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Subsequent Event
6 Months Ended
Jun. 30, 2025
Subsequent Event  
Subsequent Event

15. Subsequent Events

August 2025 Credit Agreement

On August 11, 2025, the Company entered into a credit and security (the “August 2025 Credit Agreement”) for a loan in the aggregate amount of $15.0 million (“August 2025 Loan”) with Innoviva. The August 2025 Loan bears interest at an annual rate of 14.0% and matures on January 11, 2029. Principal and accrued interest are payable at maturity. Repayment of the August 2025 Loan is guaranteed by the Company’s domestic subsidiaries, and the loan is secured by substantially all of the assets of the Company and the subsidiary guarantors.

Mango, Inc. Sublease

On July 29, 2025, the Company entered into a sublease with Mango, Inc., doing business as Mango Biosciences as sub-tenant, pursuant to the “2021 Lease” for a portion of a research and development lab and office space. The term of the sublease is 38 months and is anticipated to commence September 1, 2025.

MTEC Agreement Modification

On July 2, 2025, the MTEC Agreement was modified to extend the term to March 31, 2026.