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.
