Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 17, 2025, the Company entered into the Financing Agreement and used a portion of the proceeds from the Initial Term Loan thereunder to repay all outstanding indebtedness, accrued and unpaid interest and exit fees under the

Hercules Loan Facility. See Note 8 “Long Term Debt” for additional information regarding the Hercules Loan Facility and the Financing Agreement.

In July 2025, the Company entered into an exclusive global license agreement (the “CSPC License Agreement”) with CSPC Pharmaceutical Group Limited (“CSPC”) for SYH2086, a preclinical oral small molecule glucagon-like peptide-1 (GLP-1) receptor agonist. Pursuant to the CSPC License Agreement, CSPC has granted the Company an exclusive global license to develop, manufacture, and commercialize SYH2086. The transaction is expected to close in the fourth quarter of 2025, subject to applicable regulatory clearance. Following closing, CSPC will receive from the Company an upfront payment of $120.0 million and is eligible to receive up to $2.0 billion in milestone payments if certain development, regulatory and commercial milestones are achieved, as well as royalties on net sales. The Company expects to initiate clinical development of SYH2086 in the first half of 2026.