbsp;days after Tenant&#146;s receipt of a written request from Landlord, Tenant will execute, acknowledge and deliver to Landlord and any other persons specified by Landlord a certificate certifying (i)&nbsp;that this Lease
is in full force and effect, (ii)&nbsp;the date and nature of each modification to this Lease, (iii), the date to which rental and other sums payable under this Lease have been paid, (iv)&nbsp;that Tenant is not aware of any default under this Lease
which has not been cured, except such defaults as may be specified in said certificate, and (v)&nbsp;such other matters as may be reasonably requested by Landlord. Any such certificate may be relied upon by Landlord and by any other person to whom
it is delivered for such purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.14 <U>Limitation on Weight</U>. Tenant shall not permit upon the floor of the Leased
Premises any weight exceeding three hundred (300)&nbsp;pounds per square foot of floor area covered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.15 <U>Access to Books
and Records</U>. Tenant will permit Landlord and its duly authorized agents to examine, and shall make available for audit, copy and inspection, at any reasonable time, by Landlord and its duly authorized agents, Tenant&#146;s books, contracts and
records relating to the financial performance of the Leased Premises and particularly its employment practices with respect to compliance with <U>Exhibit D</U> attached hereto. Tenant agrees that if, as a result of any audit, copy or inspection of
such books, contracts, records or other papers, Landlord becomes aware of any default by Tenant hereunder, Tenant shall pay all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and
expenses incurred by Landlord in connection with such audit, copy or inspection. Landlord shall not disclose such information to third parties except as may be required by the Prime Lease with respect to employment practices, or by law or legal
process or order of any governmental authority or agency, or except to Landlord&#146;s lenders and prospective purchasers. Upon request by Landlord, Tenant will furnish to Landlord a copy of Tenant&#146;s and each guarantor&#146;s most recent <FONT
STYLE="white-space:nowrap">year-end</FONT> financial statement, including a profit and loss statement from operations, balance sheet, income statement and sales reports which request shall be made no more often than once in any calendar year unless
Tenant is in default hereunder. All such financial information provided by Tenant shall be treated by Landlord as confidential and shall not be disclosed by Landlord to any third party, other than to lenders, investors and legal and financial
advisors on the same condition of confidentiality. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.16 <U>Restorative Work; Renovations</U>. Landlord reserves the right to
make all changes, alterations, additions, improvements, repairs or replacements to the Project, including changing the arrangement or location of entrances or passageways, doors and doorways, corridors, elevators, stairs, toilets or other Common
Areas (collectively, &#147;<B>Restorative Work</B>&#148;), as Landlord deems necessary or desirable, provided that (a)&nbsp;the level of any Landlord Service shall not decrease in any material respect from the level required of Landlord in this
Lease as a result thereof (other than temporary changes in the level of such services during the performance of any such Restorative Work), and (b)&nbsp;Tenant is not deprived of access to the Leased Premises. There shall be no rent abatement or
allowance to Tenant for a diminution of rental value, no actual or constructive eviction of Tenant, in whole or in part, no relief from any of Tenant&#146;s other obligations under this Lease, and no liability on the part of Landlord by reason of
inconvenience, annoyance or injury to business arising from Landlord, Tenant or others performing, or failing to perform, any Restorative Work. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.17 <U>Boston Marine Industrial Park</U>. Tenant hereby acknowledges that:
(1)&nbsp;the Leased Premises are located in a working industrial port within the South Boston Designated Port Area and the Boston Marine Industrial Park and adjacent to the Massport Black Falcon Cruise Terminal, all of which are served by designated
truck routes, potential rail routes, waterborne trade routes, and flight paths into Logan International Airport, and all of which are essential priorities in serving the public interest and the working port area; (2)&nbsp;such Leased Premises are in
close proximity to active general industrial, marine industrial, and cruiseport operations that may occur on an episodic, <FONT STYLE="white-space:nowrap">24-hour</FONT> per day, <FONT STYLE="white-space:nowrap">365-days</FONT> per year basis and
are of vital importance to the economy of the area and the region; and (3)&nbsp;such routes, infrastructure, and working industrial port activities may from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT>
lawfully generate noise, dust, odor, truck traffic, and other conditions not ordinarily found in traditional office and retail districts. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1 <U>Condemnation</U>. If the Leased Premises shall be taken or condemned (or conveyed in lieu of any such taking or
condemnation) for any public purpose or all practical access to the Leased Premises are taken or condemned, then this Lease, at the option of either Landlord or Tenant, shall terminate effective as of the date upon which possession of the Leased
Premises is taken by such authority, and all rent accrued to the time of such termination shall be paid by Tenant to Landlord. In the event of any such taking or condemnation (or conveyance in lieu thereof) of twenty-five percent (25%) or more of
the square footage of the Building, Landlord may elect to terminate this Lease effective as of the date upon which possession to such portion of the Building is taken, and all rent accrued to the time of such termination shall be paid by Tenant to
Landlord. All proceeds of any taking, condemnation or conveyance in lieu thereof of the Leased Premises, the Building or any part thereof shall belong to and be paid to Landlord; provided, however, Tenant shall be entitled to claim, prove and
receive in a condemnation proceeding such awards as may be allowed for damages to or the taking of fixtures, equipment and other personal property installed by it which it is herein permitted to remove from the Leased Premises at the end of the
Lease Term, but only such awards as shall be separately awarded in addition to (and not out of or in diminishment of) the award made to Landlord. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2 <U>Casualty Damage</U>. If the Leased Premises shall be destroyed or damaged by fire or any other casualty, Tenant shall
immediately give notice thereof to Landlord. If the Leased Premises shall be damaged by fire or other insured casualty so as to render the Leased Premises untenantable in whole or in part and to such an extent that Landlord determines that such
damage can be repaired with the application of reasonable diligence within two hundred forty (240)&nbsp;days, Tenant shall be entitled to a fair diminution of the rent hereunder until such time as the Leased Premises are made tenantable as
determined by Landlord. If the Leased Premises or any other portion of the Building shall be destroyed or damaged by fire or any other casualty to such an extent that Landlord determines that such damage cannot be repaired with the application of
reasonable diligence within two hundred forty (240)&nbsp;days, and if the Leased Premises are rendered untenantable in whole or in part by reason of such casualty, then, at the option of Landlord, (i)&nbsp;Tenant shall be entitled to a fair
diminution of the rent hereunder until such time as the Leased Premises are made tenantable as determined by Landlord, or (ii)&nbsp;Landlord may terminate this Lease whereupon all rent accrued up to the time of such termination shall be paid by
Tenant to Landlord. In addition to the foregoing, if for any cause the Leased Premises or Building shall be so damaged that Landlord shall in its sole judgment decide not to rebuild, then by notice in writing to Tenant, this Lease shall forthwith
terminate and all rent owed up to the time of such termination as set forth in such notice shall be paid by Tenant to Landlord. In no event shall Landlord have any obligation to repair or restore any of Tenant&#146;s goods, Trade
</P>
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Fixtures, furniture or other property placed in or incorporated in the Leased Premises which is destroyed or damaged by fire or any other casualty. If Landlord indicates that the Leased Premises
can be made tenantable within two hundred and forty (240)&nbsp;days from the date of damage, but the Leased Premises have not been made tenantable by the end of such period, subject to additional Force Majeure, then Tenant shall have the right to
terminate this Lease, with such termination to be effective as of the date on which such damage occurs, by giving written notice to Landlord of such election within ten (10)&nbsp;days after the end of such 240 day period and this Lease shall
terminate thirty (30)&nbsp;days following the end of such 240 day period, unless within such thirty (30)&nbsp;day period, Landlord makes the Leased Premises <FONT STYLE="white-space:nowrap">tenantable--in</FONT> which event Tenant&#146;s notice
shall be null and void and of no force or effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3 <U>Insurance</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Landlord agrees to maintain in full force and effect throughout the Lease Term all insurance required to be maintained by Landlord, as
tenant, under the Prime Lease. Landlord shall not be obligated to insure any of Tenant&#146;s goods, Trade Fixtures, furniture or any other property placed in or incorporated in the Leased Premises including, without limitation, any Alterations
performed by Landlord on behalf of Tenant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Tenant shall, at its sole cost and expense, procure, and maintain and comply with during
the Lease Term (a)&nbsp;Commercial General Liability Insurance applicable to the Leased Premises and its appurtenances to provide contractual liability, personal injury liability, and property damage coverages, with limits of not less than One
Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) general aggregate; (b)&nbsp;Property Insurance written on a Special Perils form, with coverage for broad form water damage including earthquake, sprinkler leakage, at
100% replacement cost value covering all of Tenant&#146;s business and Trade Fixtures, equipment, movable partitions, furniture, merchandise and other personal property within the Leased Premises and any Leasehold Improvements performed by or for
the benefit of Tenant; whether paid by Tenant or Landlord; (c)&nbsp;Business Interruption Insurance for a period of twelve (12)&nbsp;months; (d) If alcohol or other distilled beverages are provided, or otherwise available in the Leased Premises,
Tenant shall carry host liquor liability coverage in amounts reasonably required by Landlord; (e)&nbsp;Workers&#146; Compensation Insurance in amounts required by Law; and (f)&nbsp;Employers Liability Coverage of at least $1,000,000 (One Million
Dollars) bodily injury for each accident, $1,000,000 (One Million Dollars) bodily injury by disease for each employee, and $1,000,000 (One Million Dollars) bodily injury disease aggregate; (g)&nbsp;Automobile Liability Insurance with a minimum
combined single limit of liability of at least One Million Dollars ($1,000,000) including coverage for owned, <FONT STYLE="white-space:nowrap">non-owned</FONT> and hired vehicles; and (h)&nbsp;Umbrella Insurance excess of all liability insurance
listed above, except for workers compensation, with limits of not less than Five Million Dollars ($5,000,000) annual aggregate. In addition to the foregoing,&nbsp;Tenant shall procure and maintain during the Lease Term and for no fewer than three
(3)&nbsp;years thereafter, a stand-alone (covering pollution conditions on, at, under or migrating from the Project) pollution legal liability insurance policy covering Tenant&#146;s operations for claims relating to
<FONT STYLE="white-space:nowrap">clean-up,</FONT> bodily injury, and property damage, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate with a deductible of not more than $25,000, with respect to
environmental contamination and pollution caused by Tenant.&nbsp;Such coverage shall have no exclusions for medical, special or biohazardous waste, mold, microbial matter, bacteria, viruses, or fungi particles expected to be handled and/or generated
by Tenant in </P>
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the course of Tenant&#146;s operations and occupancy.&nbsp;Such policy shall include (i)&nbsp;full terrorism coverage, (ii)&nbsp;coverage for any above-ground storage tanks, where applicable, and
(iii)&nbsp;coverage for radioactive materials if such materials are part of Tenant&#146;s operations; and (iv)&nbsp;that this Lease and the indemnification requirements herein are included and scheduled as an insured contract on the pollution legal
liability policy.&nbsp;Tenant&#146;s Insurance shall be issued by a company that is licensed to do business in the Commonwealth of Massachusetts and have an A.M. Best rating of not less than <FONT STYLE="white-space:nowrap">A-VIII.</FONT> All such
policies of insurance shall name Landlord and parties designated in writing by Landlord as additional insureds with respect to the liability insurance coverage, and as loss payees, as their interests may appear, with respect to the property
insurance and shall be primary and <FONT STYLE="white-space:nowrap">non-contributory</FONT> with respect to any policies carried by Landlord or any additional insureds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) All policies of insurance required to be maintained by Tenant shall provide that the Landlord shall be given at least thirty
(30)&nbsp;days&#146; prior written notice of any cancellation or <FONT STYLE="white-space:nowrap">non-renewal</FONT> of any such policy. A duly executed certificate of insurance with respect to each such policy will be deposited with Landlord by
Tenant on or before the Commencement Date, and a duly executed certificate of insurance with respect to each subsequent policy shall be deposited with the Landlord at least fifteen (15)&nbsp;days prior to the expiration of the preceding such policy.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Tenant shall not do or permit anything to be done in or about the Leased Premises nor bring nor keep nor permit anything to be
brought to or kept therein, which will in any way increase the existing rate of or affect any fire or other insurance which Landlord carries upon any part of the Building or any of its contents, or cause the cancellation or invalidation of any such
insurance. If the annual premium to be paid by Landlord with respect to any insurance obtained by Landlord covering any part of the Building or any of its contents shall exceed the standard rates because Tenant&#146;s operations, contents of the
Leased Premises or improvements with respect to the Leased Premises result in extra hazardous exposure, Tenant shall pay the excess amount of the premium upon demand by Landlord. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) All insurance carried by either Landlord or Tenant covering losses arising out of destruction or damage to the Leased Premises or its
contents or to other portions of the Building, or to Tenant&#146;s occupancy and operation of the Leased Premises shall provide for a waiver of rights of subrogation against Prime Lessor, Landlord and Tenant on the part of the insurance carrier, to
the extent that the same is permitted under the laws and regulations governing the writing of insurance within the Commonwealth of Massachusetts. Anything in this Lease to the contrary notwithstanding and so long as the following does not invalidate
any policy of insurance, Landlord and Tenant each hereby waive to the extent of insurance carried by either party any and all rights of recovery, claims, actions, or causes of action against the other, its agent, officers or employees, or any loss
or damage that may occur to the Leased Premises or the Building, or any improvements thereto, which is insured against or should have been insured against under the terms of any insurance policy required to be maintained pursuant to this Section.
The waivers set forth in the immediately preceding sentence shall be in addition to, and not in substitution for, any other waivers, indemnities or exclusions of liability set forth in this Lease, including without limitation Sections 5.5 and 5.6 of
this Lease. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4 <U>Surrender of Leased Premises</U>. Upon termination of this Lease or
Tenant&#146;s right to possession of the Leased Premises, Tenant shall peaceably and quietly surrender the Leased Premises to Landlord, broom-clean and in a good state of repair and condition, excepting only ordinary wear and tear (subject to good
maintenance practices), or damage due to fire or other insured casualty (which other insured casualty shall not be due to the neglect, act, omission or default of Tenant or any person claiming by, through or under Tenant) and otherwise in the
condition required by this Lease including, without limitation, Section&nbsp;3.5 hereof.&#8195;To the extent specifically required by Landlord in connection with approving Tenant&#146;s Work, Tenant shall demolish or remove all or any portion of any
Trade Fixtures and other property and any alterations, improvements, additions or changes made by Tenant, whether or not the same were constructed with the consent of Landlord, and Tenant shall restore the Leased Premises to such condition as
existed prior to the installation of such Trade Fixtures or other property or the making of any such alteration, improvement, addition or change, all such demolition, removal and restoration to be performed in accordance with the conditions set
forth in Section&nbsp;4.2. In addition, upon termination of this Lease or Tenant&#146;s right to possession of the Leased Premises, Tenant shall remove any data cabling, all other low voltage wiring from the Leased Premises installed by Tenant, and
any specialty <FONT STYLE="white-space:nowrap">build-out</FONT> installations and shall repair any damage to the Premises or the Building caused by such installation or by such removal. Upon termination of this Lease, Tenant will also surrender to
Landlord all keys to the Leased Premises and inform Landlord of all combinations on locks, safes and vaults, if any, at the Leased Premises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.5 <U>Damages from Certain Causes</U>. To the fullest extent permitted by law, Prime Lessor and Prime Lessor&#146;s agents and
employees and Landlord and Landlord&#146;s agents and employees shall not be liable or responsible to Tenant or any person claiming through Tenant for any loss or damage or injury to any property or person in, upon or about the Leased Premises or
any other portion of the Building arising at any time from any cause other than to by reason of Landlord&#146;s breach of this Lease or the negligence or willful misconduct of Landlord or of Landlord&#146;s employees or agents acting within the
scope of their employment or authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.6 <U>Hold Harmless</U>. Neither Prime Lessor nor Landlord (except to the extent
resulting from Landlord&#146;s negligence or willful misconduct) shall be liable to Tenant, or to Tenant&#146;s agents, employees, contractors, customers or invitees or to any other person whomsoever for any injury or damage to person or property
caused by or arising out of any act, omission or neglect of Tenant, its agents, contractors, subtenants, employees, customers, licensees, concessionaires or invitees or any other person entering the Building under express or implied invitation of
Tenant, and Tenant agrees to indemnify and hold Landlord and Prime Lessor harmless from all liability and claims for any such damage and from all claims, costs, damages or liabilities arising out of any of the foregoing, including without limitation
reasonable attorneys&#146; fees and all other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection therewith. In any case in which Tenant has agreed to indemnify Prime Lessor
or Landlord or any other person, such indemnity shall be deemed to include an obligation on the part of Tenant to appear on behalf of the indemnified party in any and all proceedings involving a claim or cause of action covered by such indemnity and
to defend the indemnified party against such claim or cause of action, all at Tenant&#146;s cost; provided, however, at the option of any party indemnified hereunder, such party shall have the right to appear on its own behalf, employ its own legal
counsel and defend any claim or cause of action indemnified in this Section, all at Tenant&#146;s cost. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.1 <U>Default by Tenant</U>. The occurrence of any one or more of the following shall constitute a default by Tenant under this
Lease: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Failure of Tenant to timely pay rent or any other amounts payable under this Lease as and when first due and payable and such
failure continues for five (5)&nbsp;Business Days after Landlord&#146;s written demand, provided, however, that in no event shall Landlord be required to provide Tenant more than two (2)&nbsp;such notices in any twelve (12)&nbsp;month period; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Failure of Tenant to perform, observe or comply with Section&nbsp;4.8 of the Lease or any provision of the Prime Lease if such failure or
default is not cured to Landlord&#146;s reasonable satisfaction within five (5)&nbsp;Business Days after Landlord has given Tenant written notice thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The failure of Tenant to perform, observe, or comply with any of the terms, affirmative covenants, conditions or provisions contained in
this Lease other than those set forth in (a)&nbsp;and (b) above and including, without limitation, the Building Rules, as the same may be reasonably modified from time to time if such failure or default is not cured to Landlord&#146;s reasonable
satisfaction within thirty (30)&nbsp;calendar days after Landlord has given Tenant written notice thereof or such longer period (not to exceed ninety (90)&nbsp;days in the aggregate) as may reasonably be required, provided that Tenant shall commence
to cure such default within said thirty (30)&nbsp;day period and thereafter diligently prosecute the same to conclusion; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The interest
of Tenant under this Lease shall be levied on under execution or other legal process; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Any petition in bankruptcy or other insolvency
proceedings shall be filed by or against Tenant or any guarantor of this Lease, or any petition shall be filed or other action taken to declare Tenant or any such guarantor a bankrupt or to delay, reduce or modify Tenant&#146;s or any such
guarantor&#146;s debts or obligations or to reorganize or modify Tenant&#146;s or any such guarantor&#146;s capital structure of indebtedness or to appoint a trustee, receiver or liquidator of Tenant or such guarantor or of any property of Tenant or
such guarantor, or any proceeding or other action shall be commenced or taken by any governmental authority for the dissolution or liquidation of Tenant or any such guarantor; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;(i) Tenant shall become insolvent or otherwise fail to pay its monetary obligations in due course as they mature, or (ii)&nbsp;Tenant
shall make an assignment for the benefit of creditors, or (iii)&nbsp;a receiver or trustee shall be appointed for Tenant or any of its properties and not discharged within five (5)&nbsp;Business Days; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Tenant shall do or permit to be done anything whereby a lien, security interest or other encumbrance (whether consensual or created by
operation of law or otherwise) is created or filed against all or any part of the Leased Premises, the Building or any property situated therein or Tenant&#146;s interest in this Lease which is not discharged within thirty (30)&nbsp;days of its
filing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.2 <U>Landlord</U><U>&#146;</U><U>s Remedies</U>. Upon the occurrence of any
default by Tenant under this Lease, Landlord may, at its sole option, do any one or more of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Landlord may terminate this
Lease and/or Tenant&#146;s right to possession of the Leased Premises, whereupon Tenant&#146;s right of possession shall thereupon cease and terminate and Landlord shall be entitled to the possession of the Leased Premises, any process of law, any
notice to quit, or of intention to <FONT STYLE="white-space:nowrap">re-enter</FONT> being hereby exercised by entry, or in lieu thereof, by written notice to Tenant terminating this Lease and Tenant&#146;s right to possession. Tenant hereby
expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause or in the event Landlord terminates this Lease or Tenant&#146;s right of possession
as provided in this Section&nbsp;6.2. In the event of such <FONT STYLE="white-space:nowrap">re-entry</FONT> by process of law or otherwise, Tenant nevertheless shall remain liable for any and all damage, deficiency or loss and Landlord shall have
the power and right, which is hereby acceded to by Tenant, to <FONT STYLE="white-space:nowrap">re-let</FONT> the Leased Premises, and whether or not there has been such <FONT STYLE="white-space:nowrap">re-letting,</FONT> Landlord shall have the
right each month to sue for and recover all sums previously due and not previously paid, as well as all sums thereafter due and payable including, without limitation, any loss of rents (or monthly deficit) with the right reserved to Landlord to
bring any action(s) or proceeding(s) for the recovery of any deficit(s) remaining unpaid without being obligated to await the expiration of the Lease Term for a final determination of Tenant&#146;s account. Additionally, Landlord may elect at any
time, upon written notice to Tenant, to accelerate the payment of Base Rent, Additional Rent and all other sums due or to become due under the Lease, as reasonably estimated by Landlord, in which case Tenant shall forthwith pay such sums to Landlord
after receiving a credit for (i)&nbsp;such sums as may previously have been paid under this Section&nbsp;6.2 net of such expenses as may be deducted under clause (b)&nbsp;of this Section&nbsp;6.2; and (ii)&nbsp;the reasonable value of Tenant&#146;s
leasehold estate for the balance of the Lease Term fixed herein. The commencement or maintenance of any one or more actions shall not bar Landlord from bringing other or subsequent actions for future accruals pursuant to provisions of this
Section&nbsp;6.2. It is further understood that no waiver of any breach of any covenant, condition or agreements herein contained shall operate as a waiver of the covenant, condition or agreement itself or of any subsequent breach thereof. No
provision of this Lease shall be deemed to have been waived by Landlord unless such waiver shall be in writing signed by Landlord. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of rent herein stipulated
or otherwise payable under this Lease shall be deemed to be other than on account of the earliest stipulated rent nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and
satisfaction. Landlord agrees to use commercially reasonable efforts to mitigate its damages. Landlord may accept such check or payment without prejudice to Landlord&#146;s right to pursue or continue to pursue any of Landlord&#146;s rights or
remedies provided for in this Lease. The proceeds of any such <FONT STYLE="white-space:nowrap">re-letting</FONT> shall first be applied to the expenses thereof, including all costs in refitting and redecorating the Leased Premises, leasing
commissions and other costs and expenses incurred therein. The remaining proceeds resulting therefrom, if any, shall then be applied to Tenant&#146;s liability under this Lease. Landlord&#146;s <FONT STYLE="white-space:nowrap">re-letting</FONT> of
the Leased Premises following a default by Tenant under this Lease may be on such terms, provisions and conditions as Landlord shall deem reasonably appropriate and may be for such term (or terms) as Landlord may select whether longer or shorter
than the remaining Lease Term. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In lieu of any other damages or indemnity and in lieu of the recovery by Landlord of all
sums payable under all the foregoing provisions of this Section&nbsp;6.2, and provided that there is more than one (1)&nbsp;year remaining in the Lease Term, Landlord may elect to collect from Tenant, by notice to Tenant, at any time after this
Lease is terminated under any of the provisions contained in this ARTICLE VI or otherwise terminated by breach of any obligation of Tenant and before such full recovery, and Tenant shall thereupon pay, as liquidated damages, an amount equal to the
sum of the Base Rent payable for the twelve (12)&nbsp;months ended next prior to such termination, plus the amount of Base Rent accrued and unpaid at the time of such election plus any and all <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses which Landlord may have incurred for and with respect to the collection of any of such rent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything hereinabove contained in this Article VI, no default by Tenant which would be violative of the Prime Lease or the
Economic Development Plan pursuant to which the Boston Marine Industrial Park is operated and has been developed will be permitted, particular reference being made to the Permitted Use. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.3 <U>Landlord</U><U>&#146;</U><U>s Right to Perform Certain Obligations</U>. Should Tenant fail to perform any of its
obligations hereunder, which failure continues after expiration of any applicable grace period and notice, or should Landlord reasonably determine that immediate action is needed to prevent damage to either the Leased Premises or the Building,
Landlord may (but shall not be obligated to) enter upon the Leased Premises and perform all or any part of such obligations and/or take such action as it deems necessary to prevent or limit such damage, as applicable. Upon demand, Tenant shall
reimburse Landlord for the cost to Landlord of performing such obligations plus profit and overhead in an amount equal to fifteen percent (15%) of such cost and/or, if Landlord reasonably took such action to prevent or limit damage to the Leased
Premises or Building or the need for action arose from a cause within the Leased Premises, for the costs associated with such action. No action taken by Landlord under this Section shall relieve Tenant from any of its obligations under this Lease or
from any consequences or liabilities arising from the failure to perform such obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.4 <U>Cumulative Remedies</U>.
Except as otherwise provided herein, the rights and remedies of Landlord under this Article shall be <FONT STYLE="white-space:nowrap">non-exclusive</FONT> and shall be in addition to and cumulative of all other remedies available to Landlord under
this Lease or at law or in equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.5 <U>Security Deposit</U>. Concurrently with the execution of this Lease, Tenant has
delivered to Landlord a Letter of Credit (as hereinafter defined) in the amount specified in the Basic Lease Information, as security for the faithful performance and observance by Tenant of the terms, covenants and conditions of this Lease. The
Letter of Credit shall be in the form of a clean, irrevocable, <FONT STYLE="white-space:nowrap">non-documentary</FONT> and unconditional letter of credit (the &#147;<B>Letter of Credit</B>&#148;) issued by and drawable upon a commercial bank which
is satisfactory to Landlord (the &#147;<B>Issuing Bank</B>&#148;), which has outstanding unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for
any outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as &#147;+&#148; or &#147;-&#148; or numerical notation, &#147;Aa&#148; or better by
Moody&#146;s Investors Service and &#147;AA&#148; or better by Standard&nbsp;&amp; Poor&#146;s Rating Service, and has combined capital, surplus and undivided profits of not less than $2,000,000,000. The Letter of Credit shall (a)&nbsp;name Landlord
as beneficiary, (b)&nbsp;have a term of </P>
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not less than one (1)&nbsp;year, (c) permit multiple drawings, (d)&nbsp;be fully transferable by Landlord without the payment of any fees or charges by Landlord, and (e)&nbsp;otherwise be in form
and content reasonably satisfactory to Landlord.&#8195;The Letter of Credit, if in the form attached as <U>Exhibit G</U> shall be satisfactory. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or
charges shall be payable solely by Tenant and the Letter of Credit shall so specify. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one (1)&nbsp;year each thereafter
during the Lease Term (and in no event shall the Letter of Credit expire prior to the 60th day following the Expiration Date) unless the Issuing Bank sends duplicate notices (the &#147;<B><FONT STYLE="white-space:nowrap">Non-Renewal</FONT>
Notice</B>&#148;) to Landlord by certified mail, return receipt requested, not less than 60 days next preceding the then expiration date of the Letter of Credit stating that the Issuing Bank has elected not to renew the Letter of Credit. The Issuing
Bank shall agree with all drawers, endorsers and bona fide holders that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored upon presentation to the Issuing Bank at an office location in Boston,
Massachusetts. Except as otherwise expressly stated herein, this Letter of Credit is governed by and subject to the &#147;International Standby Practices of ISP 98 (1998 Revision), International Chamber of Commerce Publication No.&nbsp;590.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Application of Security</U>. If (a)&nbsp;an Event of Default by Tenant occurs and is continuing in the payment or performance of
any of the terms, covenants or conditions of this Lease, including the payment of Rent; or (b)&nbsp;Landlord receives a <FONT STYLE="white-space:nowrap">Non-Renewal</FONT> Notice which is not cured within ten (10)&nbsp;days after being notified
thereof; or (c)&nbsp;Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the
Letter of Credit and thereafter hold, use and apply the whole or any part of such proceeds, as the case may be, (x)&nbsp;to the extent required for the payment of any Base Rent or any other sum as to which Tenant is in default including (i)&nbsp;any
sum which Landlord may expend or may be required to expend by reason of Tenant&#146;s default beyond any applicable cure periods, and/or (ii)&nbsp;any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before
or after summary proceedings or other reentry by Landlord, and/or (y)&nbsp;as a cash security deposit, unless and until, in the case of clause (c)&nbsp;above, Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of
this Section&nbsp;6.5. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, Tenant shall, within ten (10)&nbsp;days of its receipt of written notice thereof, amend the Letter of Credit to increase the
amount thereof by the amount so applied or retained or provide Landlord with an additional Letter of Credit in the amount so applied or retained so that Landlord shall have the full amount thereof on hand at all times during the Lease Term. The
Letter of Credit or cash security, as the case may be, or balance thereof shall be returned to Tenant after the Expiration Date and after delivery of possession of the Leased Premises to Landlord in the manner required by this Lease and the curing
of any outstanding Events of Default under this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Transfer</U>. The Letter of Credit shall also provide that Landlord, its
successors and assigns, may, at any time and without notice to Tenant and without first obtaining Tenant&#146;s consent thereto, transfer (one or more times) all of its interest in and to the Letter of Credit to the holder of any mortgage upon the
Building or the successor landlord in connection with a transfer of the Building, from or as a part of the assignment by Landlord of its rights and interests in and to this Lease. In the event of a transfer of Landlord&#146;s interest in the
Building, Landlord </P>
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shall transfer the Letter of Credit, in whole or in part, to the transferee and thereupon Landlord shall without any further agreement between the parties, be released by Tenant from all
liability therefor. The provisions of this Section&nbsp;6.5(b) shall apply to every transfer or assignment of the whole of said Letter of Credit to a new landlord. In connection with any such transfer of the Letter of Credit by Landlord, Tenant
shall, at Tenant&#146;s sole cost and expense, execute and submit to the Bank such applications, documents and instruments as may be reasonably necessary to effectuate such transfer, and Tenant shall be responsible for paying the Bank&#146;s
transfer and processing fees in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Maintenance of Letter of Credit by Tenant</U>. If, as a result of any
drawing by Landlord on the Letter of Credit, the amount of the Letter of Credit shall be less than the Letter of Credit Amount, Tenant shall, within ten (10)&nbsp;days after being notified thereof, provide Landlord with additional letter(s) of
credit in an amount equal to the deficiency, and any such additional letter(s) of credit shall comply with all of the provisions of this Section&nbsp;6.5. Tenant further covenants and warrants that it will neither assign nor encumber the Letter of
Credit or any part thereof and that neither Landlord nor its successors or assigns will be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Without limiting the generality of the foregoing, if the Letter of
Credit expires earlier than the date which is sixty (60)&nbsp;days after the Expiration Date, or if Tenant otherwise fails to maintain the Letter of Credit in the amount and in accordance with the terms set forth in this Section&nbsp;6.5, Landlord
shall have the right to present the Letter of Credit to the Issuing Bank in accordance with the terms of this Section&nbsp;6.5, and the proceeds of the Letter of Credit may be applied by Landlord against any Rent payable by Tenant under this Lease
that is not paid when due and/or to pay for all losses and damages that Landlord has suffered as a result of any breach or default by Tenant under this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Landlord&#146;s Right to Draw Upon Letter of Credit</U>. Tenant hereby acknowledges and agrees that Landlord is entering into this
Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any breach or default on the part of Tenant under this Lease which continues beyond applicable notice and cure periods. If Tenant shall
breach any provision of this Lease or otherwise be in default hereunder beyond any applicable grace or cure periods, Landlord may, but without obligation to do so, and without notice to Tenant, draw upon the Letter of Credit, in part or in whole, to
cure any breach or default of Tenant and/or to compensate Landlord for any and all damages of any kind or nature sustained resulting from such Tenant&#146;s breach or default. The use, application or retention of the Letter of Credit, or any portion
thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by any applicable law, it being intended that Landlord shall not first be required to proceed against the Letter of Credit, and shall
not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant agrees not to interfere in any way with payment to Landlord of the proceeds of the Letter of Credit, either prior to or following a &#147;draw&#148; by
Landlord of any portion of the Letter of Credit, regardless of whether any dispute exists between Tenant and Landlord as to Landlord&#146;s right to draw upon the Letter of Credit. No condition or term of this Lease shall be deemed to render the
Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant agrees and acknowledges that (a)&nbsp;the Letter of Credit constitutes a separate and
independent contract between Landlord and the Bank, (b)&nbsp;Tenant is not a third party beneficiary of such contract, (c)&nbsp;Tenant has no property interest whatsoever in the Letter of Credit or the proceeds thereof, and (d)&nbsp;in the event
Tenant becomes a debtor under any chapter of the Bankruptcy Code, neither Tenant, any trustee, nor Tenant&#146;s bankruptcy estate shall have any right to restrict or limit Landlord&#146;s claim and/or rights to the Letter of Credit and/or the
proceeds thereof by application of Section&nbsp;502(b)(6) of the U.S. Bankruptcy Code or otherwise. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Reduction in Letter of Credit</U>. Effective as of the second (2<SUP
STYLE="font-size:75%; vertical-align:top">nd</SUP>) anniversary of the Rent Commencement Date (the &#147;<B>Initial Reduction Date</B>&#148;) and effective as of the fifth (5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) anniversary of the
Rent Commencement Date (the &#147;<B>Second Reduction Date</B>&#148;), provided that (i)&nbsp;the Lease is then in full force and effect, (ii)&nbsp;Tenant has not been in monetary or material <FONT STYLE="white-space:nowrap">non-monetary</FONT>
Event of Default under this Lease, (iii)&nbsp;Tenant is not then currently in monetary or material <FONT STYLE="white-space:nowrap">non-monetary</FONT> default under this Lease, and (iv)&nbsp;Tenant&#146;s Net Worth (as hereinafter defined) is equal
to or greater than Tenant&#146;s Net Worth as of the date of this Lease (items (i)&nbsp;through (iv) being collectively referred to herein as the &#147;<B>Reduction Criteria</B>&#148;), Tenant may request reductions in the amount of the Letter of
Credit on the Initial Reduction Date to $747,666.65 and on the Second Reduction Date to $598,133.32, by written notice to Landlord and accompanied by updated financial information (containing all of the information required by, and meeting the
requirement by, and meeting the requirements contained within, set forth herein).&nbsp;Landlord shall consider each such reduction request in good faith and shall respond to such request within ten (10)&nbsp;Business Days of Landlord&#146;s receipt
of all information reasonably requested by Landlord in connection therewith.&nbsp;Any approved reduction in the amount of Letter of Credit shall be accomplished by (x)&nbsp;Tenant providing Landlord with a substitute Letter of Credit in the reduced
amount in exchange for the existing Letter of Credit(s) which Landlord is then holding or (y)&nbsp;an amendment to the existing Letter of Credit(s) then held by Landlord, in form and substance acceptable to Landlord, which is accepted by Landlord in
writing.&nbsp;Within ten (10)&nbsp;Business Days of Landlord&#146;s receipt of a substitute Letter of Credit in the reduced amount, if applicable, Landlord shall deliver to Tenant the original existing Letter of Credit(s) which Landlord is then
holding and which is being replaced. For the purposes of this Section&nbsp;6.5(e), &#147;Tenant&#146;s Net Worth&#148; shall mean the tangible net worth of Tenant (excluding any guarantors) established under generally accepted accounting principles
consistently applied. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.1 <U>Attorneys</U><U>&#146;</U><U> Fees and Other Expenses</U>. Unless prohibited by applicable law, Tenant and Landlord agree
to pay to the other party the amount of all legal fees and expenses incurred by the given party arising out of or resulting from any act or omission by the other party with respect to this Lease or the Leased Premises including without limitation,
any breach by under this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, if Tenant shall request Landlord&#146;s consent to or joinder in any instrument pertaining to
this Lease, Tenant agrees promptly to reimburse Landlord for the legal fees and expenses (up to a maximum of $2,500.00 per request) and such fees as are required to be paid by any mortgagee or other lender incurred by Landlord in processing such
request, whether or not Landlord complies therewith; and if Tenant shall fail promptly so to reimburse Landlord, same shall be deemed to be a default in Tenant&#146;s monetary obligations under this Lease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever Tenant shall request approval by Landlord or Landlord&#146;s architect of plans,
drawings, specifications, installation of signs including subsequent changes thereof, or the like, Tenant specifically agrees promptly to pay to Landlord&#146;s architect (or reimburse Landlord for the payment Landlord makes to said architect for)
the reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> charges (up to a maximum of $2,500.00 per request) involved in the review (and <FONT STYLE="white-space:nowrap">re-review,</FONT> if
necessary) and approval or disapproval thereof whether or not approval shall ultimately be given. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.2 <U>Alteration</U>.
This Lease may not be altered, changed or amended, except by an instrument in writing signed by both parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.3 <U><FONT
STYLE="white-space:nowrap">Non-Waiver</FONT></U>. No course of dealing between Landlord and Tenant or any other person, nor any delay on the part of Landlord in exercising any rights under this Lease, nor any failure to enforce any provisions of
this Lease, nor the acceptance of rental by Landlord shall operate as a waiver of any rights of Landlord, except to the extent, if any, expressly waived in writing by Landlord. The waiver by Landlord of any agreement, condition or provision herein
contained shall not be deemed a waiver of any subsequent breach of the same or any other agreement, condition or provision herein contained. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.4 <U>Notices</U>. Except as otherwise expressly provided in this Lease, all consents, notices, demands, requests, approvals or
other communications given under this Lease shall be in writing and shall be deemed sufficiently given or rendered if delivered by hand (provided a signed receipt is obtained) or if sent by registered or certified mail (return receipt requested) or
by a nationally recognized overnight delivery service making receipted deliveries, addressed to Landlord and Tenant as set forth below, and to any mortgagee or Prime Lessor who shall require copies of notices and whose address is provided to Tenant,
or to such other address(es) as Landlord, Tenant or any mortgagee or Prime Lessor may designate as its new address(es) for such purpose by notice given to the other in accordance with the provisions of this Section&nbsp;7.4. Any such approval,
consent, notice, demand, request or other communication shall be deemed to have been given on the date of receipted delivery, refusal to accept delivery or when delivery is first attempted but cannot be made due to a change of address for which no
notice is given or three (3)&nbsp;Business Days after it shall have been mailed as provided in this Section&nbsp;7.4, whichever is earlier. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">If to Landlord:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">c/o Related Fund Management</TD></TR>
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<TD VALIGN="top">30 Hudson Yards</TD></TR>
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<TD VALIGN="top">New York, NY 10001</TD></TR>
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<TD VALIGN="top">Attn: [***]</TD></TR>
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<TD VALIGN="top">Email: [***]</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:8.00em; font-size:10pt; font-family:Times New Roman">&#150; and &#150;</P></TD></TR>
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<TD VALIGN="top">c/o JAMESTOWN, L.P.</TD></TR>
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<TD VALIGN="top">Ponce City Market</TD></TR>
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<TD VALIGN="top">675 Ponce de Leon Avenue NE</TD></TR>
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<TD VALIGN="top">7th Floor</TD></TR>
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<TD VALIGN="top">Atlanta, Georgia 30308</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: [***]</TD></TR></TABLE>
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<TD VALIGN="top">With a copy to:</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">177 Milk Street, 2nd Floor</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Boston, MA 02109</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">And</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Goulston&nbsp;&amp; Storrs PC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">400 Atlantic Avenue</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Boston, Massachusetts 02110-3333</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention: [***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: [***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If to Tenant:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Aktis Oncology, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">450 Kendall Street</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">c/o MPM Capital</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cambridge, MA 02142</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: [***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: [***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">With a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Brown Rudnick LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Once Financial Center</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Boston, Massachusetts 02111</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: [***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: [***]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.5 <U>Interest</U>. All amounts of money payable by Tenant to Landlord under this Lease shall
bear interest from the date due until paid at a rate equal to the lower of (a)&nbsp;twelve percent (12%) per annum, or (b)&nbsp;the maximum rate permitted by law, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.6 <U>Merger of Estates</U>. The voluntary or other surrender of this Lease by Tenant or a mutual cancellation thereof, shall
not constitute a merger and shall, at the option of Landlord, either terminate all or any existing subleases or subtenancies, or operate as an assignment to Landlord of Tenant&#146;s interest in any or all such subleases or subtenancies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.7 <U>Other Tenants of Building</U>. Neither this Lease nor Tenant&#146;s continued occupancy of the Leased Premises is
conditioned upon the opening of any store or business in the Building, nor upon the continued operation of any store or business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.8 <U>Consent by Landlord</U>. In all circumstances under this Lease where the prior consent or permission of Landlord is
required before Tenant is authorized to take any particular type of action, such consent must be in writing and unless this Lease expressly provides that such consent or permission is not to be unreasonably withheld, conditioned or delayed, the
matter of whether to grant such consent of permission shall be within the sole and exclusive judgment and discretion of Landlord, and it shall not constitute any nature of breach by Landlord under this Lease or any defense to the performance of any
covenant, duty or obligation of Tenant under this Lease that Landlord delayed or withheld the granting of such consent of permission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.9 <U>Legal Interpretation</U>. This Lease and the rights and obligations of
the parties hereto shall be interpreted, construed and enforced in accordance with the laws of the Commonwealth of Massachusetts and the United States. All obligations of the parties hereto are independent and shall be performable in, and all legal
actions to enforce or construe this Lease shall be instituted in the courts of, Suffolk County, Massachusetts. The determination that one or more provisions of this Lease is invalid, void, illegal or unenforceable shall not affect or invalidate the
remainder. All obligations of either party requiring any performance after the expiration of the Lease Term shall survive the expiration of the Lease Term and shall be fully enforceable in accordance with those provisions pertaining thereto. Section
titles appearing in this Lease are for convenient reference only and shall not be used to interpret or limit the meaning of any provision of this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.10 <U>Entire Agreement</U>. Tenant agrees that this Lease supersedes and cancels any and all previous letters of intent,
statements, negotiations, arrangements, brochures, agreements and understandings, if any, between Landlord and Tenant or displayed by Landlord to Tenant with respect to the subject matter of this Lease, the Leased Premises or the Building, and that
there are no representations, agreements, or warranties (express or implied, oral or written) between Landlord and Tenant with respect to the subject matter of this Lease, the Leased Premises or the Building other than contained in this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.11 <U>Assignment by Landlord</U>. Landlord shall have the right at any time to transfer and assign in whole or in part, by
operation of law or otherwise, its rights, benefits, privileges, duties and obligations hereunder or in the Building. Tenant agrees to look only to the Landlord hereunder (or Landlord&#146;s <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">successor(s)-in-interest)</FONT></FONT> and its interest in the Building and Land for performance of such of Landlord&#146;s obligations hereunder as arise during its period of ownership of the tenant&#146;s interest in
the Prime Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.12 <U>Authority</U>. Each of Landlord and Tenant represents and warrants to the other that it has the
full right, power and authority to enter into this Lease and to perform its obligations hereunder, and that upon execution of this Lease by such party, this Lease shall constitute a valid and legally binding obligation of such party. If Tenant signs
as a corporation or other entity, each of the persons executing this Lease on behalf of Tenant does hereby covenant and warrant that Tenant is a duly and validly existing corporation or entity, that the execution of this Lease by such persons on
behalf of Tenant has been duly authorized by all necessary corporate action and that Tenant is qualified to do business in the Commonwealth of Massachusetts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.13 <U>Liability</U>. Any provisions of this Lease to the contrary notwithstanding, Tenant hereby agrees that no personal,
partnership or corporate liability of any kind or character whatsoever now attaches or at any time hereafter under any condition shall attach to Landlord or its partners or venturers for payment of any amounts payable under this Lease or for the
performance of any obligation under this Lease. The exclusive legal remedies of Tenant for the failure of Landlord to perform any of its obligations under this Lease shall be to proceed against the interest of Landlord in the Project. Except as set
forth in Section&nbsp;7.22 hereof, in no event shall either party be liable to the other for special, consequential or punitive damages. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.14 <U>Time of the Essence</U>. In all instances where Tenant is required
under this Lease to pay any sum or do any act at a particular time or within a particular period, it is understood that time is of the essence with respect to such obligation of Tenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.15 <U>Instruments and Evidence Required to Be Submitted to Landlord</U>. Each written instrument and all evidence of the
existence or <FONT STYLE="white-space:nowrap">non-existence</FONT> of any circumstances or conditions which is required by this Lease to be furnished to Landlord shall in all respects be in form and substance satisfactory to Landlord, and the duty
to furnish such written instrument or evidence shall not be considered satisfied until Landlord shall have acknowledged that it is satisfied therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.16 <U>Counterparts</U>. This Lease is executed in any number of counterparts, each copy of which is identical, and any one of
which shall be deemed to be complete in itself and may be introduced in evidence or used for any purpose without the production of the other copies.&nbsp;This Lease may be executed by electronic signature, which shall be considered as an original
signature for all purposes and shall have the same force and effect as an original signature.&nbsp;Without limitation, in addition to electronically produced signatures, &#147;electronic signature&#148; shall include faxed versions of an original
signature or electronically scanned and transmitted versions (e.g., via pdf) of an original signature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.17 <U>Gender</U>.
The pronouns of any gender shall include the other gender and either the singular or the plural shall include the other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.18 <U>Force Majeure</U>. Whenever a period of time is herein described for the taking of any action by Landlord or Tenant
except for the payment of money, Landlord or Tenant, as the case may be, shall not be liable or responsible for, and there shall be excluded from the computation of such period of time, any delays due to Force Majeure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.19 <U>Recordation</U>. Tenant agrees not to record this Lease, or any instrument to which this Lease may now or hereafter be
attached. Upon the written request of the other party, each party shall have the right to request the execution and recordation with the Suffolk County Registry of Deeds of a Memorandum of Lease, in mutually agreeable form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.20 <U>Prime Lease</U>. Tenant recognizes and acknowledges the existence of the Prime Lease and that this Lease is a sublease of
a portion of Landlord&#146;s leasehold estate created by the Prime Lease. The termination of the Prime Lease for any reason whatsoever shall never constitute a default by Landlord hereunder nor shall such termination entitle Tenant to terminate this
Lease or the payment of any rent or other sums due by Tenant hereunder. Tenant further agrees that this Lease is subject to all of the terms and provisions of the Prime Lease and hereby agrees to be bound by provisions thereof, including but not
limited to the provisions relating to employment and <FONT STYLE="white-space:nowrap">non-discrimination.</FONT> By execution hereof, Tenant hereby acknowledges that it has received a copy of all provisions of the Prime Lease relating to employment
and <FONT STYLE="white-space:nowrap">non-discrimination</FONT> all as set forth on <U>Exhibit D</U> attached hereto provided, however, that the execution of this Lease by Landlord shall never be construed to be an approval hereof by the Prime
Lessor, it being understood that the Prime Lessor cannot be bound by any act or omission of Landlord. If Prime Lessor shall request a modification of this Lease, Tenant shall not unreasonably withhold or delay its consent to a modification which
does not materially adversely affect </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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Tenant&#146;s rights and privileges hereunder or impose material burdens on Tenant. Tenant hereby acknowledges and agrees that all communications with Prime Lessor relating to this Lease shall be
directed through Landlord and that Tenant shall not seek any approvals or otherwise communicate with Prime Lessor regarding this Lease without the approval of Landlord. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.21 <U>Commissions</U>. Tenant and Landlord warrant and represent to each other that they have not dealt with any broker except
as described in Article I hereof. Tenant and Landlord hereby agree to defend, indemnify, and hold harmless each other, from and against any claim by third parties for brokerage, commissions, finders or other fees relative to this Lease or the
leasing of space in the Building, and any court costs, attorneys&#146; fees or other costs or expenses arising therefrom, alleged to be due by any broker other than as described in Article I hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.22 <U>Surrender of Premises and Holding Over</U>. If Tenant shall remain in possession of the Leased Premises without extension
after the expiration of the Lease Term, Tenant shall hold as a tenant at sufferance, at a charge for use and occupancy, and not as rent, of the Leased Premises (x)&nbsp;with respect to any holdover period up to sixty (60)&nbsp;days after the
Expiration Date, equal to one hundred and fifty percent (150%) of the highest monthly installment of Base Rent applicable during the Lease Term plus all Additional Rent during such period of time; and (y)&nbsp;with respect to any holdover period
after such initial sixty (60)&nbsp;day period, equal to two hundred percent (200%) of the highest monthly installment of Base Rent applicable during the Lease Term plus all Additional Rent during such period of time. In all other respects Landlord
and Tenant shall be subject to the terms, provisions and conditions of this Lease, provided Tenant shall be liable for all damages incurred by Landlord as a result of Tenant holding over. No surrender to Landlord of this Lease or of the Leased
Premises or any part thereof or of any interest therein by Tenant shall be valid or effective unless required by the provisions of this Lease or unless agreed to and accepted in writing by Landlord. No act on the part of any representative or agent
of Landlord, and no act on the part of Landlord other than such a written agreement acceptance by Landlord, shall constitute or be deemed an acceptance of any such surrender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.23 <U>Relocation of Premises</U>. Landlord reserves the unrestricted and unconditional right, upon one hundred and eighty
(180)&nbsp;days&#146; notice from Landlord to Tenant (a &#147;<B>Relocation Notice</B>&#148;), to provide and furnish Tenant with replacement premises elsewhere within the Building other than the eighth (8<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP>) floor (the &#147;<B>Substitute Premises</B>&#148;), and to thereafter relocate Tenant from the Leased Premises to the Substitute Premises provided that, Landlord shall only have the right to
exercise this relocation right one (1)&nbsp;time during the Lease Term and no relocation shall occur in the first (1<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>) or last Lease Year of the Lease Term. The Substitute Premises shall be
finished out and decorated by Landlord at Landlord&#146;s sole cost and expense, so that the Substitute Premises shall be comparable in its design and decoration to the Premises, including <FONT STYLE="white-space:nowrap">build-out</FONT> and
capacity for employees reasonably consistent with the Leased Premises as of the date of the Relocation Notice. For purposes of this Section&nbsp;7.23, the phrase &#147;comparable space&#148; shall mean space which is approximately the same size (but
in no event more than ten percent (10%) smaller than the Leased Premises prior to the relocation) and dimensions as the Leased Premises with building systems, chemical storage allocation and infrastructure substantially similar to that serving the
Leased Premises prior to the relocation. If Landlord relocates Tenant to the Substitute Premises, then Landlord shall, at its sole cost and expense, move the equipment and personal property of Tenant to the Substitute Premises and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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shall reinstall and reconstruct such improvements, equipment and personal property in the Substitute Premises in a manner and fashion reasonably comparable to the Leased Premises. Upon the
exercise by Landlord of the foregoing relocation right, this Lease and each of the terms, covenants and conditions hereof shall remain in full force and effect and be applicable to the Substitute Premises, including, no increase in (a)&nbsp;the Base
Rent payable by Tenant or (b)&nbsp;Tenant&#146;s Proportionate Share provided, however, that in the event that the Substitute Premises is smaller than the Leased Premises prior to the relocation, the Base Rent and Proportionate Share shall be
decreased on a per square foot basis. In such event, effective as of the date specified in the Relocation Notice, Tenant shall vacate and surrender the original Leased Premises in accordance with the terms and conditions of this Lease, and the
Substitute Premises shall thereafter be deemed to be substituted for the original Leased Premises and Tenant shall have no further rights or interests in or to the original Leased Premises. After delivery of a Relocation Notice, the provisions of
this Section&nbsp;7.23 shall be self-operative; however, at either party&#146;s request, Landlord and Tenant shall enter into an amendment of this Lease confirming the relocation of the Leased Premises. In connection with any relocation pursuant to
the foregoing, Landlord shall provide a forty-five (45)&nbsp;day abatement of Base Rent to Tenant, which shall be credited to Tenant upon Tenant&#146;s relocation from the Leased Premises to the Substitution Premises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.24 <U>When Lease Becomes Binding</U>. The submission of this document for examination and negotiation does not constitute an
offer to lease, or a reservation of, or option for, the Leased Premises, and this document shall become effective and binding only upon the execution and delivery hereof by both Landlord and Tenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.25 <U>No Construction Against Drafting Party</U>. Landlord and Tenant acknowledge that each of them and their counsel have had
an opportunity to review this Lease and that this Lease will not be construed against either party merely because its counsel has prepared it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.26 <U>OFAC List</U>. Tenant represents and warrants that it is not listed, nor is it owned or controlled by, or acting for or
on behalf of any person or entity, on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the United States Department of the Treasury, or any other list of persons or entities with
whom Landlord is restricted from doing business with (&#147;<B>OFAC List</B>&#148;). Notwithstanding anything to the contrary herein contained, Tenant shall not permit the Leased Premises or any portion thereof to be used, occupied or operated by or
for the benefit of any person or entity that is on the OFAC List. Tenant shall provide documentary and other evidence of Tenant&#146;s identity and ownership as may be reasonably requested by Landlord at any time to enable Landlord to verify
Tenant&#146;s identity or to comply with any Requirement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.27 <U>Confidentiality</U>. Tenant and Landlord acknowledge that
the terms and conditions of this Lease are to remain confidential for both parties&#146; benefit and may not be disclosed by either party to anyone, by any manner or means, directly or indirectly, without the other party&#146;s prior written
consent, except (i)&nbsp;in litigation between Landlord and Tenant, (ii)&nbsp;if required by court order, or (iii)&nbsp;as required by applicable law or regulation. Notwithstanding the immediately preceding sentence, each party shall have the right
to disclose such information to its attorneys, accountants, and consultants, provided such disclosing party instructs such persons to keep such information confidential. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.28 <U>Sustainability</U>. Tenant acknowledges that the Building is or may be
in the future certified/rated pursuant to or operated to meet one or more Green Building Standards. As and when requested by Landlord during the Lease Term, Tenant shall provide Landlord (in the format requested by Landlord and reasonably necessary
or desirable to comply with the requirements of the applicable Green Building Standards or any commissioning or <FONT STYLE="white-space:nowrap">re-commissioning</FONT> of Building systems) with data concerning Tenant&#146;s energy consumption,
water consumption, waste recycling, and the operation of Building systems. Such data may include, but shall not be limited to, Tenant&#146;s operating hours, the number of <FONT STYLE="white-space:nowrap">on-site</FONT> personnel, the types of
equipment used at the Building (including computer equipment, if applicable), office supply purchases, light bulb purchases, waste and recycling manifests (including gross waste generated and diverted to landfill), cleaning product materials (both
chemicals and paper products), environmental characteristics (e.g. landscaping, bicycle racks), as applicable, and energy use and cost. Landlord shall have no liability to Tenant if, once obtained, any such Green Building Standards rating or
certification lapses and is not reinstated by Landlord. Tenant and any occupants of the Leased Premises shall comply with the Building&#146;s Sustainability Practices and the applicable Green Building Standards, if any. Tenant shall not materially,
adversely affect (as reasonably determined by Landlord) the indoor air quality of the Leased Premises or the Building, including, but not limited to, by the type of equipment, furniture, furnishings, fixtures or personal property that is brought
into the Leased Premises, the materials used in the construction of any tenant improvements or alterations in the Leased Premises, the cleaning supplies used in the maintenance of the Leased Premises, or the violation of any <FONT
STYLE="white-space:nowrap">non-smoking</FONT> policy adopted by Landlord. Landlord and Tenant agree to share data needed for third party rating systems such as LEED, GRESB and ENERGY STAR, and Tenant agrees that Landlord may provide data from Tenant
to Landlord&#146;s consultants, lenders or prospective lenders, purchasers or prospective purchasers, or other third parties having a reasonable need to know such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Lease, the term &#147;<B>Building&#146;s Sustainability Practices</B>&#148; means the operations and maintenance practices for
the Building, whether incorporated into the Building Rules, separate written sustainability policies or otherwise reasonably implemented by Landlord with respect to the Project, as the same may be revised from time to time, addressing, among other
things: energy efficiency; energy measurement and reporting; water usage; recycling, composting, and waste management; indoor air quality; and chemical use. As used in this Lease, the term &#147;<B>Green Building Standards</B>&#148; means one or
more of the following: the U.S. EPA&#146;s Energy Star<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Portfolio Manager, the Green Building Initiative&#146;s Green Globes<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> building
rating system, the U.S. Green Building Council&#146;s Leadership in Energy and Environmental Design (LEED<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>) building rating system, the ASHRAE Building Energy Quotient (BEQ), the Global Real
Estate Sustainability Benchmark (GRESB), or other standard for high performance buildings adopted by Landlord with respect to the Project, as the same may be revised from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.29 <U>Press Releases</U>. Tenant agrees not to make or provide any public statement, press release or other public disclosure
related to the terms of this Lease and/or the opening of Tenant&#146;s business in the Building (including, without limitation, by means of statements, press releases or disclosures displayed or accessible electronically, on the internet and/or on
social media, such as, by way of example only, Facebook, Twitter and Instagram) without the prior written consent of Landlord, which consent shall not be unreasonably withheld. These restrictions on disclosure shall survive the termination or
expiration of this Lease. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.30 <U>Parking</U>. Subject to the provisions hereof, during the Lease Term,
Tenant shall have the right to one (1)&nbsp;parking space per 5,000 rentable square feet of the Leased Premises (i.e., four (4)&nbsp;parking spaces based on 17,944 rentable square feet of the Leased Premises) (collectively, the &#147;<B>Parking
Spaces</B>&#148;) in the BMIP parking garage (&#147;<B>BMIP Garage</B>&#148;) located at 12 Drydock Avenue. Tenant shall pay, as Additional Rent, a monthly parking charge for the Parking Spaces, which charge is currently $450.00 per month, per
space, which rate may be increased from time to time. The Parking Spaces shall be used only for parking duly registered and operating private passenger motor vehicles owned and operated by Tenant or its employees and for visitor parking. Neither the
Landlord nor any operator shall be liable for any loss, injury or damage to persons using the Parking Spaces or automobiles or other property therein, and, to the fullest extent permitted by law, the use of the Parking Spaces shall be at the sole
risk of Tenant and its employees. Visitor parking is available in the BMIP Garage, on a first come, first serve basis for parking for all tenants in the Marine Industrial Park, at hourly parking rates, but, except as expressly set forth herein,
Tenant has no particular rights in such garage except for the rights of the general public to park in such garage and the right to utilize any spaces in the BMIP garage that are available to Landlord under the Prime Lease on a first-come, first
serve basis. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.1 <U>Definitions</U>. As used in this Lease, the following terms shall have the respective meanings indicated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Building</B> shall mean that certain building located at One Design Place in Boston (Seaport), Massachusetts, as the same may now or
hereafter exist or as it may from time to time hereafter be expanded or modified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Building Rules</B> shall mean rules and regulations
adopted and altered by Landlord from time to time for the safety, care and cleanliness of the Leased Premises and the Building and for the preservation of good order therein, all of which will be sent by Landlord to Tenant in writing and shall
thereafter be carried out and observed by Tenant. The initial Building Rules are attached hereto as <U>Exhibit B</U> and <U>Exhibit C</U> and no such rules and regulations shall be enforced against Tenant in a discriminatory fashion as between
Tenant and other tenants of like size and nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Business Days</B> shall mean all days, excluding Saturdays, Sundays and Observed
Holidays. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Common Areas</B> shall mean the lobby and sidewalk areas and other similar areas of general access and the areas on
multi-tenant floors in the Project devoted to corridors, elevator lobbies, restrooms and other similar facilities serving the Leased Premises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Commencement Date</B> shall mean the date shown in Article I hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Governmental Authorities</B> shall mean the United States of America, the City of Boston, the Commonwealth of Massachusetts, or any
political subdivision, agency, department, commission, board, bureau or instrumentality of any of the foregoing, now existing or hereafter created, having jurisdiction over the Real Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Normal Business Hours</B> shall mean 8:00 a.m. to 6:00 p.m. from Monday through Friday and from 8:00 a.m. until 1:00 p.m. on Saturday,
excepting Observed Holidays. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Observed Holidays</B> shall mean New Years&#146; Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day and Christmas Day plus days observed by the Commonwealth of Massachusetts, the City of Boston, and the labor unions servicing the Project as holidays. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Operating Costs</B>&#148; shall mean all operating costs of the Project of every kind and nature which Landlord shall pay or become
obligated to pay because of or in connection with the ownership, maintenance, repair, promotion, insuring or operation of the Project, including, but not limited to, the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Wages and salaries of all employees engaged in operation and maintenance or security (to the extent provided) of all or any part of the
Project, including taxes, insurance and benefits relating to such employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) All supplies and materials used in the operation and
maintenance of any part of the Project. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Costs of all utilities for the Project not separately metered to third parties, including the
cost of water and power, heating, lighting, air conditioning and ventilating for all or any part of the Project. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Costs of all
maintenance, janitorial, security (to the extent provided) and service agreements for the Project, and the equipment therein, including alarm service, window cleaning, snow removal and elevator maintenance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Costs of all insurance relating to the Project, including cost of casualty and liability insurance and Landlord&#146;s personal property
used in connection therewith but excluding any insurance costs relating to items that are not included within Operating Costs (i.e. insurance costs relating to a third party tenant build out). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Costs of repairs and general maintenance of any part of the Project (excluding repairs and general maintenance paid by proceeds of
insurance or by Tenant or other third parties, and alterations attributable solely to tenants of the Building other than Tenant) including, without limitation, landscaping of any part of the Project. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Amortization of the cost of installation of capital improvements to the extent that in the reasonable judgment of Landlord the same are
necessary to continue the Project as a first class real estate project or will reduce, or reduce the rate of increase of, other Operating Costs or are required to cause the Project or any part thereof to be in compliance with any applicable law or
with the request of any insurer or board of underwriters. All of such costs shall be amortized over the reasonable life of such improvements, and a pro rata portion thereof included within Operating Costs for each year the same is so amortized,
together with interest at the rate of eight percent (8%) per annum on all unamortized balances. The reasonable life and amortization schedule of the foregoing shall be determined in accordance with generally accepted accounting principles (GAAP),
and in no event shall such reasonable life extend beyond the reasonable life of the Building or other part of the Project to which such costs are related. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Landlord&#146;s central accounting and overhead costs attributable to the Project. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) All fees paid to any person or entity who provides services, including management and
marketing to any part of the Project and all costs and charges related thereto including, without limitation, a property management fee equal to two and one half percent (2.5%) of the gross revenues of the Project. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) All amounts payable by Landlord as real estate taxes or payments in lieu of real estate taxes or Tax Rent payable by Landlord under the
Prime Lease, all herein collectively referred to as &#147;Taxes&#148;. The term &#147;Taxes&#148; includes, without limitation, the following: any fire service or other charges for municipal services and all governmental impositions and taxes
imposed upon the Building and the land thereunder (the &#147;<B>Land</B>&#148;), and assessments, as well as all ad valorem, license or other taxes imposed upon the Building or the Land and/or imposed upon Landlord by reason of its ownership thereof
or this Lease other than state or federal inheritance or succession taxes. If at any time during the Lease Term, the methods of taxation of real estate prevailing at the commencement of the execution hereof shall be altered so that in lieu of, in
addition to, or as a substitute for, the whole or any part of the Taxes, there shall be levied, assessed or imposed (i)&nbsp;a tax, assessment, levy, imposition or charge, wholly or partially as capital levy or otherwise, on the rents received
therefrom; or (ii)&nbsp;a tax, assessment, levy, imposition or charge measured by or based in whole or in part upon the Leased Premises and imposed upon Landlord; or (iii)&nbsp;a tax license fee or the like measured by the rents payable, the same
shall be included as Taxes hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Operating Costs for any calendar year during the Lease Term shall be computed and adjusted upward
so that Operating Costs shall at all times equal the product of actual Operating Costs incurred during such year times the fraction, the numerator of which is the rentable area of the Building and the denominator of which is the average number
(determined on annualized basis) of the rentable area of the Building which is, during such year, subject to a lease agreement with Landlord under which the tenant thereunder is required to pay its proportionate share of Operating Costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limiting the generality of the foregoing, Landlord shall have the right, from time to time to equitably allocate and prorate some or
all of the Operating Costs among different tenants (the &#147;<B>Cost Pools</B>&#148;), adjusting Tenant&#146;s Proportionate Share as to each of the separately allocated costs based on the ratio of the rentable area of the Leased Premises to the
rentable area of all of the premises to which such costs are allocated. Such Cost Pools shall include Tenant&#146;s Laboratory Share and may also include, without limitation, other differentiation of the office space, retail space and laboratory
tenants of the Building. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Permitted Transferee </B>shall mean: (a)&nbsp;a business entity resulting from a merger or consolidation into
or with Tenant, or a reorganization of Tenant, or (b)&nbsp;a business entity to which all or substantially all of Tenant&#146;s assets or stock are transferred; or (c)&nbsp;a Related Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Prime Lease</B> shall mean that certain long term lease agreement dated March&nbsp;21, 1985 by and between The Economic Development and
Industrial Corporation of Boston, a corporation organized under the laws of the Commonwealth of Massachusetts, as landlord and The New England Design Center, as tenant, as amended, covering the Building and certain real property on which the
Building is situated, as the same may be further amended from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Prohibited Use</B> shall mean any use or occupancy of the Leased Premises that in
Landlord&#146;s reasonable judgment would: (a)&nbsp;cause damage to the Project or any equipment, facilities or other systems therein; (b)&nbsp;impair the appearance of the Project; (c)&nbsp;interfere with the efficient and economical maintenance,
operation and repair of the Leased Premises or the Project or the equipment, facilities or systems thereof; (d)&nbsp;adversely affect any service provided to, and/or the use and occupancy by, any Project tenant or occupants; (e)&nbsp;not comply with
applicable Requirements; (f)&nbsp;materially and adversely affect the first-class image of the Project; (g)&nbsp;violate any then current exclusive use or right granted by Landlord to any tenant or occupant of the Building (Landlord agreeing to
provide notice of same within ten (10)&nbsp;Business Days following Tenant&#146;s written request therefor); or (h)&nbsp;result in protests or civil disorder or commotions at, or other disruptions of the normal business activities in, the Project.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Project</B> shall mean the Building and the Land and all other improvements now or hereafter situated on the Land. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Related Entity </B>shall mean: A business entity, including without limitation any subsidiary, franchisee, division or affiliate, which
Controls, is Controlled by, or is under common Control with, Tenant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Requirements</B> shall mean all present and future laws, rules,
orders, ordinances, regulations, statutes, requirements, codes and executive orders, extraordinary and ordinary of (i)&nbsp;all Governmental Authorities, including the ADA and any law of like import, and all rules, regulations and government orders
with respect thereto, and any of the foregoing relating to Hazardous Materials, environmental matters, public health and safety matters, and landmarks protection, (ii)&nbsp;any applicable fire rating bureau or other body exercising similar
functions, affecting the Project or the maintenance, use or occupation thereof, or any street, avenue or sidewalk comprising a part of or in front thereof or any vault in or under the same, (iii)&nbsp;all requirements of all insurance bodies
affecting the Project, and (iv)&nbsp;utility service providers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Trade Fixtures</B> shall mean any and all signs placed by Tenant
within the Leased Premises pursuant to provisions hereof and any and all items of property used by Tenant in the Leased Premises including, but not limited to, furniture and equipment; provided, however, that the term &#147;<B>Trade
Fixtures</B>&#148; shall not include any permanent leasehold improvements including, but not limited to, any floor, wall or ceiling coverings, any interior walls or partitions, any lighting fixtures, track lights or any property a part of or
associated with any electrical, plumbing or mechanical system, notwithstanding that the same may have been installed within the Leased Premises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Force Majeure </B>shall mean whenever a period of time is herein described for the taking of any action by Landlord or Tenant except for
the payment of money, Landlord or Tenant, as the case may be, shall not be liable or responsible for, and there shall be excluded from the computation of such period of time, any delays due to strikes, riots, acts of God, public health emergency or
exigency, shortages of labor or materials, war, governmental laws, regulations or restrictions or any act, omission, delay or neglect of the other party hereto or any of such other party employees or agents, or any other cause whatsoever beyond the
control of such party (each, a <B>&#147;Force Majeure Event</B>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.2 <U>Exhibits, Supplements and Riders</U>. The Exhibits, Supplements and
Riders attached to this Lease are hereby incorporated herein and hereby made a part of this Lease. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the day and year
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B></B>&#147;<B>LANDLORD</B>&#148;<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IDB <FONT STYLE="white-space:nowrap">17-19</FONT> DRYDOCK LIMITED</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARTNERSHIP,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">a Delaware limited partnership</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IDB <FONT STYLE="white-space:nowrap">17-19</FONT> GP Corp.,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">a Delaware corporation,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its general partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dana Griffin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Dana Griffin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
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<TD HEIGHT="16" COLSPAN="5"></TD></TR>
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<TD VALIGN="top" COLSPAN="5"><B></B>&#147;<B>TENANT</B>&#148;<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AKTIS ONCOLOGY, INC.,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">a Delaware
corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew Roden</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Name: Matthew Roden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Title: President and CEO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Hereunto duly authorized</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EXHIBITS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit A &#150; Floor Plan </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit B &#150; Tenant Rules and
Regulations including Laboratory Rules and Regulations </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit C &#150; Construction Rules and Regulations </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit D &#150; <FONT STYLE="white-space:nowrap">Non-Discrimination</FONT> and Employment Requirements </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit E &#150; Base Rent Payment Schedule </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit <FONT
STYLE="white-space:nowrap">F-1</FONT> &#150; Fit Plan </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit <FONT STYLE="white-space:nowrap">F-2</FONT> &#150; Landlord/Tenant Matrix </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit G &#150; Form of Letter of Credit </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit H &#150;
Tenant&#146;s List of Hazardous Materials </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBITS </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EXHIBIT A </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PREMISES </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EXHIBIT B </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TENANT RULES AND REGULATIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B-1 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONSTRUCTION RULES AND REGULATIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C-1 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U><FONT STYLE="white-space:nowrap">NON-DISCRIMINATION</FONT> AND EMPLOYMENT REQUIREMENTS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT D-1 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>BASE RENT PAYMENT SCHEDULE </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT E-1 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FIT PLAN </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>LANDLORD/TENANT MATRIX </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT F-2-1 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FORM OF LETTER OF CREDIT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT G-1 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TENANT&#146;S LIST OF HAZARDOUS MATERIALS STORED IN THE PREMISES </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
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<TYPE>EX-10.15
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<DESCRIPTION>EX-10.15
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.15 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE REGISTRANT HAS DETERMINED
THAT IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO LEASE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS FIRST AMENDMENT TO LEASE </B>(this &#8220;<B>First Amendment</B>&#8221;) is made and entered into as of February&nbsp;1, 2023
(&#8220;<B>First Amendment Effective Date</B>&#8221;), by and between <B>IDB <FONT STYLE="white-space:nowrap">17-19</FONT> DRYDOCK LIMITED PARTNERSHIP</B>, a Delaware Limited Partnership (&#8220;<B>Landlord</B>&#8221;) and <B>AKTIS ONCOLOGY, INC.,
</B>a Delaware corporation (&#8220;<B>Tenant</B>&#8221;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>W</U></B><B> </B><B><U>I</U></B><B> </B><B><U>T</U></B><B>
</B><B><U>N</U></B><B> </B><B><U>E</U></B><B> </B><B><U>S</U></B><B> </B><B><U>S</U></B><B> </B><B><U>E</U></B><B> </B><B><U>T</U></B><B> </B><B><U>H</U></B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Landlord and Tenant are parties to that certain Lease dated January&nbsp;13, 2022 (the &#8220;<B>Existing Lease</B>&#8221;)
with respect to premises containing, in the aggregate, approximately 17,944 rentable square feet comprised of: (i)&nbsp;approximately 17,767 rentable square feet located on the fourth (4th) floor; and (ii)&nbsp;approximately 177 rentable square feet
located on the first (1st) floor comprised of chemical storage space, each within the Building located at One Design Place, Boston, Massachusetts (the &#8220;<B>Building</B>&#8221;), as more particularly described therein. All capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to them in the Existing Lease. The Existing Lease, as modified and amended by this First Amendment, is referred to herein as the &#8220;<B>Lease</B>.&#8221; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Landlord has agreed to grant to Tenant the right to use the Rooftop Area (as hereinafter defined) as shown on
<U>Exhibit</U><U></U><U>&nbsp;A, First Amendment</U>, attached hereto and incorporated by reference herein on the terms and conditions hereinafter set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt, sufficiency and
delivery of which are hereby acknowledged, the parties hereby agree that the Existing Lease is hereby amended as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Rooftop
Area</U></B>. Tenant shall have the right to use the Rooftop Area, as hereinafter defined, to install and maintain equipment for supplemental HVAC to the Leased Premises (&#8220;<B>Rooftop Equipment</B>&#8221;) for a period commencing as of the date
that Tenant installs the Rooftop Equipment in the Rooftop Area and terminating as of the expiration or earlier termination of the Lease Term. The &#8220;<B>Rooftop Area</B>&#8221; is the area of the roof shown on<U> Exhibit</U><U></U><U>&nbsp;A,
First Amendment</U>, attached hereto provided, however, that in the event that Landlord requires Tenant to relocate to another rooftop location prior to the installation of its Rooftop Equipment, Landlord shall provide Tenant written notice,
together with information showing such relocated area and provided that such area is reasonably suitable for Tenant&#8217;s Rooftop Equipment, such area shall thereafter be the Rooftop Area pursuant to this Section&nbsp;1. Notwithstanding anything
to the contrary in the Lease, the square footage of the Rooftop Area shall not be added to the square footage of the Leased Premises for purposes of calculating any payments due under the Lease including, without limitation, Base Rent and shall not
alter calculation of Tenant&#8217;s Proportionate Share under the Lease. Tenant shall be permitted to use the Rooftop Area solely for the purpose of installing the Rooftop Equipment installed in accordance with specifications approved by Landlord in
advance, such approval not to be unreasonably withheld, conditioned or delayed. Tenant shall reimburse Landlord for up to $2,500 of Landlord&#8217;s third-party out of pocket costs to review Tenant&#8217;s plans in connection with the installation
of the Rooftop Equipment. Such installation shall be designed in such manner as to be easily removable and so as not to damage the roof of the Building. Tenant&#8217;s use of the Rooftop Area shall be upon all of the conditions of the Lease, except
as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Any such installations and the costs to maintain and restore such installations shall be at Tenant&#8217;s sole cost and
expense. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Rooftop Equipment shall not interfere with the operations of any other tenant in the
Building. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Landlord shall have no obligation to provide any services to the Rooftop Area other than ordinary roof maintenance as
required by the Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Tenant shall have no right to make any changes, alterations or other improvements without Landlord&#146;s
prior written consent, such consent not to be unreasonably withheld, conditioned or delayed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Landlord shall provide Tenant with <FONT
STYLE="white-space:nowrap">24-hour</FONT> access to the Rooftop Area, subject to Landlord&#146;s reasonable security procedures and restrictions based on emergency conditions and to other causes beyond Landlord&#146;s reasonable control. Tenant
shall give Landlord reasonable advance written notice of the need for access to the Rooftop Area (except that such notice may be oral in an emergency), and a representative of Landlord must be present during any entry by Tenant onto the Rooftop Area
except that such accompaniment shall not be required in the event of an emergency. Each notice for access shall be in the form of a work order referencing the Lease and describing, as applicable, the date access is needed, the name of the contractor
or other personnel requiring access, the name of the supervisor authorizing the access/work, the areas to which access is required, the Building common elements to be impacted (risers, electrical rooms, etc.) and the description of new equipment or
other Rooftop Equipment to be installed and evidence of Landlord&#146;s approval thereof. In the event of an emergency, such notice shall follow within five&nbsp;(5)&nbsp;days after access to the Rooftop Area. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) At the expiration or prior termination of Tenant&#146;s right to use the Rooftop Area, Tenant shall remove all Rooftop Equipment from the
Rooftop Area. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Tenant shall be responsible for the cost of repairing any damage to the roof of the Building caused by the installation
or removal of any Rooftop Equipment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Tenant shall have no right to sublet the Rooftop Area, except in connection with a sublease
permitted hereunder or otherwise approved by Landlord in accordance with the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) No person, firm or entity (including,
without limitation, other tenants, licensees or occupants of the Project) shall have the right to benefit from the services provided by the Rooftop Equipment other than Tenant, a Permitted Transferee or a Related Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) In the event that Landlord performs repairs to or replacement of the roof, Tenant shall, to the extent reasonably required, at
Tenant&#146;s cost, remove the Rooftop Equipment until such time as Landlord has completed such repairs or replacements. Tenant recognizes that there may be an interference with Tenant&#146;s use of the Rooftop Equipment in connection with such
work. Landlord shall use reasonable efforts to complete such work as promptly as possible and to perform such work in a manner which will minimize or, if reasonably possible, eliminate any interruption in Tenant&#146;s use of the Rooftop Equipment.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Any services required by Tenant in connection with Tenant&#146;s use of the Rooftop Area
or the Rooftop Equipment shall be installed by Tenant, at Tenant&#146;s expense, subject to Landlord&#146;s prior approval, such approval not to be unreasonably withheld, conditioned or delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) To the maximum extent permitted by law, all Rooftop Equipment in the Rooftop Area shall be at the sole risk of Tenant, and Landlord shall
have no liability to Tenant in the event that any Rooftop Equipment are damaged for any reason, except to the extent caused by the negligence or willful misconduct of Landlord, its agents or contractors. Landlord shall not permit access to the
Rooftop Area by Landlord&#146;s agents or contractors or by other tenants of the Building without reasonable prior notice to Tenant and an opportunity for a representative of Tenant to be present during such access. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Tenant shall take the Rooftop Area <FONT STYLE="white-space:nowrap">&#147;as-is&#148;,</FONT> in the condition in which the Rooftop Area
is in as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) Tenant shall comply with all applicable laws, ordinances and regulations in Tenant&#146;s use of the
Rooftop Area and the Rooftop Equipment; provided, however, that Tenant shall not be require to make structural changes to the Rooftop Area unless such structural changes are required solely because of the Rooftop Equipment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) Landlord shall have the right, upon no less than ninety&nbsp;(90) days&#146; notice to Tenant, to require Tenant to relocate the Rooftop
Area to another area (&#147;<B>Relocated Rooftop Area</B>&#148;) on the roof of the Building suitable for the use of the Rooftop Equipment. In such event, Tenant shall, at Landlord&#146;s cost and expense (which costs and expenses shall be approved
by Landlord in advance), on or before the ninetieth (90th) day after Landlord gives such notice, relocate all of its Rooftop Equipment from the Rooftop Area to the Relocation Rooftop Area. Such Relocated Rooftop Area shall be subject to all other
terms and conditions of this First Amendment as if it were the original Rooftop Area. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) In addition to complying with the applicable
construction provisions of the Lease, Tenant shall not install or operate Rooftop Equipment in any portion of the Rooftop Area until (x)&nbsp;Tenant shall have obtained Landlord&#146;s prior written approval, which approval will not be unreasonably
withheld, conditioned or delayed, of Tenant&#146;s plans and specifications for the placement and installation of the Rooftop Equipment in the Rooftop Area, and (y)&nbsp;Tenant shall have obtained and delivered to Landlord copies of all required
governmental and quasi- governmental permits, approvals, licenses and authorizations necessary for the lawful installation, operation and maintenance of the Rooftop Equipment. The parties hereby acknowledge and agree, by way of illustration and not
limitation, that Landlord shall have the right to withhold its approval of Tenant&#146;s plans and specifications hereunder, and shall not be deemed to be unreasonable in doing so, if Tenant&#146;s intended placement or method of installation or
operation of the Rooftop Equipment (i)&nbsp;may subject other licensees, tenants or occupants of the Project, or other surrounding or neighboring landowners or their occupants, to signal interference, Tenant hereby acknowledging that a shield may be
required in order to prevent such interference, (ii)&nbsp;does not minimize to the fullest extent practicable the obstruction of the views from the windows of the Building that are adjacent to the Rooftop Equipment, if any, (iii)&nbsp;does not
complement (in&nbsp;Landlord&#146;s sole judgment, which shall not, however, require Tenant to incur unreasonable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
expense) the design and finish of the Building, (iv)&nbsp;may damage the structural integrity of the Building or the roof thereof, or (v)&nbsp;may constitute a violation of any consent, approval,
permit or authorization necessary for the lawful installation of the Rooftop Equipment. Landlord hereby confirms and agrees that it has approved the plans and specifications attached hereto as <U>Exhibit</U><U></U><U>&nbsp;B</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) In addition to the indemnification provisions set forth in the Lease which shall be applicable to the Rooftop Area, subject to the
limitation on special, consequential or punitive damages contained in Section&nbsp;7.13 of the Lease, Tenant shall, to the maximum extent permitted by law, indemnify, defend and hold Landlord and its agents, contractors and employees harmless from
and against any and all claims, losses, demands, actions or causes of actions suffered by any person, firm, corporation or other entity arising from Tenant&#146;s use of the Rooftop Equipment and/or the Rooftop Area. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) Landlord shall have the right to require Tenant to designate or identify the Rooftop Equipment with or by a lease or license number (or
other marking) and to place such number (or marking) on or near such Rooftop Equipment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><U>Representations and Warranties</U></B>.
Each of Landlord and Tenant hereby represents and warrants to the other that it has the full right, power and authority to enter into this First Amendment and to perform its obligations hereunder, and that upon execution of this First Amendment by
such party, this First Amendment shall constitute a valid and legally binding obligation of such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B><U>Ratification, Approval
and Confirmation of Terms</U></B>. In all respects, the Existing Lease, as hereby amended and modified, is hereby ratified, approved and confirmed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B><U>Broker</U></B>. Each of Landlord and Tenant hereby warrant and represent to the other that it has dealt with no broker in connection
with this First Amendment. Each of Landlord and Tenant hereby agree to defend, indemnify, and hold harmless the other, from and against any claim by third parties for brokerage, commissions, finders or other fees relative to this First Amendment or
the leasing of space in the Building, and any court costs, attorneys&#146; fees or other costs or expenses arising therefrom, alleged to be due from such indemnifying party by any broker. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B><U>Counterparts</U></B>. This First Amendment is executed in any number of counterparts, each copy of which is identical, and any one of
which shall be deemed to be complete in itself and may be introduced in evidence or used for any purpose without the production of the other copies. This First Amendment may be executed by electronic signature, which shall be considered as an
original signature for all purposes and shall have the same force and effect as an original signature. Without limitation, in addition to electronically produced signatures, &#147;electronic signature&#148; shall include faxed versions of an
original signature or electronically scanned and transmitted versions (e.g., via pdf) of an original signature. This First Amendment may be executed in several counterparts, each of which shall be an original, but all of which shall constitute but
one and the same instrument. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <B><U>Miscellaneous</U></B>. This First Amendment shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts without regard to its conflict of law provisions and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. In the
event of any inconsistency or conflict between the terms of this First Amendment and of the Existing Lease, the terms of this First Amendment shall control. Time is of the essence of all of the terms of this First Amendment. This First Amendment
constitutes and contains the sole and entire agreement of the parties hereto with respect to the subject matter hereof. This First Amendment may not be changed, modified, discharged or terminated orally in any manner other than by an agreement in
writing signed by Tenant and Landlord or their respective representatives, successors and permitted assigns. Submission of this First Amendment by Landlord is not an officer to enter in this First Amendment but rather is a solicitation for such an
offer by Tenant. Landlord shall not be bound by this First Amendment until Landlord has executed and delivered the same to Tenant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN
WITNESS WHEREOF</B>, the parties have caused this First Amendment to be duly authorized, executed and delivered as of the First Amendment Effective Date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>LANDLORD:</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">IDB <FONT STYLE="white-space:nowrap">17-19</FONT> DRYDOCK LIMITED PARTNERSHIP, a Delaware limited partnership</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">IDB <FONT STYLE="white-space:nowrap">17-19</FONT> GP Corp.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a Delaware corporation,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">its general partner</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Dana Griffin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dana Griffin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorized Secretary</P></TD></TR></TABLE></DIV>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>TENANT:</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AKTIS ONCOLOGY, INC.,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a Delaware corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shulamit <FONT STYLE="white-space:nowrap">Ron-Bigger</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">COO</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EXHIBIT&nbsp;A, FIRST AMENDMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TENANT&#146;S ROOFTOP AREA </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A, First
Amendment </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EXHIBIT&nbsp;B, FIRST AMENDMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>APPROVED PLANS AND SPECIFICATIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit B, First
Amendment </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>17
<FILENAME>d875386dex211.htm
<DESCRIPTION>EX-21.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-21.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 21.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Subsidiaries of the Registrant </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">State of Incorporation or
Organization</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Aktis Securities Corporation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Delaware</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>18
<FILENAME>d875386dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the use in this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> of our report dated May&nbsp;22, 2025, relating to
the financial statements of Aktis Oncology, Inc. We also consent to the reference to us under the heading &#8220;Experts&#8221; in such Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Deloitte&nbsp;&amp; Touche LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 19, 2025 </P>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>19
<FILENAME>d875386dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<title>EX-FILING FEES</title>
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  <body>
  <div style="display: none"> <ix:header> <ix:hidden> <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-330">S-1</ix:nonNumeric> <ix:nonNumeric name="ffd:SubmissnTp" contextRef="rc" id="ixv-331">S-1</ix:nonNumeric> <ix:nonNumeric name="ffd:FeeExhibitTp" contextRef="rc" id="ixv-332">EX-FILING FEES</ix:nonNumeric> <ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="rc" id="ixv-333">0002035832</ix:nonNumeric> <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-334">Aktis Oncology, Inc.</ix:nonNumeric> <ix:nonNumeric name="ffd:OfferingTableNa" contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"></ix:nonNumeric> <ix:nonNumeric name="ffd:OffsetTableNa" contextRef="rc" id="hiddenrcOffsetTableNa">N/A</ix:nonNumeric> <ix:nonNumeric name="ffd:CombinedProspectusTableNa" contextRef="rc" id="hiddenrcCombinedProspectusTableNa">N/A</ix:nonNumeric> </ix:hidden> <ix:references> <link:schemaRef xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd" xlink:type="simple"/> </ix:references> <ix:resources> <xbrli:context id="rc"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0002035832</xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:startDate>2025-12-03</xbrli:startDate> <xbrli:endDate>2025-12-03</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="offrl_1"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0002035832</xbrli:identifier> <xbrli:segment> <xbrldi:typedMember dimension="ffd:OfferingAxis"> <dei:lineNo>1</dei:lineNo> </xbrldi:typedMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2025-12-03</xbrli:startDate> <xbrli:endDate>2025-12-03</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:unit id="USD"> <xbrli:measure>iso4217:USD</xbrli:measure> </xbrli:unit> <xbrli:unit id="pure"> <xbrli:measure>xbrli:pure</xbrli:measure> </xbrli:unit> <xbrli:unit id="Shares"> <xbrli:measure>xbrli:shares</xbrli:measure> </xbrli:unit> </ix:resources> </ix:header> </div> <div>
<table style="width: 99%; font-family: Arial, Helvetica, sans-serif; font-size: 20pt; text-align: center;">
<tr>
<td colspan="4" style="padding-bottom: .5em"> <p> <b>Calculation of Filing Fee Tables</b> </p> </td> </tr>
<tr>
<td style="padding-bottom: .25em"> <p> <b> <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-362">S-1</ix:nonNumeric> </b> </p> </td> </tr>
<tr>
<td style="padding-bottom: .25em"> <p> <b> <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-363">Aktis Oncology, Inc.</ix:nonNumeric> </b> </p> </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 1: Newly Registered and Carry Forward Securities</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
<tr style="background-color:#9ADAF6">
<th style="width: 12%;">
 </th>
<th style="width: 2%;">
 </th>
<th style="width: 12%;"> <p style="margin: 0pt; text-align: center;"> <b>Security Type</b> </p> </th>
<th style="width: 14%;"> <p style="margin: 0pt; text-align: center;"> <b>Security Class Title </b> </p> </th>
<th style="width: 2%;"> <p style="margin: 0pt; text-align: center;"> <b>Fee Calculation or Carry Forward Rule</b> </p> </th>
<th style="width: 5%;"> <p style="margin: 0pt; text-align: center;"> <b>Amount Registered</b> </p> </th>
<th style="width: 15%;"> <p style="margin: 0pt; text-align: center;"> <b>Proposed Maximum Offering Price Per Unit</b> </p> </th>
<th style="width: 10%;"> <p style="margin: 0pt; text-align: center;"> <b>Maximum Aggregate Offering Price</b> </p> </th>
<th style="width: 5%;"> <p style="margin: 0pt; text-align: center;"> <b>Fee Rate</b> </p> </th>
<th style="width: 6%;"> <p style="margin: 0pt; text-align: center;"> <b>Amount of Registration Fee</b> </p> </th>
<th style="width: 1%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward Form Type</b> </p> </th>
<th style="width: 7%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward File Number</b> </p> </th>
<th style="width: 6%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward Initial Effective Date</b> </p> </th>
<th style="width: 7%;"> <p style="margin: 0pt; text-align: center;"> <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b> </p> </th> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Newly Registered Securities</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-364">Fees to be Paid</ix:nonNumeric> </td>
<td style="text-align: center;"> 1 </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-365">Equity</ix:nonNumeric> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-366">Common Stock, par value $0.0001 per share</ix:nonNumeric> </td>
<td style="text-align: center;"> <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-367">457(o)</ix:nonNumeric> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-368">100,000,000.00</ix:nonFraction> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-369">0.0001381</ix:nonFraction> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-370">13,810.00</ix:nonFraction> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fees Previously Paid </td>
<td style="text-align: center;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Carry Forward Securities</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Carry Forward Securities </td>
<td style="text-align: center;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p> </td>
<td>
 </td>
<td style="vertical-align: top; width: 16%;"> <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-371">100,000,000.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td style="vertical-align: top; border-bottom: 1px black; width: 16%;"> <p id="TotalFeeAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-372">13,810.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Total Fees Previously Paid: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-373">0.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Total Fee Offsets: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-374">0.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Net Fee Due: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="NetFeeAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-375">13,810.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr> </table> </div> <div>
<table style="width: 100%; text-indent: 0px;"> <tbody>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td> <p style="margin:0pt;text-align:left; margin-bottom: 5px;"> <b>Offering Note</b> </p> </td>
<td/> </tr> </tbody> </table> </div> <div style="padding-bottom: 20px;">
<table style="width: 100%; text-indent: 0px;">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td style="width:10pt;"> <p style="margin:0pt;text-align:left;"> <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup> </p> </td>
<td colspan="7" style="white-space: pre-line;"> <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-376">Maximum Aggregate Offering Price estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. Includes the aggregate offering price of additional shares that the underwriters have the option to purchase from the registrant, if any.</ix:nonNumeric> </td> </tr>
<tr>
<td colspan="7"> <hr style="width:100%;text-align:left;margin-left:0"/> </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 2: Fee Offset Claims and Sources</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center; border: 1px solid black;">
<tr style="background-color:#9ADAF6">
<th style="width: 10%; text-align: left;">
 </th>
<th style="width: 8%; text-align: left;">
 </th>
<th style="width: 16%;"> Registrant or Filer Name </th>
<th style="width: 6%;"> Form or Filing Type </th>
<th style="width: 7%;"> File Number </th>
<th style="width: 6%;"> Initial Filing Date </th>
<th style="width: 6%;"> Filing Date </th>
<th style="width: 6%;"> Fee Offset Claimed </th>
<th style="width: 6%;"> Security Type Associated with Fee Offset Claimed </th>
<th style="width: 8%;"> Security Title Associated with Fee Offset Claimed </th>
<th style="width: 6%;"> Unsold Securities Associated with Fee Offset Claimed </th>
<th style="width: 9%;"> Unsold Aggregate Offering Amount Associated with Fee Offset Claimed </th>
<th style="width: 6%;"> Fee Paid with Fee Offset Source </th> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Rules 457(b) and 0-11(a)(2)</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Claims </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Sources </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Rule 457(p)</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Claims </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Sources </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 3: Combined Prospectuses</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; border: 1px solid black;">
<tr style="background-color:#9ADAF6">
<th style="width: 4%">
 </th>
<th style="width: 14%"> <p style="margin: 0pt; text-align: center;"> <b>Security Type</b> </p> </th>
<th style="width: 25%"> <p style="margin: 0pt; text-align: center;"> <b>Security Class Title</b> </p> </th>
<th style="width: 14%"> <p style="margin: 0pt; text-align: center;"> <b>Amount of Securities Previously Registered</b> </p> </th>
<th style="width: 18%"> <p style="margin: 0pt; text-align: center;"> <b>Maximum Aggregate Offering Price of Securities Previously Registered</b> </p> </th>
<th style="width: 6%"> <p style="margin: 0pt; text-align: center;"> <b>Form Type</b> </p> </th>
<th style="width: 10%"> <p style="margin: 0pt; text-align: center;"> <b>File Number</b> </p> </th>
<th style="width: 8%"> <p style="margin: 0pt; text-align: center;"> <b>Initial Effective Date</b> </p> </th> </tr>
<tr style="background-color:#E7E7E2;">
<td style="text-align: center;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: center;"> N/A </td>
<td style="text-align: center;"> N/A </td>
<td style="text-align: center;"> N/A </td> </tr> </table> </div> </body></html>
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end
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Dec. 03, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0002035832<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Aktis Oncology, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
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<td>xbrli:stringItemType</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Dec. 03, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common Stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 100,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 13,810.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Maximum Aggregate Offering Price estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. Includes the aggregate offering price of additional shares that the underwriters have the option to purchase from the registrant, if any.<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
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<td>dtr-types:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
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<td>ffd_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection o<br></p></div>
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<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
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<div>Dec. 03, 2025 </div>
<div>USD ($)</div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
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