| (a) | SR One Capital Management, LLC ("SR One Capital Management"); SR One Capital Fund I Aggregator, LP ("SR One Fund I Aggregator"); SR One Capital Partners I, LP ("SR One Partners I"); SR One Co-Invest IV, LLC ("SR One Co-Invest IV"); SR One Co-Invest IV-A, LLC ("SR One Co-Invest IV-A"); SR One Co-Invest IV Manager, LLC ("SR One Co-Invest IV Manager"); AMZL, LP ("AMZL"); SR One Capital SMA Partners, LP ("SMA Partners"); and Simeon George, M.D. ("Dr. George").
SR One Fund I Aggregator is directly controlled by its general partner, SR One Partners I. SR One Co-Invest IV and SR One Co-Invest IV-A are directly controlled by their managing members, SR One Co-Invest IV Manager. AMZL is directly controlled by its general partner, SMA Partners. SR One Partners I and SMA Partners are directly controlled by their general partners, SR One Capital Management, SR One Co-Invest IV Manager is directly controlled by its managing member, SR One Capital Management, and Dr. George controls SR One Capital Management. Accordingly, each of SR One Capital Management and Dr. George may be deemed to have voting and dispositive power with respect to the SR One Fund I Aggregator Shares, the SR One Co-Invest IV Shares, the SR One Co-Invest IV-A Shares and the AMZL Shares (each as defined below).
The persons named in this Item 2 are referred to individually herein as a "Reporting Person" and collectively as the "Reporting Persons." SR One Fund I Aggregator, SR One Co-Invest IV, SR One Co-Invest IV-A and AMZL are referred to collectively as the "Funds." |
| | On May 7, 2026, the Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") by the Issuer (File No. 333-295141) in connection with its initial public offering of 15,500,000 shares of Common Stock of the Issuer (exclusive of the 2,325,000 shares of Common Stock that the underwriters may purchase upon exercise of their option to purchase additional shares in full) (the "IPO") was declared effective. The closing of the IPO took place on May 11, 2026 (the "Closing"), and in connection with the Closing, SR One Fund I Aggregator purchased 222,222 shares of Common Stock, SR One Co-Invest IV-A purchased 133,333 shares of Common Stock and AMZL purchased 200,000 shares of Common Stock, each at the IPO price of $18.00 per share.
Prior to the Closing, SR One Fund I Aggregator purchased from the Issuer in a series of private transactions 4,606,320 shares of Series A Convertible Preferred Stock (the "SR One Fund I Aggregator Series A Preferred Stock") for an aggregate purchase price of $19,999,996.56; 1,299,842 shares of Series A-2 Convertible Preferred Stock (the "SR One Fund I Aggregator Series A-2 Preferred Stock") for an aggregate purchase price of $7,999,994.57; 544,162 shares of Series B Convertible Preferred Stock (the "SR One Fund I Aggregator Series B Preferred Stock") for an aggregate purchase price of $3,499,998.53; 600,142 shares of Series C Convertible Preferred Stock (the "SR One Fund I Aggregator Series C Preferred Stock") for an aggregate purchase price of $3,000,710.00; and 6,644,650 shares of Series D Convertible Preferred Stock (the "SR One Fund I Aggregator Series D Preferred Stock"), along with 1,861,211 warrants to purchase shares of Common Stock (the "SR One Fund I Aggregator Series D Warrants"), for an aggregate purchase price of $9,999,998.92. Immediately prior to the Closing, the SR One Fund I Aggregator Series A Preferred Stock automatically converted into 474,048 shares of Common Stock on a 1-for-9.7170 basis; the SR One Fund I Aggregator Series A-2 Preferred Stock automatically converted into 139,366 shares of Common Stock on a 1-for-9.3268 basis; the SR One Fund I Aggregator Series B Preferred Stock automatically converted into 59,692 shares of Common Stock on a 1-for-9.2837 basis; the SR One Fund I Aggregator Series C Preferred Stock automatically converted into 61,762 shares of Common Stock on a 1-for-9.7170 basis; the SR One Fund I Aggregator Series D Preferred Stock automatically converted into 683,817 shares of Common Stock on a 1-for-9.7170 basis; and the SR One Fund I Aggregator Series D Warrants were automatically exercised for 191,541 shares of Common Stock by their terms (as adjusted for the 1-for-9.7170 reverse stock split effected in connection with the IPO). Pursuant to the terms of the warrants, the Issuer withheld 1,065 shares of Common Stock from such shares to pay the exercise price in connection with the automatic net exercise of the SR One Fund I Aggregator Series D Warrants. SR One Fund I Aggregator now holds a total of 1,831,383 shares of Common Stock (the "SR One Fund I Aggregator Shares").
The working capital of SR One Fund I Aggregator is the source of the funds for the purchase of the SR One Fund I Aggregator Shares. No part of the purchase price of the SR One Fund I Aggregator Shares is represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting the SR One Fund I Aggregator Shares.
Prior to the Closing, SR One Co-Invest IV purchased from the Issuer in a series of private transactions 1,151,580 shares of Series A Convertible Preferred Stock (the "SR One Co-Invest IV Series A Preferred Stock") for an aggregate purchase price of $4,999,999.14; and 2,374,981 shares of Series B Convertible Preferred Stock (the "SR One Co-Invest IV Series B Preferred Stock") for an aggregate purchase price of $15,000,000.00. Immediately prior to the Closing, the SR One Co-Invest IV Series A Preferred Stock automatically converted into 118,512 shares of Common Stock on a 1-for-9.7170 basis; and the SR One Co-Invest IV Series B Preferred Stock automatically converted into 255,823 shares of Common Stock on a 1-for-9.2837 basis. SR One Co-Invest IV now holds a total of 374,335 shares of Common Stock (the "SR One Co-Invest IV Shares").
The working capital of SR One Co-Invest IV is the source of the funds for the purchase of the SR One Co-Invest IV Shares. No part of the purchase price of the SR One Co-Invest IV Shares is represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting the SR One Co-Invest IV Shares.
Prior to the Closing, SR One Co-Invest IV-A purchased from the Issuer in a series of private transactions 1,899,984 shares of Series B Convertible Preferred Stock (the "SR One Co-Invest IV-A Series B Preferred Stock") for an aggregate purchase price of $11,999,994.95; 200,000 shares of Series C Convertible Preferred Stock (the "SR One Co-Invest IV-A Series C Preferred Stock") for an aggregate purchase price of $1,000,000; and 1,614,650 shares of Series D Convertible Preferred Stock (the "SR One Co-Invest IV-A Series D Preferred Stock"), along with 484,395 warrants to purchase shares of Common Stock (the "SR One Co-Invest IV-A Series D Warrants"), for an aggregate purchase price of $2,429,999.82. Immediately prior to the Closing, the SR One Co-Invest IV-A Series B Preferred Stock automatically converted into 204,658 shares of Common Stock on a 1-for-9.2837 basis; the SR One Co-Invest IV-A Series C Preferred Stock automatically converted into 20,582 shares of Common Stock on a 1-for-9.7170 basis; the SR One Co-Invest IV-A Series D Preferred Stock automatically converted into 166,168 shares of Common Stock on a 1-for-9.7170 basis; and the SR One Co-Invest IV-A Series D Warrants were automatically exercised for 49,850 shares of Common Stock by their terms (as adjusted for the 1-for-9.7170 reverse stock split effected in connection with the IPO). Pursuant to the terms of the warrants, the Issuer withheld 277 shares of Common Stock from such shares to pay the exercise price in connection with the automatic net exercise of the SR One Co-Invest IV-A Series D Warrants. SR One Co-Invest IV-A now holds a total of 574,314 shares of Common Stock (the "SR One Co-Invest IV-A Shares").
The working capital of SR One Co-Invest IV-A is the source of the funds for the purchase of the SR One Co-Invest IV-A Shares. No part of the purchase price of the SR One Co-Invest IV-A Shares is represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting the SR One Co-Invest IV-A Shares.
Prior to the Closing, AMZL purchased from the Issuer in a series of private transactions 4,500,000 shares of Series C Convertible Preferred Stock (the "AMZL Series C Preferred Stock") for an aggregate purchase price of $22,500,000.00; and 2,657,860 shares of Series D Convertible Preferred Stock (the "AMZL Series D Preferred Stock"), along with 764,312 warrants to purchase shares of Common Stock (the "AMZL Series D Warrants"), for an aggregate purchase price of $3,999,999.58. Immediately prior to the Closing, the AMZL Series C Preferred Stock automatically converted into 463,106 shares of Common Stock on a 1-for-9.7170 basis; the AMZL Series D Preferred Stock automatically converted into 273,527 shares of Common Stock on a 1-for-9.7170 basis, and the AMZL Series D Warrants were automatically exercised for 78,656 shares of Common Stock by their terms (as adjusted for the 1-for-9.7170 reverse stock split effected in connection with the IPO). Pursuant to the terms of the warrants, the Issuer withheld 438 shares of Common Stock from such shares to pay the exercise price in connection with the automatic net exercise of the AMZL Series D Warrants. AMZL now holds a total of 1,014,851 shares of Common Stock (the "AMZL Shares").
The working capital of AMZL is the source of the funds for the purchase of the AMZL Shares. No part of the purchase price of the AMZL Shares is represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting the AMZL Shares.
Collectively, the Funds now hold a total of 3,794,883 shares of the Issuer's Common Stock (the "Fund Shares"). |
| | Each Fund is party to the Third Amended and Restated Investors' Rights Agreement with the Issuer and certain other stockholders (the "Investors' Rights Agreement"). The Investors' Rights Agreement grants the parties thereto, including the Funds, certain registration rights in respect of registrable securities. The registration of shares of the Issuer's Common Stock pursuant to the exercise of these registration rights will enable the holders thereof to sell such shares without restriction under the Securities Act when the applicable registration statement is declared effective. Under the Investors' Rights Agreement, the Issuer will pay all registration expenses and the holders will pay all underwriting discounts and selling commissions relating to the sale of their shares. The Investors' Rights Agreement also includes customary indemnification and procedural terms. These registration rights will expire no later than five years after the consummation of the IPO, or with respect to any particular holder, at such time that such holder can sell its shares under Rule 144 without limitation during any three-month period.
The Investors' Rights Agreement provides that at any time beginning after the earlier of (i) five years after the date of the Investors' Rights Agreement and (ii) 180 days after May 11, 2026, the holders of a majority of the registrable securities then outstanding may request that the Issuer register all or a portion of their shares by filing a registration statement on Form S-1, provided that such request for registration covers at least 40% of the registrable securities then outstanding with an anticipated aggregate offering price of at least $10 million, net of applicable selling expenses. Once the Issuer is eligible to use a registration statement on Form S-3, the holders of at least 25% of the registrable securities then outstanding may request that the Issuer register their shares on Form S-3 if such holders hold registrable securities in an anticipated aggregate offering amount of at least $5 million, net of applicable selling expenses.
Further, the Investors' Rights Agreement provides that in the event the Issuer proposes to register any of its securities under the Securities Act, either for its own account or for the account of other security holders, certain holders of registrable securities will be entitled to "piggyback" registration rights allowing such holders to include their shares in such registration, subject to certain marketing and other limitations.
In addition, each Fund entered into a lock-up agreement in connection with the IPO whereby each Fund has agreed, subject to certain exceptions, that without the prior written consent of J.P. Morgan Securities LLC, TD Securities (USA) LLC and Cantor Fitzgerald & Co., that for a period of 180 days after May 7, 2026, it will not (i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of Common Stock, or any options or warrants to purchase any shares of Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock, including without limitation any such securities owned or later acquired, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the Fund or someone other than the Fund), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any such securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise, (iii) make any demand for or exercise any right with respect to the registration of any such securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above. |