2. Liquidity

As of September 30, 2026, the Company had cash, cash equivalents and marketable securities of approximately $193.3 million.

The Company has incurred recurring losses and at September 30, 2026, and had an accumulated deficit of approximately $199.1 million.

To date, the Company has funded its operations primarily through public offerings of its common stock, private placements of its common stock (and pre-funded warrants) and sales of common stock through at-the-market (“ATM”) offerings. The Company has raised an aggregate of $328.2 million in public offerings, sales under its ATM program, including $52.0 million in net ATM proceeds, and $1.0 million from the exercise of Series A-1 Warrants during the nine months ended September 30, 2026.

The Company is subject to a variety of risks similar to other clinical stage life science companies including, but not limited to, the successful development, regulatory approval, and market acceptance of the Company’s product candidates, development by competitors of new technological innovations, protection of proprietary technology, and raising additional working capital. The Company has incurred significant research and development expenses related to its product candidate programs, general and administrative expenses and negative cash flows from operations. The Company anticipates costs and expenses to increase in the future as the Company continues to develop and pursue regulatory approval of IKT-001.

While the Company believes its capital resources are sufficient to fund the Company’s ongoing operations for the next 12 months from the issuance date of these unaudited condensed consolidated financial statements, the Company’s liquidity could be materially affected by: (1) its ability to raise additional capital through equity offerings, debt financings, or other non-dilutive third-party funding including, without limitation, the availability, if any, of potential proceeds from the exercise of the Series A-1 Warrants or the Series B-1 Warrants (see Note 8); (2) costs associated with new or existing strategic alliances, or licensing and collaboration arrangements; (3) negative regulatory events or unanticipated costs related to IKT-001; (4) any other unanticipated material negative events, delays for the Company's Phase 3 studies, or costs. One or more of these events or costs could materially affect the Company’s liquidity. If the Company is unable to meet its obligations when they become due, the Company may have to delay expenditures, reduce the scope of its research and development programs, or make significant changes to its operating plan. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.