Erasca(ERAS) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) This section provides Erasca, Inc.'s unaudited condensed consolidated financial statements and comprehensive notes detailing financial position, operational performance, cash flows, and significant accounting policies Condensed Consolidated Balance Sheets This table presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :--------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Total assets | $445,386 | $502,526 | $(57,140) | | Total liabilities | $73,128 | $79,027 | $(5,899) | | Total stockholders' equity | $372,258 | $423,499 | $(51,241) | | Cash and cash equivalents | $66,143 | $67,739 | $(1,596) | | Short-term marketable securities | $234,518 | $230,570 | $3,948 | | Long-term marketable securities | $86,088 | $142,164 | $(56,076) | | Accumulated deficit | $(832,505) | $(767,663) | $(64,842) | Condensed Consolidated Statements of Operations and Comprehensive Loss This table details the company's revenues, expenses, and net loss for the three and six months ended June 30, 2025 and 2024 | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :---------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Research and development | $21,170 | $33,032 | $47,139 | $61,606 | | In-process research and development | $7,500 | $22,500 | $7,500 | $22,500 | | General and administrative | $9,455 | $12,250 | $19,116 | $22,527 | | Total operating expenses | $38,125 | $67,782 | $73,755 | $106,633 | | Net loss | $(33,876) | $(63,201) | $(64,842) | $(98,218) | | Net loss per share, basic and diluted | $(0.12) | $(0.29) | $(0.23) | $(0.53) | - Net loss significantly decreased for both the three-month period (46.39% reduction) and six-month period (34.08% reduction) ended June 30, 2025, compared to the same periods in 2024[13] - Research and development expenses decreased by $11.86 million (35.90%) for the three months and $14.47 million (23.50%) for the six months ended June 30, 2025, compared to 2024[13] - In-process research and development expenses decreased by $15.0 million (66.67%) for both the three and six months ended June 30, 2025, compared to 2024[13] Condensed Consolidated Statements of Stockholders' Equity This table outlines changes in stockholders' equity, including common stock, additional paid-in capital, and accumulated deficit, for the six months ended June 30, 2025 | Metric | Balance at Dec 31, 2024 (in thousands) | Balance at June 30, 2025 (in thousands) | Change (in thousands) | | :-------------------------------- | :----------------------------------- | :---------------------------------- | :-------------------- | | Common Stock (Amount) | $28 | $28 | $0 | | Additional Paid-in Capital | $1,190,729 | $1,204,320 | $13,591 | | Accumulated Other Comprehensive Income | $405 | $415 | $10 | | Accumulated Deficit | $(767,663) | $(832,505) | $(64,842) | | Total Stockholders' Equity | $423,499 | $372,258 | $(51,241) | - Additional paid-in capital increased by $13.59 million from December 31, 2024, to June 30, 2025, primarily due to stock-based compensation expense and exercise of stock options[16] - Accumulated deficit increased by $64.84 million from December 31, 2024, to June 30, 2025, reflecting the net loss incurred during the period[16] Condensed Consolidated Statements of Cash Flows This table summarizes cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :----------------- | :------------------------------------------ | :------------------------------------------ | :-------------------- | | Operating activities | $(52,086) | $(62,434) | $10,348 | | Investing activities | $50,010 | $(76,638) | $126,648 | | Financing activities | $480 | $218,799 | $(218,319) | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(1,596) | $79,727 | $(81,323) | - Net cash used in operating activities decreased by $10.35 million, indicating improved operational cash burn in the first half of 2025 compared to 2024[19] - Investing activities shifted from a net cash outflow of $76.64 million in H1 2024 to a net cash inflow of $50.01 million in H1 2025, primarily due to decreased purchases and increased maturities of marketable securities[19] - Net cash provided by financing activities significantly decreased by $218.32 million, reflecting substantial equity raises in H1 2024 that did not recur in H1 2025[19] Notes to Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, explaining key accounting policies and financial details Note 1. Organization and basis of presentation This note describes Erasca, Inc.'s business as a clinical-stage oncology company, its financial position including accumulated deficit, and its liquidity outlook - Erasca, Inc. is a clinical-stage precision oncology company focused on RAS/MAPK pathway-driven cancers[21] - As of June 30, 2025, the Company had $386.7 million in cash, cash equivalents and marketable securities[22] - The Company had an accumulated deficit of $832.5 million as of June 30, 2025[22] - The Company believes its cash, cash equivalents and marketable securities as of June 30, 2025 will be sufficient to fund operations for at least one year from the issuance date[23] Note 2. Summary of significant accounting policies This note outlines significant accounting policies, including estimates, interim financial information, credit risk, fair value measurements, and new accounting pronouncements - The Company classifies all marketable securities as available-for-sale, carried at fair value with unrealized gains/losses reported in accumulated other comprehensive income (loss)[31] - Equity investments without readily determinable fair values are recorded using cost minus impairment and assessed quarterly for potential impairment[33] - The Company qualifies as an 'emerging growth company' and has elected to use the extended transition period for complying with new or revised accounting standards[37] Note 3. Fair value measurements This note details financial assets measured at fair value, primarily money market funds and various debt securities, categorized by Level 1 and Level 2 inputs | Asset Category | June 30, 2025 Fair Value (in thousands) | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | | :--------------- | :------------------------------------ | :--------------------- | :--------------------- | :--------------------- | | Money market funds | $62,337 | $62,337 | $— | $— | | US treasury securities | $80,844 | $80,844 | $— | $— | | US government agency securities | $41,904 | $— | $41,904 | $— | | Corporate debt securities | $4,993 | $— | $4,993 | $— | | Commercial paper | $101,762 | $— | $101,762 | $— | | Yankee debt securities | $5,015 | $— | $5,015 | $— | | US treasury securities (long-term) | $51,891 | $51,891 | $— | $— | | US government agency securities (long-term) | $34,197 | $— | $34,197 | $— | | Total fair value of assets | $382,943 | $195,072 | $187,871 | $— | - The Company's equity investment in Affini-T Therapeutics, Inc. was fair valued at $0 as of June 30, 2025, representing cost less impairment. A $402,000 impairment adjustment was recorded in Q2 2024[44] Note 4. Marketable securities This note details available-for-sale marketable securities, their fair values, and unrealized loss positions attributed to market factors rather than credit risk | Security Type | June 30, 2025 Fair Value (in thousands) | December 31, 2024 Fair Value (in thousands) | | :------------------------------ | :------------------------------------ | :------------------------------------ | | US treasury securities (<=1 year) | $80,844 | $42,849 | | US government agency securities (<=1 year) | $41,904 | $22,420 | | Corporate debt securities (<=1 year) | $4,993 | $30,701 | | Commercial paper (<=1 year) | $101,762 | $129,561 | | Yankee debt securities (<=1 year) | $5,015 | $5,039 | | US treasury securities (1-2 years) | $51,891 | $71,784 | | US government agency securities (1-2 years) | $34,197 | $70,380 | | Total | $320,606 | $372,734 | - As of June 30, 2025, there were 14 available-for-sale securities with an estimated fair value of $70.1 million in gross unrealized loss positions, none for more than 12 months[48] - Unrealized losses are not attributed to credit risk but rather to market factors and changes in interest rates[49] Note 5. Property and equipment, net This note details the net value of property and equipment, which decreased due to accumulated depreciation and amortization | Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :------------------------------- | | Laboratory equipment | $4,638 | $4,741 | | Furniture and fixtures | $3,712 | $3,712 | | Leasehold improvements | $16,313 | $16,313 | | Computer equipment and software | $1,624 | $1,564 | | Property and equipment | $26,287 | $26,330 | | Less accumulated depreciation and amortization | $(11,462) | $(10,009) | | Property and equipment, net | $14,825 | $16,321 | - Depreciation and amortization expense for the six months ended June 30, 2025, was $1.6 million, down from $2.1 million in the prior year period[51] Note 6. Accrued expenses and other current liabilities This note details the decrease in total accrued expenses and other current liabilities, primarily driven by reductions in accrued compensation and R&D expenses | Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Accrued research and development expenses | $14,366 | $14,872 | | Accrued compensation | $6,643 | $10,651 | | Accrued professional services | $371 | $451 | | Other accruals and current liabilities | $399 | $334 | | Total | $21,779 | $26,308 | Note 7. Asset acquisitions This note describes the Asana Merger Agreement, including upfront payments, stock issuance, and future milestone obligations for ERK1 and ERK2 inhibitors - In November 2020, the Company acquired an exclusive, worldwide license for ERK1 and ERK2 inhibitors (ERAS-007) through the Asana Merger Agreement[54] - The acquisition included an upfront payment of $20.0 million and the issuance of 4,000,000 shares of Series B-2 convertible preferred stock (total fair value of $30.0 million)[55] - Future obligations include up to $90.0 million in development and regulatory milestone cash payments and the issuance of 3,888,889 common shares upon a specific clinical milestone[55] Note 8. License agreements This note details key license agreements for naporafenib, pan-RAS, and pan-KRAS inhibitors, including upfront payments, milestones, and royalties - Novartis Agreement (Dec 2022) for naporafenib: $20.0 million upfront cash, $80.0 million in common stock, up to $280.0 million in future milestones, low-single digit royalties[58] - Joyo License Agreement (May 2024) for pan-RAS inhibitors: $12.5 million upfront cash, up to $182.5 million in future milestones, low- to mid-single digit royalties. $7.5 million IPR&D expense recorded in Q2 2025 for milestones[61] - Medshine License Agreement (May 2024) for pan-KRAS inhibitors: $10.0 million upfront cash, up to $160.0 million in future milestones, low-single digit royalties. $10.0 million IPR&D expense recorded in Q2 2024 for upfront payment[63] - Katmai License Agreement for ERAS-801 was terminated in April 2025, with assets assigned to Katmai and future payments to Erasca based on Katmai's development and commercialization[66] Note 9. Stockholders' equity This note details outstanding common stock, shares reserved for future issuance, and proceeds from private placement and underwritten offerings in 2024 | Category | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Stock options issued and outstanding | 47,790,988 | 33,910,721 | | Awards available for future grant | 13,435,804 | 13,265,858 | | Shares available for purchase under the ESPP | 4,081,044 | 1,569,952 | | Total reserved for future issuance | 65,307,836 | 48,746,531 | - In May 2024, the Company completed an underwritten offering of 99,459,458 common shares, generating $174.4 million net proceeds[70] - In March 2024, the Company completed a private placement of 21,844,660 common shares, generating $43.6 million net proceeds[71] Note 10. Stock-based compensation This note details stock-based compensation expenses, stock option activity, and the impact of the May 2024 Option Repricing | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Research and development | $2,938 | $3,788 | $6,056 | $7,272 | | General and administrative | $3,460 | $3,392 | $7,055 | $6,756 | | Total stock-based compensation expense | $6,398 | $7,180 | $13,111 | $14,028 | - As of June 30, 2025, 47,790,988 stock options were outstanding with a weighted-average exercise price of $3.25[76] - An Option Repricing in May 2024 reduced the exercise price of 7,478,918 options to $2.35 per share, resulting in $1.1 million of incremental cost[79] Note 11. Leases This note details total lease costs, cash payments for operating leases, increased sublease income, and a Q2 2024 impairment charge on lease assets | Lease Cost Category | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------ | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Operating lease cost | $1,815 | $2,434 | $3,646 | $4,345 | | Variable lease cost | $1,026 | $918 | $2,169 | $1,834 | | Sublease income | $(715) | $(132) | $(1,428) | $(216) | | Total lease cost | $2,126 | $3,220 | $4,387 | $5,963 | - The weighted-average remaining lease term was 6.89 years and the weighted-average discount rate was 8.98% at June 30, 2025[85] - A noncash impairment charge of $4.7 million was recognized in Q2 2024 related to the sublease plan for the first floor of the San Diego corporate headquarters[91] Note 12. Commitments and contingencies This note describes the May 2024 strategic reprioritization, including deprioritized clinical trials and an 18% workforce reduction with associated termination benefits - In May 2024, the Company initiated a strategic reprioritization to focus on naporafenib, ERAS-0015, and ERAS-4001 programs[94] - This reprioritization included deprioritizing the HERKULES-3, THUNDERBBOLT-1, and ERAS-4 pan-KRAS clinical trials[94] - An approximately 18% workforce reduction resulted in $2.2 million in one-time cash charges for termination benefits in Q2 2024[94] Note 13. Income taxes This note states no income tax provision due to net operating losses, a full valuation allowance, and the impact of the One Big Beautiful Bill Act - No provision for federal, state, or foreign income taxes was recorded due to net operating losses[95] - A full valuation allowance has been recorded against all deferred tax assets[95] - The One Big Beautiful Bill Act (OBBBA) restores tax deductibility of domestic R&D expenses in the year incurred, and the Company is evaluating its impact[96] Note 14. Net loss per share This note details basic and diluted net loss per share, which improved for the three and six months ended June 30, 2025, compared to 2024 | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(33,876) | $(63,201) | $(64,842) | $(98,218) | | Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 283,355,730 | 217,806,567 | 283,308,273 | 184,484,154 | | Net loss per share, basic and diluted | $(0.12) | $(0.29) | $(0.23) | $(0.53) | - Potentially dilutive securities (options to purchase common stock, ESPP shares) were excluded from diluted net loss per share computation due to their anti-dilutive effect[98] Note 15. Segment Information This note states Erasca operates as a single segment, with the CEO allocating resources and assessing performance on a consolidated basis - The Company operates as a single operating and reportable segment focused on precision oncology for cancer patients[99] - The Chief Executive Officer (CODM) manages and allocates resources on a consolidated basis, assessing performance based on net loss and cash forecast models[99][101] Note 16. Subsequent Events This note details the August 12, 2025, Amended and Restated Open Market Sale Agreement with Jefferies for up to $200 million in common stock - On August 12, 2025, Erasca entered into an Amended and Restated Open Market Sale Agreement with Jefferies to sell up to $200 million of common stock in 'at the market' offerings[102] - The Agent will receive a commission of up to 3.0% of the gross proceeds[102] - The Company is not obligated to sell, and the Agent is not obligated to buy or sell, any shares under the agreement[103] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses Erasca's financial condition, operational results, strategic priorities, pipeline progress, and liquidity, focusing on its clinical-stage precision oncology programs Overview This overview highlights Erasca's focus on RAS/MAPK pathway-driven cancers, its pipeline progress, and its financial position as of June 30, 2025 - Erasca is a clinical-stage precision oncology company focused on RAS/MAPK pathway-driven cancers, with a pipeline including naporafenib, ERAS-0015, ERAS-4001, and ERAS-12[106][109] - ERAS-0015 (pan-RAS molecular glue) and ERAS-4001 (pan-KRAS inhibitor) INDs were cleared by the FDA in May 2025, with Phase 1 monotherapy data readouts anticipated in 2026[111][112] - Naporafenib (pan-RAF inhibitor) received FDA Fast Track Designation in December 2023 for NRASm melanoma. Preliminary SEACRAFT-1 data showed a 40% response rate in NRAS Q61X melanoma[114][116] - In May 2025, the company decided to evaluate strategic alternatives for the Stage 2 portion of the naporafenib Phase 3 trial to prioritize its RAS-targeting franchise[118] - As of June 30, 2025, Erasca had $386.7 million in cash, cash equivalents, and marketable securities, and an accumulated deficit of $832.5 million[126][127] Our acquisition and license agreements This section details the termination of the Katmai License Agreement for ERAS-801 and future payment obligations from Katmai to Erasca - In April 2025, the Katmai License Agreement for ERAS-801 was terminated as part of a strategic reprioritization[132] - Erasca assigned certain know-how, IP rights, and materials related to ERAS-801 to Katmai, and Katmai is obligated to make future payments to Erasca upon specific development and commercialization events[132] Components of results of operations This section explains the components of operating expenses, including research and development, in-process research and development, and general and administrative costs - The Company does not expect to generate revenue from product sales until regulatory approval is obtained[134] - Research and development expenses include external costs (CROs, CMOs, consultants) and internal costs (employee-related, lab supplies, facilities, depreciation)[135] - In-process research and development expenses are upfront and pre-commercial milestone payments for acquired or in-licensed product candidates without regulatory approval or alternative future use[140] - General and administrative expenses primarily cover employee-related costs, allocated facility expenses, and professional fees[142] Results of operations This section compares operating expenses and net loss for the three and six months ended June 30, 2025 and 2024, highlighting key changes | Operating Expense | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :-------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------- | | Research and development | $21,170 | $33,032 | $(11,862) | | In-process research and development | $7,500 | $22,500 | $(15,000) | | General and administrative | $9,455 | $12,250 | $(2,795) | | Total operating expenses | $38,125 | $67,782 | $(29,657) | | Net loss | $(33,876) | $(63,201) | $29,325 | | Operating Expense | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :-------------------------- | :------------------------------------------ | :------------------------------------------ | :-------------------- | | Research and development | $47,139 | $61,606 | $(14,467) | | In-process research and development | $7,500 | $22,500 | $(15,000) | | General and administrative | $19,116 | $22,527 | $(3,411) | | Total operating expenses | $73,755 | $106,633 | $(32,878) | | Net loss | $(64,842) | $(98,218) | $33,376 | - Research and development expenses decreased by $11.9 million (36%) for the three months and $14.5 million (24%) for the six months ended June 30, 2025, primarily due to reduced personnel costs, outsourced services, clinical trial expenses, and a prior year impairment charge[147][152] - In-process research and development expenses decreased by $15.0 million (67%) for both periods, reflecting lower milestone achievements in 2025 compared to upfront payments in 2024[148][153] - General and administrative expenses decreased by $2.8 million (23%) for the three months and $3.4 million (15%) for the six months, mainly due to a prior year impairment charge, reduced legal fees, and facilities costs[149][154] Liquidity and capital resources This section details the company's cash position, expected funding runway, future capital requirements, and financing plans - As of June 30, 2025, the Company had $386.7 million in cash, cash equivalents, and marketable securities[161] - Current capital is expected to fund operations into the second half of 2028[161] - Future capital requirements are substantial and will depend on R&D progress, manufacturing costs, regulatory outcomes, and intellectual property maintenance[162] - The Company plans to finance future cash needs through equity offerings (including the ATM program), debt financings, or collaborations[163] | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :----------------- | :------------------------------------------ | :------------------------------------------ | | Operating activities | $(52,086) | $(62,434) | | Investing activities | $50,010 | $(76,638) | | Financing activities | $480 | $218,799 | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(1,596) | $79,727 | Emerging growth company and smaller reporting company status This section confirms Erasca's status as an 'emerging growth company' and 'smaller reporting company,' allowing for scaled disclosures - Erasca is an 'emerging growth company' (EGC) and has elected to use the extended transition period for complying with new or revised accounting standards[173] - The Company is also a 'smaller reporting company' (SRC) and can take advantage of scaled disclosures[175] Item 3. Quantitative and Qualitative Disclosures About Market Risk No material changes to market risk disclosures, including interest rate, foreign currency, and inflation risks, were reported as of June 30, 2025 - No material changes to market risk disclosures (interest rate, foreign currency, inflation) as of June 30, 2025[176] Item 4. Controls and Procedures Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated as effective at the reasonable assurance level as of June 30, 2025[178] - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[179] PART II. OTHER INFORMATION This part contains other information not covered in the financial statements, including legal proceedings, risk factors, and equity sales Item 1. Legal Proceedings Erasca is not currently involved in any material legal proceedings, though ordinary course claims could impact operations - The Company is not currently a party to any material legal proceedings[181] Item 1A. Risk Factors No material changes to risk factors were reported since the 2024 Annual Report on Form 10-K, except as noted in the Q1 2025 10-Q - No material changes to risk factors since the Annual Report on Form 10-K for 2024, except as noted in the Q1 2025 10-Q[182] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities or use of proceeds to report[183] Item 3. Defaults Upon Senior Securities This item is not applicable to the company for the reporting period - Not applicable[184] Item 4. Mine Safety Disclosures This item is not applicable to the company for the reporting period - Not applicable[185] Item 5. Other Information This section covers Rule 10b5-1 trading plans and the new $200 million At the Market (ATM) Sales Agreement with Jefferies Rule 10b5-1 Trading Plans No officers or directors adopted, modified, or terminated Rule 10b5-1 trading plans during the three months ended June 30, 2025 - No officers or directors adopted, materially modified, or terminated any Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[186] At the Market Sales Agreements The 2022 ATM Offering was discontinued, and a new 2025 ATM Offering for up to $200 million in common stock was established on August 12, 2025 - The 2022 Open Market Sale Agreement (ATM Offering) was discontinued, with $178.1 million of shares remaining available for sale as of June 30, 2025[187] - On August 12, 2025, an Amended and Restated Open Market Sale Agreement (2025 ATM Offering) was entered into with Jefferies, allowing for the sale of up to $200 million of common stock[188] - Sales under the 2025 ATM Offering will be at prevailing market prices, with the Agent receiving up to a 3.0% commission, and the Company is not obligated to sell any shares[188][189] Item 6. Exhibits This section lists exhibits filed, including certifications from CEO and CFO, and Inline XBRL documents - Includes certifications from the CEO and CFO as required by Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act of 2002[194] - Contains Inline XBRL Instance Document, Taxonomy Extension Schema Document, and Cover Page Interactive Data File[194] Signatures The report is duly signed by the Principal Executive Officer and Principal Financial and Accounting Officer on August 12, 2025 - Report signed by Jonathan E. Lim, M.D., Chairman, CEO, and Co-Founder, and David M. Chacko, M.D., CFO and CBO, on August 12, 2025[198]