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D8 c/o Biohaven Pharmaceuticals, Inc. 215 Church Street New Haven CT 06510 203 404-0410 Common Shares, no par value BHVN NYSE Yes Yes Large Accelerated Filer false false false 102112524 98417000 99134000 224332000 386857000 56390000 49376000 3618000 3105000 382757000 538472000 17788000 17320000 18400000 18400000 1390000 1390000 38611000 39525000 458946000 615107000 19142000 18029000 56572000 51487000 88320000 84710000 164034000 154226000 30804000 32782000 4613000 4663000 199451000 191671000 0 0 10000000 10000000 0 0 0 0 0 0 0 0 200000000 200000000 102104024 102104024 101221989 101221989 1689346000 1656702000 137467000 112369000 -1567391000 -1345714000 73000 79000 259495000 423436000 458946000 615107000 187584000 155972000 33977000 27268000 221561000 183240000 -221561000 -183240000 493000 4305000 -221068000 -178935000 609000 569000 -221677000 -179504000 -2.17 -2.17 -2.20 -2.20 101943396 101943396 81601826 81601826 -221677000 -179504000 -6000 -41000 -221683000 -179545000 -221677000 -179504000 2246000 1446000 53062000 34877000 0 10347000 4844000 5637000 -3610000 0 2844000 1058000 7238000 2622000 91000 19066000 2782000 9174000 -165124000 -102637000 210000000 81164000 44660000 47084000 461000 440000 0 391000 164879000 34031000 369000 2203000 0 1220000 369000 3423000 23000 -6000 147000 -65189000 102542000 252120000 102689000 186931000 Nature of the Business and Basis of Presentation <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Biohaven Ltd. (“we,” “us," "our," "Biohaven" or the “Company”) was incorporated in Tortola, British Virgin Islands in May 2022. Biohaven is a biopharmaceutical company focused on the discovery, development and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. The Company is advancing its innovative portfolio of therapeutics, leveraging its proven drug development experience and multiple, proprietary drug development platforms. Biohaven's extensive clinical and preclinical programs include Kv7 ion channel modulation for epilepsy and mood disorders; Molecular Degrader of Extracellular Proteins (“MoDE”) and Targeted Removal of Aberrant Protein ("TRAP") extracellular protein degradation for immunological diseases; Transient Receptor Potential Melastatin 3 ("TRPM3") antagonism for migraine and neuropathic pain; Tyrosine Kinase 2/Janus Kinase 1 ("TYK2/JAK1") inhibition for neuroinflammatory disorders; glutamate modulation for obsessive compulsive disorder and spinocerebellar ataxia; myostatin inhibition for neuromuscular and metabolic diseases, including spinal muscular atrophy and obesity; antibody recruiting bispecific molecules; and antibody drug conjugates ("ADCs") for cancer.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development ("R&amp;D") efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts may require additional capital, additional personnel and infrastructure, and further regulatory and other capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Separation from Biohaven Pharmaceutical Holding Company Ltd. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">On October 3, 2022, Biohaven Pharmaceutical Holding Company Ltd. (the “Former Parent”) completed the distribution to holders of its common shares of all of our outstanding common shares and the spin-off of Biohaven from the Former Parent (the “Separation”). As a result of the Separation, Biohaven became an independent, publicly traded company as of October 3, 2022, and commenced regular way trading under the symbol “BHVN”’ on the New York Stock Exchange on October 4, 2022.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The accompanying condensed consolidated financial statements include the accounts of Biohaven and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:14.4pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Through May 12, 2025, the Company has funded its operations primarily with funding from the Former Parent, including a cash contribution received at the Separation, proceeds from the sale of its common shares, and proceeds from the sale of senior secured notes under its Note Purchase Agreement (as defined and described in Note 14, "Subsequent Events"). The Company has incurred recurring losses since its inception and expects to continue to generate operating losses for the foreseeable future. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:14.4pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As of the date of issuance of these condensed consolidated financial statements, the Company expects its existing cash, cash equivalents, and marketable securities will be sufficient to fund operating and financial commitments, and other cash requirements for at least one year after the issuance date of these financial statements. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">To execute its business plans, the Company will require funding to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales or royalties, if ever, it expects to finance its operations through the sale of public or private equity, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s shareholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.</span></div> Summary of Significant Accounting Policies <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Our significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K"). Updates to our accounting policies are discussed below in this Note 2.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Unaudited Interim Condensed Consolidated Financial Information</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2025, the results of its operations for the three months ended March 31, 2025 and 2024, and its cash flows for the three months ended March 31, 2025 and 2024. The results for the three months ended March 31, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Certain items in the prior period’s condensed consolidated financial statements have been reclassified to conform to the current year presentation.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and valuation of forward contract and derivative liability. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Restricted Cash</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Restricted cash included in other current assets in the condensed consolidated balance sheets consists primarily of employee contributions to the Company's employee share purchase plan held for future purchases of the Company's outstanding shares. See Note 8, "Non-Cash Share-Based Compensation," of the 2024 Form 10-K for additional information on the Company's employee share purchase plan. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Restricted cash included in other non-current assets in the condensed consolidated balance sheets primarily represents collateral held by banks for a letter of credit ("LOC") issued in connection with the leased office space in </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Yardley, Pennsylvania and LOCs issued in connection with the leased office and lab spaces in Cambridge, Massachusetts and Pittsburgh, Pennsylvania. See Note 11, ‘‘Commitments and Contingencies,’’ of the 2024 Form 10-K for additional information on the real estate leases. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following represents a reconciliation of cash and cash equivalents in the condensed consolidated balance sheets to total cash, cash equivalents and restricted cash as of March 31, 2025 and March 31, 2024, respectively, in the condensed consolidated statements of cash flows:</span></div><div style="margin-bottom:6pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:74.923%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.867%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">98,417 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">182,705 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Restricted cash (included in other current assets)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,105 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,801 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Restricted cash (included in other non-current assets)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,167 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,425 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total cash, cash equivalents and restricted cash at the end of the period in the condensed consolidated statement of cash flows</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">102,689 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">186,931 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Recently Issued Accounting Pronouncements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025. The Company does not plan to early adopt and is currently evaluating the impact ASU No. 2023-09 will have on its consolidated financial statements.</span></div>In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. This ASU is effective for public entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements. <div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Unaudited Interim Condensed Consolidated Financial Information</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2025, the results of its operations for the three months ended March 31, 2025 and 2024, and its cash flows for the three months ended March 31, 2025 and 2024. The results for the three months ended March 31, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.</span></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Certain items in the prior period’s condensed consolidated financial statements have been reclassified to conform to the current year presentation.</span></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and valuation of forward contract and derivative liability. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</span></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Restricted Cash</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Restricted cash included in other current assets in the condensed consolidated balance sheets consists primarily of employee contributions to the Company's employee share purchase plan held for future purchases of the Company's outstanding shares. See Note 8, "Non-Cash Share-Based Compensation," of the 2024 Form 10-K for additional information on the Company's employee share purchase plan. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Restricted cash included in other non-current assets in the condensed consolidated balance sheets primarily represents collateral held by banks for a letter of credit ("LOC") issued in connection with the leased office space in </span></div>Yardley, Pennsylvania and LOCs issued in connection with the leased office and lab spaces in Cambridge, Massachusetts and Pittsburgh, Pennsylvania. See Note 11, ‘‘Commitments and Contingencies,’’ of the 2024 Form 10-K for additional information on the real estate leases. <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following represents a reconciliation of cash and cash equivalents in the condensed consolidated balance sheets to total cash, cash equivalents and restricted cash as of March 31, 2025 and March 31, 2024, respectively, in the condensed consolidated statements of cash flows:</span></div><div style="margin-bottom:6pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:74.923%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.867%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">98,417 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">182,705 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Restricted cash (included in other current assets)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,105 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,801 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Restricted cash (included in other non-current assets)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,167 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,425 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total cash, cash equivalents and restricted cash at the end of the period in the condensed consolidated statement of cash flows</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">102,689 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">186,931 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 98417000 182705000 1105000 1801000 3167000 2425000 102689000 186931000 <div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Recently Issued Accounting Pronouncements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025. The Company does not plan to early adopt and is currently evaluating the impact ASU No. 2023-09 will have on its consolidated financial statements.</span></div>In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. This ASU is effective for public entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements. Marketable Securities<div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at March 31, 2025 and December 31, 2024 were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.110%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.286%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Allowance for Credit Losses</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Net Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Gross Unrealized Gains</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Gross Unrealized Losses</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,396 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,396 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,365 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,896 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,896 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total </span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,292 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,292 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,262 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,262 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">82 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(47)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,297 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,526 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,526 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,788 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,788 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">116 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(47)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The fair values of debt securities available-for-sale by classification in the condensed consolidated balance sheets were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.514%"><tr><td style="width:1.0%"></td><td style="width:64.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.399%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.399%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.544%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The net amortized cost and fair value of debt securities available-for-sale at March 31, 2025 and December 31, 2024 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.526%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Net Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Net Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Due to mature:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Less than one year</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,292 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,788 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Summarized below are the debt securities available-for-sale the Company held at March 31, 2025 and December 31, 2024 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:</span></div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.005%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.283%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="15" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Less than 12 months</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Number of Securities</span></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Unrealized Losses</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">89,368 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">58,988 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(47)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">    </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company did not have any investments in a continuous unrealized loss position for more than twelve months as of March 31, 2025 or December 31, 2024.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company's business. In performing this review, the Company considered factors such as the credit quality of the investment security based on research performed by external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. As of March 31, 2025, the Company did not intend to sell these securities and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Net Investment Income</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Gross investment income includes interest income from debt securities available-for-sale, money-market funds, cash and restricted cash. Net investment income included in other income, net in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024 were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.443%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.546%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities (including realized losses)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,228 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,069 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other investments</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,011 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,262 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gross investment income (including realized losses)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,239 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,331 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Investment expenses</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(33)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(30)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net investment income</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,206 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,301 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">We utilize the specific identification method in computing realized gains and losses on sales of debt securities. There were no proceeds from the sale of available-for-sale debt securities or related gross realized capital gains or losses for the three months ended March 31, 2025 and 2024.</span></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at March 31, 2025 and December 31, 2024 were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.110%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.286%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Allowance for Credit Losses</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Net Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Gross Unrealized Gains</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Gross Unrealized Losses</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,396 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,396 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,365 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,896 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,896 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total </span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,292 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,292 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,262 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,262 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">82 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(47)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,297 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,526 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,526 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,788 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,788 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">116 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(47)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The fair values of debt securities available-for-sale by classification in the condensed consolidated balance sheets were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.514%"><tr><td style="width:1.0%"></td><td style="width:64.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.399%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.399%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.544%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 104396000 0 104396000 0 31000 104365000 119896000 0 119896000 71000 0 119967000 224292000 0 224292000 71000 31000 224332000 312262000 0 312262000 82000 47000 312297000 74526000 0 74526000 34000 0 74560000 386788000 0 386788000 116000 47000 386857000 224332000 386857000 224332000 386857000 <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The net amortized cost and fair value of debt securities available-for-sale at March 31, 2025 and December 31, 2024 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.526%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Net Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Net Amortized Cost</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Due to mature:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Less than one year</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,292 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,788 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">386,857 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 224292000 224332000 386788000 386857000 <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Summarized below are the debt securities available-for-sale the Company held at March 31, 2025 and December 31, 2024 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:</span></div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.005%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.283%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="15" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Less than 12 months</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Number of Securities</span></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Unrealized Losses</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">89,368 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">58,988 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(47)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table> 6 89368000 31000 4 58988000 47000 0 0 Net investment income included in other income, net in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024 were as follows:<div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.443%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.546%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Debt securities (including realized losses)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,228 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,069 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other investments</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,011 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,262 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gross investment income (including realized losses)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,239 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,331 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Investment expenses</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(33)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(30)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net investment income</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,206 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,301 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 3228000 2069000 1011000 2262000 4239000 4331000 33000 30000 4206000 4301000 0 0 0 0 Fair Value of Financial Assets and Liabilities <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires certain assets and liabilities to be reflected at their fair value and others to be reflected on another basis, such as an adjusted historical cost basis. In this note, the Company provides details on the fair value of financial assets and liabilities and how it determines those fair values.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Financial Instruments Measured at Fair Value on the Condensed Consolidated Balance Sheets</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Certain of the Company's financial instruments are measured at fair value on the condensed consolidated balance sheets on a recurring basis. The fair values of these instruments are based on valuations that include inputs that can be classified within one of three levels of a hierarchy established by GAAP. See Fair Value Measurements in Note 2, </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">"Summary of Significant Accounting Policies," for a description of the type of valuation information ("valuation inputs") that qualifies a financial asset or liability for each level.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Financial assets and liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 were as follows:</span></div><div style="margin-bottom:6pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:21.853%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.876%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.335%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="21" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value Measurement Using:</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Balance Sheet Classification</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Type of Instrument</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets: </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash equivalents</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80,271 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80,271 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,365 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,365 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,967 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,967 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,167 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,167 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">83,438 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">307,770 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Liabilities:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract liability</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract, current</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73,320 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73,320 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Derivative liability, current</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt 0 7pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Written put option, current</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,000 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,000 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88,320 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88,320 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash equivalents</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">29,707 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">282,590 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,297 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,133 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,133 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71,807 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">357,150 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">428,957 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Liabilities:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract liability</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract, current</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71,500 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71,500 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Derivative liability, current</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Written put option, current</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,210 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,210 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total liabilities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,710 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,710 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">There were no securities transferred between Level 1, 2, and 3 during the three months ended March 31, 2025 or 2024.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following is a description, including valuation methodology, of the financial assets and liabilities measured at fair value on a recurring basis:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Cash Equivalents</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Cash equivalents at March 31, 2025 consisted of cash invested in short-term money market funds that are readily convertible to known amounts of cash and redeemable daily at the election of the Company. The carrying value of cash equivalents approximates fair value because the near term maturity of the fund's underlying security holdings result in an insignificant change in value related to changes in interest rates. When quoted prices are available in an active market, cash equivalents are classified in Level 1 of the fair value hierarchy.</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:13.5pt;text-indent:4.5pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Marketable Securities and Other Non-Current Assets</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasury bills. The fair values of the Company’s Level 2 debt securities are obtained from quoted market prices of debt securities with similar characteristics, quoted prices from identical assets in inactive markets, or discounted cash flows to estimate fair value.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Forward Contract and Derivative Liability</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In connection with the amendment, dated as of May 1, 2024 (the "Knopp Amendment"), to the Membership Interest Purchase Agreement, dated as of February 24, 2022 (as amended, the "Knopp Agreement"), entered into with Knopp Biosciences, LLC ("Knopp"), the Company agreed to issue to Knopp additional common shares of the Company with an approximate value of $75,000 within 60 days of the first anniversary of execution of the Knopp Amendment (the “2025 Additional Consideration”). On May 1, 2025, the total number of common shares to be issued for the 2025 Additional Consideration was determined to be 3,588,688. In addition, Knopp has the option to request a one-time cash true-up payment from the Company in December 2025, as defined in the Knopp Agreement (the "2025 Knopp True-up"). See Note 10, "License, Acquisitions and Other Agreements," for further details.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following table provides a roll forward of the fair value of the Company's forward contract and derivative liability related to the 2025 Additional Consideration and 2025 Knopp True-Up, respectively, for which fair value is determined by Level 3 inputs from December 31, 2024 to March 31, 2025:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center;text-indent:24pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:82.037%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.177%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying Value</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair value at December 31, 2024</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,710 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Change in fair value of forward contract and derivative liabilities in other income, net</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,610 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair value at March 31, 2025</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88,320 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The fair value of the forward contract and remaining derivative liability recognized in connection with the Knopp Amendment was determined based on significant inputs not observable in the market, and therefore represents a Level 3 measurement within the fair value hierarchy. The valuation is based on a Monte Carlo simulation of Biohaven's share price, which requires judgment and assumptions regarding the volatility of Biohaven's share price, discounted to present value using a risk-free rate plus Biohaven-specific credit risk since payable in a variable number of shares for the 2025 Additional Consideration or potentially cash for the 2024 Additional Consideration True-up. A summary of the unobservable inputs (Level 3 inputs) used in measuring the Company’s forward contract and derivative liability related to the 2025 Additional Consideration and the 2025 Knopp True-Up, respectively, as of March 31, 2025 and December 31, 2024 are as follows, presented on a weighted-average basis based on relative fair value:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center;text-indent:24pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.391%"><tr><td style="width:1.0%"></td><td style="width:58.186%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.394%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.662%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.394%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.664%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of March 31, 2025</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of December 31, 2024</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Time to payment and potential payment (years)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">0.25</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">0.50</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Volatility (annual)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">75.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">67.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Discount rate</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14.5 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12.0 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> Our expectations of the volatility of Biohaven's share price at the reporting date could be materially different than our actual future volatility, and if so, would mean the estimated fair value could be significantly higher or lower than the fair value determined. An increase in the derivative liability related to the 2025 Knopp True-up between the reporting date and settlement date of the derivative would have a material adverse effect on the Company's financial performance.</span></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Financial assets and liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 were as follows:</span></div><div style="margin-bottom:6pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:21.853%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.876%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.335%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="21" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Fair Value Measurement Using:</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Balance Sheet Classification</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Type of Instrument</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets: </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash equivalents</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80,271 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80,271 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,365 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">104,365 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,967 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">119,967 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,167 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,167 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">83,438 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,332 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">307,770 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Liabilities:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract liability</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract, current</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73,320 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73,320 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Derivative liability, current</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt 0 7pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Written put option, current</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,000 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,000 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88,320 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88,320 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash equivalents</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bills</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">29,707 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">282,590 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">312,297 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Marketable securities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">U.S. treasury bonds</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,133 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,133 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71,807 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">357,150 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">428,957 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Liabilities:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract liability</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forward contract, current</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71,500 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71,500 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Derivative liability, current</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Written put option, current</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,210 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,210 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total liabilities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,710 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,710 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 80271000 0 0 80271000 0 104365000 0 104365000 0 119967000 0 119967000 3167000 0 0 3167000 83438000 224332000 0 307770000 0 0 73320000 73320000 0 0 15000000 15000000 0 0 88320000 88320000 38967000 0 0 38967000 29707000 282590000 0 312297000 0 74560000 0 74560000 3133000 0 0 3133000 71807000 357150000 0 428957000 0 0 71500000 71500000 0 0 13210000 13210000 0 0 84710000 84710000 75000000 P60D 3588688 <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following table provides a roll forward of the fair value of the Company's forward contract and derivative liability related to the 2025 Additional Consideration and 2025 Knopp True-Up, respectively, for which fair value is determined by Level 3 inputs from December 31, 2024 to March 31, 2025:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center;text-indent:24pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:82.037%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.177%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying Value</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair value at December 31, 2024</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,710 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Change in fair value of forward contract and derivative liabilities in other income, net</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,610 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair value at March 31, 2025</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88,320 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 84710000 -3610000 88320000 A summary of the unobservable inputs (Level 3 inputs) used in measuring the Company’s forward contract and derivative liability related to the 2025 Additional Consideration and the 2025 Knopp True-Up, respectively, as of March 31, 2025 and December 31, 2024 are as follows, presented on a weighted-average basis based on relative fair value:<div style="margin-bottom:8pt;margin-top:8pt;text-align:center;text-indent:24pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.391%"><tr><td style="width:1.0%"></td><td style="width:58.186%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.394%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.662%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.394%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.664%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of March 31, 2025</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of December 31, 2024</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Time to payment and potential payment (years)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">0.25</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">0.50</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Volatility (annual)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">75.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">67.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Discount rate</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14.5 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12.0 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> 0.25 0.50 0.750 0.675 0.145 0.120 Balance Sheet Components<div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Property and Equipment, Net</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Property and equipment, net consisted of the following:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:75.006%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.551%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.965%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of December 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Building and land</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14,078 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14,078 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Leasehold improvements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">824 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">824 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Computer hardware and software</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">896 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">875 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Office and lab equipment</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,059 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,620 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Furniture and fixtures</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,811 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,811 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">29,668 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">29,208 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13,221)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(12,206)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,002 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Equipment not yet in service</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,341 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">318 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Property and equipment, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,788 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,320 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Depreciation expense was $1,015 for the three months ended March 31, 2025 and $941 for the three months ended March 31, 2024.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Equipment not yet in service primarily consisted of lab equipment that had not been placed into service as of March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Other Non-current Assets</span></div><div style="margin-bottom:6pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Other non-current assets consisted of the following:</span></div><div style="margin-bottom:6pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.508%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of December 31, 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">35,434 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">36,391 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,177 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,134 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,611 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39,525 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Accrued Expenses and Other Current Liabilities</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Accrued expenses and other current liabilities consisted of the following:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.508%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of December 31, 2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Accrued employee compensation and benefits</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,526 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">154 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Accrued clinical trial costs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">32,113 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,432 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Operating lease liabilities - current portion</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,708 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,802 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other accrued expenses and other current liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,225 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9,099 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> Accrued expenses and other current liabilities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">56,572 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">51,487 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Property and equipment, net consisted of the following:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:75.006%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.551%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.965%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of December 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Building and land</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14,078 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14,078 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Leasehold improvements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">824 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">824 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Computer hardware and software</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">896 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">875 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Office and lab equipment</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,059 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,620 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Furniture and fixtures</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,811 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,811 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">29,668 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">29,208 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13,221)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(12,206)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,002 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Equipment not yet in service</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,341 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">318 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Property and equipment, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,788 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,320 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 14078000 14078000 824000 824000 896000 875000 12059000 11620000 1811000 1811000 29668000 29208000 13221000 12206000 16447000 17002000 1341000 318000 17788000 17320000 1015000 941000 <div style="margin-bottom:6pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Other non-current assets consisted of the following:</span></div><div style="margin-bottom:6pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.508%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of December 31, 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">35,434 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">36,391 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,177 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,134 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,611 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39,525 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div> 35434000 36391000 3177000 3134000 38611000 39525000 <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Accrued expenses and other current liabilities consisted of the following:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.508%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of December 31, 2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Accrued employee compensation and benefits</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,526 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">154 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Accrued clinical trial costs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">32,113 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,432 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Operating lease liabilities - current portion</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,708 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,802 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other accrued expenses and other current liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,225 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9,099 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> Accrued expenses and other current liabilities</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">56,572 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">51,487 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 6526000 154000 32113000 38432000 4708000 3802000 13225000 9099000 56572000 51487000 Shareholders' Equity <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Changes in shareholders’ equity for the three months ended March 31, 2025 and 2024 were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.133%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.718%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.143%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Common Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Additional Paid-in Capital</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Deficit</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Other Comprehensive Income (Loss)</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total Shareholders' Equity</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balances as of December 31, 2024</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">101,221,989 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,656,702 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">112,369 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,345,714)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">79 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">423,436 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(221,677)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(221,677)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Obligation to issue common shares as payment under license and other agreements</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">222,119 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,554 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(8,554)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares as payment under license and other agreements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">132,700 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,844 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,844 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares under 2022 Equity Incentive Plan</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">527,216 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,246 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(19,410)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(164)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-cash share-based compensation expense</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">53,062 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">53,062 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other comprehensive loss</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balances as of March 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">102,104,024 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,689,346 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">137,467 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,567,391)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">259,495 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:35.772%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.521%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.364%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.512%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.512%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.660%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.521%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Common Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Additional Paid-in Capital</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Deficit</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Other Comprehensive Income (Loss)</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total Shareholders' Equity</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balances as of December 31, 2023</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81,115,723 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">887,528 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39,804 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(499,292)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(65)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">427,975 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(179,504)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(179,504)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares as payment for IPR&amp;D asset</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">242,958 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10,347 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10,347 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares as payment for license and other agreements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">97,233 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,637 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,637 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares under 2022 Equity Incentive Plan</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">351,307 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7,452 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(5,296)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,156 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-cash share-based compensation expense</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34,877 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34,877 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other comprehensive loss</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(41)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(41)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Balances as of March 31, 2024</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81,807,221 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">910,964 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">69,385 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(678,796)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(106)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">301,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Merus Agreement</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In January 2025, the Company entered into a research, co-development and collaboration agreement (the "Merus Agreement") with Merus N.V. ("Merus") to co-develop three novel dual-targeting ADCs, leveraging Merus’ Biclonics® technology platform, and Biohaven's next-generation ADC conjugation and payload platform technologies. As consideration under the Merus Agreement, the Company paid an upfront payment of 132,700 common shares valued at approximately $4,844 as of the effective date, which were issued in February 2025. The upfront payment was recognized as R&amp;D expense in the first quarter of 2025.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">FGFR3 Agreement </span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%">In December 2024, the Company, GeneQuantum Healthcare (Suzhou) Co. Ltd. ("GeneQuantum") and Aimed Bio, Inc. ("Aimed Bio") entered into a development and license agreement (the "FGFR3 Agreement") pursuant to which Biohaven obtained the exclusive rights to develop and commercialize GeneQuantum's and Aimed Bio's joint research fibroblast growth factor receptor 3 ("FGFR3") ADC program. As consideration under the FGFR3 Agreement, the Company paid an upfront payment of 222,119 common shares valued at approximately $8,554 as of the effective date, which were issued in </span></div><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%">January 2025. The upfront payment was recognized as R&amp;D expense in the fourth quarter of 2024 and the obligation to issue common shares was recorded to additional paid-in capital on the consolidated balance sheet.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Pyramid Acquisition</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In January 2024, the Company acquired Pyramid Biosciences, Inc. ("Pyramid") pursuant to an Agreement and Plan of Merger, dated January 7, 2024 (the "Pyramid Agreement"). In consideration for the Pyramid acquisition, Biohaven made an upfront payment of 255,794 Company common shares, valued at approximately $10,894. As of March 31, 2025, 253,838 of these common shares had been issued by the Company. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">During the three months ended March 31, 2024, the Company recorded $5,689 of R&amp;D expense in the condensed consolidated statement of operations and comprehensive loss for a developmental milestone which became due under the Pyramid Agreement, to be paid in 98,129 Company common shares. As of March 31, 2025, 97,387 of these common shares had been issued by the Company. Refer to Note 10, "License, Acquisitions and Other Agreements," for further discussion of the Pyramid acquisition. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Equity Distribution Agreement</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In October 2023, the Company entered into an equity distribution agreement pursuant to which the Company may offer and sell common shares having an aggregate offering price of up to $150,000 from time to time through or to the sales agent, acting as its agent or principal (the "Equity Distribution Agreement"). Sales of the Company's common shares, if any, will be made in sales deemed to be “at-the-market offerings”. The sales agent is not required to sell any specific amount of securities but will act as the Company's sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between the sales agent and the Company. The Company currently plans to use the net proceeds from any at-the-market offerings of its common shares for general corporate purposes. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In August 2024, the Company entered into an amendment to the Equity Distribution Agreement pursuant to which the Company may offer and sell common shares having an aggregate offering price of up to $450,000 from time to time through or to the sales agent, acting as its agent or principal.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company sold and issued 4,248,588 common shares under the Equity Distribution Agreement, as amended, for total net proceeds of approximately $146,250. As of March 31, 2025, additional common shares having an aggregate offering price of up to $300,000 remain available to be issued.</span></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Changes in shareholders’ equity for the three months ended March 31, 2025 and 2024 were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.133%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.718%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.143%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Common Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Additional Paid-in Capital</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Deficit</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Other Comprehensive Income (Loss)</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total Shareholders' Equity</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balances as of December 31, 2024</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">101,221,989 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,656,702 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">112,369 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,345,714)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">79 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">423,436 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(221,677)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(221,677)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Obligation to issue common shares as payment under license and other agreements</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">222,119 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,554 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(8,554)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares as payment under license and other agreements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">132,700 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,844 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,844 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares under 2022 Equity Incentive Plan</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">527,216 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,246 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(19,410)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(164)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-cash share-based compensation expense</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">53,062 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">53,062 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other comprehensive loss</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balances as of March 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">102,104,024 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,689,346 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">137,467 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,567,391)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">259,495 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:35.772%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.521%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.364%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.512%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.512%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.660%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.521%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Common Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Additional Paid-in Capital</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Deficit</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Accumulated Other Comprehensive Income (Loss)</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total Shareholders' Equity</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balances as of December 31, 2023</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81,115,723 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">887,528 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39,804 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(499,292)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(65)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">427,975 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(179,504)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(179,504)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares as payment for IPR&amp;D asset</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">242,958 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10,347 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10,347 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares as payment for license and other agreements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">97,233 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,637 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,637 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of common shares under 2022 Equity Incentive Plan</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">351,307 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7,452 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(5,296)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,156 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-cash share-based compensation expense</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34,877 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34,877 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other comprehensive loss</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(41)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(41)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Balances as of March 31, 2024</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81,807,221 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">910,964 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">69,385 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(678,796)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(106)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">301,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 101221989 1656702000 112369000 -1345714000 79000 423436000 -221677000 -221677000 222119 8554000 -8554000 0 132700 4844000 4844000 527216 19246000 -19410000 -164000 53062000 53062000 -6000 -6000 102104024 1689346000 137467000 -1567391000 73000 259495000 81115723 887528000 39804000 -499292000 -65000 427975000 -179504000 -179504000 242958 10347000 10347000 97233 5637000 5637000 351307 7452000 -5296000 2156000 34877000 34877000 -41000 -41000 81807221 910964000 69385000 -678796000 -106000 301447000 132700 4844000 222119 8554000 255794000 10894000 253838000 5689000 98129 97387 150000000 450000000 4248588 146250000 300000000 Accumulated Other Comprehensive Income (Loss)<div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and March 31, 2024:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.438%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.475%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Net unrealized investment gains (losses):</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Beginning of period balance</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">69 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other comprehensive loss</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(29)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(35)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">End of period balance</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">40 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(32)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Foreign currency translation adjustments:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Beginning of period balance</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(68)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other comprehensive income (loss)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">23 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">End of period balance</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">33 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(74)</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total beginning of period accumulated other comprehensive income (loss)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">79 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(65)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total other comprehensive loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(41)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total end of period accumulated other comprehensive income (loss)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(106)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:8pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> There was no tax on other comprehensive loss and no amounts reclassified from accumulated other comprehensive loss during the period.</span></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and March 31, 2024:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.438%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.475%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Net unrealized investment gains (losses):</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Beginning of period balance</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">69 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other comprehensive loss</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(29)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(35)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">End of period balance</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">40 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(32)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Foreign currency translation adjustments:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Beginning of period balance</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(68)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other comprehensive income (loss)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">23 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">End of period balance</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">33 </span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(74)</span></td><td style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total beginning of period accumulated other comprehensive income (loss)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">79 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(65)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total other comprehensive loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(41)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total end of period accumulated other comprehensive income (loss)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">73 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(106)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:8pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> There was no tax on other comprehensive loss and no amounts reclassified from accumulated other comprehensive loss during the period.</span></div> 69000 3000 -29000 -35000 40000 -32000 10000 -68000 23000 -6000 33000 -74000 79000 -65000 -6000 -41000 73000 -106000 0 0 Non-Cash Share-Based Compensation<div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Non-Cash Share-based Compensation Expense</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company measures non-cash share-based compensation at the grant date based on the fair value of the award and recognizes non-cash shared-based compensation as expense over the requisite service period of the award (generally three years) using the straight-line method. Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.651%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Research and development expenses</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">35,233 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,291 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">General and administrative expenses</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,829 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,586 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total non-cash share-based compensation expense</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">53,062 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34,877 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As of March 31, 2025, total unrecognized compensation cost related to the unvested share-based awards was $154,832, which is expected to be recognized over a weighted average period of 1.80 years. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Share Options</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">All share option grants are awarded at fair value on the date of grant. The fair value of share options is estimated using the Black-Scholes option pricing model. Share options generally expire 10 years after the grant date.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company's common shares for those share options that had exercise prices lower than the fair value of the Company's common shares at March 31, 2025. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The weighted average grant date fair value per share of share options granted under the Company's share option plan during the three months ended March 31, 2025 and 2024 was $26.25 and $30.82, respectively. The Company expects approximately 6,581,448 of the unvested share options to vest over the requisite service period.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following table is a summary of the Company's share option activity for the three months ended March 31, 2025:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:58.077%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.857%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.857%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.622%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Number of</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Shares</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Weighted</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Average</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Exercise</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Price</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Weighted</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Average</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Remaining</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Contractual</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Term</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Aggregate</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Intrinsic</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Value</span></div></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">(in years)</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Outstanding as of December 31, 2024</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,781,084</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17.46 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Granted</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,726,375</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38.53 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(55,365)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7.37 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(17,724)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">37.70 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Outstanding as of March 31, 2025</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,434,370</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21.20 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8.27</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">136,819 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Options exercisable as of March 31, 2025</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,852,922</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16.86 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8.00</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">99,101 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Vested and expected to vest as of March 31, 2025</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,434,370</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21.20 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8.27</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">136,819 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Restricted Share Units</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company’s RSUs are considered nonvested share awards and require no payment from the employee. For each RSU, employees receive one common share at the end of the vesting period. The employee can elect to receive the one common share net of taxes or pay for taxes separately and receive the entire share. Compensation cost is recorded based on the market price of the Company’s common shares on the grant date and is recognized on a straight-line basis over the requisite service period.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The total fair value of RSUs vested during the three months ended March 31, 2025 and 2024 was $19,215 and $3,693, respectively.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following table is a summary of the RSU activity for the three months ended March 31, 2025:</span></div> P3Y Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows:<div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.651%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Research and development expenses</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">35,233 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,291 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">General and administrative expenses</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,829 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,586 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total non-cash share-based compensation expense</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">53,062 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34,877 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>As of March 31, 2025, total unrecognized compensation cost related to the unvested share-based awards was $154,832, which is expected to be recognized over a weighted average period of 1.80 years. 35233000 21291000 17829000 13586000 53062000 34877000 154832000 P1Y9M18D P10Y 26.25 30.82 6581448 <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following table is a summary of the Company's share option activity for the three months ended March 31, 2025:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:58.077%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.857%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.857%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.622%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Number of</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Shares</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Weighted</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Average</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Exercise</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Price</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Weighted</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Average</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Remaining</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Contractual</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Term</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Aggregate</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Intrinsic</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Value</span></div></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">(in years)</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Outstanding as of December 31, 2024</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,781,084</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17.46 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Granted</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,726,375</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38.53 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(55,365)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7.37 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(17,724)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">37.70 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Outstanding as of March 31, 2025</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,434,370</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21.20 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8.27</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">136,819 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Options exercisable as of March 31, 2025</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,852,922</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16.86 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8.00</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">99,101 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Vested and expected to vest as of March 31, 2025</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,434,370</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21.20 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8.27</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">136,819 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 12781084 17.46 2726375 38.53 55365 7.37 17724 37.70 15434370 21.20 P8Y3M7D 136819000 8852922 16.86 P8Y 99101000 15434370 21.20 P8Y3M7D 136819000 1 1 19215000 3693000 <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The following table is a summary of the RSU activity for the three months ended March 31, 2025:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:71.587%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.387%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.969%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.387%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.970%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Number of shares</span></div></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Weighted Average Grant Date Fair Value</span></div></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Unvested as of December 31, 2024</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">277,221 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">41.87 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Granted</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,622,375 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38.58 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Forfeited</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,749)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39.69 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Vested</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(489,746)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39.23 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Unvested as of March 31, 2025</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,407,101 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39.00 </span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 277221 41.87 1622375 38.58 2749 39.69 489746 39.23 1407101 39.00 Net Loss Per Share<div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Basic and diluted net loss per share attributable to common shareholders of Biohaven was calculated as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.291%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.622%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(221,677)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(179,504)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Weighted average common shares outstanding—basic and diluted</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">101,943,396 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81,601,826 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net loss per share — basic and diluted</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2.17)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2.20)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company's potential dilutive securities include share options which 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 shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders of the Company is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.508%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31,</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Options to purchase common shares</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,434,370 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,492,959 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Warrants to purchase common shares</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">294,195 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Restricted share units</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,407,101 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">260,202 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,135,666 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,753,161 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Basic and diluted net loss per share attributable to common shareholders of Biohaven was calculated as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.291%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.622%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(221,677)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(179,504)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Weighted average common shares outstanding—basic and diluted</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">101,943,396 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81,601,826 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net loss per share — basic and diluted</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2.17)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2.20)</span></td><td style="background-color:#dbe9cd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> -221677000 -179504000 101943396 101943396 81601826 81601826 -2.17 -2.17 -2.20 -2.20 The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:<div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.508%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">As of March 31,</span></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Options to purchase common shares</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,434,370 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,492,959 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Warrants to purchase common shares</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">294,195 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Restricted share units</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,407,101 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">260,202 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,135,666 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,753,161 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 15434370 13492959 294195 0 1407101 260202 17135666 13753161 License, Acquisitions and Other Agreements <div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company has entered into various licensing, developmental and acquisition agreements which provide the Company with rights to certain know-how, technology and patent rights. The agreements generally include upfront fees, milestone payments upon achievement of certain developmental, regulatory and commercial and sales milestones, as well as sales-based royalties, with percentages that vary by agreement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">License and Other Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company had potential future developmental, regulatory and commercial milestone payments under its license and other agreements of up to approximately $180,538, $701,975, and $3,185,450, respectively. See below for a detailed discussion of these agreements. The Company has not recorded these potential contingent consideration payments as liabilities in the accompanying condensed consolidated balance sheet as none of the future events which would trigger a milestone payment were considered probable of occurring at March 31, 2025.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Yale Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In September 2013, the Company entered into an exclusive license agreement (the "Yale Agreement") with Yale University to obtain a license to certain patent rights for the commercial development, manufacture, distribution, use and sale of products and processes resulting from the development of those patent rights, related to the use of riluzole in treating various neurological conditions, such as general anxiety disorder, post-traumatic stress disorder and depression.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Yale Agreement was amended and restated in May 2019. As of March 31, 2025, under the amended Yale Agreement, the Company had remaining contingent regulatory approval milestone payments of up to $2,000 and annual royalty payments of a low single-digit percentage based on net sales of riluzole-based products from the licensed patents or from products based on troriluzole. Under the amended and restated agreement, the royalty rates are reduced as </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">compared to the original agreement. In addition, under the amended and restated agreement, the Company may develop products based on riluzole or troriluzole. The amended and restated agreement retains a minimum annual royalty of up to $1,000 per year, beginning after the first sale of product under the agreement. If the Company grants any sublicense rights under the Yale Agreement, it must pay Yale University a low single-digit percentage of sublicense income that it receives.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025 and 2024, the Company did not record any material milestone or royalty payments under the Yale Agreement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In January 2021, the Company entered into a worldwide, exclusive license agreement with Yale University for the development and commercialization of a novel Molecular Degrader of Extracellular Protein ("MoDE") platform (the "Yale MoDE Agreement"). The platform pertains to the clearance of disease-causing protein and other biomolecules by targeting them for lysosomal degradation using multi-functional molecules. The Yale MoDE Agreement includes an obligation to pay a minimum annual royalty of up to $1,000 per year, and low single digit royalties on the net sales of licensed products. If the Company grants any sublicense rights under the Yale MoDE Agreement, it must pay Yale University a low single-digit percentage of sublicense income that it receives. As of March 31, 2025, under the Yale MoDE Agreement, the Company had remaining contingent development and commercial milestone payments of up to $538 and $2,950, respectively. The Yale MoDE Agreement terminates on the later of twenty years from the effective date, twenty years from the filing date of the first investigational new drug application for a licensed product or the last to expire of a licensed patent. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company did not record any material milestone or royalty payments under the Yale MoDE Agreement for the three months ended March 31, 2025. For the three months ended March 31, 2024, the Company recorded research and development expense of $150 related to the achievement of a developmental milestone under the Yale MoDE Agreement. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">ALS Biopharma Agreement</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In August 2015, the Company entered into an agreement (the "ALS Biopharma Agreement") with ALS Biopharma and Fox Chase Chemical Diversity Center Inc. ("FCCDC"), pursuant to which ALS Biopharma and FCCDC assigned the Company their worldwide patent rights to a family of over 300 prodrugs of glutamate modulating agents, including troriluzole, as well as other innovative technologies. Under the ALS Biopharma Agreement, the Company is obligated to use commercially reasonable efforts to commercialize and develop markets for the patent products. As of March 31, 2025, under the ALS Biopharma Agreement, the Company had remaining contingent regulatory approval milestone payments of up to $4,000, as well as royalty payments of a low single-digit percentage based on net sales of products licensed under the ALS Biopharma Agreement, payable on a quarterly basis.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The ALS Biopharma Agreement terminates on a country-by-country basis as the last patent rights expire in each such country. If the Company abandons its development, research, licensing or sale of all products covered by one or more claims of any patent or patent application assigned under the ALS Biopharma Agreement, or if the Company ceases operations, it has agreed to reassign the applicable patent rights back to ALS Biopharma.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025 and 2024, the Company did not record any material milestone or royalty payments under the ALS Biopharma Agreement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Taldefgrobep Alfa License Agreement</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In February 2022, following the transfer of intellectual property, the Company announced that it entered into a worldwide license agreement with BMS for the development and commercialization rights to taldefgrobep alfa (also known as BMS-986089), a novel, Phase 3-ready anti-myostatin adnectin (the "Taldefgrobep Alfa License Agreement"). </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As of March 31, 2025, under the Taldefgrobep Alfa License Agreement, the Company had remaining contingent regulatory approval milestone payments of up to $200,000, as well as tiered, sales-based royalty percentages from the high teens to the low twenties. There were no upfront or contingent payments to BMS related to the Taldefgrobep Alfa License Agreement. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025 and 2024, the Company did not record any material milestone or royalty payments under the Taldefgrobep Alfa License Agreement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Agreement with Hangzhou Highlightll Pharmaceutical Co. Ltd. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In March 2023, the Company and Hangzhou Highlightll Pharmaceutical Co. Ltd. ("Highlightll") entered into an exclusive, worldwide (excluding People’s Republic of China and its territories and possessions) license agreement (the "Highlightll Agreement") pursuant to which Biohaven obtained the right to research, develop, manufacture and commercialize Highlightll’s brain penetrant dual TYK2/JAK1 inhibitor program.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As of March 31, 2025, under the Highlightll Agreement, the Company had remaining contingent development, regulatory approval, and commercial milestone payments of up to $75,000, $37,500, and $837,500, respectively. Additionally, the Company has agreed to make tiered royalty payments as a percentage of net sales starting at mid-single digits and peaking at low teens digits. During the royalty term, if the Company offers to include China clinical sites in its Phase 3 study sufficient for submission to Chinese National Medical Products Administration and Highlightll, at its sole discretion, agrees, then Highlightll will pay royalties in the low tens digits to the Company on China sales upon approval.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Highlightll Agreement terminates on a country-by-country basis upon expiration of the royalty term and can also be terminated if certain events occur, e.g., material breach or insolvency.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025 and 2024, the Company did not record any material milestone or royalty payments related to the Highlightll Agreement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Other Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In addition to the agreements detailed above, the Company has entered into various other license agreements and development programs. The Company records milestones and other payments, including funding for research arrangements, which become due under these agreements to research and development expense in the condensed consolidated statements of operations and comprehensive loss. Amounts recorded for the period were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.654%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Milestone payments</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,500 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Upfront Payments - Cash*</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Upfront Payments - Issuance of Common Shares</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,884 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">*The 2025 amount includes $3,750 recorded to research and development expense related to cash owed for upfront payments which were not yet paid as of March 31, 2025 and is recorded within accrued expenses on the condensed consolidated balance sheet as of March 31, 2025.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Acquisitions</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Kv7 Platform Acquisition</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In April 2022, the Company closed the acquisition from Knopp of Channel Biosciences, LLC (“Channel”), a wholly owned subsidiary of Knopp owning the assets of Knopp’s Kv7 channel targeting platform (the “Kv7 Platform Acquisition”), pursuant to the Purchase Agreement, dated February 24, 2022. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Under the Purchase Agreement, the Company agreed to make success-based payments based on developmental and regulatory milestones through approvals in the United States, Europe, the Middle East and Asia ("EMEA") and Japan for the lead asset, BHV-7000 (formerly known as KB-3061), developmental and regulatory milestones for the Kv7 pipeline development in other indications and additional country approvals, and commercial sales-based milestones of BHV-7000. Additionally, the Company agreed to make scaled royalty payments in cash for BHV-7000 and the pipeline programs, with percentages starting at high single digits and peaking at low teens for BHV-7000 and starting at mid-single digits and peaking at low tens digits for the pipeline programs.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In May 2024, the Company entered into the Knopp Amendment under which the parties thereto agreed to replace the scaled high single digit to low teens royalty payment obligations with a flat royalty payment in the mid-single digits for BHV-7000 and the pipeline programs. The parties also agreed to reduce the success-based payments payable under the Purchase Agreement. The Company retains the ability to pay these contingent milestone payments in cash or in the </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Company's common shares at Biohaven's election, subject to the same increases if the Company elects to pay in the Company's common shares. As of March 31, 2025, under the Purchase Agreement, as amended, the Company had remaining success-based payments comprised of (i) to up to $185,000 based on regulatory approvals in the United States and EMEA for BHV-7000 and (ii) up to an additional $60,000 based on regulatory approval in the United States for the other Kv7 pipeline programs. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:14.4pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In consideration of the revisions to the success-based payment and royalty payment obligations, the Company agreed to issue to Knopp 1,872,874 Company common shares, valued at approximately $75,000, through a private placement within 60 days of the date of execution of the Knopp Amendment (the “2024 Additional Consideration”) and additional Company common shares with an approximate value of $75,000 within 60 days of the first anniversary of execution of the Knopp Amendment (the “2025 Additional Consideration”). On May 1, 2025, the total number of common shares to be issued for the 2025 Additional Consideration was determined to be 3,588,688. The Company has also given Knopp the option to request a one-time cash true-up payment from the Company in December 2024 in the event that Knopp continues to hold the Company's common shares representing the 2024 Additional Consideration and the value of such shares has declined (the "2024 Knopp True-Up"), and a one-time cash true-up payment from the Company in December 2025 in the event that Knopp continues to hold the Company's common shares representing the 2025 Additional Consideration and the value of such shares has declined (the "2025 Knopp True-Up"), in each case, subject to certain conditions. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company concluded that the agreement to issue the 2024 Additional Consideration at a future date represented a fixed forward contract under ASC 815 and classified the commitment as a forward contract liability on its condensed consolidated balance sheet on the execution date of the Knopp Amendment. The Company initially measured the forward contract associated with the 2024 Additional Consideration at a fair value of $75,220, which was recorded as R&amp;D expense during the three months ended June 30, 2024 in its condensed consolidated statements of operations and comprehensive loss. In May 2024, the Company issued the 2024 Additional Consideration at an approximate value of $65,981 and recognized a gain of $9,239 in other income, net in its consolidated statement of operations. The gain on settlement of the 2024 Additional Consideration was due to the decline in fair value of the 2024 Additional Consideration from the execution date to the issuance date due to a decline in Biohaven's share price. The Company recognized no gains or losses related to the 2024 Additional Consideration for the three months ended March 31, 2025 and 2024. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The 2024 Additional Consideration True-up represents a net cash settled written put option measured at fair value on a recurring basis. The Company has concluded that the 2024 Additional Consideration True-up represents a net cash settled written put option on the Company’s shares and is a freestanding derivative liability under ASC 815. Accordingly, the Company classified the 2024 Additional Consideration True-up as a current derivative liability on its condensed consolidated balance sheet. The Company initially recorded the 2024 Additional Consideration True-up at a fair value of $15,540, which was recorded as R&amp;D expense during the three months ended June 30, 2024 in its condensed consolidated statements of operations and comprehensive loss. The Company subsequently remeasured the fair value of the derivative liability. The 2024 Additional Consideration True-up was considered settled as of December 2024, with no cash payment due upon expiration. The Company recognized no gains or losses related to the 2024 Additional Consideration True-up for the three months ended March 31, 2025 and 2024. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company has concluded that the agreement to issue the 2025 Additional Consideration at a future date represents a forward contract settleable in a variable number of shares under ASC 480, and classified the commitment as a current forward contract liability on its condensed consolidated balance sheet. The Company initially measured the 2025 Additional Consideration at a fair value of $63,940, which was recorded as R&amp;D expense during the three months ended June 30, 2024 in its condensed consolidated statement of operations and comprehensive loss. The Company subsequently remeasures the fair value of the forward contract liability and recognizes any gains or losses through other income, net in its condensed consolidated statement of operations and comprehensive loss. The Company recognized expense of $1,820 for the three months ended March 31, 2025 related to the 2025 Additional Consideration. The Company recognized no gains or losses related to the 2025 Additional Consideration for the three months ended March 31, 2024. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company has concluded that the 2025 Additional Consideration True-up represents a net cash settled written put option on the Company’s shares and is a freestanding derivative liability under ASC 815. Accordingly, the Company classified the 2025 Additional Consideration True-up as a non-current derivative liability on its condensed consolidated balance sheet. The Company initially recorded the 2025 Additional Consideration True-up at a fair value of $13,810, which was recorded as R&amp;D expense during the three months ended June 30, 2024. The Company subsequently remeasures the </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">fair value of the derivative liability and recognizes any gains or losses through other income, net in its condensed consolidated statement of operations and comprehensive loss. The Company recognized expense of $1,790 for the three months ended March 31, 2025, related to the 2025 Additional Consideration True-up. The Company recognized no gains or losses related to the 2025 Additional Consideration True-up for the three months ended March 31, 2024. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:14.4pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As further consideration for the revisions to the success-based payment and royalty payment obligations in the Knopp Amendment, the Company issued to Knopp a warrant (the “Warrant”) to purchase 294,195 Company common shares at a purchase price per share of $67.98, subject to certain specified development milestones and the Company achieving a specified market capitalization. The warrant was recorded at its initial fair value of $3,340 within additional paid-in capital on the condensed consolidated balance sheet during the second quarter of 2024 and is not subject to remeasurement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company has not recorded any of the remaining contingent consideration payments to Knopp as a liability in the accompanying condensed consolidated balance sheet as none of the future events which would trigger a milestone payment were considered probable of occurring at March 31, 2025.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Pyramid Acquisition</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In January 2024, the Company acquired Pyramid, pursuant to the Pyramid Agreement. In consideration for the Pyramid acquisition, Biohaven made an upfront payment of 255,794 Company common shares, valued at approximately $10,894.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company accounted for this purchase as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset, In Process Research and Development ("IPR&amp;D"). The IPR&amp;D asset has no alternative future use and relates primarily to BHV-1510. There was no material value assigned to any other assets or liabilities acquired in the acquisition. As such, the upfront payment discussed above was recorded as a charge to R&amp;D expense in the accompanying condensed consolidated statement of operations and comprehensive loss during the three months ended March 31, 2024.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:14.4pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">As of March 31, 2025, under the Pyramid Agreement, the Company had remaining success-based payments comprised of (i) up to $5,000 based on developmental and regulatory milestones for the lead asset, BHV-1510 (formerly known as PBI-410), (ii) up to an additional $30,000 based on developmental and regulatory milestones for a second asset (formerly known as PBI-200) and (iii) up to $40,000 for commercial sales-based milestones of BHV-1510. Contingent developmental and regulatory milestone payments may be paid in cash or Biohaven common shares at the election of Biohaven and commercial sales-based milestones are to be made in cash. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company has not recorded any of the remaining contingent consideration payments as a liability in the accompanying condensed consolidated balance sheet as none of the future events which would trigger a milestone payment were considered probable of occurring at March 31, 2025.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025, the Company did not record any material milestone payments related to the Pyramid Agreement. During the three months ended March 31, 2024, the Company recorded $5,689 of R&amp;D expense in the condensed consolidated statement of operations and comprehensive loss for a developmental milestone which became due under the Pyramid Agreement, to be paid in 98,129 common shares of the Company. See Note 6, "Shareholders' Equity," for discussion of common shares issued as part of the Pyramid Agreement.</span></div> 180538000 701975000 3185450000 2000000 1000000 0 0 1000000 538000 2950000 P20Y P20Y 0 150000 300 4000000 1 0 0 200000000 0 0 75000000 37500000 837500000 0 0 Amounts recorded for the period were as follows:<div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.654%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.868%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Milestone payments</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,500 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Upfront Payments - Cash*</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Upfront Payments - Issuance of Common Shares</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,884 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbe9cd;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">*The 2025 amount includes $3,750 recorded to research and development expense related to cash owed for upfront payments which were not yet paid as of March 31, 2025 and is recorded within accrued expenses on the condensed consolidated balance sheet as of March 31, 2025.</span></div> 0 1500000 5000000 0 4884000 0 3750000 185000000 60000000 1872874 75000000 P60D 75000000 P60D 3588688 75220000 65981000 9239000 0 0 15540000 0 0 63940000 -1820000 0 13810000 -1790000 0 294195 67.98 3340000 255794000 10894000 5000000 30000000 40000000 0 0 5689000 98129 Commitments and Contingencies <div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Lease Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company leases certain office and laboratory space. There have been no material changes to the lease obligations from those disclosed in Note 11, "Commitments and Contingencies" to the consolidated financial statements included in the 2024 Form 10-K.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Research Commitments</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company has entered into agreements with several contract manufacturing organizations ("CMOs") and contract research organizations ("CROs") to provide products and services in connection with the Company’s preclinical </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">studies and clinical trials. As of March 31, 2025, the Company had no remaining maximum research commitments in excess of one year.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Indemnification Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company’s amended and restated memorandum and articles of association also provide for indemnification of directors and officers in specific circumstances. To date, the Company has not incurred any material costs as a result of such indemnification provisions. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of March 31, 2025 or December 31, 2024.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">License, Acquisition and Other Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company has entered into license, developmental, and acquisition agreements with various parties under which it is obligated to make contingent and non-contingent payments. See Note 10, "License, Acquisitions and Other Agreements," for additional details.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Other Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">On January 1, 2021, the Company entered into a consulting services agreement (the "Moda Agreement") with Moda Pharmaceuticals LLC ("Moda") to further the scientific advancement of technology, drug discovery platforms (including the technology licensed under the Yale MoDE Agreement), product candidates and related intellectual property owned or controlled by the Company.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Under the Moda Agreement, the Company agreed to make success-based payments based on developmental, regulatory, and commercial milestones. The Moda Agreement has a term of four years and may be terminated earlier by the Company or Moda under certain circumstances including, for example, the Company's discontinuation of research on the MoDE platform or default. In August 2023, the Company entered into an amendment to the Moda Agreement with Moda. As of March 31, 2025, under the Moda Agreement, as amended. The Company had remaining contingent development, regulatory approval, and commercial milestone payments of up to $31,245, $22,000, and $104,612, respectively.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company did not record any material milestone payments related to the Moda Agreement for the three months ended March 31, 2025. For the three months ended March 31, 2024, the Company recorded research and development expense $850 related to developmental milestones under the Moda Agreement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Legal Proceedings</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of March 31, 2025, there were no matters which would have a material impact on the Company’s financial results.</span></div> 0 P4Y 31245000 22000000 104612000 0 850000 Related Party Transactions<div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Related Party Agreements</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:21.6pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">License Agreement with Yale University</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">On September 30, 2013, the Company entered into the Yale Agreement with Yale University (see Note 10). The Company’s Chief Executive Officer is one of the inventors of the patents that the Company has licensed from Yale </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">University and, as such, is entitled to a specified share of the glutamate product-related royalty revenues that may be received by Yale University under the Yale Agreement. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In January 2021, the Company entered into the Yale MoDE Agreement with Yale University (see Note 10 for details). Under the license agreement, the Company acquired exclusive, worldwide rights to Yale University's intellectual property directed to its MoDE platform. Under the Yale MoDE Agreement, the Company entered into the Yale MoDE SRA (see Note 10 for details), which included funding of up to $4,000 over the life of the agreement. In May 2023, the Company entered into an additional sponsored research agreement with Yale University (the "2023 Yale SRA"), which includes funding of up to $612 over the life of the agreement.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025 and 2024, the Company recorded $521 and $445, respectively, in R&amp;D expense, including certain administrative expenses, related to the Yale MoDE Agreement, the Yale Agreement, and the 2023 Yale SRA (collectively, the "Yale Agreements"). As of March 31, 2025, the Company did not owe any amounts to Yale University.</span></div> 4000000 612000 521000 445000 0 Segment Information<div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Company manages its operations as a single segment focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. Biohaven's Chief Executive Officer (“CEO”), as the Company's chief operating decision maker, manages and allocates resources at a consolidated level. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The CEO uses net loss that is also reported on the condensed consolidated statement of operations as net loss to assess performance and decide how to allocate resources. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Expenditures for the addition of long-lived assets are reported on the condensed consolidated statements of cash flows as purchases of property and equipment.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> Additional information about segment profit or loss and significant segment expenses is as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.651%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Direct R&amp;D program expense</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-4157 (Troriluzole)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,788 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,087 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-2000 (Taldefgrobep Alfa)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,184 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,128 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-7000 &amp; BHV-7010 (Kv7)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">31,573 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">24,803 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-2100 (TRPM3 Antagonist)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16,748 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,620 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-8000 (TYK2/JAK1)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,373 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,249 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1300 (IgG Degrader)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,621 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9,225 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1310 (IgG Degrader)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,074 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,261 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1400 (IgA Degrader)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,860 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,092 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1600 (β1-AR AAB Degrader)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,003 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">815 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1510 (Trop2)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,490 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,586 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1530 (FGFR3)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,176 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other R&amp;D program expense</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">511 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(241)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Preclinical research programs R&amp;D Expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">25,535 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,863 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">R&amp;D personnel expense (excluding share-based compensation)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,138 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,314 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">R&amp;D Share-based compensation expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">35,233 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,291 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">G&amp;A personnel expense (excluding share-based compensation)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,474 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,389 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">G&amp;A Share-based compensation expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,829 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,586 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other segment items </span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16,951 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,172 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Non-operating (income) expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(493)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,305)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Provision for income taxes</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">609 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">569 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Segment net loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">221,677 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">179,504 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-style:italic;font-weight:400;line-height:100%">Reconciliation of profit or loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Adjustments and reconciling items</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Consolidated net loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">221,677 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">179,504 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:400;line-height:115%">(1)    Personnel expense includes employee payroll, bonus, and employee benefits for medical care, retirement, insurances and other. </span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:400;line-height:115%">(2)    Other segment items included in Segment net loss include unallocated non-program R&amp;D expense, legal, accounting and other professional service fees, rent and utilities expense, depreciation, and other corporate expenses.</span></div> Additional information about segment profit or loss and significant segment expenses is as follows:<div style="margin-bottom:8pt;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.651%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="9" style="background-color:#002a61;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#002a61;padding:0 1pt"></td><td colspan="3" style="background-color:#002a61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Direct R&amp;D program expense</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-4157 (Troriluzole)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,788 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,087 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-2000 (Taldefgrobep Alfa)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,184 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,128 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-7000 &amp; BHV-7010 (Kv7)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">31,573 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">24,803 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-2100 (TRPM3 Antagonist)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16,748 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,620 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-8000 (TYK2/JAK1)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,373 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,249 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1300 (IgG Degrader)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,621 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9,225 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1310 (IgG Degrader)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,074 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,261 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1400 (IgA Degrader)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,860 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,092 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1600 (β1-AR AAB Degrader)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,003 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">815 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1510 (Trop2)</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,490 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,586 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">BHV-1530 (FGFR3)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,176 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt 2px 19.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other R&amp;D program expense</span></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">511 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(241)</span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Preclinical research programs R&amp;D Expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">25,535 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,863 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">R&amp;D personnel expense (excluding share-based compensation)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,138 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,314 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">R&amp;D Share-based compensation expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">35,233 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,291 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">G&amp;A personnel expense (excluding share-based compensation)</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,474 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,389 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">G&amp;A Share-based compensation expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,829 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,586 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other segment items </span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16,951 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,172 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Non-operating (income) expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(493)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,305)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Provision for income taxes</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">609 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">569 </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Segment net loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">221,677 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">179,504 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="3" style="background-color:#dbe9cd;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-style:italic;font-weight:400;line-height:100%">Reconciliation of profit or loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbe9cd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Adjustments and reconciling items</span></div></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbe9cd;padding:0 1pt"></td><td colspan="2" style="background-color:#dbe9cd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#dbe9cd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Consolidated net loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">221,677 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">179,504 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:400;line-height:115%">(1)    Personnel expense includes employee payroll, bonus, and employee benefits for medical care, retirement, insurances and other. </span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:7.5pt;font-weight:400;line-height:115%">(2)    Other segment items included in Segment net loss include unallocated non-program R&amp;D expense, legal, accounting and other professional service fees, rent and utilities expense, depreciation, and other corporate expenses.</span></div> 13788000 17087000 6184000 11128000 31573000 24803000 16748000 4620000 4373000 4249000 8621000 9225000 1074000 3261000 4860000 4092000 3003000 815000 4490000 19586000 3176000 0 511000 -241000 25535000 11863000 21138000 19314000 35233000 21291000 6474000 6389000 17829000 13586000 16951000 12172000 -493000 -4305000 609000 569000 -221677000 -179504000 0 0 -221677000 -179504000 Subsequent Events<div style="margin-bottom:8pt;margin-top:8pt;text-indent:18pt"><span style="color:#58bd2b;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Note Purchase Agreement</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">On April 28, 2025 (the “Closing Date”), Biohaven Ltd. and certain of its subsidiaries entered into a Note Purchase Agreement (the “Note Purchase Agreement”), by and among Biohaven Therapeutics Ltd., as issuer (the “Issuer”), the Company and certain subsidiaries of the Company, as obligors (together with the Issuer, the “Obligors”), the purchasers party thereto (the “Purchasers”) and Beetlejuice SA LLC, an affiliate of Oberland Capital Management LLC, as purchaser agent (the “Purchaser Agent”). Pursuant to the Note Purchase Agreement, the Purchasers agreed to purchase senior secured notes from the Issuer (i) subject to the satisfaction of certain customary closing conditions, in an initial tranche shortly after the Closing Date for an aggregate purchase price of $250,000 (the “First Notes”) and (ii) subject to the satisfaction of certain conditions, including the receipt of approval from the U.S. Food and Drug Administration (the “FDA”) for troriluzole, in a second tranche in up to three purchases on or before June 30, 2026 for an aggregate purchase </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">price of $150,000 (the “Second Notes”). The proceeds from the sale of the First Notes and the Second Notes may be used for working capital and permitted business purposes. The Issuer may also sell to the Purchasers, at the Issuer’s option and subject to the approval of each Purchaser agreeing to participate therein, in its sole discretion, additional notes in up to four purchases for an aggregate purchase price of $200,000 (the “Third Notes” and, together with the First Notes and the Second Notes, the “Notes”), the proceeds of which may be used solely to fund permitted acquisitions and related costs and expenses.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Purchasers will be entitled to receive payments (the “Revenue Payments”) equal to, initially, 6.25% of the global net sales of troriluzole (“Net Sales”), which will increase pro rata upon the purchase of any of the Second Notes. If the aggregate amount of Revenue Payments (if troriluzole has received FDA approval) and any Milestone Payment (as defined below) made by the Issuer to the Purchasers pursuant to the Note Purchase Agreement as of December 31, 2030 (the “Test Date”) equals or exceeds the amount of the aggregate purchase price for the Notes paid by the Purchasers (the “Total Funded Amount”) to the Issuer pursuant to the Note Purchase Agreement (the “Test Date Condition”), the then-applicable percentage of Net Sales payable as Revenue Payments will automatically decrease by 60% for all subsequent years. If the Test Date Condition is not satisfied by the Test Date, the then-applicable percentage of Net Sales payable as Revenue Payments will automatically increase for all subsequent years to the lesser of (i) a rate that would have provided the Purchasers with 100% of the Total Funded Amount as of the Test Date had such rate applied from the Closing Date through and including the Test Date and (ii) 80%. The Revenue Payments will become payable to the Purchasers on a quarterly basis after the Closing Date.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Issuer will also be obligated to pay to the Purchasers a milestone payment (the “Milestone Payment”) equal to 35% of the Funded Amount upon the approval by the FDA or European Medicines Agency (“EMA”) of troriluzole or other Company products. The Milestone Payment will be payable in equal quarterly installments starting in the quarter after the approval is received or, if the Milestone Payment is earned after the Test Date, in one single payment on the 10</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> Business Day after the date the approval is received. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In addition to the Revenue Payments and the Milestone Payment discussed above, if the Test Date Condition is not satisfied, then the Company will be obligated to make a one-time payment to the Purchasers equal to 100% of the Total Funded Amount as of the Test Date less the aggregate Revenue Payments and Milestone Payments made to the Purchasers as of the Test Date (the “True-Up Payment”). If troriluzole has not received FDA approval for the treatment of obsessive compulsive disorder or spinocerebellar ataxia as of the Test Date, any Milestone Payments shall be excluded in calculating the True-Up Payment. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Purchasers’ right to receive the Revenue Payments shall terminate on the date on which the Purchasers have received Revenue Payments and Milestone Payments (the “Total Payments”), together with any True-Up Payment paid by the Issuer to the Purchasers, in an aggregate amount equal to the then-applicable Cap Amount, unless the Note Purchase Agreement is terminated prior to such date. The “Cap Amount” means an amount equal to the Total Funded Amount multiplied by (x) on or prior to the earlier of the Test Date and the date the Test Date Condition is satisfied, 1.65 with respect to the Second Notes and 1.95 with respect to the First Notes and any Third Notes, and (y) after the earlier of the Test Date and the date the Test Date Condition is satisfied, (a) with respect to the First Notes and Third Notes, (i) if the Test Date Condition is satisfied, 1.60, (ii) if the Test Date Condition is not satisfied and the Total Payments as of the Test Date are equal to or greater than 90% of the Total Funded Amount, 1.8, (iii) if the Test Date Condition is not satisfied and the Total Payments as of the Test Date are less than 90% but equal to or greater than 50% of the Total Funded Amount, 1.95, (iv) if the Test Date Condition is not satisfied and the Total Payments as of the Test Date are less than 50% of the Total Funded Amount, 2.10 if on or prior to the 8</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> anniversary of the Closing Date and 2.25 if after the 8</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> anniversary of the Closing Date, and (b) with respect to the Second Notes, (i) if the Test Date Condition is satisfied, 1.4, (ii) if the Test Date Condition is not satisfied and the Total Payments as of the Test Date are equal to or greater than 50% of the Funded Amount, 1.65, and (iii) if the Test Date Condition is not satisfied and the Total Payments as of the Test Date are less than 50% of the Funded Amount, 1.75. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">If the Purchasers have not received Total Payments equal to the then-applicable Cap Amount as of the 10</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> anniversary of the Closing Date (or, if no products of the Company have been approved by the FDA or EMA on or before the Test Date, the 8</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> anniversary of the Closing Date), the Issuer will be obligated to pay to the Purchasers an amount equal to the Cap Amount less the Total Payments made as of such date.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Under the Note Purchase Agreement, the Issuer has an option (the “Call Option”) to terminate the Note Purchase Agreement and repurchase the Notes in full at any time upon advance written notice. Additionally, the Purchasers have an option (the “Put Option”) to terminate the Note Purchase Agreement and to require the Company to repurchase the Notes in full upon certain enumerated events, including, but not limited to, payment defaults, covenant defaults, material breaches of representations and warranties, cross defaults to material debt, bankruptcy and insolvency defaults, material judgment defaults, key man event or a change of control. The required purchase price with respect to the Call Option and the Put Option, as applicable, shall be (a) with respect to the portion of the Total Funded Amount relating to the First Notes and the Third Notes, (i) 120% of such amount if Purchasers exercise the Put Option (other than in connection with a change of control or in connection with a sale of all or substantially all assets relating to troriluzole under certain conditions) on or prior to the first anniversary of the Closing Date, (ii) 135% of such amount if the First Notes and Third Notes are repurchased voluntarily or in connection with a change of control on or prior to the date that is 18 months after the Closing Date or in connection with a definitive agreement for the sale of all or substantially all assets relating to troriluzole by August 31, 2025 and the repurchase of the Notes by September 30, 2025 and provided that, in either case, no Default or Event of Default is continuing at such time, (iii) 150% of such amount if the First Notes and Third Notes are repurchased on or prior to the date that is 18 months after the Closing Date and the prior clauses (i) and (ii) do not apply, (iv) 175% of such amount if the First Notes and Third Notes are repurchased from and after the date that is 18 months after the Closing Date and prior to the third anniversary of the Closing Date and (v) 195% of such amount if the First Notes and Third Notes are repurchased after the third anniversary of the Closing Date, provided that if the Total Payments as of the Test Date are less than 50% of the Total Funded Amount, the required purchase price shall be 210% of such amount if such purchase price is paid on or prior to the 8</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> anniversary of the Closing Date, and 225% of such amount if such purchase price is paid after the 8</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> anniversary of the Closing Date, and (b) with respect to the portion of the Total Funded Amount relating to the Second Notes, (i) 120% of such amount if the Second Notes are repurchased on or prior to the first anniversary of the first purchase date for such Second Notes, (ii) 135% of such amount if the Second Notes are repurchased after the first anniversary but on or prior to the second anniversary of the first purchase date for such Second Notes and (iii) 175% of such amount if the Second Notes are repurchased after the second anniversary of the first purchase date for such Second Notes, except in the event that the Total Payments as of the Test Date are equal to or greater than 50% of the Total Funded Amount, in which case the required purchase price shall be 165% of such amount, minus in each case in the preceding clauses (a) and (b), the aggregate Total Payments and any True-Up Payment made to the Purchasers prior to such date.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">The Issuer’s obligations under the Note Purchase Agreement are guaranteed by the Company and certain of its subsidiaries (the “Guarantors”). To secure the Issuer’s obligations under the Note Purchase Agreement and the Guarantors’ obligations under the guarantees, the Obligors have granted the Purchaser Agent, for the benefit of the Purchasers, a security interest in the Obligors’ cash and equity interests and in specific assets related to troriluzole. </span></div>The Note Purchase Agreement contains affirmative and negative covenants, including covenants that limit or restrict the Obligors’ and their subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into certain transactions with affiliates, pay dividends or make distributions, repurchase stock and enter into restrictive agreements, in each case subject to certain exceptions set forth in the Note Purchase Agreement. 250000000 150000000 200000000 0.0625 0.60 0.80 0.35 1 1.65 1.95 1.60 0.90 1.8 0.90 0.50 1.95 0.50 2.10 2.25 1.4 0.50 1.65 0.50 1.75 1.20 1.35 P18M 1.50 P18M 1.75 P18M 1.95 0.50 2.10 2.25 1.20 1.35 1.75 0.50 1.65 false false false false