In March 2025, the Company received a draft termination agreement from Mabwell that included Mabwell’s position regarding a potential payment of $3,300 related to certain development milestones under a prior collaboration agreement, which Mabwell contended were achieved during 2021. Based on the information available at that time, the Company recorded a liability of $3,300 as an accrued expense in the consolidated financial statements as of December 31, 2024.

During 2025, management performed a reassessment of amounts potentially due under the collaboration agreement, including consideration of the contractual terms, the status of the development milestones, and communications with Mabwell. As part of this reassessment, the Company sought clarification from Mabwell regarding any asserted obligation; however, no claim or supporting documentation was provided. Based on this evaluation and in accordance with the guidance in ASC 405-20, management concluded that no present obligation exists and derecognized the payable balance to other income in the fourth quarter of 2025.