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\n 目录\n

\n 根据证券交易委员会于 2026 年 10 月 9 日提交的文件。\n

\n 注册编号 333-299117\n

\n 美国 \n
\n 证券交易委员会 \n

\n 华盛顿特区 20549 \n

\n 修正案第 1 号\n
\n 对\n

\n S-1 表格 \n

\n 注册声明 \n
\n 根据 \n
\n 1933 年证券法 \n

\n City Therapeutics, Inc. \n

\n （注册人根据其章程指定的确切名称） \n

\n \n \n \n \n \n \n \n \n \n \n \n

\n 特拉华州 \n

\n （注册或组织所在司法管辖区）\n

\n 2834\n

\n （主要标准行业分类代码编号）\n

\n 93-2762122\n

\n （美国国税局雇主识别号）\n

\n 399 Binney Street \n
\n Cambridge, MA 02142 \n
\n (857) 357-2024 \n

\n （注册人主要行政办公地址，包括邮政编码和电话号码，包括区号） \n

\n Andrew Orth, M.B.A. \n
\n 总裁兼首席执行官 \n
\n City Therapeutics, Inc. \n
\n 399 Binney Street \n
\n Cambridge, MA 02142 \n
\n (857) 357-2024 \n

\n （服务代理人的姓名、地址，包括邮政编码和电话号码，包括区号） \n

\n 送达副本至： \n

\n \n \n \n \n \n \n \n \n \n \n \n

\n Kingsley L. Taft\n
\n Sarah Ashfaq\n
\n Goodwin Procter LLP\n
\n 100 Northern Avenue\n
\n Boston, MA 02210\n
\n (617) 570-1000\n

\n Andrew Orth, M.B.A.\n
\n 总裁兼首席执行官\n
\n City Therapeutics, Inc.\n
\n 399 Binney Street\n
\n Cambridge, MA 02142\n
\n (857) 357-2024\n

\n Darah Protas\n
\n Evan Leitner\n
\n Divakar Gupta\n
\n Richard Segal\n
\n Cooley LLP\n
\n 1299 Pennsylvania Avenue, NW, Suite 700\n
\n Washington, DC 20004\n
\n (202) 842-7800\n

\n 公开销售拟议开始的大致日期：本注册声明生效后尽快。\n

\n 如果本表格注册的任何证券是根据 1933 年证券法第 415 条规则以延迟或连续方式提供，请勾选以下框： ☐ \n

\n 如果本表格是根据《证券法》第462(b)条提交的，用于注册本次发行额外证券的，请勾选以下方框并列出本次发行的前一份有效注册声明所依据的《证券法》注册声明编号。 ☐ \n

\n 如果本表格是根据《证券法》第462(c)条提交的，用于提交后生效修正案的，请勾选以下方框并列出本次发行的前一份有效注册声明所依据的《证券法》注册声明编号。 ☐ \n

\n 如果本表格是根据《证券法》第462(d)条提交的，用于提交后生效修正案的，请勾选以下方框并列出本次发行的前一份有效注册声明所依据的《证券法》注册声明编号。 ☐ \n

\n 通过勾选标记表明注册人是否为大型加速申报人、加速申报人、非加速申报人、较小的报告公司或新兴成长公司。请参阅《交易法》第12b-2条中“大型加速申报人”、“加速申报人”、“较小的报告公司”和“新兴成长公司”的定义。 \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n 大型加速申报人 \n \n	\n ☐ \n	\n 加速申报人 \n	\n ☐ \n
\n \n 非加速申报人 \n \n	\n ☒ \n	\n \n 较小的报告公司 \n \n	\n ☒ \n
		\n \n 新兴成长公司 \n \n	\n ☒\n

\n 如果是新兴成长公司，请通过勾选标记表明注册人是否已选择不使用《证券法》第7(a)(2)(B)条提供的任何新或修订的财务会计准则所需的延长期限。 ☐ \n

\n 注册人特此修改本注册声明，在必要时修改本声明，以将其生效日期推迟至注册人提交进一步修正案，该修正案明确声明本注册声明此后应根据经修订的1933年《证券法》第8(a)条生效，或者直至注册声明根据《证券法》第8(a)条生效，届时证券交易委员会根据所述第8(a)条行事可确定该日期。 \n

\n 目录\n

本招股说明书中的信息不完整，且可能发生变更。在向证券交易委员会提交的注册声明生效之前，我们可能不会出售这些证券。本招股说明书不是出售这些证券的要约，也不是在任何州或其他司法管辖区 soliciting 购买这些证券的要约，而在这些司法管辖区，出售或购买的要约或出售是被禁止的。

\n 尚未完成。日期为2026年10月9日。 \n

\n 9,722,222 股 \n

\n $\"[MISSING$ \n

\n 普通股 \n

\n 这是 City Therapeutics, Inc. 普通股的首次公开募股。我们正在提供9,722,222股我们的普通股。 \n

\n 在本次发行之前，我们的普通股没有公开交易市场。目前估计每股的首次公开募股价格将在 17.00 美元至 19.00 美元之间。我们已申请在纳斯达克全球市场以“CTY”为代码挂牌我们的普通股。我们相信，在本发行完成后，我们将达到纳斯达克的上市标准，且本发行的成功取决于该上市。\n

\n 我们是“新兴成长公司”和“较小的报告公司”，根据美国联邦证券法定义，因此我们选择在本招股说明书中遵守某些简化的报告要求。有关更多信息，请参阅标题为“招股说明书摘要——成为新兴成长公司和较小的报告公司的影响”的部分。\n

\n 请参阅从第 14 页开始的标题为“风险因素”的部分，以了解在决定投资我们普通股的股份之前应考虑的因素。\n

\n 证券交易委员会或任何州证券委员会均未批准或否决这些证券，也未确定本招股说明书是否真实或完整。任何相反的表示均属犯罪行为。\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 每股 \n

\n 总计 \n

\n 首次公开募股价格 \n

\n 承销折扣和佣金(1)\n

\n 扣除费用前，City Therapeutics, Inc. 的净收益 \n

\n (1)\n
\n

\n 有关向承销商支付的补偿的更多信息，请参阅标题为“承销”的部分。\n

\n 我们已授予承销商从我们这里购买多达 1,458,333 股普通股的期权，价格为本首次公开募股价格，扣除承销折扣和佣金。\n

\n 承销商预计将在 2026 年左右交付股份以换取付款。\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	\n Goldman Sachs & Co. LLC \n			\n \n Jefferies \n \n			\n \n Stifel\n \n
	\n \n Oppenheimer & Co.\n \n

\n 招股说明书日期为 2026 年 \n

\n 目录 \n

	\n \n 页码 \n \n
\n \n 招股说明书摘要 \n \n		\n 1\n
\n \n 发行情况 \n \n		\n 10\n
\n \n 合并财务数据摘要 \n \n		\n 12\n
\n \n 风险因素 \n \n		\n 14\n
\n \n 关于前瞻性陈述的警示性说明 \n \n		\n 95\n
\n \n 募集资金用途 \n \n		\n 97\n
\n \n 股利政策 \n \n		\n 99\n
\n \n 资本结构 \n \n		\n 100\n
\n \n 稀释 \n \n		\n 102\n
\n \n 管理层对财务状况和经营成果的讨论与分析 \n \n		\n 105\n
\n \n 业务 \n \n		\n 126\n
\n \n 管理层 \n \n		\n 186\n
\n \n 高管薪酬 \n \n		\n 197\n
\n \n 董事薪酬 \n \n		\n 209\n
\n \n 某些关系及关联方交易 \n \n		\n 212\n
\n \n 主要股东 \n \n		\n 216\n
\n \n 股本说明 \n \n		\n 219\n
\n \n 未来可出售股份 \n \n		\n 225\n
\n \n 非美国持有人的重大美国联邦所得税后果 \n \n		\n 227\n
\n \n 承销 \n \n		\n 231\n
\n \n 法律事项 \n \n		\n 239\n
\n \n 专家 \n \n		\n 239\n
\n \n 何处可获取额外信息 \n \n		\n 239\n
\n \n 合并财务报表索引 \n \n		\n F-1\n

\n 我们及承销商均未授权任何人向您提供任何信息或作出任何陈述，除非本招股说明书或我们或代表我们编制的任何自由撰写招股说明书中所包含的信息或陈述，或我们向您指明的其他自由撰写招股说明书。我们及承销商不对他人可能向您提供的任何其他信息的可靠性承担责任，也无法就此提供任何保证。我们及承销商未在任何禁止要约或出售的司法管辖区发出出售这些证券的要约。您应假定本招股说明书或任何适用的自由撰写招股说明书中出现的信息仅在其日期时是准确的，无论其送达时间或我们普通股的任何出售时间如何。自该日期以来，我们的业务、财务状况、经营成果及前景可能已发生变化。\n

\n 对于美国境外的投资者，我们及承销商均未采取任何行动，允许在任何需要采取此类行动的司法管辖区进行本次发行或持有或分发本招股说明书，除了美国境外获知本招股说明书的人员。美国境外获知本招股说明书的人员必须自行了解并遵守有关我们普通股的发行及本招股说明书在美国境外分发的任何限制。\n

\n 我们拥有、已申请或拥有使用一项或多项注册商标、普通法商标、服务商标和/或商号的许可，以用于我们在美国的业务，这些商标、服务商标和/或商号可能在本招股说明书中使用。本招股说明书还包括属于各自所有者的第三方的商标、商号和服务商标。我们在本招股说明书中使用或展示第三方的商标、服务商标、商号或产品，并非旨在，且不会\n

\n ii\n
\n

\n 目录\n

\n 暗示与我们存在关系，或获得我们的背书或赞助。仅为了方便起见，本招股说明书中提及的商标、服务商标、标志和商号可能不出现 ®、TM 或 SM 符号，但省略此类引用并不意在以任何方式表明，我们将不会在适用法律允许的最大范围内主张我们的权利，或主张这些商标、服务商标和商号的适用所有者或许可人的权利。\n

\n 市场、行业及其他数据\n

\n 本招股说明书通篇所用的市场数据及某些其他统计信息基于独立的行业出版物、政府出版物、市场研究公司的报告或其他我们认为可靠的独立来源。行业出版物和第三方研究、调查及研究通常表明，其信息已从被认为可靠的来源获取，尽管它们并不保证此类信息的准确性或完整性。我们负责本招股说明书中所包含的所有披露，且我们相信这些来源是可靠的；然而，我们并未对这些出版物中包含的信息进行独立核实。虽然我们未发现本招股说明书中呈现的任何第三方信息存在任何陈述错误，但其估计值，尤其是与预测相关的估计值，涉及大量假设，存在风险和不确定性，并可能因各种因素而发生变化，包括本招股说明书中题为“风险因素”的部分及其他地方讨论的因素。某些数据也基于我们的善意估计。\n

\n iii\n
\n

\n 目录 \n

\n 招股说明书摘要\n

\n 本摘要突出了本招股说明书中其他地方包含的选定的信息。本摘要不包含您在投资我们的普通股之前应考虑的所有信息。在做出投资决策之前，您应仔细阅读本招股说明书的全部内容，包括本招股说明书中题为“风险因素”、“关于前瞻性陈述的警示性说明”、“管理层对财务状况和经营成果的讨论与分析”以及我们的合并财务报表和相关附注的部分，这些内容包含在本招股说明书的其他地方。\n

\n 除非另有说明，本招股说明书中对“City”、“City Therapeutics”、“公司”、“我们”、“我们的”、“我们”或类似术语的所有引用均指 City Therapeutics, Inc. 及其全资子公司，或根据上下文需要指 City Therapeutics, Inc. 及其全资子公司中的任一或两者。本招股说明书中对项目及财务指导的引用，如适用，指在给定年份的“早期”、“中期”或“晚期”，分别指适用日历年的第一季度和第二季度、第二季度和第三季度、以及第三季度和第四季度。\n

\n 概览\n

\n 我们是一家临床阶段的生物技术公司，致力于开发下一代 RNA 干扰（\"RNAi\"）疗法，旨在沉默疾病相关蛋白的表达，旨在为有需要的患者带来有意义且持久的益处。我们相信，我们深厚的 RNAi 专业知识和 City 平台能力使我们能够独特地定位，以实现开发潜在最佳疗法的目标。我们的愿景是引领下一代 RNAi 疗法，我们的使命是通过突破性的 RNAi 科学改善患者的生活，同时建立一家具有持久影响力的生物制药公司。\n

\n 我们目前的管线专注于具有重大未满足医疗需求的适应症，包括血栓栓塞疾病、Stargardt 病 1 型（\"Stargardt disease\"）和慢性病贫血，在这些领域，我们相信疾病生物学支持 RNAi 介导的敲低，与其他疗法相比是一种差异化方法。由 RNAi 领域的先驱和专家领导，自 2023 年 7 月成立公司以来，我们取得了快速进展，在不到三年的时间里发现并推进了三个项目进入或接近临床，我们的目标是我们的 City 平台每年交付一到两个新的新药临床试验申请（\"IND\"）或等效的 IND 申请。\n

\n 我们领导团队中的几位成员，包括我们的联合创始人兼执行主席 John Maraganore 博士，以及前 Alnylam Pharmaceuticals, Inc.（\"Alnylam\"）创始首席执行官，我们的首席科学官 Tracy Zimmermann 博士，在将 RNAi 疗法确立为一种公认的治疗模式方面发挥了基础性作用，这从他们各自参与开发的多个 FDA 批准的 RNAi 疗法中得到了证明。我们的总裁兼首席执行官 Andrew (Andy) Orth, M.B.A. 领导了包括首个美国食品药品监督管理局（\"FDA\"）批准的 RNAi 疗法在内的多种 RNAi 疗法的推出。City 团队 collectively 贡献了目前 8 种 FDA 批准的 RNAi 疗法中的 7 种，我们 75% 的研究领导者拥有 RNAi 疗法发现或开发经验。\n

\n RNAi 是一种自然发生的生物学过程，通过在 mRNA 被翻译成蛋白质之前对其进行 \"干扰\"，从而调节或沉默基因表达。RNAi 作为一种治疗机制具有内在优势，因为它是一种高度特异、有效且持久的方法，可选择性地沉默疾病相关蛋白的表达，包括传统小分子和抗体无法触及的细胞内靶点。此外，与生物制剂相比，RNAi 疗法受益于更简单的分子架构，由短链化学合成的寡核苷酸组成，而不是大型复杂的蛋白质，这使其能够实现更一致和可扩展的制造。RNAi 在机制和商业上已经确立，首批 8 种 FDA 批准的 RNAi 疗法中的第一种于 2018 年上市，多种产品实现了 substantial and growing commercial sales。目前约有 100 个项目处于临床开发阶段，我们相信 RNAi 疗法正准备遵循与单克隆 \n

\n 1\n
\n

\n 目录\n

\n 抗体疗法是一种早在 1990 年代中期就获得 FDA 批准的疗法，此后已扩展到超过 150 种获批药物。\n

\n 虽然 RNAi 是一种成熟的疗法，但我们的开发工作仍处于早期阶段，我们的 City 平台以及针对某些候选产品的工程和开发方法尚未经过验证，且采用了可能无法产生可上市产品的全新技术。我们的主要候选产品 CITY-FXI 处于临床开发的早期阶段，其他候选产品和开发项目则处于临床前开发或药物发现阶段。我们最近才启动了首个临床试验，尚未完成任何临床试验，在开展和管理临床试验方面经验有限。我们的任何候选产品均未获得商业销售批准，尚未通过产品销售产生收入，也尚未证明有能力成功完成临床开发或获得任何候选产品的上市批准并实现商业化。我们的候选产品可能在开发过程中失败或永远无法获得监管批准，我们需要大量额外资金来完成开发，并在获批后实现商业化。请参阅标题为“—与我们的业务相关的重要风险摘要”和“风险因素”的章节，以讨论这些以及其他与我们的业务相关的风险和不确定性。\n

\n 我们的产品管线\n

\n 我们正在推进 RNAi 疗法管线，旨在实现对疾病相关肝脏及肝外靶点具有强效、特异和持久的抑制，以治疗具有重大未满足医疗需求的疾病。下表总结了我们当前开发阶段的计划：\n

\n $\"[MISSING$ \n

\n 我们的所有候选产品均处于早期临床或临床前开发阶段。我们尚未证明任何候选产品是安全或有效的，也未证明其相比现有或试验性疗法具有优势，包括非人灵长类（“NHP”）研究在内的临床前研究结果可能无法预测临床试验的结果。我们的任何候选产品均未获得 FDA 或任何同等外国监管机构的批准，我们可能永远无法获得任何候选产品的监管批准。\n

\n 我们最先进的候选产品 CITY-FXI 是一种 City 工程的 N-乙酰半乳糖胺（“GalNAc”）偶联的小干扰 RNA（“siRNA”）疗法，靶向因子 XI（“FXI”）。CITY-FXI 体现了我们的策略，即利用第三方人类遗传和临床数据支持的靶点，工程化设计具有高度强效和特异性的 RNAi 触发剂。我们正在推进 CITY-FXI 用于预防血栓栓塞疾病，这是基于其降低 FXI 活性从而预防血栓栓塞事件同时减轻出血风险的潜力。血栓是在血管内形成的有害凝块，约占全球四分之一的死亡原因。FXI 是一个经遗传学和临床数据支持的靶点，它在病理性血栓形成中起作用，但在止血或正常凝血中的作用有限。在 CITY-FXI 的临床前研究中，我们观察到 95% 的 FXI\n

\n 2\n
\n

\n 目录\n

\n 在非人灵长类动物中，凝血时间延长且在细胞系检测中未观察到脱靶效应。我们于 2026 年启动了 CITY-FXI 的 I 期临床试验，健康志愿者单次递增剂量（“SAD”）部分的前三个队列的初步数据显示，CITY-FXI 总体耐受性良好，单次皮下注射 15 mg 后观察到 >60% 的 FXI 敲降，单次皮下注射 50 mg 后接近 80% 的 FXI 敲降，单次皮下注射 150 mg 三周后为 85% 的 FXI 敲降。我们预计将在 2026 年底报告更多 I 期试验数据。我们计划将 CITY-FXI 开发用于血栓栓塞疾病适应症，包括二级卒中预防、直接口服抗凝药（“DOAC”）不适用房颤（“AFib”）、静脉血栓栓塞（“VTE”）后的延长二级预防，以及癌症相关血栓，特别是针对因出血风险较高而通常不使用 DOAC 的患者。我们计划首先通过全膝关节置换术（“TKA”）的 II 期试验来评估血栓性疾病的疗效和安全性，这是一个患者术后血栓风险增加的临床环境。我们预计将于 2027 年中期启动 TKA 的 II 期研究。\n

\n 我们的第二款产品候选药物 CITY-RBP4 是一种 City 工程化的 GalNAc-偶联 siRNA 治疗药物，正在开发用于治疗 Stargardt 病，这是儿童和年轻人中最常见的遗传性黄斑变性。目前尚无获批的治疗方法。美国有超过 30,000 人被诊断为 Stargardt 病，一些研究甚至表明患病率更高，这意味着在治疗获得 FDA 批准后，可能会有大量未被诊断的患者出现。Stargardt 病会导致残疾，许多患者在二十多岁后期就会成为法定盲人。患者面临几十年的中央视力进行性丧失，导致阅读、认脸和驾驶等日常活动无法进行。Stargardt 病由 ABCA4 基因突变引起，导致眼部维生素 A 代谢产物的毒性积累。CITY-RBP4 靶向视黄醇结合蛋白 4（“RBP4”），这是视黄醇的主要载体，视黄醇是一种维生素 A 的形式，负责将视黄醇从肝脏运输到眼睛。抑制 RBP4 已有第三方临床机制验证数据支持 Stargardt 病的治疗。此外，在非人灵长类动物的预临床研究中，经 CITY-RBP4 治疗后，我们在 3 mg/kg 和 10 mg/kg 剂量水平下观察到约 90% 的循环维生素 A 和 RBP4 受到抑制。2026 年中期，我们提交了 CITY-RBP4 的申请，以在 2026 年底启动 I 期临床试验，并预计将于 2027 年中期报告该试验的初步数据。我们还在探索 CITY-RBP4 在相邻适应症中的应用，包括年龄相关性黄斑变性继发的地图状萎缩（“GA”）。我们预计将于 2027 年底启动 CITY-RBP4 在 GA 的 II 期临床试验。\n

\n 我们第三个项目 CITY-TFR2 是一种由城市工程设计的 GalNAc-偶联 siRNA 治疗候选药物，用于治疗慢性病贫血，这种贫血占所有贫血病例的 40%，在美国影响超过五百万人。在与慢性病贫血相关的炎症状态下，身体会增加铁调素（hepcidin）的产生，铁调素是一种控制全身铁元素的激素，它会限制铁的可用性并使红细胞生成陷入饥饿。CITY-TFR2 旨在沉默转铁蛋白受体 2（“TFR2”），这是一种主要在肝脏中产生的蛋白质，对铁调素产生的调节至关重要。这会降低铁调素水平，恢复纠正贫血所需的铁供应。在非人灵长类动物（NHP）的预临床研究中，经 CITY-TFR2 治疗后，我们观察到约 90% 的 TFR2 mRNA 下降，同时血清铁增加。我们最初专注于 CITY-TFR2 在骨髓纤维化相关贫血中的开发，因为贫血是该疾病临床负担的主要因素。一项 CITY-TFR2 的研究者发起试验（“IIT”）预计将于 2026 年底在中国开始，我们预计将于 2027 年中期报告 IIT 的数据。我们还计划在 2026 年底提交 IND 或等效申请，并于 2027 年初启动 CITY-TFR2 的 1/2 期研究，并有可能扩展到其他贫血普遍的慢性疾病，如慢性肾病和炎症性疾病，包括炎症性肠病。\n

\n 除了我们的领先项目外，我们正在推进旨在将 RNAi 治疗药物扩展到新组织、新靶点和新疾病领域的发现候选药物。这些候选药物包括第四个肝脏靶向项目 CITY-L04，针对一个未披露的靶点，以及两个基于我们专有的诱导切割微小 RNA（“cityRNAs”）的发现阶段项目 CITY-O02 和 CITY-C02，它们分别专注于眼部和中枢神经系统（CNS）适应症。\n

\n 3\n
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\n 目录\n

\n 我们已与 Bausch + Lomb Ireland Limited（“Bausch + Lomb”）和 Biogen MA Inc.（“Biogen”）建立了战略合作关系，分别推进用于眼部和中央神经系统（“CNS”）疾病的肝外 RNAi 疗法。我们认为，这些合作将强化并提升我们的 City Platform 的潜力，特别是我们的下一代 RNAi 触发和递送技术，同时保留我们在眼部和 CNS 追求额外靶点以及我们在合作下开发的任何 City Platform 创新的权利。2024 年 7 月，我们就单一靶点与 Bausch + Lomb 签订了研究和许可协议（“B+L Agreement”），专注于开发用于视网膜疾病（包括 GA）的新型 RNAi 疗法。该合作利用我们的下一代递送技术实现了新型 RNAi 疗法的玻璃体内递送，并且我们保留了在协议下构建的递送技术的权利。我们计划在 B+L Agreement 下 substantially 完成研发工作，以便 Bausch + Lomb 在 2026 年底前选择一个开发候选药物。2025 年 5 月，我们就 RNAi 程序的发现和开发与 Biogen 签订了研究和许可协议（“Biogen Agreement”），专注于神经退行性疾病。该合作利用我们的触发工程专长和 Biogen 的专有药物递送技术开发用于某些 CNS 疾病的全身性 RNAi 疗法。该合作将 initially 专注于单一靶点，Biogen 有权指定一个额外的靶点，以便就 substantially 相同的条款签订单独的合作和许可协议。我们计划在 2026 年底 substantially 完成 Biogen Agreement 下的研发工作，以便 Biogen 在 2027 年底前选择一个开发候选药物。\n

\n 我们的 City Platform \n

\n 我们的City平台是我们开发的每种治疗药物的核心引擎。我们的City平台旨在整合三项核心技术能力：RNAi触发器工程、设计用于实现组织选择性的新型递送结合物，以及通过我们对人类基因组学的洞察实现的目标发现和选择。每种RNAi药物的关键在于能够利用细胞内的RNAi机制来沉默与疾病相关的基因的触发器。我们认为，我们的专业知识使我们能够工程化出具有高效力和特异性的触发器，而我们创新的cityRNA触发器则是一种差异化的方法，用于解锁肝外递送。我们专有的人工智能和机器学习（“AI/ML”）支持的触发器设计能力利用了大量RNAi活性数据，可以在计算机上预测高潜力的触发器分子，将设计周期从数月缩短至数周。我们将触发器与组织靶向配体结合，以精确递送至肝脏内和肝脏外的细胞类型，首先使用我们专有的低密度脂蛋白受体相关蛋白1（“LRP1”）配体，这些配体旨在实现眼部、中枢神经系统和脂肪组织的递送。我们的产品管线项目是通过以基因组学为导向的目标发现和选择能力进行筛选的，该能力利用了人类生物学的洞察力和其他验证来源，包括临床数据。我们使用这种能力来识别具有差异化和基因支持的目标，其中RNAi被设计为提供持久的治疗优势。通过将这些能力整合到一个平台上，我们的目标是系统地创建和开发可能具有行业领先水平的治疗药物，并计划每年提交一到两项新的IND或等效申请。提交IND或等效申请，或任何此类申请获得FDA或同等外国监管机构的批准，并不表明我们任何产品候选物的未来成功，也不会增加我们任何产品候选物获得监管批准的可能性。鉴于我们处于早期开发阶段，我们可能需要多年时间才能完成任何产品候选物的临床开发并获得监管批准，如果有的话。\n

\n 我们的City平台的一些基础要素得到了俄亥俄州创新基金会（“OSIF”）的知识产权许可支持。2023年10月，我们与OSIF签订了一份许可协议（经修订，称为“OSIF许可协议”），根据该协议，OSIF授予我们一项独家、需支付特许权使用费的许可，以使用某些专利权，这些专利权涵盖cityRNAs的基础技术以及我们技术平台的其他方面。\n

\n 我们的战略 \n

\n 我们致力于通过下一代RNAi治疗药物为患者带来持久且有意义的益处。依托深厚的科学专业知识和我们专有的City平台，我们的目标是开发可能具有行业领先水平的治疗药物，并建立一个持久的、完全整合的RNAi\n

\n 4\n
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\n 目录\n

\n 能够在多种疾病中提供变革性治疗的公司。我们打算通过以下关键策略来实现这一目标： \n

\n •\n
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\n 领航RNAi触发器设计和递送的未来。 \n

\n •\n
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\n 在RNAi具有明显优势的高未满足医疗需求适应症中推进开发候选药物。\n

\n •\n
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\n 有针对性地追求价值增值的合作关系，以最大化我们组合的价值。\n

\n •\n
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\n 带来卓越的经验深度，以加速和扩展我们的平台和产品管线。\n

\n 我们的团队和历史\n

\n 定义下一代RNAi治疗药物需要科学、临床和商业专业知识的独特组合。我们组建了一支在这些每个领域都有深厚经验的团队。我们团队集体参与了目前八种获批的RNAi治疗药物中的七种的发现、开发或商业化。我们的执行主席兼联合创始人John Maraganore博士是RNAi治疗领域的先驱，曾担任Alnylam近20年的首席执行官，他推动了该公司从早期平台研究发展到前五种RNAi治疗药物的开发、全球监管批准和商业化，并曾在Millennium Pharmaceuticals, Inc.和Biogen Inc.担任高级领导职务。我们的总裁兼首席执行官Andrew（Andy）Orth先生拥有25年以上的行业经验，在Alnylam担任过多个领导职务，包括在ONPATTRO（第一种获批的RNAi治疗药物）上市过程中提供支持，之后担任Krystal Biotech, Inc.的首席商务官。我们的首席医学官Baisong Mei博士，是一位拥有25年制药和生物科技行业经验的医学科学家和药物开发者，在ALPROLIX、ELOCTATE、ALTUVIIIO和siRNA药物QFITLIA的开发和监管批准中发挥了关键领导作用。我们的首席科学官Tracy Zimmermann博士是2006年发表在《自然》上的里程碑式研究的主要作者，该研究首次在非人灵长类动物中展示了RNAi介导的基因沉默，并在几种获批的RNAi治疗药物的开发中做出了重要贡献，包括AMVUTTRA的共同发明者。\n

\n 我们的董事会由经验丰富的生物技术高管和投资者组成，包括我们的执行主席John Maraganore博士，他曾是Alnylam的创始首席执行官和董事会创始成员，Barry Greene，他曾是Sage Therapeutics, Inc.的总裁兼首席执行官，以及Alnylam的前长期首席运营官，Robert Nelsen，M.B.A.，ARCH Venture Partners的联合创始人兼管理合伙人，Saraswathy（Sara）V. Nochur博士，曾任Alnylam的前首席监管官和首席多元化、平等与包容官，Ron Philip，曾任Orbital Therapeutics, Inc.的首席执行官和董事会成员，以及我们的总裁兼首席执行官Andy Orth。此外，我们还组建了一个跨职能的科学和药物发现顾问委员会，成员包括经验丰富的药物开发者和RNAi治疗领域的领先学术科学家。\n

\n 从2023年7月成立之初到2026年6月30日，我们从包括ARCH Venture Partners、Fidelity Management & Research Company、Invus和Viking Global Investors在内的顶级生命科学投资者财团筹集了约2.388亿美元的股权资本。潜在投资者不应依赖现有投资者的投资决策，因为这些投资者可能有不同的风险承受能力，在某些情况下，他们以低于本次发行向公众提供的价格在私人融资中获得了股份。有关这些投资者之前购买和当前持有的更多信息，请参见标题为“特定关系和相关方交易”和“主要股东”的部分。\n

\n 与我们业务相关的重大风险摘要 \n

\n 在做出投资决策之前，您应了解我们业务面临的一些风险。这些风险包括但不限于以下内容：\n

\n 5\n
\n

\n 目录\n

\n •\n
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\n 我们是一家处于临床阶段的生物技术公司，经营历史有限，且没有经监管机构批准用于商业销售的产品，这可能使评估我们当前和未来的业务前景变得困难。\n

\n •\n
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\n 我们针对某些产品候选物的发现和开发方法是新颖的，可能永远不会导致可上市的产品。\n

\n •\n
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\n 我们仍处于开发工作的早期阶段。我们刚刚开始进行早期临床研究，因此在我们商业化产品候选物之前可能需要数年时间，如果有的话。如果我们无法识别并推进产品候选物通过非临床研究和临床试验，获得营销批准并最终商业化，或者在此过程中遇到重大延误，我们的业务将受到重大损害。\n

\n •\n
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\n 自成立以来，我们已出现重大净亏损，包括截至2024年12月31日的年度净亏损2780万美元和2025年12月31日的年度净亏损5850万美元，以及截至2025年6月30日和2026年6月30日的六个月净亏损2430万美元和5340万美元。截至2026年6月30日，我们累计亏损为1.425亿美元。我们预计在可预见的未来将继续出现重大亏损。\n

\n •\n
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\n 即使本次发行成功，我们仍需要大量额外资金来为未来的运营提供资金。如果我们无法在需要时以可接受的条款筹集到此类资金，我们可能被迫延迟、减少或取消项目、产品候选物（包括临床试验）或未来的商业化努力。\n

\n •\n
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\n 我们依赖于我们的产品候选物（包括CITY-FXI、CITY-RBP4和CITY-TFR2）的成功，以及我们正在进行和预期的临床试验可能不会成功。\n

\n •\n
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\n 临床前和临床药物开发是一个漫长且昂贵的过程，其时间表和结果具有不确定性。如果我们的产品候选人的临床前研究或临床试验被延长或延迟，我们可能无法获得必要的监管批准，因此无法及时或根本无法商业化我们的产品候选人。\n

\n •\n
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\n 监管机构可能不接受在美国以外进行的临床试验的数据，这可能要求我们进行额外的临床试验，并延迟我们产品候选人的开发或批准。\n

\n •\n
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\n 如果我们的临床试验无法复制我们或第三方先前进行的临床前研究或临床试验中的积极结果，我们可能无法成功开发、获得监管批准或商业化我们的产品候选人。\n

\n •\n
\n

\n 我们可能在启动、招募或完成计划中的临床试验方面遇到重大延误，或者我们可能无法向适用的监管机构证明安全性和有效性，这可能阻止我们及时或根本无法商业化我们决定开发的产品候选人。\n

\n •\n
\n

\n 如果我们卷入与权利确定相关的专利诉讼或其他程序，我们可能会产生重大成本和费用、重大损害赔偿责任，或被要求停止我们的产品开发和商业化努力。\n

\n •\n
\n

\n 我们的成功在很大程度上取决于我们的知识产权和专有技术，我们可能无法充分保护和/或执行我们的知识产权。\n

\n •\n
\n

\n 我们依赖从第三方获得的知识产权，如果我们未能遵守这些许可中的义务，可能会导致我们业务至关重要的权利丧失。\n

\n •\n
\n

\n 我们依赖第三方进行我们项目和产品候选人的研究、临床前研究、临床方案开发和临床试验的某些方面。如果这些第三方表现不佳、未能遵守监管要求或未能按时完成，我们可能无法及时且成本效益高地开发产品候选人，或无法获得监管批准或商业化我们的产品候选人，我们的业务可能受到严重影响。\n

\n 6\n
\n

\n 目录\n

\n •\n
\n

\n 我们依赖第三方为我们研究、临床前和临床活动的产品候选人提供供应和制造，并且如果产品获批，可能也会为产品的商业供应这样做。随着我们的产品管线增加和成熟，制造商对供应的更高需求可能会增加我们在需要时无法获得足够供应或以可接受成本获得供应的风险。\n

\n •\n
\n

\n 我们依赖有限的供应商来获取某些药物活性成分、药物产品、原料、样品、组件及其他用于我们产品候选物的材料。如果我们无法及时获得这些供应，或与供应商建立长期合同，我们可能无法按时完成临床试验，我们产品候选物的开发可能会被延迟。\n

\n •\n
\n

\n 我们过去曾且未来可能与第三方签订合作、协作和许可协议，以支持项目和产品候选物的开发。如果这些合作、协作和许可协议不成功，我们的业务可能会受到不利影响。\n

\n •\n
\n

\n 生物制药市场竞争激烈。如果我们或我们的合作伙伴无法有效与现有药物、新的治疗方法和新技术竞争，包括针对我们特定的产品候选物CITY-FXI、CITY-RBP4和CITY-TFR2，我们可能无法成功商业化我们开发的任何药物。\n

\n •\n
\n

\n 我们的普通股此前没有公开交易市场，我们的普通股可能不会形成活跃的交易市场。\n

\n •\n
\n

\n 我们普通股的价格可能波动较大，这可能导致本次发行中购买我们普通股的投资者遭受重大损失。\n

\n 上述总结的风险因素应与“风险因素”章节中的完整风险因素文本以及其他在本招股说明书中列出的信息一起阅读，包括我们经审计的合并财务报表及相关附注，以及我们向证券交易委员会（“SEC”）提交的其他文件。上述总结的风险或在本招股说明书中其他地方详细描述的风险是我们面临的所有风险。我们目前未知的其他风险和不确定性，或我们认为目前不重要的风险，也可能对我们的业务、财务状况、经营成果和未来前景产生重大不利影响。\n

\n 最新进展\n

\n 某些初步财务信息（未审计）\n

\n 截至2026年9月30日，我们估计我们大约有1.419亿美元的现金及现金等价物。该金额为初步数据且未经审计，并可能因完成财务结算程序而有所变动。该初步未经审计的财务数据由我们管理层编制，并由其负责。普华永道会计师事务所（PricewaterhouseCoopers LLP），我们独立的注册公共会计事务所，未对初步财务数据进行审计、审阅、检查、汇总或应用约定程序。因此，普华永道会计师事务所不对该初步财务数据发表意见或任何其他形式的保证。此外，该估计并未呈现截至2026年9月30日止九个月期间我们财务状况和流动性的全部必要信息。该估计不应被视为按照美国通用会计原则编制的财务报表的替代，也不一定反映任何未来期间的可能结果。您不应根据上述估计得出任何结论，也不应过度依赖该初步估计。除非法律要求，我们不承担更新该初步估计的义务。\n

\n 公司信息 \n

\n 我们于2023年7月根据特拉华州法律成立。我们的主要执行办公室位于马萨诸塞州剑桥市宾尼街399号，邮编02142，电话号码为(857) 357-2024。我们有一家子公司，即City Therapeutics Securities Corporation，于2024年8月根据马萨诸塞州联邦法律成立。\n

\n 7\n
\n

\n 目录\n

\n 我们的网站地址是www.citytx.com。我们网站中包含或可访问的信息并未纳入本招股说明书，您不应将其视为本招股说明书的一部分。我们仅在本招股说明书中包含我们的网站地址作为非活动文本引用。\n

\n 作为新兴成长型公司和小型报告公司的相关影响 \n

\n 我们根据《2012年创业企业启动法案》（以下简称“JOBS法案”）的定义被认定为“新兴成长公司”。作为新兴成长公司，我们可以利用原本适用于上市公司的特定减少披露和其他要求。这些规定包括：\n

\n •\n
\n

\n 除了任何必要的未审财务报表外，只需提供两年的经审计财务报表，并相应地减少本招股说明书中“管理层讨论与分析财务状况和经营成果”的披露；\n

\n •\n
\n

\n 关于我们高管薪酬安排的披露要求减少；\n

\n •\n
\n

\n 不需要就高管薪酬举行咨询性投票，也不需要获得任何此前未获批准的金色降落伞安排的股东批准；\n

\n •\n
\n

\n 根据《2002年萨班斯-奥克斯利法案》（以下简称“萨班斯-奥克斯利法案”）第404条，我们可免除对财务报告内部控制评估的审计师鉴证要求；和\n

\n •\n
\n

\n 免于遵守公众公司会计监督委员会关于在审计师对财务报表的审计报告中沟通关键审计事项的要求。\n

\n 我们可以利用这些豁免最多五年，或在我们不再是新兴成长公司之前的更早时间。我们可以选择利用其中的一些豁免，但不是全部。我们将在以下日期中的最早日期不再属于新兴成长公司：(i) 我们年度总收入达到12.35亿美元或更多后的财年最后一天；(ii) 本次发行完成后的第五个周年后的财年最后一天；(iii) 在过去三年中，我们发行的不可转换债务超过10亿美元的日期；或(iv) 根据证券交易委员会的规则，我们被认定为大型加速申报者之日。我们已在本招股说明书中利用了减少的报告要求。因此，本文中的信息可能与其他你持有股票的公开上市公司的信息不同。此外，《就业促进法案》（JOBS Act）规定，新兴成长公司可以利用更长的过渡期来遵守新的或修订的会计准则。这使新兴成长公司可以推迟采用某些会计准则，直到这些准则适用于私营公司时为止。我们已选择利用这一豁免，因此，只要我们是新兴成长公司，我们将不会在与其他非新兴成长公司的公开上市公司相同的时间点上受到新修订的会计准则的约束。由于做出此选择，我们的合并财务报表可能与其他在公开上市公司生效日期遵守新修订会计准则的公司的财务报表不可比。如果我们认为允许私营公司提前采用，则我们可以随时提前采用任何新修订的会计准则。\n

\n 我们也是“较小的报告公司”，这意味着我们非关联方持有的股票市值加上本次发行给我们带来的预计总毛收益低于7亿美元，并且我们在最近完成的财年的收入低于1亿美元。如果在本次发行后，(i) 我们非关联方持有的股票市值在我们第二财季的最后一个工作日低于2.5亿美元，或(ii) 我们在最近完成的财年的收入低于1亿美元，并且我们非关联方持有的股票市值在我们第二财季的最后一个工作日低于7亿美元，那么我们可能在本次发行后仍属于较小的报告公司。如果我们是较小的\n

\n 8\n
\n

\n 目录\n

\n 报告公司时，如果我们不再属于新兴成长公司，我们可能继续依赖某些针对较小报告公司的披露要求豁免。具体而言，作为较小报告公司，我们可以在年度报告10-K表中仅提供最近两个经审计的合并财务报表年度，与新兴成长公司类似，较小报告公司关于高管薪酬的披露义务也有所减少。\n

\n 9\n
\n

\n 目录 \n

\n 本次发行\n

\n 我们发行的普通股\n

\n 9,722,222股。\n

\n 购买额外普通股的选择权\n

\n 我们已授予承销商30天的选择权，以公开发行价格减去承销折扣和佣金，从我们这里购买最多1,458,333股额外的普通股。\n

\n 本次发行后将发行的普通股\n

\n 50,332,279股（如果承销商全部行权购买额外的普通股，则为51,790,612股）。\n

\n 资金用途\n

\n 我们估计，本次发行中出售我们普通股的净收益将约为1.583亿美元（如果承销商全部行权购买额外的普通股，则约为1.827亿美元），基于假设的首次公开募股价格为每股18.00美元，这是本招股说明书封面上所列估计发行价格范围的中点，在扣除承销折扣和佣金以及我们应付的估计发行费用后。\n

\n 我们目前计划将本次发行的净收益，加上我们现有的现金及现金等价物，用于以下方面：约3,000万美元用于资助CITY-FXI的临床开发，包括我们正在进行的I期临床试验以及针对干性年龄相关性黄斑变性（GA）的II期临床试验的启动；约2,000万美元用于资助CITY-RBP4的临床开发，包括I期临床试验以及针对Stargardt病和GA的后期临床开发准备工作；约4,000万美元用于资助CITY-TFR2的临床开发，包括在中国的IIT以及针对骨髓纤维化相关贫血的I/II期临床试验；约7,000万美元用于推进我们的City平台，包括继续投资将cityRNA触发器（CITY-O02和CITY-C02）推进到产品管线，以及将其他临床前产品候选物推进到IND或等效提交和临床开发；其余部分用于营运资金和其他一般公司用途。有关更多信息，请参见标题为“资金用途”的部分。\n

\n 风险因素\n

\n 请参见标题为“风险因素”的部分，了解在决定是否投资我们的普通股之前应仔细考虑的因素。\n

\n 拟在纳斯达克全球市场交易的股票代码\n

\n “CTY” \n

\n 10\n
\n

\n The number of shares of our common stock that will be outstanding after this offering is based on 40,610,057 shares of our common stock outstanding as of June 30, 2026 (which includes 1,964,421 shares of restricted common stock subject to repurchase or forfeiture), after giving effect to (i) the automatic conversion of all outstanding shares of our convertible preferred stock into an aggregate of 28,848,641 shares of our common stock and (ii) the automatic conversion of the outstanding principal and accrued interest under the convertible promissory note with Biogen (the “Biogen Note”) into an aggregate of 2,133,788 shares of our common stock at a conversion price equal to 85% of the assumed initial public offering price of $18.00 per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, in each case immediately prior to the completion of this offering, and excludes: \n

\n •\n
\n

\n 5,404,513 shares of common stock issuable upon exercise of outstanding stock options as of June 30, 2026 under our 2023 Stock Plan, as amended from time to time (the “2023 Plan”), with a weighted-average exercise price of $1.97 per share; \n

\n •\n
\n

\n 988,458 shares of common stock issuable upon exercise of outstanding stock options granted after June 30, 2026 under our 2023 Plan, with a weighted-average exercise price of $8.64 per share; \n

\n •\n
\n

\n 1,482,874 shares of common stock reserved for future issuance as of June 30, 2026 under our 2023 Plan, which will cease to be available for issuance at the time that our 2026 Stock Option and Incentive Plan (the “2026 Plan”) becomes effective; \n

\n •\n
\n

\n 6,516,101 shares of our common stock reserved for future issuance under our 2026 Plan, which will become effective on the date immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 Plan and any shares underlying outstanding stock awards granted under our 2023 Plan that expire or are repurchased, forfeited, cancelled or withheld; and \n

\n •\n
\n

\n 503,322 shares of common stock reserved for future issuance under our 2026 Employee Stock Purchase Plan (the “ESPP”), which will become effective on the date immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the ESPP. \n

\n Unless otherwise indicated, the information in this prospectus reflects or assumes the following: \n

\n •\n
\n

\n the automatic conversion of (i) all outstanding shares of our convertible preferred stock into an aggregate of 28,848,641 shares of common stock and (ii) the outstanding principal and accrued interest under the Biogen Note into an aggregate of 2,133,788 shares of our common stock at a conversion price equal to 85% of the assumed initial public offering price of $18.00 per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, in each case immediately prior to the completion of this offering; \n

\n •\n
\n

\n no exercise of the outstanding stock options or restricted common stock described above after June 30, 2026; \n

\n •\n
\n

\n no exercise of the underwriters’ option to purchase up to an additional 1,458,333 shares of common stock in this offering; \n

\n •\n
\n

\n a 1.0983-for-one stock split of our common stock, which will become effective prior to the completion of this offering and a corresponding adjustment to the ratio at which our convertible preferred stock will convert into common stock; and \n

\n •\n
\n

\n the filing and effectiveness of our amended and restated certificate of incorporation (the “amended and restated certificate of incorporation”) immediately prior to the completion of this offering and the effectiveness of our amended and restated bylaws upon the effectiveness of the registration statement of which this prospectus forms a part. \n

\n 11\n
\n

\n Table of Contents \n

\n SUMMARY CONSOLIDATED FINANCIAL DATA \n

\n The following tables set forth our summary consolidated statements of operations for the years ended December 31, 2024 and 2025 and for the six months ended June 30, 2025 and 2026 and our summary condensed consolidated balance sheet data as of June 30, 2026. The summary consolidated statements of operations data for the years ended December 31, 2024 and 2025 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary condensed consolidated statements of operations data for the six months ended June 30, 2025 and 2026 and summary condensed consolidated balance sheet data as of June 30, 2026 have been derived from our unaudited condensed consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected for any period in the future, and our interim results are not necessarily indicative of the results that may be expected for the full year or any other period. Our unaudited interim financial statements were prepared on the same basis as our audited financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring adjustments, that are necessary for the fair statement of the financial information set forth in those financial statements. You should read the following summary financial data together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes included elsewhere in this prospectus. The summary consolidated financial data included in this section are not intended to replace the consolidated financial statements and are qualified in their entirety by our consolidated financial statements and the related notes included elsewhere in this prospectus. \n

\n \n (in thousands, except share and per share amounts) \n \n		\n \n Year ended December 31, \n \n			\n \n Six Months ended June 30, \n \n
	\n \n 2024 \n \n		\n \n 2025 \n \n			\n \n 2025 \n \n	\n \n 2026 \n \n
\n \n Consolidated Statements of Operations and Comprehensive Loss Data:\n \n
\n \n Collaboration revenue \n \n			$	2,778			$	13,562	$	5,578	$	6,358
\n Operating expenses: \n
\n \n Research and development(1)\n \n				25,682				58,420		24,375		46,319
\n \n General and administrative(2)\n \n				6,186				15,064		7,796		11,170
\n \n Total operating expenses \n \n				31,868				73,484		32,171		57,489
\n \n Loss from operations \n \n				(29,090)				(59,922)		(26,593)		(51,131)
\n Other income: \n
\n \n Interest income \n \n				2,397				4,208		2,064		1,595
\n \n Interest expense \n \n				(448)				(2,257)		(646)		(1,496)
\n \n Other expense, net \n \n				(695)				(534)		893		(2,411)
\n \n Total other income, net \n \n				1,254				1,417		2,311		(2,312)
\n \n Net loss and comprehensive loss \n \n			$	(27,836)			$	(58,505)	$	(24,282)	$	(53,443)
\n \n Net loss per share, basic and diluted(3)\n \n			$	(7.45)			$	(11.34)	$	(5.02)	$	(7.53)
\n \n Weighted-average common shares outstanding, basic and diluted(3)\n \n				3,738,335				5,157,781		4,832,880		7,096,572
\n \n Pro forma net loss per share allocable to common stockholders, basic and diluted (unaudited)(4)\n \n				—			$	(1.77)		—	$	(1.40)
\n \n Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(4)\n \n				—				36,121,584		—		38,079,000

\n (1)\n
\n

\n Includes related party amounts of $3.6 million and $5.3 million for research and development expenses for the years ended December 31, 2024 and 2025, respectively, and $1.7 million and $3.8 million for the six months ended June 30, 2025 and 2026, respectively. See Note 17 — “Related Parties” to our audited consolidated financial statements and Note 17 — “Related Parties” to our unaudited condensed consolidated financial statements included elsewhere in this prospectus. \n

\n 12\n
\n

	\n \n As of June 30, 2026 \n \n
\n \n (in thousands) \n \n	\n \n Actual \n \n			\n \n Pro Forma(1)\n \n	\n \n Pro Forma As\n \n Adjusted(2)\n \n
\n Consolidated Balance Sheet Data:\n
\n \n Cash, cash equivalents, and restricted cash \n \n		$	172,109			$	172,109	$	330,583
\n \n Working capital(3)\n \n			110,931				144,020		303,165
\n \n Total assets \n \n			208,611				208,611		366,190
\n \n Convertible notes \n \n			33,089				—		—
\n \n Total liabilities \n \n			84,272				51,183		50,512
\n \n Convertible preferred stock \n \n			256,056				—		—
\n \n Total stockholders’ (deficit) equity\n \n			(131,717)				157,428		315,678

\n \n Assumed initial public offering price per share \n \n			$	18.00
\n \n Historical net tangible book deficit per share as of June 30, 2026 \n \n	$	(17.31)
\n \n Increase in net tangible book value per share attributable to the pro forma adjustment described above \n \n		21.36
\n \n Pro forma net tangible book value per share as of June 30, 2026 \n \n		4.05
\n \n Increase in pro forma net tangible book value per share attributable to new investors participating in this offering \n \n		2.48
\n \n Pro forma as adjusted net tangible book value per share after this offering \n \n				6.53
\n \n Dilution per share to new investors participating in this offering \n \n			$	11.47

	\n \n Shares Purchased \n \n		\n \n Total Consideration \n \n	\n \n Weighted-\n \n Average\n \n Price Per\n \n Share \n \n
	\n \n Number \n \n		\n \n Percentage \n \n	\n \n Amount \n \n		\n \n Percentage \n \n
	\n \n (in thousands, except share, per share and percent data) \n \n
\n \n Existing stockholders before this \n \n offering \n \n		38,645,636			79.9%		$	286,801	62.1%	$	7.42
\n \n New investors purchasing shares in this offering \n \n		9,722,222			20.1%			175,000	37.9%	$	18.00
\n \n Total \n \n		48,367,858			100.0%		$	461,801	100.0%

	\n \n For the year ended \n \n December 31, \n \n
	\n \n 2024 \n \n			\n \n 2025 \n \n	\n \n Change \n \n
\n \n Collaboration revenue \n \n		$	2,778			$	13,562	$	10,784
\n Operating expenses: \n
\n \n Research and development \n \n			25,682				58,420		32,738
\n \n General and administrative \n \n			6,186				15,064		8,878
\n \n Total operating expenses \n \n			31,868				73,484		41,616
\n \n Loss from operations \n \n			(29,090)				(59,922)		(30,832)

	\n \n For the six months\n \n ended June 30, \n \n			\n \n Change \n \n
	\n \n 2025 \n \n			\n \n 2026 \n \n
\n \n Collaboration revenue \n \n		$	5,578		$	6,358	$	780
\n Operating expenses: \n
\n \n Research and development \n \n			24,375			46,319		21,944
\n \n General and administrative \n \n			7,796			11,170		3,374
\n \n Total operating expenses \n \n			32,171			57,489		25,318
\n \n Loss from operations \n \n			(26,593)			(51,131)		(24,538)
\n Other income (expense), net: \n
\n \n Interest income \n \n			2,064			1,595		(469)
\n \n Interest expense \n \n			(646)			(1,496)		(850)
\n \n Other income (expense), net \n \n			893			(2,411)		(3,304)
\n \n Total other income (expense), net \n \n			2,311			(2,312)		(4,623)
\n \n Net loss \n \n		$	(24,282)		$	(53,443)	$	(29,161)

	\n \n For the six months \n \n ended June 30, \n \n			\n \n Change \n \n
	\n \n 2025 \n \n			\n \n 2026 \n \n
\n \n Revenue recognized from B+L Agreement \n \n		$	3,567		$	2,845	$	(722)
\n \n Revenue recognized from Biogen Agreement \n \n			2,011			3,513		1,502
\n \n Total revenue \n \n		$	5,578		$	6,358	$	780

	\n \n For the six months \n \n ended June 30, \n \n			\n \n Change\n \n
	\n \n 2025 \n \n			\n \n 2026 \n \n
\n \n Employee compensation (excluding stock-based compensation) \n \n		$	2,119		$	2,199	$	80
\n \n Stock-based compensation \n \n			1,055			3,601		2,546
\n \n Other general and administrative expenses \n \n			4,622			5,370		748
\n \n Total general and administrative expenses \n \n		$	7,796		$	11,170	$	3,374

\n \n Grant Date \n \n	\n \n Type of Award \n \n	\n \n Number of\n \n Shares \n \n Subject\n \n to Award(1)\n \n		\n \n Per Share\n \n Exercise Price\n \n of Award \n \n	\n \n Per Share \n \n Fair Value\n \n of Common \n \n Stock on\n \n Grant Date \n \n			\n \n Weighted Average \n \n Grant Date Fair \n \n Value Per Share \n \n
\n February 25, 2025 \n	\n \n Stock Option \n \n		373,437			$	0.92		$	3.83(2)	$	3.47
\n May 13, 2025 \n	\n \n Stock Option \n \n		834,592			$	1.84		$	1.84	$	1.43
\n August 11, 2025 \n	\n \n Stock Option \n \n		314,654			$	1.84		$	1.84	$	1.42
\n November 21, 2025 \n	\n \n Stock Option \n \n		71,388			$	1.84		$	1.84	$	1.43
\n February 13, 2026 \n	\n \n Stock Option \n \n		1,681,287			$	1.84		$	1.84	$	1.45
\n February 25, 2026 \n	\n \n Stock Option \n \n		53,810			$	1.84		$	1.84	$	1.46
\n May 12, 2026 \n	\n \n Stock Option \n \n		163,342			$	5.36		$	5.36	$	4.37
\n June 4, 2026 \n	\n \n Stock Option \n \n		630,347			$	5.36		$	7.89 (3)	$	6.79
\n July 8, 2026 \n	\n \n Stock Option \n \n		375,616			$	7.89		$	7.89	$	5.85
\n July 8, 2026 \n	\n \n Restricted \n \n Common Stock \n \n		109,828			$	7.89		$	7.89	$	7.89
\n August 4, 2026 \n	\n \n Stock Option \n \n		612,842			$	9.10		$	9.10	$	6.78

\n \n Name \n \n	\n \n Age \n \n		\n \n Position \n \n
\n Executive Officers:\n
\n \n Andrew (Andy) Orth, M.B.A. \n \n		56		\n \n President, Chief Executive Officer and Director \n \n
\n \n Keith Regnante, M.B.A. \n \n		57		\n Chief Financial Officer \n
\n \n Baisong Mei, M.D., Ph.D. \n \n		62		\n Chief Medical Officer \n
\n \n Tracy Zimmermann, Ph.D. \n \n		57		\n Chief Scientific Officer \n
\n \n Sebastian Trousil, Ph.D. \n \n		42		\n Chief Operating Officer \n
\n Non-Employee Directors:\n
\n \n John Maraganore, Ph.D. \n \n		63		\n Executive Chair \n
\n \n Barry Greene(2)(3)\n \n		63		\n Director \n
\n \n Robert Nelsen, M.B.A.(1)\n \n		63		\n Director \n
\n \n Saraswathy (Sara) V. Nochur, Ph.D.(1)(3)\n \n		66		\n Director \n
\n \n Ron Philip(1)(2)\n \n		52		\n Director\n

\n \n Name and Principal Position \n \n	\n \n Year \n \n		\n \n Salary\n \n ($) \n \n	\n \n Bonus\n \n ($) \n \n		\n \n Option\n \n Awards(1)\n \n ($) \n \n	\n \n Non-Equity \n \n Incentive Plan \n \n Compensation(2) \n \n ($) \n \n		\n \n All Other \n \n Compensation(3) \n \n ($) \n \n	\n \n Total\n \n ($) \n \n
\n \n Andrew Orth, M.B.A.\n \n President and Chief \n \n Executive Officer\n \n		2025			475,000			—			—	188,100	14,000	677,100
\n \n Baisong Mei, M.D., Ph.D.\n \n Chief Medical Officer(4)\n \n		2025			358,077			50,000(5)			364,236	110,226	9,500	892,039
\n \n Tracy Zimmermann, Ph.D.\n \n Chief Scientific Officer\n \n		2025			499,200			—			19,831	153,754	14,000	686,785

	\n \n For the year ended \n \n December 31, \n \n
	\n \n 2024 \n \n			\n \n 2025 \n \n	\n \n Change \n \n
\n Direct costs:\n
\n \n CITY-FXI \n \n		$	5,694			$	12,161	$	6,467
\n \n CITY-RBP4 \n \n			2,981				7,109		4,128
\n \n CITY-TFR2 \n \n			1,104				2,985		1,881
\n \n Ocular \n \n			919				2,563		1,644
\n \n CNS \n \n			240				2,711		2,471
\n Indirect costs:\n
\n \n Personnel-related expenses (excluding stock-based compensation) \n \n			4,938				10,498		5,560
\n \n Stock-based compensation \n \n			445				955		510
\n \n Other indirect research and development \n \n			9,361				19,438		10,077
\n \n Total research and development expenses \n \n		$	25,682			$	58,420	$	32,738

	\n \n For the six months \n \n ended June 30, \n \n			\n \n Change \n \n
	\n \n 2025 \n \n			\n \n 2026 \n \n
\n Direct costs:\n
\n \n CITY-FXI \n \n		$	6,217		$	5,565	$	(652)
\n \n CITY-RBP4 \n \n			2,519			6,337		3,818
\n \n CITY-TFR2 \n \n			516			3,543		3,027
\n \n Ocular \n \n			1,053			734		(319)
\n \n CNS \n \n			1,115			1,182		67
\n \n Undisclosed programs \n \n			—			1,409		1,409
\n Indirect costs:\n
\n \n Personnel-related expenses (excluding stock-based compensation) \n \n			4,726			9,755		5,029
\n \n Stock-based compensation \n \n			442			1,316		874
\n \n Other indirect research and development \n \n			7,787			16,478		8,691
\n \n Total research and development expenses \n \n		$	24,375		$	46,319	$	21,944

	\n \n For the year ended \n \n December 31, \n \n
	\n \n 2024 \n \n			\n \n 2025 \n \n
\n \n Net cash used in operating activities \n \n		$	(20,391)		$	(41,611)
\n \n Net cash used in investing activities \n \n			(3,379)			(2,378)
\n \n Net cash provided by financing activities \n \n			149,438			30,859
\n \n Net increase (decrease) in cash, cash equivalents, and restricted cash(1)\n \n		$	125,668		$	(13,130)

			\n \n Option Awards(1)\n \n
\n \n Name \n \n		\n \n Grant Date \n \n	\n \n Number of\n \n Securities\n \n Underlying\n \n Unexercised\n \n Options (#)\n \n Exercisable \n \n		\n \n Number of \n \n Securities\n \n Underlying\n \n Unexercised \n \n Options (#) \n \n Unexercisable \n \n	\n \n Equity Incentive\n \n Plan Awards\n \n Number of\n \n Securities\n \n Underlying\n \n Unexercised\n \n Unearned \n \n Options\n \n (#) \n \n		\n \n Option\n \n Exercise \n \n Price\n \n ($) \n \n	\n \n Option \n \n Expiration\n \n Date \n \n
\n \n Andrew Orth, M.B.A. \n \n		\n \n 12/11/2024(2)\n \n		236,134			708,404			—		0.92		12/10/2034
	\n \n 12/11/2024(3)\n \n		—			—			404,174		0.92		12/10/2034
	\n \n 12/11/2024(4)\n \n		—			—			77,979		0.92		12/10/2034
	\n \n 12/11/2024(5)\n \n		—			—			77,979		0.92		12/10/2034
\n \n Baisong Mei, M.D., Ph.D. \n \n		\n \n 05/13/2025(2)\n \n		—			252,477			—		1.84		05/12/2034
	\n \n 05/13/2025(6)\n \n		—			—			108,204		1.84		05/12/2034
\n \n Tracy Zimmermann, Ph.D. \n \n		\n \n 07/16/2024(2)\n \n		94,307			157,179			—		0.92		07/15/2034
	\n \n 07/16/2024(7)\n \n		—			—			107,780		0.92		07/15/2034
	\n \n 07/16/2024(8)\n \n		—			—			89,816		0.92		07/15/2034
	\n \n 02/25/2025(9)\n \n		1,200			4,565			—		0.92		02/24/2035
	\n \n 02/25/2025(10)\n \n		—			—			13,454		0.92		02/24/2035

\n \n Name \n \n	\n \n Fees Earned or \n \n Paid in Cash \n \n ($)(1)\n \n		\n \n Option Awards \n \n ($)(2)(3)\n \n	\n \n Total \n \n ($) \n \n
\n \n John Maraganore, Ph.D. \n \n		200,000			2,325,602	2,525,602
\n \n Barry Greene \n \n		50,000			205,026	255,026
\n \n Robert Nelsen, M.B.A. \n \n		—			—	—
\n \n Saraswathy (Sara) V. Nochur, Ph.D.(4)\n \n		49,059			205,935	254,994
\n \n Ron Philip \n \n		50,000			205,982	255,982

\n \n Name \n \n	\n \n Shares Underlying \n \n Outstanding\n \n Option Awards \n \n at Fiscal Year-End \n \n
\n \n John Maraganore, Ph.D. \n \n		—
\n \n Barry Greene \n \n		59,878
\n \n Robert Nelsen, M.B.A. \n \n		—
\n \n Saraswathy (Sara) V. Nochur, Ph.D. \n \n		59,878
\n \n Ron Philip \n \n		59,878

\n \n Board of Directors: \n \n	\n \n Annual \n \n Retainer ($) \n \n
\n \n Members \n \n		$	40,000
\n \n Additional retainer for non-executive chair \n \n		$	30,000
\n Audit Committee:\n
\n \n Members (other than chair) \n \n		$	10,000
\n \n Retainer for chair \n \n		$	20,000
\n Culture and Compensation Committee:\n
\n \n Members (other than chair) \n \n		$	7,500
\n \n Retainer for chair \n \n		$	15,000
\n Nominating and Corporate Governance Committee:\n
\n \n Members (other than chair) \n \n		$	5,000
\n \n Retainer for chair \n \n		$	10,000

\n \n Purchasers \n \n	\n \n Shares of Series A\n \n Convertible \n \n Preferred Stock \n \n		\n \n Total\n \n Purchase\n \n Price \n \n	\n \n Total Convertible \n \n Note Amount \n \n
\n \n ARCH Venture Fund XII, L.P.(1)\n \n		4,991,633			$	44,999,999.54	$	4,557,233.61
\n \n Invus Public Equities, L.P.(2)\n \n		2,492,646			$	24,999,993.06	$	—
\n \n Entities affiliated with Fidelity(3)\n \n		2,492,646			$	24,999,993.07	$	—
\n \n John Maraganore, Ph.D.(4)\n \n		56,095			$	—	$	506,359.29

\n \n Purchasers \n \n	\n \n Shares of Series B \n \n Convertible\n \n Preferred Stock \n \n		\n \n Total Purchase \n \n Price \n \n
\n \n ARCH Venture Fund XII, L.P.(1)\n \n		1,845,585		$	26,999,985.76
\n \n Invus Public Equities, L.P.(2)\n \n		446,320		$	6,529,438.44
\n \n Funds and/or accounts advised by affiliates of FMR LLC(3)\n \n		1,025,325		$	14,999,992.09
\n \n Entities affiliated with Viking(4)\n \n		1,845,585		$	26,999,985.70

	\n \n Shares of\n \n Common \n \n Stock\n \n Beneficially\n \n Owned \n \n		\n \n Percentage of Shares\n \n Beneficially Owned \n \n
\n \n Name of Beneficial Owner \n \n	\n \n Before\n \n Offering \n \n		\n \n After \n \n Offering \n \n
\n 5% or Greater Stockholders:\n
\n \n ARCH Venture Fund XII, L.P.(1)\n \n		13,522,507		34.96%	26.74%
\n \n Invus Public Equities, L.P.(2)\n \n		3,227,866		8.35%	6.38%
\n \n FMR LLC(3)\n \n		3,863,783		9.99%	7.64%
\n \n Entities Affiliated with Viking(4)\n \n		2,027,005		5.24%	4.01%
\n Named Executive Officers and Directors:\n
\n \n Andrew (Andy) Orth, M.B.A.(5) \n \n President, Chief Executive Officer and Director\n \n		1,094,544		2.83%	2.16%
\n \n Baisong Mei, M.D., Ph.D.(6) \n \n Chief Medical Officer\n \n		234,678		*	*
\n \n Tracy Zimmermann, Ph.D.(7) \n \n Chief Scientific Officer\n \n		269,569		*	*
\n \n John Maraganore, Ph.D.(8)\n \n		2,121,831		5.48%	4.20%
\n \n Barry Greene(9)\n \n		31,186		*	*
\n \n Robert Nelsen, M.B.A.(1)\n \n		—		*	*
\n \n Saraswathy (Sara) V. Nochur, Ph.D.(10)\n \n		27,443		*	*
\n \n Ron Philip(11)\n \n		33,680		*	*
\n \n All executive officers and directors as a group (10 persons)(12)\n \n		4,355,351		11.14%	8.54%

\n \n Underwriters \n \n	\n \n Number of \n \n Shares \n \n
\n \n Goldman Sachs & Co. LLC \n \n
\n \n Jefferies LLC \n \n
\n \n Stifel, Nicolaus & Company, Incorporated \n \n
\n \n Oppenheimer & Co. Inc. \n \n
\n \n Total \n \n		9,722,222

	\n \n Page \n \n
\n Audited Consolidated Financial Statements as of and for the Years Ended December 31, \n \n 2024 and 2025\n
\n \n Report of Independent Registered Public Accounting Firm \n \n		\n F-2\n
\n \n Consolidated Balance Sheets as of December 31, 2024 and 2025 \n \n		\n F-3\n
\n Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2025 \n		\n F-4\n
\n Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit for the years \n \n ended December 31, 2024 and 2025 \n		\n F-5\n
\n \n Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2025 \n \n		\n F-6\n
\n \n Notes to Consolidated Financial Statements \n \n		\n F-7\n
\n Unaudited Condensed Consolidated Financial Statements as of and for the Six Months Ended June 30, 2025 and 2026 \n
\n \n Condensed Consolidated Balance Sheets as of December 31, 2025 and June 30, 2026 \n \n		\n F-42\n
\n Condensed Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2025 and 2026 \n		\n F-43\n
\n Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit for the six months ended June 30, 2025 and 2026 \n		\n F-44\n
\n Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2026 \n		\n F-45\n
\n \n Notes to Condensed Consolidated Financial Statements \n \n		\n F-46\n

	\n \n December 31, \n \n
	\n \n 2024 \n \n			\n \n 2025 \n \n
\n Assets\n
\n Current assets \n
\n \n Cash and cash equivalents \n \n		$	126,899		$	112,793
\n \n Accounts receivable \n \n			1,352			1,209
\n \n Prepaid expenses and other current assets \n \n			651			2,871
\n \n Total current assets \n \n			128,902			116,873
\n \n Property and equipment, net \n \n			4,362			5,489
\n \n Operating lease right-of-use asset \n \n			10,516			24,857
\n \n Restricted cash \n \n			1,528			2,504
\n \n Other non-current assets \n \n			45			45
\n \n Total assets\n \n		$	145,353		$	149,768
\n Liabilities, convertible preferred stock and stockholders’ deficit\n
\n Current liabilities \n
\n \n Accounts payable \n \n		$	2,339		$	2,695
\n \n Convertible notes, current \n \n			10,276			10,805
\n \n Operating lease liability, current \n \n			3,092			5,075
\n \n Deferred revenue, current \n \n			3,361			11,255
\n \n Accrued interest \n \n			385			2,642
\n \n Accrued expenses and other current liabilities \n \n			1,289			5,570
\n \n Total current liabilities \n \n			20,742			38,042
\n \n Operating lease liability, non-current \n \n			8,927			20,341
\n \n Convertible notes, non-current, net \n \n			—			31,063
\n \n Other liabilities, non-current \n \n			—			463
\n \n Deferred revenue, non-current \n \n			595			—
\n \n Total liabilities \n \n			30,264			89,909
\n Commitments and contingencies (Note 8) \n
\n \n Series Seed convertible preferred stock, $0.0001 par value; 4,544,990 and 4,544,990 shares authorized as of December 31, 2024 and 2025; 4,544,990 and 4,544,990 shares issued and outstanding as of December 31, 2024 and 2025; aggregate liquidation preference of $4,545 and $4,545 as of December 31, 2024 and 2025 \n \n			4,475			4,475
\n \n Series A convertible preferred stock, $0.0001 par value; 14,295,436 and \n \n 14,295,436 shares authorized as of December 31, 2024 and 2025; 13,996,318 \n \n and 13,996,318 shares issued and outstanding as of December 31, 2024 and \n \n 2025; aggregate liquidation preference of $140,376 and $140,376 as of \n \n December 31, 2024 and 2025 \n \n			140,039			140,039
\n Stockholders’ deficit: \n
\n \n Common stock, $0.0001 par value; 30,000,000 and 30,000,000 shares \n \n authorized as of December 31, 2024 and 2025; 6,497,239 and 7,772,189 \n \n shares issued as of December 31, 2024 and 2025; 4,476,828 and 5,690,551 \n \n shares outstanding as of December 31, 2024 and 2025 \n \n			—			—
\n \n Additional paid-in capital \n \n			1,174			4,449
\n \n Accumulated deficit \n \n			(30,599)			(89,104)
\n \n Total stockholders’ deficit \n \n			(29,425)			(84,655)
\n \n Total liabilities, convertible preferred stock and stockholders’ deficit\n \n		$	145,353		$	149,768

	\n \n Years ended December 31, \n \n
	\n \n 2024 \n \n			\n \n 2025 \n \n
\n \n Collaboration revenue \n \n		$	2,778		$	13,562
\n Operating expenses: \n
\n \n Research and development(1)\n \n			25,682			58,420
\n \n General and administrative(2)\n \n			6,186			15,064
\n \n Total operating expenses \n \n			31,868			73,484
\n \n Loss from operations \n \n			(29,090)			(59,922)
\n Other income: \n
\n \n Interest income \n \n			2,397			4,208
\n \n Interest expense \n \n			(448)			(2,257)
\n \n Other expense, net \n \n			(695)			(534)
\n \n Total other income, net \n \n			1,254			1,417
\n \n Net loss and comprehensive loss \n \n		$	(27,836)		$	(58,505)
\n \n Net loss per share, basic and diluted \n \n		$	(7.45)		$	(11.34)
\n \n Weighted-average common shares outstanding, basic and diluted \n \n			3,738,335		$	5,157,781

	\n \n Series Seed \n \n Convertible\n \n Preferred \n \n Stock \n \n		\n \n Series A \n \n Convertible \n \n Preferred \n \n Stock \n \n		\n \n Common Stock \n \n			\n \n Additional\n \n Paid-In\n \n Capital \n \n	\n \n Accumulated\n \n Deficit \n \n		\n \n Total\n \n Stockholders’\n \n Deficit \n \n
	\n \n Shares \n \n		\n \n Amount \n \n	\n \n Shares \n \n			\n \n Amount \n \n		\n \n Shares \n \n		\n \n Amount \n \n
\n \n Balance as of January 1, 2024\n \n		4,519,990			$	4,451				—		$	—	3,341,093	$	—	$	45	$	(2,763)	$	(2,718)
\n \n Issuance of Series Seed convertible \n \n preferred stock, net of issuance costs of \n \n $1 \n \n		25,000				24				—			—	—		—		—		—		—
\n \n Issuance of Series A convertible preferred \n \n stock, net of issuance costs of $336 \n \n		—				—				13,435,354			134,414	—		—		—		—		—
\n \n Conversion of convertible debt to Series A \n \n convertible preferred stock \n \n		—				—				560,964			5,625	—		—		—		—		—
\n \n Issuance of common stock in exchange for settlement of antidilution provision \n \n		—				—				—			—	32,424		—		124		—		124
\n \n Vesting of restricted common stock \n \n		—				—				—			—	1,103,311		—		—		—		—
\n \n Stock-based compensation expense \n \n		—				—				—			—	—		—		1,005		—		1,005
\n \n Net loss \n \n		—				—				—			—	—		—		—		(27,836)		(27,836)
\n \n Balance as of December 31, 2024\n \n		4,544,990			$	4,475				13,996,318		$	140,039	4,476,828	$	—	$	1,174	$	(30,599)	$	(29,425)
\n \n Issuance of common stock from exercised \n \n options \n \n		—				—				—			—	421,841		—		278		—		278
\n \n Vesting of restricted common stock \n \n		—				—				—			—	791,882		—		—		—		—
\n \n Stock-based compensation expense \n \n		—				—				—			—	—		—		2,997		—		2,997
\n \n Net loss \n \n		—				—				—			—	—		—		—		(58,505)		(58,505)
\n \n Balance as of December 31, 2025\n \n		4,544,990			$	4,475				13,996,318		$	140,039	5,690,551	$	—	$	4,449	$	(89,104)	$	(84,655)

	\n \n December 31,\n \n
	\n \n 2024\n \n			\n \n 2025\n \n
\n \n Cash and cash equivalents \n \n		$	126,899		$	112,793
\n \n Restricted cash \n \n			1,528			2,504
\n \n Total cash, cash equivalents, and restricted cash \n \n		$	128,427		$	115,297

\n \n Asset\n \n			\n \n Estimated Useful Life\n \n
\n Lab equipment \n			\n \n 5 years \n \n
\n Computer equipment and software \n			\n \n 3 years \n \n
\n Furniture and office equipment \n			\n \n 7 years \n \n
\n Leasehold improvements \n			\n \n Shorter of useful life or remaining lease term\n \n

	\n \n Fair Value Measurements as of December 31, 2024: \n \n
	\n \n Level 1 \n \n			\n \n Level 2 \n \n	\n \n Level 3 \n \n			\n \n Total \n \n
\n Liabilities\n
\n \n Convertible debt, net of discount \n \n		$	—			$	—		$	10,276	$	10,276
\n \n Total liabilities\n \n		$	—			$	—		$	10,276	$	10,276

	\n \n Convertible Notes \n \n
\n \n Balance at January 1, 2024 \n \n		$	—
\n \n Issuance of convertible notes on January 5, 2024 \n \n			2,500
\n \n Issuance of convertible notes on February 15, 2024 \n \n			2,500
\n \n Issuance of convertible note, net on July 8, 2024 \n \n			9,973
\n \n Change in fair value of convertible notes \n \n			866
\n \n Non-cash conversion of convertible notes to Series A convertible preferred \n \n stock \n \n			(5,563)
\n \n Balance at December 31, 2024 \n \n		$	10,276
\n \n Issuance of convertible note, net on May 23, 2025 \n \n			29,965
\n \n Amortization of issuance costs \n \n			21
\n \n Change in fair value of convertible notes \n \n			1,606
\n \n Balance at December 31, 2025 \n \n		$	41,868

\n \n Years ended December 31, \n \n
\n \n 2026 \n \n	$	5,122
\n \n 2027 \n \n		5,803
\n \n 2028 \n \n		6,520
\n \n 2029 \n \n		6,716
\n \n 2030 \n \n		6,918
\n \n 2031 \n \n		5,344
\n \n Total lease payments \n \n		36,423
\n \n Less: imputed interest \n \n		(11,007)
\n \n Total operating lease liabilities at December 31, 2025 \n \n	$	25,416
\n \n Current operating lease liabilities \n \n	$	5,075
\n \n Non-current operating lease liabilities \n \n		20,341
\n \n Total \n \n	$	25,416

	\n \n As of December 31, 2024 \n \n
	\n \n Total Shares\n \n Authorized \n \n		\n \n Total Shares\n \n Issued and\n \n Outstanding \n \n	\n \n Common\n \n Shares\n \n Issuable upon\n \n Conversion \n \n		\n \n Carrying\n \n Value \n \n	\n \n Liquidation\n \n Preference \n \n
\n \n Series Seed convertible preferred stock \n \n		4,544,990			4,544,990			4,991,760	$	4,475	$	4,545
\n \n Series A convertible preferred stock \n \n		14,295,436			13,996,318			15,372,145		140,039		140,376
\n \n Total\n \n		18,840,426			18,541,308			20,363,905	$	144,514	$	144,921

	\n \n As of December 31, 2025 \n \n
	\n \n Total Shares\n \n Authorized \n \n		\n \n Total Shares\n \n Issued and\n \n Outstanding \n \n	\n \n Common\n \n Shares\n \n Issuable upon\n \n Conversion \n \n		\n \n Carrying\n \n Value \n \n	\n \n Liquidation\n \n Preference \n \n
\n \n Series Seed convertible preferred stock \n \n		4,544,990			4,544,990			4,991,760	$	4,475	$	4,545
\n \n Series A convertible preferred stock \n \n		14,295,436			13,996,318			15,372,145		140,039		140,376
\n \n Total\n \n		18,840,426			18,541,308			20,363,905	$	144,514	$	144,921

	\n \n As of December 31, \n \n
	\n \n 2024 \n \n		\n \n 2025 \n \n
\n \n Series Seed convertible preferred stock \n \n		4,991,760		4,991,760
\n \n Series A convertible preferred stock \n \n		15,372,145		15,372,145
\n \n Unvested restricted stock \n \n		2,020,411		2,081,638
\n \n Stock options issued and outstanding \n \n		4,468,283		4,768,315
\n \n Shares available for issuance under the Plan \n \n		552,228		624,683
\n \n Total \n \n		27,404,827		27,838,541

	\n \n Number of \n \n Outstanding \n \n Options \n \n		\n \n Weighted \n \n Average \n \n Exercise \n \n Price \n \n	\n \n Weighted \n \n Average \n \n Remaining \n \n Contractual \n \n Term \n \n (in years) \n \n			\n \n Aggregate \n \n Intrinsic \n \n Value \n \n
\n \n Balance at December 31, 2024 \n \n		3,153,342			$	0.83		9.67	$	9,508
\n \n Granted \n \n		1,130,466				1.65		—		—
\n \n Exercised \n \n		(896,864)				0.71		—		—
\n \n Cancelled \n \n		(10,983)				1.84		—		—
\n \n Forfeited \n \n		(8,093)				0.92		—		—
\n \n Balance at December 31, 2025 \n \n		3,367,868			$	1.13		8.98	$	2,383
\n \n Vested and expected to vest as of December 31, 2025 \n \n		3,367,868			$	1.13		8.98	$	2,383
\n \n Vested and exercisable at December 31, 2025 \n \n		847,617			$	0.65		8.58	$	1,350