


• | as of March 31, 2026, 2,655,478 shares of Common Stock issuable upon the exercise of outstanding options with a weighted average exercise price of $12.28 per share; |
• | as of March 31, 2026, 1,948,693 shares of Common Stock issuable upon the vesting and settlement of outstanding restricted stock units (“RSUs”); |
• | as of March 31, 2026, 5,139,585 shares of Common Stock reserved for future grant or issuance under our equity incentive plans, as well as any additional shares that may become available for grant or issuance pursuant to annual evergreen increases or forfeitures under such plans; |
• | 2,346,936 shares of Common Stock underlying outstanding warrants to purchase Common Stock issued in October 2025 (the “Common Stock Warrants”); |
• | 3,038,064 shares of Common Stock underlying CDIs to be issued upon exercise of warrants to purchase CDIs issued in November 2025 (the “CDI Warrants”); and |
• | any shares of Common Stock and CDIs (including the underlying Common Stock) issued upon vesting of RSUs or exercise of options under the Company’s equity incentive plans subsequent to March 31, 2026. |
• | actual or expected fluctuations in our prospects or operating results; |
• | announcements relating to our products, product candidates or clinical programs, including the results of clinical trials conducted by us or our collaborators; |
• | changes in the demand for our products; |
• | additions or departures of our key personnel; |
• | changes or proposed changes in laws, regulations or tax policy; |
• | sales or perceived potential sales of our Common Stock by us or our executive officers, directors or stockholders in the future; |
• | announcements or expectations concerning additional financing efforts; and |
• | conditions in the United States, Australian and global financial markets, or in our industry in particular, or changes in general economic or political conditions. |
• | the anticipated use of net proceeds from this offering; |
• | our current and future research and development (“R&D”) activities, including clinical testing and manufacturing and related costs and timing; |
• | our product development and business strategy, including the potential size of the markets for our products and future development and/or expansion of our products in our markets; |
• | our ability to commercialize products and generate product revenues; |
• | any statements concerning anticipated regulatory activities, including our ability to obtain regulatory clearances; |
• | our R&D expenses; |
• | risks facing our operations and intellectual property; |
• | sufficiency of our capital resources; and |
• | our ability to raise additional funding when needed. |
Assumed public offering price per share of Common Stock | $9.00 | |||||
Historical net tangible book value per share as of March 31, 2026 | $2.86 | |||||
Increase in net tangible book value per share attributable to investors participating in this offering | 1.30 | |||||
As adjusted net tangible book value per share of Common Stock as of March 31, 2026, after giving effect to this offering | $4.16 | |||||
Dilution per share of Common Stock to investors participating in this offering | $4.84 | |||||
• | as of March 31, 2026, 2,655,478 shares of Common Stock issuable upon the exercise of outstanding options with a weighted average exercise price of $12.28 per share; |
• | as of March 31, 2026, 1,948,693 shares of Common Stock issuable upon the vesting and settlement of outstanding RSUs; |
• | as of March 31, 2026, 5,139,585 shares of Common Stock reserved for future grant or issuance under our equity incentive plans, as well as any additional shares that may become available for grant or issuance pursuant to annual evergreen increases or forfeitures under such plans; |
• | 2,346,936 shares of Common Stock underlying the outstanding Common Stock Warrants; |
• | 3,038,064 shares of Common Stock underlying CDIs to be issued upon exercise of the CDI Warrants; and |
• | any shares of Common Stock and CDIs (including the underlying Common Stock) issued upon vesting of RSUs or exercise of options under the Company’s equity incentive plans subsequent to March 31, 2026. |
• | U.S. expatriates and former citizens or long-term residents of the United States; |
• | persons holding our Common Stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or other integrated investment; |
• | banks, insurance companies, and other financial institutions; |
• | brokers, dealers, or traders in securities; |
• | “controlled foreign corporations,” “passive foreign investment companies,” and corporations that accumulate earnings to avoid U.S. federal income tax; |
• | partnerships or other entities or arrangements treated as partnerships and other pass-through entities for U.S. federal income tax purposes (and investors therein); |
• | tax-exempt organizations (including private foundations) or governmental organizations; |
• | persons deemed to sell our Common Stock under the constructive sale provisions of the Code; |
• | Non-U.S. Holders that own, or are deemed to own, more than 5% of our Common Stock (directly, indirectly or by attribution); |
• | persons who hold or receive our Common Stock pursuant to the exercise of any employee stock option or otherwise as compensation; |
• | tax-qualified retirement plans; and |
• | “qualified foreign pension funds” as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds. |
• | an individual who is a citizen or resident of the United States; |
• | a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia; |
• | an estate, the income of which is subject to U.S. federal income tax regardless of its source; or |
• | a trust that (i) is subject to the primary supervision of a U.S. court and the control of one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code), or (ii) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes. |
• | the gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable); |
• | the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or |
• | our Common Stock constitutes a U.S. real property interest (“USRPI”) by reason of our status as a U.S. real property holding corporation (“USRPHC”) for U.S. federal income tax purposes. |
• | Our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026; |
• | Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 12, 2026; |
• | Our Current Reports on Form 8-K filed with the SEC on January 22, 2026, March 3, 2026, April 23, 2026, April 29, 2026 and May 13, 2026; and |
• | The description of our Common Stock contained in Exhibit 4.2 to our Annual Report on Form 10-K filed with the SEC on February 26, 2026, and all subsequently filed amendments and reports updating that description. |

• | our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 12, 2025 (as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on April 29, 2025); |
• | our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 13, 2025, for the quarter ended June 30, 2025, filed with the SEC on August 11, 2025, and for the quarter ended September 30, 2025, filed with the SEC on November 12, 2025; |
• | our Current Reports on Form 8-K filed with the SEC on March 6, 2025, June 9, 2025, July 29, 2025, August 7, 2025, September 4, 2025, September 11, 2025, September 19, 2025, September 29, 2025, October 15, 2025 (solely with respect to Items 5.08 and 8.01), October 24, 2025 (solely with respect to Item 3.02), October 27, 2025, December 1, 2025, December 4, 2025 and December 15, 2025; and |
• | the description of our common stock contained in Exhibit 4.3 to our Annual Report on Form 10-K filed with the SEC on March 12, 2025, and all subsequently filed amendments and reports updating that description. |
• | sufficiency of our capital resources; |
• | our ability to raise additional funding when needed; |
• | our current and future R&D activities, including clinical testing and manufacturing and related costs and timing; |
• | our product development and business strategy, including the potential size of the markets for our products and future development and/or expansion of our products in our markets; |
• | our ability to commercialize products and generate product revenues; |
• | any statements concerning anticipated regulatory activities, including our ability to obtain regulatory clearances; |
• | our R&D expenses; and |
• | risks facing our operations and intellectual property. |
• | instruct the Depositary Nominee, as legal owner of the shares of common stock, to vote the shares of our common stock represented by their CDIs in a particular manner. A voting instruction form will be sent to holders of CDIs and must be completed and returned to the share registry for the CDIs prior to a record date fixed for the relevant meeting, or the CDI Voting Instruction Receipt Time, which is notified to CDI holders in the voting instructions included in a notice of meeting; |
• | inform us that they wish to appoint themselves or a third party as the Depositary Nominee’s proxy with respect to our shares of common stock underlying the holder’s CDIs for the purposes of attending and voting at the meeting. The instruction form must be completed and returned to the share registry for the CDI prior to the CDI Voting Instruction Receipt Time; or |
• | convert their CDIs into shares of our common stock and vote those shares at the meeting. The conversion must be undertaken prior to a record date fixed by the Board of Directors for determining the entitlement of stockholders to attend and vote at the meeting. If the holder later wishes to sell their investment on the ASX, it would first be necessary to convert those shares of common stock back to CDIs. Further details on the conversion process are set out below. |
• | directly in the case of CDIs held on the issuer sponsored sub-register operated by the Company (holders of CDIs are provided with a CDI issuance request form to return to the share registry for the CDIs); or |
• | through their “sponsoring participant” (usually their broker) in the case of CDIs which are held on the CHESS sub-register (in this case, the sponsoring broker will arrange for completion of the relevant form and its return to the share registry for the CDIs). |
• | the designation of the series; |
• | the number of shares of the series; |
• | the dividend rate or rates on the shares of that series, whether dividends will be cumulative and, if so, from which date or dates, and the relative rights of priority, if any, of payment of dividends on shares of that series; |
• | whether the series will have voting rights in addition to the voting rights provided by law and, if so, the terms of such voting rights; |
• | whether the series will have conversion privileges and, if so, the terms and conditions of such conversion, including provision for adjustment of the conversion rate in such events as the Board of Directors determines; |
• | whether or not the shares of that series will be redeemable, in whole or in part, at the option of the Company or the holder thereof and, if made subject to such redemption, the terms and conditions of such redemption, including the date or dates upon or after which they will be redeemable, and the amount per share payable in case of redemptions, which amount may vary under different conditions and at different redemption rates; |
• | the terms and amount of any sinking fund provided for the purchase or redemption of the shares of such series; |
• | the rights of the shares of that series in the event of voluntary or involuntary liquidation, dissolution or winding up of the Company, and the relative rights of priority, if any, of payment of shares of that series; |
• | the restrictions, if any, on the issue or reissue of any additional preferred stock; and |
• | any other relative rights, preferences and limitations of that series. |
• | the ability of our Board of Directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; |
• | a staggered Board of Directors divided into three classes serving staggered three-year terms, such that not all members of our Board of Directors will be elected at one time; |
• | allowing only our Board of Directors to fill director vacancies, which prevents stockholders from being able to fill vacancies on our Board of Directors; |
• | a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders; |
• | a requirement for the affirmative vote of holders of at least 75% of the voting power of all of the then-outstanding shares of the voting stock, voting together as a single class, to amend certain provisions of our Second Amended and Restated Certificate of Incorporation or our Amended and Restated Bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt; |
• | the ability of our Board of Directors to amend our Amended and Restated Bylaws, which may allow our Board of Directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the Amended and Restated Bylaws to facilitate an unsolicited takeover attempt; |
• | advance notice procedures with which stockholders must comply to nominate candidates to our Board of Directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company; and |
• | a prohibition of cumulative voting in the election of our Board of Directors, which would otherwise allow less than a majority of stockholders to elect director candidates. |
• | all outstanding depositary shares have been redeemed; or |
• | there has been a final distribution in respect of the preferred stock in connection with any liquidation, dissolution or winding-up of the Company and this distribution has been distributed to the holders of depositary receipts. |
• | the title of the warrants; |
• | the offering price for the warrants, if any; |
• | the aggregate number of the warrants; |
• | the designation and terms of the debt securities purchasable upon exercise of the warrants; |
• | if applicable, the designation and terms of the debt securities that the warrants are issued with and the number of warrants issued with each debt security; |
• | if applicable, the date from and after which the warrants and any debt securities issued with them will be separately transferable; |
• | the principal amount of debt securities that may be purchased upon exercise of a warrant and the price at which the debt securities may be purchased upon exercise; |
• | the dates on which the right to exercise the warrants will commence and expire; |
• | if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time; |
• | whether the warrants represented by the warrant certificates or debt securities that may be issued upon exercise of the warrants will be issued in registered or bearer form; |
• | information relating to book-entry procedures, if any; |
• | the currency or currency units in which the offering price, if any, and the exercise price are payable; |
• | if applicable, a discussion of material U.S. federal income tax considerations; |
• | anti-dilution provisions of the warrants, if any; |
• | redemption or call provisions, if any, applicable to the warrants; |
• | any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants; and |
• | any other information we think is important about the warrants. |
• | the title of the warrants; |
• | the offering price for the warrants, if any; |
• | the aggregate number of the warrants; |
• | the designation and terms of the common stock, preferred stock or depositary shares purchasable upon exercise of the warrants; |
• | if applicable, the designation and terms of the securities that the warrants are issued with and the number of warrants issued with each security; |
• | if applicable, the date from and after which the warrants and any securities issued with them will be separately transferable; |
• | the number of shares of common stock, preferred stock or depositary shares that may be purchased upon exercise of a warrant and the price at which the shares may be purchased upon exercise; |
• | the dates on which the right to exercise the warrants will commence and expire; |
• | if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time; |
• | the currency or currency units in which the offering price, if any, and the exercise price are payable; |
• | if applicable, a discussion of material U.S. federal income tax considerations; |
• | anti-dilution provisions of the warrants, if any; |
• | redemption or call provisions, if any, applicable to the warrants; |
• | any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants; and |
• | any other information we think is important about the warrants. |
• | the exercise price for the subscription rights; |
• | the number of subscription rights issued to each stockholder; |
• | the extent to which the subscription rights are transferable; |
• | any other terms of the subscription rights, including terms, procedures and limitations relating to the exchange and exercise of the subscription rights; |
• | the date on which the right to exercise the subscription rights will commence and the date on which the right will expire; |
• | the extent to which the subscription rights include an over-subscription privilege with respect to unsubscribed securities; and |
• | the material terms of any standby underwriting arrangement entered into by us in connection with the subscription rights offering. |
• | the description of the payment condition(s); |
• | the term and maturity date of the contingent value rights; |
• | the formula by which the potential cash payment will be determined upon the satisfaction of the payment condition(s); |
• | events of default under the CVR Agreement; |
• | the extent to which the contingent value rights are transferable; and |
• | any other terms of the contingent value rights. |
• | the title of debt securities; |
• | the price or prices (expressed as a percentage of the principal amount) at which the debt securities will be issued; |
• | any limit on the aggregate principal amount of the series of debt securities; |
• | whether the debt securities will be senior debt securities or subordinated debt securities, and if they are subordinated debt securities, the terms of the subordination; |
• | the date or dates on which the principal on the series of debt securities is payable; |
• | the rate or rates (which may be fixed or variable) per annum or the method used to determine such rate or rates (including any commodity, commodity index, stock exchange index or financial index) at which the |
• | the right, if any, to extend the interest periods and the duration of that extension; |
• | the place or places where the principal of, and premium and interest, if any, on, the debt securities will be payable; |
• | the terms and conditions upon which the debt securities may be redeemed; |
• | any obligation we may have to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of a holder of the debt securities; |
• | the dates on which and the price or prices at which we will repurchase the debt securities at the option of the holders of the debt securities and other detailed terms and provisions of such repurchase obligations; |
• | the denominations in which the debt securities will be issued, if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof; |
• | whether the debt securities will be issued in the form of certificated debt securities or global debt securities; |
• | the portion of principal amount of the debt securities payable upon declaration of acceleration of the maturity date, if other than the principal amount; |
• | the designation of the currency, currencies or currency units in which payment of principal of, and premium and interest, if any, on, the debt securities will be made if other than U.S. dollars; |
• | any provisions relating to any security provided for the debt securities; |
• | any addition to or change in the events of default described in this prospectus or in the indenture and any change in the acceleration provisions described in this prospectus or in the indenture with respect to the debt securities; |
• | any addition to, or change in, the covenants described in this prospectus or in the indenture with respect to the debt securities; |
• | any other terms of the debt securities (which may supplement, modify or delete any provision of the indenture as it applies to such debt securities); |
• | any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to the series of debt securities, if other than those, if any, appointed in the indenture; and |
• | any provisions relating to conversion of the debt securities. |
• | issue, register the transfer of, or exchange any debt security of that series during a period beginning at the opening of 15 business days before the day of sending of a notice of redemption and ending at the close of business on the day such notice is sent; or |
• | register the transfer of or exchange any debt security of that series selected, called or being called for redemption, in whole or in part, except the unredeemed portion of any series being redeemed in part. |
• | be registered in the name of a depositary that we will identify in a prospectus supplement; |
• | be deposited with the trustee as custodian for the depositary or its nominee; and |
• | bear any required legends. |
• | the depositary has notified us that it is unwilling or unable to continue as depositary or has ceased to be qualified to act as depositary, and in either case we fail to appoint a successor depositary registered as a clearing agency under the Exchange Act within 90 days of such event; |
• | we execute and deliver to the trustee an officer’s certificate to the effect that such global securities shall be so exchangeable; or |
• | an event of default with respect to the debt securities represented by such global securities shall have occurred and be continuing. |
• | will not be entitled to have the debt securities registered in their names; |
• | will not be entitled to physical delivery of certificated debt securities; and |
• | will not be considered to be holders of those debt securities under the indenture. |
• | the successor or transferee is a U.S. corporation, limited liability company, partnership, trust or other entity; |
• | the successor or transferee assumes our obligations on the debt securities and under the indenture pursuant to a supplemental indenture in form reasonably satisfactory to the trustee; |
• | immediately after giving effect to the transaction and treating our obligations in connection with or as a result of such transaction as having been incurred as of the time of such transaction, no default or event of default under the indenture shall have occurred and be continuing; and |
• | an officer’s certificate and an opinion of counsel have been delivered to the trustee in connection with the foregoing. |
• | default in the payment of any interest on any debt security of that series when it becomes due and payable, and continuance of that default for a period of 30 days; |
• | default in the payment of principal of, or premium on, any debt security of that series when due and payable; |
• | failure on our part to comply with the covenant described under the section titled “Consolidation, Merger and Sale of Assets”; |
• | default in the performance or breach of any other covenant or warranty by us in the indenture or any supplemental indenture with respect to such series (other than a covenant or warranty that has been |
• | certain events of bankruptcy, insolvency or reorganization of our company or our significant subsidiaries; and |
• | any other event of default provided with respect to debt securities of that series that is described in the applicable prospectus supplement. |
• | that holder has previously given to the trustee written notice of a continuing event of default with respect to debt securities of that series; and |
• | the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made written request, and offered security or indemnity satisfactory to the trustee, to institute the proceeding as trustee, and the trustee has not received from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series a direction inconsistent with that request and has failed to institute the proceeding within 60 days. |
• | cure any ambiguity, defect or inconsistency; |
• | conform the text of the indenture, including any supplemental indenture, or the debt securities to any corresponding provision of this “Description of Debt Securities” or description of the debt securities found in the prospectus supplement as evidenced by an officer’s certificate; |
• | provide for the issuance of additional debt securities; |
• | provide for the assumption of our obligations in the case of a merger or consolidation and our discharge upon such assumption provided that the provision under the section titled “Merger, Consolidation, or Sale of Assets” of the indenture is complied with; |
• | add covenants or make any change that would provide any additional rights or benefits to the holders of the debt securities; |
• | add guarantees with respect to the debt securities; |
• | provide for uncertificated debt securities in addition to or in place of certificated debt securities; |
• | secure the debt securities; |
• | add or appoint a successor or separate trustee; |
• | make any change that does not adversely affect the rights of any holder of debt securities in any material respect, as evidenced by an officer’s certificate; or |
• | obtain or maintain the qualification of the indenture under the Trust Indenture Act of 1939, as amended. |
• | reduce the principal amount or any premium or change the stated maturity of any debt security or alter or waive any of the provisions with respect to the redemption or repurchase of the debt securities; |
• | change the place of payment or currency in which principal, any premium or interest is paid; |
• | impair the right to institute suit for the enforcement of any payment on the debt securities; |
• | waive a payment default with respect to the debt securities; |
• | reduce the interest rate or extend the time for payment of interest on the debt securities; |
• | make any change to the amendment and modification provisions in the indenture; or |
• | reduce the percentage in principal amount outstanding of debt securities, the consent of the holders of which is required for any of the foregoing modifications or otherwise necessary to modify, supplement or amend the indenture or to waive any past default. |
• | depositing with the trustee money and/or U.S. government obligations that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the written opinion of a nationally recognized firm of independent public accountants, a nationally recognized investment bank or a nationally recognized appraisal firm to pay and discharge each installment of principal of, premium and interest in accordance with the terms of the indenture and the debt securities of the applicable series; and |
• | delivering to the trustee an opinion of counsel to the effect that the beneficial owners of the debt securities of the applicable series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had not occurred. |
• | the designation and terms of the units and the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately; |
• | any provision for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and |
• | whether the units will be issued in fully registered or global form. |
• | through underwriters or dealers; |
• | directly to purchasers; |
• | in a rights offering; |
• | in “at the market” offerings, within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing trading market on an exchange or otherwise; |
• | through agents; or |
• | through a combination of any of these methods. |
• | the terms of the offering; |
• | the names of any underwriters or agents; |
• | the name or names of any managing underwriter or underwriters; |
• | the purchase price or initial public offering price of the securities; |
• | the net proceeds from the sale of the securities; |
• | any delayed delivery arrangements; |
• | any underwriting discounts, commissions and other items constituting underwriters’ compensation; |
• | any discounts or concessions allowed or reallowed or paid to dealers; and |
• | any commissions paid to agents. |