Additionally, there has been increasing legislative and enforcement interest in the United States with respect to drug pricing practices, which has resulted in several U.S. Congressional inquiries and federal and state legislation designed to, among other things, bring more transparency to drug pricing, reduce the cost of prescription drugs, and review the relationship between pricing and manufacturer patient programs. The effects of these drug pricing initiatives on our business and the healthcare industry in general is not yet known. In April 2025, the current U.S. administration published an executive order directing the federal government to take measures to reduce drug prices. In May 2025, published another executive order that generally, among other things, directs the federal government to establish and communicate most-favored-nation price targets to pharmaceutical manufacturers to bring prices for American patients in line with comparably developed nations and includes additional provision. Although we are still in early stages of development with only one product candidate in the clinic, there is uncertainty about the effect these developments may have on our business, and there is risk that the landscape will continue to evolve, any of which could have a negative effect on our business and operations.
