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xbrli:pure coag:Segment xbrli:shares iso4217:DKK xbrli:shares iso4217:DKK iso4217:USD xbrli:shares iso4217:USD utr:Y UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-43250 Hemab Therapeutics Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 41-4241952 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 101 Main Street , Suite 1220 Cambridge , Massachusetts 02142 (Address of principal executive offices) (Zip Code) ( 617 ) 553-3952 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value per share COAG Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of July 31, 2026, the registrant had 46,712,117 shares of common stock, $0.0001 par value per share, outstanding. Table of Contents Page CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 3 RISK FACTOR SUMMARY 5 PART I. FINANCIAL INFORMATION 7 Item 1. Financial Statements (Unaudited) 7 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 7 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2026 and 2025 8 Condensed Consolidated Statements of Changes in Convertible Preference Shares, Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three months ended March 31, 2026 and 2025 and the three months ended June 30, 2026 and 2025 9 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 10 Notes to Unaudited Condensed Consolidated Financial Statements 11 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3. Quantitative and Qualitative Disclosures About Market Risk 42 Item 4. Controls and Procedures 42 PART II. OTHER INFORMATION 43 Item 1. Legal Proceedings 43 Item 1A. Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 115 Item 3. Defaults Upon Senior Securities 117 Item 4. Mine Safety Disclosures 117 Item 5. Other Information 117 Item 6. Exhibits 118 Signatures 120 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risk and uncertainties. All statements, other than statements of historical fact, contained in this Quarterly Report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or the negative of these words or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements in this Quarterly Report include, among other things, statements about: • the initiation, timing, progress and results of our research and development programs and preclinical studies and clinical trials, including the timing of our planned Phase 3 clinical trial of sutacimig in patients with Glanzmann thrombasthenia and the timing of our first in-human studies of HMB-003; • our estimates regarding expenses, future revenue, capital requirements, need for additional financing and the period over which we believe our cash, cash equivalents, and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements; • the timing of and our ability to complete clinical development of, submit applications for and obtain and maintain regulatory approvals for our current and future product candidates; • the potential advantages of our current and future product candidates; • our plans to develop and, if approved, subsequently commercialize any product candidates we may develop; • the rate and degree of market acceptance and clinical utility of our products, if approved; • our estimates regarding the addressable patient population and potential market opportunity for our current and future product candidates; • our commercialization, marketing and manufacturing capabilities and strategy; • our expectations regarding our ability to obtain and maintain intellectual property protection and to remain in compliance with our existing license agreements; • our ability to identify additional products, product candidates or technologies with significant commercial potential that are consistent with our commercial objectives; • our ability to attract and retain key scientific and management personnel; • our expectations regarding milestone and/or royalty payments under any of our current or future license agreements; • the impact of government laws and regulations, including any new regulatory requirements in the countries in which we operate; • our competitive position and expectations regarding developments and projections relating to our competitors and any competing therapies that are or become available; • developments relating to our competitors and our industry; • our reliance on and the performance of third parties that conduct clinical trials of our product candidates and manufacture our product candidates; • our ability to identify, establish and maintain collaborations or obtain additional funding; • general economic, industry and market conditions, including rising interest rates, inflation and tariffs; and • our expectations regarding the time during which we will be an emerging growth company under the JOBS Act or a smaller reporting company. 3 We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in this Quarterly Report, particularly in Item 1A. “Risk Factors” in this Quarterly Report, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Moreover, we operate in a competitive and rapidly changing environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties that could have an impact on us, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures or investments we may make or enter into. You should read this Quarterly Report and the documents that we have filed or incorporated by reference as exhibits to this Quarterly Report with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained in this Quarterly Report are made as of the date of this Quarterly Report, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. 4 RISK FACTOR SUMMARY Our business is subject to a number of risks that, if realized, could materially affect our business, prospects, operating results and financial condition. These risks are discussed more fully in the “Risk Factors” section of this Quarterly Report. These risks include, but are not limited to, the following: • We have incurred significant losses since our inception and have no products approved for sale. We expect to incur significant losses for the foreseeable future and may never achieve or maintain profitability. • We have never generated revenue from product sales and may never achieve or maintain profitability. • We are heavily dependent on the success of sutacimig, HMB-002 and HMB-003. • We will need substantial additional funding. If we are unable to raise capital on acceptable terms when needed, or at all, we could be forced to delay, reduce or eliminate our product development programs or commercialization efforts. • Our limited operating history may make it difficult to evaluate the success of our business to date and to assess our future viability. • We are early in our clinical development efforts. If we are unable to successfully complete clinical development, obtain marketing approval for, and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed. • Clinical drug development involves a lengthy and expensive process, with an uncertain outcome. We will be required to incur substantial costs and may experience delays in completing, or ultimately be unable to complete, the development and commercialization of any product candidates. • The outcome of preclinical studies and earlier-stage clinical trials may not be predictive of the success of later-stage clinical trials. • Serious adverse events of thrombosis have been identified in the development of sutacimig, and if additional serious adverse events or unacceptable side effects are identified during the development of our product candidates and any other product candidates we may develop, we may need to abandon or limit our development of those product candidates. • If we engage in future acquisitions, this may increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities, and subject us to other risks. • Even if any product candidate receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success. • We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do. • We rely, and expect to continue to rely, on third parties to conduct our clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, which may harm our business. • We contract with third parties for the manufacture of our product candidates, plan to contract with third parties for any other product candidates we may develop for preclinical and clinical testing and expect to continue to do so for commercialization. This reliance on third parties entails risks, including that such third parties may not be able to comply with applicable regulatory requirements. Any performance failure on the part of our existing or future manufacturers could delay clinical development or marketing approval. • We may enter into, collaborations with third parties for the development or commercialization of product candidates. If our collaborations are not successful, we may not be able to capitalize on the market potential of these product candidates and our business could be adversely affected. • If we fail to comply with our obligations under our existing license agreements with Novo Nordisk A/S and Genmab A/S, or under any future intellectual property licenses, or otherwise experience disruptions to our business relationships with our current or any future licensors, we could lose intellectual property rights that are important to our business. 5 • If we are unable to obtain, maintain, enforce, defend and otherwise protect the intellectual property relating to our technology and product candidates, and if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors or other third parties could develop and commercialize technology and products similar or identical to ours, and our ability to successfully develop and commercialize our technology and product candidates may be adversely affected. • Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and may prevent us from obtaining approvals for the commercialization of some or all of our product candidates. As a result, we cannot predict when or if, and in which territories, we will obtain marketing approval to commercialize a product candidate. • We have identified material weaknesses in our internal control over financial reporting. If we are unable to remedy our material weaknesses, or if we fail to establish and maintain an effective system of internal control over financial reporting, we may be unable to produce timely and accurate financial statements or prevent fraud, which could adversely impact our business and our stock price. • An active trading market for our common stock may not continue to develop or be sustained. 6 PART I— FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) HEMAB THERAPEUTICS HOLDINGS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 237,366 $ 87,974 Marketable securities 220,094 97,511 Prepaid expenses and other current assets 6,538 7,066 Total current assets 463,998 192,551 Property and equipment, net 596 609 Operating right-of-use assets 901 1,092 Other non-current assets 2,286 531 Total assets $ 467,781 $ 194,783 Liabilities, convertible preference shares, convertible preferred stock and stockholders’ equity (deficit) Current liabilities: Accounts payable $ 6,232 $ 5,734 Accrued expenses and other current liabilities 6,252 4,296 Operating lease liabilities 460 647 Total current liabilities 12,944 10,677 Operating lease liabilities, net of current portion 566 573 Total liabilities 13,510 11,250 Commitments and contingencies (Note 8) Convertible preference shares and convertible preferred stock: Series Seed convertible preferred stock and convertible preference shares, $ 0.0001 par value and DKK 1 par value as of June 30, 2026 and December 31, 2025, respectively; no shares and 23,343 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; liquidation preference of $ 0 and $ 2,939 as of June 30, 2026 and December 31, 2025, respectively — 5,236 Series A convertible preferred stock and convertible preference shares, $ 0.0001 par value and DKK 1 par value as of June 30, 2026 and December 31, 2025, respectively; no shares and 225,866 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; liquidation preference of $ 0 and $ 54,528 as of June 30, 2026 and December 31, 2025, respectively — 63,536 Series B convertible preferred stock and convertible preference shares, $ 0.0001 par value and DKK 1 par value as of June 30, 2026 and December 31, 2025, respectively; no shares and 442,205 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; liquidation preference of $ 0 and $ 135,248 as of June 30, 2026 and December 31, 2025, respectively — 134,975 Series C convertible preferred stock and convertible preference shares, $ 0.0001 par value and DKK 1 par value as of June 30, 2026 and December 31, 2025, respectively; no shares and 512,991 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; liquidation preference of $ 0 and $ 156,898 as of June 30, 2026 and December 31, 2025, respectively — 156,421 Stockholders’ deficit: Ordinary shares, DKK 1 par value; no shares and 946,000 shares authorized, issued, and outstanding as of June 30, 2026 and December 31, 2025, respectively — 132 Common stock, $ 0.0001 par value; 400,000,000 shares and no shares authorized as of June 30, 2026 and December 31, 2025, respectively; 46,705,410 shares and no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 5 — Preferred stock, $ 0.0001 par value; 5,000,000 shares and no shares authorized as of June 30, 2026 and December 31, 2025, respectively; no shares issued and outstanding as of June 30, 2026 and December 31, 2025 — — Additional paid-in capital 685,709 4,916 Accumulated deficit ( 228,695 ) ( 181,858 ) Accumulated other comprehensive (loss) income ( 2,748 ) 175 Total stockholders’ equity (deficit) 454,271 ( 176,635 ) Total liabilities, convertible preference shares, convertible preferred stock and stockholders’ equity (deficit) $ 467,781 $ 194,783 See accompanying notes to the financial statements. 7 HEMAB THERAPEUTICS HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating expenses Research and development $ 20,336 $ 12,874 $ 39,797 $ 26,975 General and administrative 5,743 3,183 9,894 5,642 Total operating expenses 26,079 16,057 49,691 32,617 Loss from operations ( 26,079 ) ( 16,057 ) ( 49,691 ) ( 32,617 ) Other income (expense), net Interest income 2,858 335 4,077 808 Other (expense) income, net ( 832 ) 3,517 ( 1,114 ) 4,108 Total other income, net 2,026 3,852 2,963 4,916 Loss before income tax expense ( 24,053 ) ( 12,205 ) ( 46,728 ) ( 27,701 ) Income tax (expense) benefit ( 97 ) ( 4 ) ( 109 ) 186 Net loss $ ( 24,150 ) $ ( 12,209 ) $ ( 46,837 ) $ ( 27,515 ) Net loss per share, basic and diluted $ ( 0.80 ) $ ( 12.91 ) $ ( 3.00 ) $ ( 29.09 ) Weighted average shares outstanding, basic and diluted 30,111,338 946,000 15,609,236 946,000 Other comprehensive loss Net loss $ ( 24,150 ) $ ( 12,209 ) $ ( 46,837 ) $ ( 27,515 ) Net unrealized (loss) gain on available-for-sale debt securities ( 2,309 ) ( 609 ) ( 2,923 ) 365 Total comprehensive loss $ ( 26,459 ) $ ( 12,818 ) $ ( 49,760 ) $ ( 27,150 ) See accompanying notes to the financial statements. 8 HEMAB THERAPEUTICS HOLDINGS, INC. Condensed Consolidated Statements of Changes in Convertible Preference Shares, Convertible Preferred Stock and Stockholders’ Equity (Deficit) (in thousands, except share amounts) (unaudited) Series Seed Convertible Preference Shares Series A Convertible Preference Shares Series B Convertible Preference Shares Series C Convertible Preference Shares Series Seed Convertible Preferred Stock Series A Convertible Preferred Stock Series B Convertible Preferred Stock Series C Convertible Preferred Stock Ordinary Shares Common Stock Additional Paid- In Accumulated Other Comprehensive Accumulated Total Stockholders' Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Capital Income (Loss) Deficit Deficit Balance at December 31, 2024 23,343 $ 5,236 225,866 $ 63,536 442,205 $ 134,975 — $— — $— — $— — $— — $— 946,000 $ 132 — $— $ 2,905 $( 365 ) $( 117,945 ) $( 115,273 ) Equity-based compensation - - - - - - - - - - - - - - - - - - - - 459 - - 459 Other comprehensive income - - - - - - - - - - - - - - - - - - - - - 974 - 974 Net loss - - - - - - - - - - - - - - - - - - - - - - ( 15,306 ) ( 15,306 ) Balance at March 31, 2025 23,343 5,236 225,866 63,536 442,205 134,975 - - - - - - - - - - 946,000 132 - - 3,364 609 ( 133,251 ) ( 129,146 ) Equity-based compensation - - - - - - - - - - - - - - - - - - - - 494 - - 494 Other comprehensive income - - - - - - - - - - - - - - - - - - - - - ( 609 ) - ( 609 ) Net loss - - - - - - - - - - - - - - - - - - - - - - ( 12,209 ) ( 12,209 ) Balance at June 30, 2025 23,343 $ 5,236 225,866 $ 63,536 442,205 $ 134,975 — $- — $- — $- — $- — $- 946,000 $ 132 — $- $ 3,858 $- $( 145,460 ) $( 141,470 ) Series Seed Convertible Preference Shares Series A Convertible Preference Shares Series B Convertible Preference Shares Series C Convertible Preference Shares Series Seed Convertible Preferred Stock Series A Convertible Preferred Stock Series B Convertible Preferred Stock Series C Convertible Preferred Stock Ordinary Shares Common Stock Additional Paid- In Accumulated Other Comprehensive Accumulated Total Stockholders' Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Capital Income (Loss) Deficit Equity (Deficit) Balance at December 31, 2025 23,343 $ 5,236 225,866 $ 63,536 442,205 $ 134,975 512,991 $ 156,421 — $— — $— — $— — $— 946,000 $ 132 — $— $ 4,916 $ 175 $( 181,858 ) $( 176,635 ) Effect of Reorganization ( 23,343 ) ( 5,236 ) ( 225,866 ) ( 63,536 ) ( 442,205 ) ( 134,975 ) ( 512,991 ) ( 156,421 ) 23,343 5,236 225,866 63,536 442,205 134,975 512,991 156,421 ( 946,000 ) ( 132 ) 946,000 - 132 - - - Equity-based compensation - - - - - - - - - - - - - - - - - - - - 1,318 - - 1,318 Other comprehensive income - - - - - - - - - - - - - - - - - - - - - ( 614 ) - ( 614 ) Net loss - - - - - - - - - - - - - - - - - - - - - - ( 22,687 ) ( 22,687 ) Balance at March 31, 2026 - - - - - - - - 23,343 5,236 225,866 63,536 442,205 134,975 512,991 156,421 - - 946,000 - 6,366 ( 439 ) ( 204,545 ) ( 198,618 ) Issuance of common stock pursuant to initial public offering, net of underwriter’s discount and issuance costs of $ 29.6 million - - - - - - - - - - - - - - - - - - 19,262,500 2 317,163 - - 317,165 Conversion of convertible preferred stock into common stock upon initial public offering - - - - - - - - ( 23,343 ) ( 5,236 ) ( 225,866 ) ( 63,536 ) ( 442,205 ) ( 134,975 ) ( 512,991 ) ( 156,421 ) - - 26,496,910 3 360,165 - - 360,168 Equity-based compensation - - - - - - - - - - - - - - - - - - - - 2,015 - - 2,015 Other comprehensive income - - - - - - - - - - - - - - - - - - - - - ( 2,309 ) - ( 2,309 ) Net loss - - - - - - - - - - - - - - - - - - - - - - ( 24,150 ) ( 24,150 ) Balance at June 30, 2026 — $- — $- — $- — $- — $ - — $ - — $ - — $ - — $ - 46,705,410 $ 5 $ 685,709 $( 2,748 ) $( 228,695 ) $ 454,271 See accompanying notes to the financial statements 9 HEMAB THERAPEUTICS HOLDINGS, INC. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net loss $ ( 46,837 ) $ ( 27,515 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity-based compensation 3,333 953 Depreciation and amortization 148 152 Non-cash lease expense 313 283 Accretion of discount on available-for-sale debt securities ( 2,135 ) ( 331 ) Other non-cash items - ( 910 ) Changes in operating assets and liabilities: Prepaid expenses and other current assets 528 ( 746 ) Other non-current assets ( 1,755 ) ( 834 ) Accounts payable 498 564 Accrued expenses and other current liabilities 2,002 316 Operating lease liabilities ( 316 ) ( 281 ) Other non-current liabilities - ( 17 ) Net cash used in operating activities ( 44,221 ) ( 28,366 ) Cash flows from investing activities: Purchases of available-for-sale debt securities ( 148,208 ) ( 19,948 ) Maturities of available-for-sale debt securities 25,059 35,472 Purchases of property and equipment ( 135 ) ( 16 ) Net cash (used in) provided by investing activities ( 123,284 ) 15,508 Cash flows from financing activities: Proceeds from issuance of common stock, net of issuance costs of $ 29.6 million 317,165 - Principal payments on finance lease ( 46 ) ( 59 ) Net cash provided by (used in) financing activities 317,119 ( 59 ) Effect of foreign exchange rate changes on cash and cash equivalents ( 222 ) - Net increase (decrease) in cash and cash equivalents 149,392 ( 12,917 ) Cash and cash equivalents at beginning of period 87,974 74,407 Cash and cash equivalents at end of period $ 237,366 $ 61,490 Supplemental disclosure of cash flow activities Cash paid for interest $ - $ 7 Cash paid for income taxes $ - $ 197 Supplemental disclosure of non-cash investing and financing activities Right-of-use assets obtained in exchange for operating lease liabilities $ 122 $ - See accompanying notes to the financial statements. 10 HEMAB THERAPEUTICS HOLDINGS, INC. Notes to Condensed Consolidated Financial Statements (unaudited) 1. Description of Business and Liquidity Nature of Business Hemab Therapeutics Holdings, Inc. (the “Company”) is a clinical-stage biotechnology company developing therapies that reimagine the treatment of blood coagulation disorders to sustain life and human resilience. Based in Denmark and the United States, the Company’s mission is to build the leading coagulation company by discovering, developing, and commercializing innovative therapies for the millions of patients worldwide suffering from serious bleeding and thrombotic diseases, including Glanzmann thrombasthenia, Factor VII deficiency, Von Willebrand Disease, heavy menstrual bleeding and other conditions of abnormal bleeding, all of which can cause significant life-long burden to patients. The Company’s lead asset, sutacimig (HMB-001), is a bispecific antibody currently in Phase 1/2 clinical development for the prophylactic treatment of Glanzmann thrombasthenia and Phase 2 clinical development for the prophylactic treatment of Factor VII deficiency. The Company’s second clinical-stage asset, HMB-002, is a monovalent antibody in clinical development for subcutaneous prophylactic treatment of Von Willebrand Disease. The Company is also developing HMB-003, an anti-fibrinolytic targeting plasmin inhibition in preclinical development designed to reduce bleeding across multiple high-unmet-need conditions, beginning with heavy menstrual bleeding. The Company is also advancing multiple preclinical and discovery-stage assets. Corporate Reorganization On March 30, 2026, the Company completed a corporate reorganization pursuant to which the shareholders of Hemab ApS exchanged their shares in Hemab ApS for the same number, class and series of newly issued shares, on a one to one basis, in the newly incorporated Delaware company, Hemab Therapeutics Holdings, Inc. and, as a result, Hemab ApS became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. The newly issued shares of Hemab Therapeutics Holdings, Inc. had substantially identical rights to the exchanged shares of Hemab ApS. As a result of the exchange, Hemab Therapeutics Holdings, Inc. became the sole shareholder of Hemab ApS, and the prior shareholders of Hemab ApS solely held shares of Hemab Therapeutics Holdings, Inc. Hemab Therapeutics Holdings, Inc. had nominal assets and liabilities and did not conduct any operations prior to the corporate reorganization other than its incorporation. Upon completion of the corporate reorganization, the historical consolidated financial statements of Hemab ApS became the historical consolidated financial statements of Hemab Therapeutics Holdings, Inc. In connection with the corporate reorganization, the original issue price for the Company’s Series Seed Convertible Stock and Series A Convertible Stock were converted from Euros and Danish Kroners (“DKK”), respectively, into U.S. dollars. The original issue price was set for each series of convertible preferred stock so the convertible preferred stock would be convertible into common stock on a one-for-one basis. In connection with the corporate reorganization, each outstanding warrant to subscribe for the purchase of ordinary shares of Hemab ApS was assumed by Hemab Therapeutics Holdings, Inc. and converted into a warrant to purchase the same number of shares of common stock of Hemab Therapeutics Holdings, Inc. Each new warrant otherwise had and was subject to the same terms and conditions as were in effect immediately prior to the assumption and conversion, except that any warrant exercise price that had been denominated in DKK prior to the corporate reorganization was converted into an exercise price in U.S. dollars at the exchange rate as in effect at the close of business on the business day prior to the corporate reorganization. No warrants of Hemab ApS were outstanding following such assumption and conversion. Additionally, on April 1, 2026, Hemab ApS transferred its shares of Hemab Therapeutics Inc., a Delaware corporation and wholly owned subsidiary of Hemab ApS, to Hemab Therapeutics Holdings, Inc. in exchange for the issuance of a promissory note and, as a result, Hemab Therapeutics Inc. became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. Stock Split The Company’s board of directors and stockholders approved a 22 -for-one forward stock split of the Company’s issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for the outstanding shares of convertible preferred stock, which became effective on April 24, 2026. Accordingly, all share and per share 11 amounts for all periods presented in the accompanying condensed consolidated financial statements and the notes thereto have been retroactively adjusted, where applicable, to reflect the stock split. Initial Public Offering On May 4, 2026, the Company completed the initial public offering (the “IPO”) of 19,262,500 shares of its common stock, which included the exercise in full by the underwriters of their option to purchase 2,512,500 additional shares of common stock, at a public offering price of $ 18.00 per share. The net proceeds to the Company from the IPO were approximately $ 317.2 million after deducting underwriting discounts and commissions and offering expenses of $ 29.6 million payable by the Company. In connection with the completion of the IPO, all shares of the Company's preferred stock were converted into 26,496,910 shares of common stock, and no shares of preferred stock were thereafter outstanding. In connection with the closing of the IPO, on May 4, 2026, the Company filed a restated certificate of incorporation with the Secretary of State of the State of Delaware, which authorizes 400,000,000 shares of common stock, par value $ 0.0001 per share, and 5,000,000 shares of undesignated preferred stock, par value $ 0.0001 per share. Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. The Company’s product candidates and programs are in preclinical and clinical development. There can be no assurance that the Company’s research and development efforts will be successfully completed, that adequate protection for its intellectual property will be obtained, that any product candidates developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. Liquidity and Management's Plan Since inception, the Company has devoted substantially all its efforts to business planning, conducting research and development, recruiting management and technical staff, and raising capital. The Company has financed its operations primarily through private placements of convertible preference shares and issuance of convertible debt and, most recently, from the sale of common stock in its IPO in May 2026. The Company’s continued discovery and development of product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company has incurred losses since inception and had an accumulated deficit of $ 228.7 million as of June 30, 2026. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as it continues development of its product candidates. As of June 30, 2026 , the Company had cash and cash equivalents, and marketable securities of $ 457.5 million. The Company believes that its existing cash, cash equivalents, and marketable securities will enable it to fund its operating expenses and capital expenditure requirements for at least one year from the date of the issuance of these unaudited condensed consolidated financial statements. Until such a time when the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. The Company may be unable to raise additional funds or 12 enter into such other agreements or arrangements when needed, on favorable terms, or at all. The Company’s failure to raise capital or enter into such agreements or arrangements as, and when needed, could have a material adverse effect on its business, results of operations and financial condition, including potentially requiring it to delay, limit, reduce or eliminate product development or future commercialization efforts, or grant rights to develop and market current or future development product candidates that the Company would otherwise prefer to develop and market itself. 2. Summary of Significant Accounting Policies There have been no significant changes from the significant accounting policies and estimates disclosed in Note 2 of the “Notes to Consolidated Financial Statements” in the audited consolidated financial statements for the year ended December 31, 2025 and notes thereto, included in the Company’s final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the U.S. Securities Exchange Commission on May 1, 2026, except as noted below. Principles of Consolidation The Company’s condensed consolidated financial statements include the accounts of it and its wholly owned subsidiaries, Hemab ApS and Hemab Therapeutics, Inc. The Company completed its corporate reorganization to Delaware on March 30, 2026 and Hemab ApS became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. on April 1, 2026. Accordingly, the Company’s consolidated financial statements are those of Hemab Therapeutics Holdings, Inc. for the periods after the corporate reorganization and are those of Hemab ApS for historical periods before the corporate reorganization. Management has concluded the Company has a single reporting segment for purposes of reporting financial condition and results of operations. All intercompany transactions and balances have been eliminated in accordance with ASC 810, Consolidation . Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Unaudited Interim Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements of Hemab ApS and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of June 30, 2026 and its results of operations and cash flows for the six months ended June 30, 2026 and 2025. The results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements of Hemab ApS as of that date. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from these unaudited condensed consolidated financial statements. Foreign Currency The financial statements are presented in U.S. dollars, the Company’s reporting currency. The functional currency of Hemab ApS and Hemab Therapeutics, Inc. is the U.S. dollar. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the U.S. dollar are recognized in other (expense) income, net in the consolidated statements of operations and comprehensive loss. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include, but are not limited to, accrued research and development expenses, 13 the fair value of the common stock, options, and warrants for equity-based compensation expense, and the valuation of the Company’s deferred tax assets. Changes in estimates are recorded in the period in which they become known. Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash, cash equivalents, and marketable securities. The Company’s investment portfolio is primarily comprised of short term debt securities issued by the U.S., Danish, and German governments. The Company places its cash in financial institutions that management believes to be of high credit quality and, consequently, the Company does not believe it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Deferred Offering Costs Deferred offering costs consist of certain legal, professional, accounting and other third-party fees that are incremental and directly associated with the IPO. These direct costs are capitalized and recorded as other non-current assets on the condensed consolidated balance sheets. Upon completion of the IPO in May 2026, the deferred offering costs were recorded as a reduction of the proceeds within additional paid-in capital. The Company had no deferred offering costs recorded as other non-current assets as of June 30, 2026 and 2025. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ deficit that result from transactions and events other than those with stockholders. The Company’s unrealized gains and losses on available-for sale debt securities represent the only component of other comprehensive income (loss). Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 will require disclosure of additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state and foreign income taxes. ASU 2023-09 will also require information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. ASU 2023-09 will be effective for the Company in the annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing the impact adoption of ASU 2023-09 will have on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis, including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. ASU 2024-03 also will require certain amounts already disclosed under existing U.S. GAAP to also be disclosed as a separate category in disaggregated expense table(s), if those amounts are recognized in the relevant expense line item. The amendments in ASU 2024-03 will be effective for the Company in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the impact adoption of ASU 2024-03 will have on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”) to provide clarifications intended to improve the consistency and usability of interim disclosure requirements. ASU 2025-11 includes a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The amendments in this update permit an entity to apply the new guidance using a prospective or retrospective approach. The Company is currently assessing the impact adoption of ASU 2025-11 will have on its consolidated financial statements and related disclosures. 14 3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2026 and December 31, 2025 (in thousands): June 30, 2026 Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Marketable securities: Non-U.S. debt securities $ — $ 111,404 — $ 111,404 U.S. treasury securities — 108,690 — 108,690 Total assets measured at fair value $ — $ 220,094 $ — $ 220,094 December 31, 2025 Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash equivalents: Certificates of deposit $ — $ 50,930 — $ 50,930 Non-U.S. debt securities — 17,638 — 17,638 Marketable securities: U.S. treasury securities — 97,511 — 97,511 Total assets measured at fair value $ — $ 166,079 $ — $ 166,079 The Company’s cash equivalents and marketable securities were valued based on Level 2 inputs and in determining the fair value the Company relied on quoted prices for similar securities in active markets or other inputs that are observable or can be corroborated by observable market data. 4. Available-For-Sale Debt Securities Available-for-sale debt securities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands): June 30, 2026 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable securities: U.S. treasury securities $ 108,815 $ — $ ( 125 ) $ 108,690 Non-U.S. debt securities 114,027 — ( 2,623 ) 111,404 Total $ 222,842 $ — $ ( 2,748 ) $ 220,094 December 31, 2025 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable securities: U.S. treasury securities $ 97,559 $ — $ ( 48 ) $ 97,511 Cash equivalents: Non-U.S. debt securities 17,415 223 — 17,638 Total $ 114,974 $ 223 $ ( 48 ) $ 115,149 All of the Company’s available-for-sale debt securities as of June 30, 2026 and December 31, 2025 had a contractual maturity of less than 12 months. All of the Company’s available-for-sale debt securities as of June 30, 2026 and December 31, 2025 are classified as current as they mature within one year from the balance sheet date. 15 The Company recognized net realized gains of $ 0.2 million during the six months ended June 30, 2026 on its available-for-sale debt securities. There were no net realized gains or losses during the three months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company recognized net realized gains of $ 1.3 million and $ 0.9 million respectively on its available-for-sale debt securities. These net realized gains and losses were recognized in other income (expense), net and represent amounts reclassified from accumulated other comprehensive income (loss) into earnings. As of June 30, 2026 , the Company held six securities in an unrealized loss position with an aggregate fair value of $ 220.1 million. As of December 31, 2025 , the Company held three securities in an unrealized loss position with an aggregate fair value of $ 97.5 million. None of the securities were in an unrealized loss position for greater than 12 months. The Company has the intent and ability to hold its debt securities until recovery of their amortized cost bases, which may be at maturity. As a result, the Company did not recognize any differences between the fair value and amortized cost basis as a loss in its consolidated statements of operations and comprehensive loss for the six months ended June 30, 2026 and year ended December 31, 2025. The Company did not record any credit-related impairments for its available-for-sale debt securities for the six months ended June 30, 2026 and year ended December 31, 2025 . 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of As of June 30, December 31, 2026 2025 Prepaid expenses $ 4,718 $ 4,437 Other receivables 1,820 2,629 Total $ 6,538 $ 7,066 6. Property and Equipment, net Property and equipment, net, consisted of the following (in thousands): As of As of June 30, December 31, 2026 2025 Laboratory equipment $ 887 $ 775 Furniture and fixtures 436 413 Leasehold improvements 82 82 Computer equipment 62 62 Total property and equipment, at cost 1,467 1,332 Less: accumulated depreciation ( 871 ) ( 723 ) Property and equipment, net $ 596 $ 609 As of June 30, 2026 , there were no finance leased assets included in property and equipment, net. As of December 31, 2025 , property and equipment, net included finance leased assets of approximately $ 0.5 million, with accumulated depreciation of approximately $ 0.3 million. Depreciation expense was approximately $ 0.1 million for each of the three months ended June 30, 2026 and 2025 and approximately $ 0.2 million and $ 0.3 million for the six months ended June 30, 2026 and 2025 , respectively. 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): 16 As of As of June 30, December 31, 2026 2025 Accrued contract research and development costs $ 2,750 $ 949 Accrued employee compensation 2,512 3,007 Other 990 340 Total $ 6,252 $ 4,296 8. Commitments and Contingencies License and Collaboration Agreements The Company is party to certain agreements that may require future payments upon the achievement of specified development, regulatory, and commercial milestones, as well as royalty payments. These potential obligations are not recorded as liabilities until the underlying milestone event is deemed probable of occurrence and the related amount is reasonably estimable. Agreement with Novo Nordisk In November 2019, the Company entered into a license agreement with Novo Nordisk A/S (“Novo Nordisk”), pursuant to which Novo Nordisk granted the Company an exclusive (even as to Novo Nordisk), worldwide and sublicensable license under specified patent rights, and a non-exclusive, worldwide and sublicensable license under specified know-how, to research, develop, make, have made, use, offer for sale, sell, import, export or otherwise exploit, or transfer possession of or title in, products (“Novo Licensed Products”), containing bispecific IgG antibodies targeting TLT-1 and Factor VII, including sutacimig, for the treatment of bleeding conditions, including hemophilia (the “Novo Nordisk Agreement”). Under the terms of the Novo Nordisk Agreement, the Company has agreed to use commercially reasonable efforts to develop and commercialize a Novo Licensed Product. The Company is obligated to pay to Novo Nordisk a one-time DKK 40 million milestone payment upon achievement by a Novo Licensed Product of a specified regulatory milestone event, and the Company is also obligated to pay Novo Nordisk tiered royalties, in the low single-digit percentages, on aggregate annual net sales of all Novo Licensed Products, on a Novo Licensed Product-by-Novo Licensed Product and country-by-country basis, until the later of the expiration of the last valid claim in the licensed patents under the Novo Nordisk Agreement covering such Novo Licensed Product in such country and ten years following the first commercial sale of such Novo Licensed Product in such country. The Company currently expects that all of the licensed patents under the Novo Nordisk Agreement will expire by 2040, potentially extending to 2045 with patent term extension. To date, the Company has not made any payments to Novo Nordisk under the Novo Nordisk Agreement. The Novo Nordisk Agreement will continue in force until it is terminated. On expiration of each royalty term, the Company’s license becomes royalty-free, perpetual, and irrevocable with respect to the applicable Novo Licensed Product in the applicable country. Either party may terminate the Novo Nordisk Agreement for the other party’s uncured material breach or insolvency. The Company may terminate the Novo Nordisk Agreement for any reason upon 90 days’ written notice to Novo Nordisk. In the event that Novo Nordisk regains control of the exclusive right to exploit the Novo Licensed Product, the Novo Nordisk Agreement will automatically terminate. Agreement with Genmab In April 2020, the Company entered into a license agreement with Genmab A/S (“Genmab”), pursuant to which Genmab granted the Company an exclusive (even as to Genmab and its affiliates), worldwide and sublicensable license under platform technology patent rights and know-how relating to Genmab’s proprietary DuoBody® platform to research, develop, make, have made, use, manufacture, import, export and commercialize products comprising bispecific IgG antibodies targeting TLT-1 and Factor VII (the “TLT-1/Factor VII Antibody Products”), including sutacimig, for the treatment of bleeding conditions, including hemophilia (the “Genmab Agreement”). Under the terms of the Genmab Agreement, the Company has agreed to use commercially reasonable efforts to develop, manufacture, obtain regulatory approval for and commercialize TLT-1/Factor VII Antibody Products worldwide. Under the Genmab Agreement, the Company is obligated to pay Genmab a percentage of all net profit (i.e., revenue and other proceeds less specified direct costs the Company incurs to conduct research, development, manufacture and commercialization of TLT-1/Factor VII Antibody Products) the Company or its affiliates receive with 17 respect to any TLT-1/Factor VII Antibody Products, including (1) net profit from commercial sales of TLT-1/Factor VII Antibody Products and any revenue from third parties, other than Novo Nordisk, in respect of a sublicense or assignment with respect to TLT-1/Factor VII Antibody Products, including assignment fees, sublicensing fees, upfront and milestone fees, royalties and other consideration, whether in kind or cash, and (2) the net profit allocated to TLT-1/Factor VII Antibody Products that the Company or its affiliates receive if the Company undergoes a change of control (other than an acquisition by Novo Nordisk). The percentage of net profit the Company owes with respect to each TLT-1/Factor VII Antibody Product is in the low teens from the effective date of the Genmab Agreement until the first commercial sale of such TLT-1/Factor VII Antibody Product. From and after the first commercial sale of a TLT-1/Factor VII Antibody Product, the percentage of net profit the Company owes with respect to such TLT-1/Factor VII Antibody Product is in the high single digits in all territories in which the Company commercializes such TLT-1/Factor VII Antibody Product and in the mid-teens in all territories in which a third party, other than Novo Nordisk, commercializes such TLT-1/Factor VII Antibody Product. The Company is obligated to pay such percentage of net profit on a country-by-country and TLT-1/Factor VII Antibody Product-by-TLT-1/Factor VII Antibody Product basis until the later of the expiration of the last-to-expire of the platform technology patent rights licensed under the Genmab Agreement covering such TLT-1/Factor VII Antibody Product in such country and twelve years following the first commercial sale of such TLT-1/Factor VII Antibody Product in such country, which the Company refers to as the net profit share term. Following the expiration of the last-to-expire of the platform technology patent rights licensed under the Genmab Agreement covering a given TLT-1/Factor VII Antibody Product in a given country, the percentage of net profit that the Company is obligated to pay with respect to sales of such TLT-1/Factor VII Antibody Product in such country will be reduced by a specified percentage for the remainder of the net profit share term for such TLT-1/Factor VII Antibody Product in such country. The Company currently expects that all of the platform technology patent rights licensed under the Genmab Agreement will expire by 2032, though this date may be extended if, for example, Genmab files additional patents covering its platform technology. To date, the Company has not made any payments to Genmab under the Genmab Agreement. In the event the Company seeks to sell, license or otherwise dispose of its rights to TLT-1/Factor VII Antibody Products, including through a change of control to any third party other than Novo Nordisk, the Company is obligated to provide Genmab the right to participate in any bidding process as a bona fide potential acquirer of such rights. Unless earlier terminated, the Genmab Agreement will expire, on a TLT-1/Factor VII Antibody Product-by-TLT-1/Factor VII Antibody Product and country-by-country basis, upon the expiration of the last net profit share term for such TLT-1/Factor VII Antibody Product in such country. On expiration of each net profit share term, the Company’s license becomes perpetual, fully paid-up and non-exclusive with respect to the applicable TLT-1/Factor VII Antibody Product in the applicable country. Either party may terminate the Genmab Agreement for the other party’s uncured material breach or insolvency or in certain events of force majeure. Genmab may terminate the Genmab Agreement if the Company or its affiliates or sublicensees challenge any of the platform technology patent rights licensed under the Genmab Agreement. The Company may terminate the Genmab Agreement for any reason upon 120 days written notice to Genmab. If Novo Nordisk obtains from the Company the exclusive right to exploit TLT-1/Factor VII Antibody Products, including upon termination of the Novo Nordisk Agreement, then the Genmab Agreement will terminate in all territories in which Novo Nordisk obtains such exclusive rights. Agreement with Gubra In November 2023, the Company entered into a collaboration and development agreement with Gubra A/S, or Gubra, under which the Company and Gubra applied its streaMLine peptide discovery platform to identify peptide candidates in support of the Company's early-stage discovery and development activities. The Company refers to this agreement as the Gubra Agreement and to any product developed under the Gubra Agreement as a Gubra Collaboration Product. Under the Gubra Agreement, Gubra granted to the Company a non-exclusive, royalty-free, worldwide and sublicensable license under Gubra’s background intellectual property, as well as to any new intellectual property that was developed under the Gubra Agreement that related to Gubra’s platform, processes or know how and that was not specific to any Gubra Collaboration Product (which the Company refers to as Gubra Foreground IP), in each case, to develop, manufacture and commercialize any Gubra Collaboration Product. The Gubra Agreement provides that all intellectual property that was developed under the Gubra Agreement, other than Gubra Foreground IP, vests in and is owned by the Company, including all intellectual property specific to any Gubra Collaboration Product. The Company is solely responsible, at the Company's discretion and expense, for the development and commercialization of any Gubra Collaboration Product. In consideration for Gubra's discovery and development services, the Company paid Gubra a one-time upfront low single digit million Euro payment. The Company is further obligated to pay Gubra a one-time middle single digit million Euro milestone payment upon achievement by a Gubra Collaboration Product of a specified regulatory milestone event, 18 and a low single-digit percentage royalty on net sales of any Gubra Collaboration Product, on a product-by-product and country-by-country basis, until the later of ten years following the first commercial sale of such product in such country, the expiration of the last valid claim of specified patents covering such product in such country, and the expiration of regulatory exclusivity for such product in such country. In addition, if the Company enters into a license, business or asset sale or similar transaction relating to a Gubra Collaboration Product, the Company is obligated to pay Gubra a specified percentage of the associated income, which varies with the product's stage of development at the time of the transaction. The Gubra Agreement also contains customary termination and survival provisions. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters arising out of the relationship between such parties and the Company. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of June 30, 2026 and December 31, 2025. Legal Proceedings The Company may, from time to time, be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the six months ended June 30, 2026 and year ended December 31, 2025 and, to the best of its knowledge, no material legal proceedings are currently pending or threatened. 9. Convertible Preferred Stock and Convertible Preference Shares Series Seed Convertible Preference Shares In November 2020, the Company executed an investment agreement under which it issued and sold 23,343 shares of Series Seed convertible preference shares (“Series Seed Convertible Preference Shares”) for gross cash proceeds of € 2.5 million ($ 3.0 million). Series A Convertible Preference Shares In July 2021, the Company executed an investment agreement (“Series A Investment Agreement”) to issue and sell up to 225,866 shares of Series A convertible preference shares (“Series A Convertible Preference Shares”) for gross proceeds of up to DKK 346.4 million ($ 50.9 million). In the initial closing in July 2021, the Company issued 61,600 shares of Series A Convertible Preference Shares. This included DKK 57.2 million ($ 9.0 million) in gross cash proceeds ( 37,297 shares) and DKK 37.3 million ($ 5.9 million) from the conversion of the principal and interest balance of debt ( 24,303 shares). Pursuant to the Series A Investment Agreement, the Company was obligated to issue and the investors were obligated to purchase an additional 164,266 shares of Series A Convertible Preference Shares for total cash proceeds of DKK 251.9 million ($ 36.0 million) in three separate closings upon the satisfaction of certain conditions related to clinical development. All of the conditions were achieved prior to February 2023. The Company incurred DKK 1.8 million ($ 0.3 million) of issuance costs. Series B Convertible Preference Shares In February 2023, the Company executed an investment agreement under which it issued and sold 442,205 shares of Series B convertible preference shares (“Series B Convertible Preference Shares”) for gross cash proceeds of $ 135.2 million. The Company incurred $ 0.3 million of issuance costs. Series C Convertible Preference Shares In October 2025, the Company executed an investment agreement under which it issued and sold 512,991 shares of Series C convertible preference shares (“Series C Convertible Preference Shares”) for gross cash proceeds of $ 156.9 million. The Company incurred $ 0.5 million of issuance costs. 19 In connection with the corporate reorganization, the shareholders of Hemab ApS exchanged their convertible preference shares of Hemab ApS for the same number, class and series of newly issued shares of convertible preferred stock, on a one-for-one basis, in Hemab Therapeutics Holdings, Inc. As of December 31, 2025, the convertible preferred stock and convertible preference shares consisted of the following (in thousands, except share data): December 31, 2025 Preference Shares Authorized Preference Shares Issued and Outstanding Carrying Value Liquidation Preference Ordinary Shares Issuable Upon Conversion Series Seed 23,343 23,343 $ 5,236 $ 2,939 513,546 Series A 225,866 225,866 63,536 54,528 4,969,052 Series B 442,205 442,205 134,975 135,248 9,728,510 Series C 512,991 512,991 156,421 156,898 11,285,802 1,204,405 1,204,405 $ 360,168 $ 349,613 26,496,910 On May 4, 2026, the Company completed the IPO of 19,262,500 shares of its common stock for gross proceeds of approximately $ 346.7 million before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the completion of the IPO, all of the Company's convertible preferred stock converted into 26,496,910 shares of common stock, and no shares of preferred stock were outstanding. 10. Common Stock As of June 30, 2026 , the Company had 400,000,000 shares of common stock authorized for issuance, and 46,705,410 shares of common stock issued and outstanding. Prior to the closing of the IPO, the holders of shares of common stock and ordinary shares were entitled to an allocation and distribution of proceeds upon the occurrence of certain liquidity events subject to the amounts the holders of convertible preferred stock would have been entitled to be paid out (the “Liquidation Amount”). When the Liquidation Amount had been paid in full, any remaining proceeds would have been distributed to the holders of common stock or ordinary shares, as applicable, on a pro rata basis. The holders of common stock are entitled to one vote per share held on all matters submitted to a vote of stockholders, except on matters relating solely to terms of preferred stock. On May 4, 2026, the Company completed the IPO of 19,262,500 shares of its common stock. See Note 1, “ Description of Business and Liquidity ”, for additional information. 11. Equity-Based Compensation Individual Warrant Agreements Prior to the IPO, the Company issued equity-based compensation in the form of warrants. As of June 30, 2026 , the Company had 4,341,568 warrant grants outstanding. Each vested warrant entitles the warrant holder the right to subscribe for one share of common stock. Holders of stock warrants are entitled to exercise the vested portion of the warrant. The service-based warrant grants generally vest over a four-year service period, with the first 25% vesting on the one-year anniversary of the vesting start date and the remaining vesting in equal monthly installments over the following 36 months. The service-based and performance-based warrant grants vest in the same manner as the service-based only awards to the extent the performance condition is met. The Company’s warrants expire ten years after the initial grant date if they remain unexercised. Upon the exercise date, the Company issues new shares of common stock to the participant. No additional awards are expected to be granted under Individual Warrant Agreements following the IPO. The following table summarizes the Company’s warrant activity for the six months ended June 30, 2026: 20 Number of Warrants Weighted- average exercise price per share Weighted- average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding, December 31, 2025 2,101,352 $ 5.68 7.4 $ 2,409 Granted 2,294,798 $ 6.00 - - Forfeited ( 54,582 ) $ 6.82 - - Outstanding, June 30, 2026 4,341,568 $ 5.83 8.3 $ 134,142 Exercisable at June 30, 2026 1,684,826 $ 5.25 7.0 $ 53,040 Vested and expected to vest, June 30, 2026 4,341,568 $ 5.83 8.3 $ 134,142 The weighted-average grant date fair value of the shares underlying the warrants granted was $ 7.40 per share during the six months ended June 30, 2026 . There were no warrants granted during the three months ended June 30, 2026. The total grant date fair value of the shares underlying the warrants that vested during the three and six months ended June 30, 2026 was $ 0.7 million and $ 1.5 million, respectively. 2026 Equity Incentive Plan In April 2026, the Company’s board of directors adopted and the Company’s stockholders approved the 2026 Plan which became effective immediately prior to the effectiveness of the registration statement for the IPO. The 2026 Plan initially provides for the grant of awards with respect to 4,180,000 shares of common stock, which is subject to an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2027 and continuing until, and including, the fiscal year ending December 31, 2036, equal to the lower of (i) 5 % of the sum of (I) the number of shares of common stock outstanding on such date and (II) the number of shares of common stock subject to pre-funded warrants or other investment warrants issued by the Company (without giving effect to any restrictions or limitations on conversion) as of such date, and (ii) an amount determined by the Company’s board of directors. A maximum of 11,000,000 shares of common stock may be issued pursuant to incentive stock options granted under the 2026 Plan. The 2026 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based, cash-based, and performance-based awards. The Company’s employees, officers, directors and consultants and advisors are eligible to receive awards under the 2026 Plan. Options to purchase common stock may be granted at a price not less than the fair market value as established by the Company’s board of directors in the case of both NSOs and ISOs. Stock option grants under the 2026 Plan generally vest over four years . The Company’s options expire ten years after the initial grant date if they remain unexercised. Upon the exercise date, the Company issues new shares of common stock to the participant. Only stock options have been awarded under the 2026 Plan during the six months ended June 30, 2026. As of June 30, 2026 , 306,900 options were outstanding under the 2026 Plan and 3,873,100 shares were available for future grant under the 2026 Plan. Stock Options The following table summarizes the Company’s option activity for the six months ended June 30, 2026: Number of Options Weighted- average exercise price per share Weighted- average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding, December 31, 2025 - $ - - $ - Granted 306,900 $ 18.00 - - Outstanding, June 30, 2026 306,900 $ 18.00 9.8 $ 5,748 Exercisable at June 30, 2026 2,042 $ 18.00 10.1 $ 38 Vested and expected to vest, June 30, 2026 306,900 $ 18.00 9.8 $ 5,748 The weighted-average grant date fair value of the shares underlying the options granted was $ 28.47 per share during each of the three and six months ended June 30, 2026 . The total grant date fair value of the shares underlying the options that vested was $ 0.1 million during each of the three and six months ended June 30, 2026. 21 Black Scholes Assumptions The following assumptions were used in determining the fair value of options and warrants granted during the six months ended June 30, 2026: Six Months Ended June 30, 2026 Expected volatility 89.0 % - 91.2 % Risk-free interest rate 3.8 % - 4.1 % Expected term (in years) 5.8 - 6.2 Expected divided yield 0 % Performance-Based Warrants During 2022, the Company issued warrants to certain employees that included two components: (i) a performance condition that is achieved upon the separate closings of the Series A Convertible Preferred Shares, and (ii) a service condition where the employee provides service over a four-year period. Upon the final closing of the Series A Convertible Preferred Shares in January 2023, all performance conditions had been satisfied and the warrants were subject to ongoing service conditions. Equity-based compensation expense is recognized using an accelerated attribution method over the remaining requisite service period. 2026 Employee Stock Purchase Plan In April 2026 the Company’s board of directors adopted and the Company’s stockholders approved the 2026 Employee Stock Purchase Plan (the “2026 ESPP”) which became effective immediately prior to the effectiveness of the registration statement for the IPO. The 2026 ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 418,000 shares of common stock. The number of shares of common stock reserved for issuance under the 2026 ESPP will automatically increase on the first day of each fiscal year, commencing on January 1, 2027 and continuing for each fiscal year until, and including the fiscal year commencing on, January 1, 2036, in an amount equal to the least of (i) 1,700,000 shares of common stock, (ii) 1 % of the number of shares of common stock outstanding on such date and (iii) an amount determined by the Company’s board of directors. The 2026 ESPP allows each eligible employee to authorize up to a maximum of 15 % of his or her compensation to be deducted by the Company during the plan period. Under the terms of the 2026 ESPP, the purchase price will be determined by the Company’s board of directors for each plan period, including whether such option price shall be determined based on the lesser of the closing price of the common stock on (i) the first business day of the plan period or (ii) the exercise date, or shall be based solely on the closing price of the common stock on the exercise date; provided, however, that such option price will be at least 85 % of the applicable closing price of the common stock. If the Company’s board of directors does not make a determination of the purchase price, the purchase price will be 85 % of the lesser of the closing price of the common stock on (i) the first business day of the plan period or (ii) the last day of the plan period. The Company has not yet commenced any offering periods under the 2026 ESPP. Equity-Based Compensation Expense Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Research and development $ 981 $ 215 $ 1,546 $ 395 General and administrative 1,034 279 1,787 558 Total $ 2,015 $ 494 $ 3,333 $ 953 As of June 30, 2026 , the total unrecognized compensation expense related to the Company’s options and warrants was $ 25.3 million, which the Company expects to recognize over a weighted-average period of approximately 3.4 years. 22 12. Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury stock and if converted methods. Diluted net loss per share is the same as basic net loss per share for the three and six months ended June 30, 2026 and 2025, since the effects of any potentially dilutive securities, would be antidilutive given the net loss of the Company. Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ ( 24,150 ) $ ( 12,209 ) $ ( 46,837 ) $ ( 27,515 ) Net loss per share, basic and diluted $ ( 0.80 ) $ ( 12.91 ) $ ( 3.00 ) $ ( 29.09 ) Weighted-average shares outstanding, basic and diluted 30,111,338 946,000 15,609,236 946,000 The following table sets forth the outstanding shares of common stock and ordinary share equivalents, presented based on amounts outstanding at each period end, that were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive: Three & Six Months Ended June 30, 2026 2025 Convertible preference shares — 15,211,108 Warrants to purchase common stock 4,341,568 2,112,352 Options to purchase common stock 306,900 — 13. Segment Reporting The Company has one operating segment. The Company’s operating segment is engaged in the research and development of prophylactic therapeutics for bleeding disorders. The Company’s Chief Executive Officer and Chief Financial Officer/General Manager are together considered the Company’s Chief Operating Decision Maker ("CODM") and together manage the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources based on net loss that also is reported on the consolidated statement of operations as consolidated net loss. This financial metric is used by the CODM to make key operating decisions such as the allocation of capital between program expenses, early-stage discovery expenses, and general and administrative expense, including headcount and facilities decisions. The measure of segment assets is reported on the balance sheet as total consolidated assets. The following table presents long-lived assets by geographic location as of June 30, 2026 and December 31, 2025 (in thousands): As of As of June 30, December 31, 2026 2025 United States of America $ 234 $ 461 Denmark 1,263 1,240 $ 1,497 $ 1,701 The following table presents selected financial information about the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025 (in thousands): 23 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating expenses: Research and development personnel-related (excluding equity-based compensation) $ 5,835 $ 3,362 $ 10,536 $ 5,786 External research and development costs - sutacimig 5,371 4,651 11,166 10,604 External research and development costs - HMB-002 3,004 1,811 6,510 6,374 External research and development costs - HMB-003 1,887 526 3,945 788 External - discovery related costs and other 3,258 2,309 6,094 3,028 Personnel-related (excluding equity-based compensation) 1,054 863 2,086 1,623 External - general and administrative 3,578 1,967 5,876 3,310 Equity-based compensation expense 2,015 494 3,333 953 Depreciation expense 77 74 145 151 Other segment (income) expenses 832 ( 3,517 ) 1,114 ( 4,108 ) Interest income ( 2,858 ) ( 335 ) ( 4,077 ) ( 808 ) Income tax expense (benefit) 97 4 109 ( 186 ) Consolidated net loss $ 24,150 $ 12,209 $ 46,837 $ 27,515 (a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (b) Other segment expenses include foreign currency exchange loss and other income/expense. 14. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates and to identify matters that require additional disclosure. Subsequent events have been evaluated as required. 24 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q, or this Quarterly Report, and our audited consolidated financial statements and related notes included in the final prospectus for our initial public offering, or IPO, dated April 30, 2026, and filed with the U.S. Securities and Exchange Commission, or SEC, pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, or the Securities Act, on May 1, 2026. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biotechnology company developing therapies that reimagine the treatment of blood coagulation disorders to sustain life and human resilience. Our mission is to build the leading coagulation company by discovering, developing, and commercializing innovative therapies for the millions of patients worldwide suffering from serious bleeding and thrombotic diseases, including Glanzmann thrombasthenia, Factor VII deficiency, Von Willebrand Disease, heavy menstrual bleeding and other conditions of abnormal bleeding, all of which can cause significant life-long burden to patients. We are building a comprehensive franchise of investigational therapeutics spanning from Phase 2 clinical development through discovery research. Our assets address critical gaps in the treatment of coagulation disorders, with multiple value-driving clinical data events anticipated in 2026, 2027 and beyond. Our lead asset, sutacimig, is a bispecific antibody currently in Phase 1/2 clinical development for the prophylactic treatment of Glanzmann thrombasthenia and Phase 2 clinical development for the prophylactic treatment of Factor VII deficiency. Our second clinical-stage asset, HMB-002, is a monovalent antibody in Phase 1/2 clinical development for subcutaneous prophylactic treatment of Von Willebrand Disease. We are also developing HMB-003, an anti-fibrinolytic targeting plasmin inhibition in preclinical development to reduce bleeding across multiple high-unmet-need conditions, beginning with heavy menstrual bleeding. We are also advancing multiple preclinical and discovery-stage assets. Since our inception in 2020, we have devoted substantially all of our resources to drug discovery, the development of our lead product candidates, sutacimig and HMB-002, along with several preclinical programs focusing on coagulation disorders such as HMB-003. In addition to our research and development efforts, our operations to date have been limited to organizing and staffing our company, business planning, raising capital, securing intellectual property rights, in-licensing technology, discovering product candidates, undertaking preclinical studies, conducting clinical trials and providing general and administrative support for these operations. We have no approved products, and we have not generated any revenue from product sales. On May 4, 2026, we closed our initial public offering ("IPO") of 19,262,500 shares of common stock, which included the exercise in full by the underwriters of their option to purchase additional shares of common stock. The net proceeds from the IPO were approximately $317.2 million, after deducting underwriting discounts and commissions and offering expenses payable by us. Prior to our IPO, we financed our operations primarily through private placements of convertible preference shares and issuance of convertible debt. Since our inception through June 30, 2026, we have received aggregate gross proceeds of approximately $692.7 million from such transactions. We have incurred significant operating losses since inception. Our net losses were $46.8 million and $27.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $228.7 million. We expect to continue to incur significant operating expenses and net losses for the foreseeable future. We anticipate that our expenses will increase substantially if and as we: • continue to advance the clinical development of our product candidates, including our ongoing clinical development of sutacimig in patients with Glanzmann thrombasthenia and Factor VII deficiency, our ongoing clinical development of HMB-002 in patients with Von Willebrand Disease, as well as HMB-003 and any other product candidates that we may develop; • advance our clinical-stage product candidates into later-stage clinical trials, including our planned Phase 3 clinical trial of sutacimig in patients with Glanzmann thrombasthenia, which will be required in order to seek marketing approval of our product candidates, and which we expect will be substantially more expensive than our earlier-stage clinical trials; 25 • continue to advance our research and preclinical activities and seek to discover and develop additional product candidates; • establish and scale-up manufacturing processes and capabilities, or arrange for a third party to do so on our behalf, to support our clinical trials of our product candidates and commercialization of any of our product candidates for which we obtain marketing approval; • seek regulatory and marketing approvals for any of our product candidates that successfully complete clinical trials; • ultimately establish a sales, marketing, medical affairs and distribution infrastructure to commercialize any products for which we may obtain marketing approval; • continue to develop, maintain, expand and protect our intellectual property portfolio (including intellectual property obtained through license agreements) and provide reimbursement of third-party expenses related to our patent portfolio; • acquire or in-license products, product candidates or technologies; • establish or maintain collaborations; • maintain, expand, enforce, defend and protect our intellectual property; • hire additional clinical, medical, regulatory, quality control, manufacturing and other scientific and technical personnel; • add operational, financial, clinical, quality and management information systems and personnel, including personnel to support our product development and planned future commercialization efforts of our product candidates and our operations as a public company; • incur additional audit, legal, regulatory, tax and other expenses with being a public company; and • make any milestone, royalty, or other payments to Novo Nordisk A/S, or Novo Nordisk, under our license agreement with Novo Nordisk, or the Novo Nordisk Agreement, to Genmab A/S, or Genmab, under our license agreement with Genmab, or the Genmab Agreement, and to Gubra A/S, or Gubra, under our collaboration agreement with Gubra, or the Gubra Agreement, and under any additional future collaboration or license agreements that we may enter into. In addition, our expenses will further increase if, among other things: • we are required by the U.S. Food and Drug Administration, the European Medicines Agency, or other regulatory authorities to perform clinical trials or preclinical studies that are in addition to, or different than, those expected; • there are any delays in completing our clinical trials or preclinical studies or the development of any of our product candidates; or • there are any third-party challenges to our intellectual property or we need to defend against any intellectual property-related claim. We will not generate revenue from product sales unless and until we successfully complete the clinical development or future clinical development of, and obtain regulatory approval for, one or more of our current or future product candidates, which may not occur for several years, if at all. In addition, if we obtain marketing approval for our product candidates and any other product candidates we may identify and pursue, we expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution. Our net losses may fluctuate significantly from period to period, depending on the timing of our current and potential future clinical trials and expenditures related to our research and developmental activities. Furthermore, we expect to incur additional costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding to support our continuing operations and pursue our growth strategy. Until such a time when we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of equity offerings, debt financings, royalty financings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed, on favorable terms, or at all. Our failure to raise capital or enter into such agreements or arrangements as, and when needed, could have a material adverse effect on our business, results of operations and 26 financial condition, including potentially requiring us to delay, limit, reduce or eliminate product development or future commercialization efforts, or grant rights to develop and market current or future development product candidates that we would otherwise prefer to develop and market ourselves. As there are numerous risks and uncertainties associated with product development, we are unable to accurately predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations. As of June 30, 2026, we had cash, cash equivalents and marketable securities of $457.5 million. We believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into 2029. For more information, see the section titled “ Liquidity and Capital Resources ” below. Recent Developments Sutacimig Glanzmann Thrombasthenia In July 2026, we announced that sutacimig demonstrated a sustained prophylactic effect in Glanzmann thrombasthenia in the long-term extension portion of our ongoing Phase 2 clinical trial of sutacimig in patients with Glanzmann thrombasthenia. The data enabled identification of a once weekly dose of 0.2 mg/kg for our planned Phase 3 clinical trial, which the FDA has endorsed. This dose has the potential to optimize annualized treated bleed event rate, or ATBR, reduction while avoiding high peak exposures associated with thromboembolism observed in our Phase 1/2 clinical trial of sutacimig in patients with Glanzmann thrombasthenia. We plan to initiate a Phase 3 clinical trial of sutacimig for Glanzmann thrombasthenia in the second half of 2026. Factor VII deficiency In July 2026, we presented preclinical data for sutacimig in FVIID that demonstrated restoration of thrombin generation under disease-mimicking conditions. The data demonstrated retained binding expected for greater than 90% of severe-to-moderate FVIID database variants and confirmed binding across 22 of 25 tested variants (88%), supporting broad patient applicability for our ongoing Phase 2 clinical trial of sutacimig in Factor VII deficiency. We expect to report data from our Phase 2 clinical trial of sutacimig in Factor VII deficiency in late 2026 or early 2027. HMB-002 In July 2026, we also announced new first-in-human data from VELORA Pioneer, our Phase 1/2 clinical trial of HMB-002 in patients with Von Willebrand Disease. VELORA Pioneer is a three-part protocol: Part A evaluating pharmacokinetics ("PK"), pharmacodynamics ("PD"), and safety of HMB-002 following a single fixed subcutaneous ("SC") dose; Part B evaluating PK, PD, and exploratory efficacy following multiple SC doses; and a newly added Part C evaluating single dose HMB-002 with concomitant IV factor concentrate. All three parts are actively enrolling patients. We believe the data validated our approach of increasing von Willebrand factor, or VWF, and coagulation factor VIII, or FVIII, in Von Willebrand Disease with durable subcutaneous dosing, and a multiple dose assessment is underway. The data announcement reported the following: • Extended half-life supporting infrequent dosing: PK analysis confirmed dose-dependent increase in Cmax with prolonged duration. • Dual VWF and FVIII elevation: In all dose cohorts tested, VWF and FVIII were elevated in a dose-dependent manner. In cohort A3 (150 mg), ≥2.4-fold elevation in both VWF and FVIII was achieved and accompanied by restoration of thrombin generation, shortening of APTT, and stable multimer distribution. The pharmacokinetic/pharmacodynamic ("PK/PD") profile supports potential for monthly dosing. • Emerging safety profile: Most treatment-emergent adverse events, or TEAEs, were mild to moderate in severity, no serious TEAEs occurred, no events were considered related to HMB-002, and no participant 27 discontinued the study due to TEAEs. There were no thromboembolic events, no injection site reactions, no thrombocytopenia, and no hypersensitivity reactions. • Preliminary clinical observations: The single ascending dose, or SAD, part of the study was not designed to measure efficacy, so clinical observations should be considered descriptive in nature. Three of the four cohorts have completed enrollment with the fourth currently enrolling patients. Across the SAD cohorts, 8 of 9 evaluable patients had zero treated bleeds in the 28 days following HMB-002 dosing, with a mean ATBR of 1.6. Among participants treated with HMB-002, the baseline mean ATBR before HMB-002 treatment was 20.1 reflecting significant disease burden in Type 1 VWD, based on bleed data collected up to 5.5 months. HMB-003 Also in July 2026, we announced that preclinical data for HMB-003 demonstrated that HMB-003 directly inhibited plasmin at its active site and inhibited fibrinolysis across both tPA- and uPA-driven pathways, while showing no effect on thrombin generation, platelet function, or coagulation in nonclinical studies. Additionally, following a single subcutaneous dose in minipigs, HMB-003 achieved peak plasma levels within hours and sustained antifibrinolytic activity for approximately one week. We expect to initiate first-in-human studies of HMB-003 in the second half of 2026 with initial clinical data in mid-2027. Corporate Reorganization On March 30, 2026, we completed a corporate reorganization pursuant to which the shareholders of Hemab ApS exchanged their shares in Hemab ApS for the same number, class and series of newly issued shares, on a one to one basis, in the newly incorporated Delaware company, Hemab Therapeutics Holdings, Inc. and, as a result, Hemab ApS became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. The newly issued shares of Hemab Therapeutics Holdings, Inc. have substantially identical rights to the exchanged shares of Hemab ApS. As a result of the exchange, Hemab Therapeutics Holdings, Inc. became the sole shareholder of Hemab ApS, and the prior shareholders of Hemab ApS solely hold shares of Hemab Therapeutics Holdings, Inc. Hemab Therapeutics Holdings, Inc. had nominal assets and liabilities and did not conduct any operations prior to the corporate reorganization other than its incorporation. Upon completion of the corporate reorganization, the historical consolidated financial statements of Hemab ApS became the historical consolidated financial statements of Hemab Therapeutics Holdings, Inc. In connection with the corporate reorganization, each outstanding warrant to subscribe for the purchase of ordinary shares of Hemab ApS was assumed by Hemab Therapeutics Holdings, Inc. and converted into a warrant to purchase the same number of shares of common stock of Hemab Therapeutics Holdings, Inc. Each new warrant otherwise has and is subject to the same terms and conditions as were in effect immediately prior to the assumption and conversion, except that any warrant exercise price that had been denominated in DKK prior to the corporate reorganization was converted into an exercise price in U.S. dollars at the exchange rate as in effect at the close of business on the business day prior to the corporate reorganization. No warrants of Hemab ApS are outstanding following the assumption and conversion. Additionally, promptly following the corporate reorganization, on April 1, 2026, Hemab ApS transferred its shares of Hemab Therapeutics Inc., a Delaware corporation and wholly-owned subsidiary of Hemab ApS, to Hemab Therapeutics Holdings, Inc. in exchange for the issuance of a promissory note and, as a result, Hemab Therapeutics Inc. became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. Components of Results of Operations Revenue We have not generated any revenues from the sale of products to date and do not expect to generate any revenue from the sale of products until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which may not occur for several years, if at all. If our development efforts for our product candidates are successful and result in regulatory approval or we successfully enter into collaboration or license agreements with third parties, we may generate revenues in the future from product sales, or payments from such collaboration or license agreements, or a combination thereof. 28 Operating Expenses Our operating expenses consist of research and development expenses and general and administrative expenses. Research and Development Expenses Research and development expenses consist primarily of external and internal costs incurred for our research and development activities, including our product candidate discovery and development efforts. These expenses include: • external costs, including expenses incurred under arrangements with third-parties, such as contract manufacturing organizations, or CMOs, contract research organizations, or CROs, providers of sponsored research, consultants and our scientific advisors; • laboratory and vendor costs related to the execution of preclinical studies and planned and ongoing clinical trials; • costs related to compliance with regulatory requirements; • direct costs of conducting internal research and development for our internal preclinical programs; • acquisition of intellectual property and related future payments should certain development and regulatory milestones be achieved; • personnel-related costs, including salaries, bonuses, benefits and equity-based compensation for employees engaged in research and development functions; • expenses incurred for the procurement of materials, laboratory supplies and non-capital equipment used in the research and development process; and • depreciation, amortization and other direct and allocated expenses, including rent, insurance, maintenance of facilities and other operating costs, incurred as a result of our research and development activities. We expense research and development costs as incurred. Non-refundable advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. We record accruals for estimated ongoing research costs and receive updated estimates of costs and amounts owed on a monthly basis from our third-party service providers. When evaluating the adequacy of the prepaid expenses and accrued liabilities, we analyze progress of the studies, including the phase or completion of events, invoices received and contracted cost estimates from its third-party service providers. Estimates are made in determining the balances at the end of any reporting period. A significant portion of our research and development costs have been, and will continue to be, external costs. External costs, which are specific to a product candidate, are tracked on a product candidate-by-product candidate basis upon our designation of a preclinical asset as a product candidate. Because we can use certain resources across several product candidates, personnel-related expenses and indirect or shared operating costs incurred for our research and development activities are not recorded or allocated on a product candidate-by-product candidate basis. We have historically met the requirements to receive a tax credit in Denmark of up to 5.5 million Danish Kroner, or DKK, per year for losses resulting from research and development costs of up to DKK 25 million per year. The tax credit is presented as a reduction to research and development expense in the condensed consolidated statements of operations and comprehensive loss. We anticipate that our research and development expenses will increase substantially for the foreseeable future in connection with our ongoing clinical trials and our planned clinical development activities. However, we cannot reasonably estimate the costs or timing of the efforts that will be necessary to complete the development of any of our product candidates due to the numerous risks and uncertainties associated with their development, including the uncertainty of: • the scope, progress, costs and results of our current and future preclinical studies and clinical trials for our product candidates; 29 • the number of clinical trials required for regulatory approval of our current or future product candidates; • whether we partner our programs with collaborators for later-stage clinical development or commercialization; • the number and development requirements of any other product candidates we may identify and develop; • the costs, timing and outcome of regulatory review of our product candidates and any other product candidates we may identify and develop; • the costs of obtaining clinical and commercial supplies of our product candidates and any other product candidates we may identify and develop; • our ability to successfully commercialize our product candidates and any other product candidates we may identify and develop; • the time and cost necessary to respond to technological and market developments; • the extent to which we may acquire or in-license other product candidates and technologies; • our ability to establish and maintain strategic collaborations, licensing or other arrangements and the financial terms of such arrangements; • milestone payments and other collaboration-based payments, if any; • our ability to attract, hire and retain qualified personnel; and • the effect of macroeconomic trends including inflation, foreign exchange rate, interest rates and tariffs. Any changes in the outcome of any of these variables with respect to the development of our programs and product candidates or any future programs and product candidates that we may develop could result in a significant change in the costs and timing associated with the development of that program or product candidate. We may never succeed in achieving regulatory approval for any of our product candidates or any future product candidates that we may identify and develop. General and Administrative Expenses General and administrative expenses consist primarily of personnel-related costs, including salaries, bonuses, benefits and equity-based compensation expenses for employees in executive, accounting and finance, business development, human resources, legal and other administrative functions. Other significant general and administrative expenses include facility related costs including depreciation, legal fees relating to corporate and intellectual property matters and other corporate matters, professional fees for accounting, audit and tax services, consulting fees and insurance costs. We anticipate that our general and administrative expenses will increase as we increase our headcount to support our research and development activities and the potential commercialization of our product candidates, if approved. Additionally, these increases will likely include increased costs related to the hiring of additional personnel, among other expenses. We also expect to incur increased expenses associated with being a public company, including increased costs of accounting, audit, legal, regulatory and tax-related services associated with maintaining compliance with Nasdaq listing requirements and the requirements of the Securities and Exchange Commission, or the SEC, director and officer insurance costs, and investor and public relations costs. We also expect to incur additional intellectual property-related expenses as we file patent applications to protect innovations arising from our research and development activities. Other Income (Expense), Net Other income (expense), net primarily consists of interest income generated from interest on cash, cash equivalents and marketable securities, realized and unrealized gains and losses on foreign currency transactions and interest expense associated with our finance lease for certain laboratory equipment. Income Taxes We are subject to taxation in the United States and Denmark. As of December 31, 2025, we had $170.9 million of net operating loss carryforwards that can be carried forward indefinitely according to Danish Tax Authority regulations. These loss carryforwards are available to reduce future taxable income, if any. 30 Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating losses and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates expected to apply to taxable income in the jurisdictions and years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Based on the level of historical operating results and projections for the taxable income for the future, we have determined that it is more likely than not that our net deferred tax assets will not be realized. Accordingly, we have recorded a full valuation allowance to reduce our net deferred tax assets. We recognize tax benefits from uncertain tax positions only if, based on the technical merits of the position, it is more likely than not that the tax positions will be sustained on examination by the tax authority. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the provision for taxes in our statements of operations and comprehensive loss. We operate in Denmark and the United States and may be subject to audits from various tax authorities. Management’s judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, liabilities for uncertain tax positions, and any valuation allowance recorded against our net deferred tax assets. We plan to monitor the extent to which our deferred tax assets may be realized and adjust the valuation allowance accordingly. Results of Operations Comparison of the Three Months Ended June 30, 2026 and 2025 The following table summarizes our results of operations for the periods presented (in thousands): Three Months Ended June 30, 2026 2025 Change Operating expenses Research and development $ 20,336 $ 12,874 $ 7,462 General and administrative 5,743 3,183 2,560 Total operating expenses 26,079 16,057 10,022 Loss from operations (26,079 ) (16,057 ) (10,022 ) Other income (expense), net: Interest income 2,858 335 2,523 Other income (expense), net (832 ) 3,517 (4,349 ) Total other income (expense), net 2,026 3,852 (1,826 ) Loss before income tax (expense) benefit (24,053 ) (12,205 ) (11,848 ) Income tax (expense) benefit (97 ) (4 ) (93 ) Net loss $ (24,150 ) $ (12,209 ) $ (11,941 ) 31 Research and Development Expenses The following table summarizes our research and development expenses for the periods presented (in thousands): Three Months Ended June 30, 2026 2025 Change External research and development costs by product candidate: sutacimig $ 5,371 $ 4,651 $ 720 HMB-002 3,004 1,811 1,193 HMB-003 1,887 526 1,361 Other research and development costs: Personnel-related (excluding equity-based compensation) 5,835 3,362 2,473 Equity-based compensation 981 215 766 Discovery and other 3,258 2,309 949 Total research and development expense $ 20,336 $ 12,874 $ 7,462 Total research and development expenses were $20.3 million for the three months ended June 30, 2026, compared to $12.9 million for the three months ended June 30, 2025. The $7.4 million increase in research and development expenses for the three months ended June 30, 2026 was primarily due to an increase of $3.3 million in external research and development costs for our drug product candidates, a $3.2 million increase in personnel-related costs and equity-based compensation and an increase of $0.9 million in discovery and other costs related to adding consultancy resources for medical and clinical operations. External research and development expenses related to sutacimig for the three months ended June 30, 2026 and 2025 were $5.4 million and $4.7 million, respectively. The increase of $0.7 million for the three months ended June 30, 2026 was primarily driven by increased Chemistry, Manufacturing, and Controls, or CMC, costs. External research and development expenses related to HMB-002 for the three months ended June 30, 2026 and 2025 were $3.0 million and $1.8 million, respectively. The increase of $1.2 million for the three months ended June 30, 2026 was primarily driven by clinical development costs related to the ongoing Phase 1/2 clinical trial of HMB-002 during the three months ended June 30, 2026 as compared to start-up costs during the three months ended June 30, 2025. External research and development expenses related to HMB-003 for the three months ended June 30, 2026 and 2025 were $1.9 million and $0.5 million, respectively. The increase of $1.4 million for the three months ended June 30, 2026 was primarily driven by increased non-clinical and CMC development related to the HMB-003 program during the three months ended June 30, 2026 as compared to primarily pre-clinical development costs in the three months ended June 30, 2025. Personnel-related expenses and equity-based compensation increased by $2.5 million and $0.8 million in the three months ended June 30, 2026, respectively, compared to the three months ended June 30, 2025, primarily driven by a significant increase in average headcount across clinical development, CMC, and clinical operations related to the pursuit of identifying and developing product candidates. Discovery and other costs increased by $0.9 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by an increase in discovery activities and consultancy expense related to clinical operations, clinical research, and regulatory research. General and Administrative Expenses The following table summarizes our general and administrative expenses for the periods presented (in thousands): 32 Three Months Ended June 30, 2026 2025 Change Personnel-related (excluding equity-based compensation) $ 1,054 $ 863 $ 191 Equity-based compensation 1,034 279 755 Professional services 1,522 1,248 274 Other 2,133 793 1,340 Total general and administrative expense $ 5,743 $ 3,183 $ 2,560 Total general and administrative expenses were $5.7 million for the three months ended June 30, 2026, compared to $3.2 million for the three months ended June 30, 2025. The $2.5 million increase was primarily due to an increase in personnel-related costs and equity-based compensation of $0.2 million and $0.7 million, respectively, driven by an increase in average headcount as well as an increase in professional service fees and other administrative fees of $1.6 million. Other Income (Expense), Net Other income (expense), net for the three months ended June 30, 2026 and 2025 were net income of $2.0 million and $3.8 million, respectively. The $1.8 million decrease was primarily related to foreign currency losses recognized due to unfavorable movements between the currencies which we regularly transact in, including DKK, Euros, British Pounds and our functional currency, the U.S. Dollar, and the higher cash balance in marketable securities from proceeds of the IPO. This was offset by an increase in interest income of $2.5 million due to an increase in accretion income related to our available-for-sale debt securities. Comparison of the Six Months Ended June 30, 2026 and 2025 The following table summarizes our results of operations for the periods presented (in thousands): Six Months Ended June 30, 2026 2025 Change Operating expenses: Research and development $ 39,797 $ 26,975 $ 12,822 General and administrative 9,894 5,642 4,252 Total operating expenses 49,691 32,617 17,074 Loss from operations (49,691 ) (32,617 ) (17,074 ) Other income (expense), net: Interest income 4,077 808 3,269 Other (expense) income, net (1,114 ) 4,108 (5,222 ) Total other income (expense), net 2,963 4,916 (1,953 ) Loss before income tax (expense) benefit (46,728 ) (27,701 ) (19,027 ) Income tax (expense) benefit (109 ) 186 (295 ) Net loss $ (46,837 ) $ (27,515 ) $ (19,322 ) 33 Research and Development Expenses The following table summarizes our research and development expenses for the periods presented (in thousands): Six Months Ended June 30, 2026 2025 Change External research and development costs by product candidate: sutacimig $ 11,166 $ 10,604 $ 562 HMB-002 6,510 6,374 136 HMB-003 3,945 788 3,157 Other research and development costs: Personnel-related (excluding equity-based compensation) 10,536 5,786 4,750 Equity-based compensation 1,546 395 1,151 Discovery and other 6,094 3,028 3,066 Total research and development expense $ 39,797 $ 26,975 $ 12,822 Total research and development expenses were $39.8 million for the six months ended June 30, 2026, compared to $27.0 million for the six months ended June 30, 2025. The $12.8 million increase in research and development expenses for the six months ended June 30, 2026 was primarily due to an increase of $3.8 million in external research and development costs for our drug product candidates inclusive of a $3.1 million increase in HMB-003 costs, a $5.9 million increase in personnel-related costs and equity-based compensation and an increase of $3.1 million in discovery and other costs related to adding consultancy resources for medical and clinical operations. External research and development expenses related to sutacimig for the six months ended June 30, 2026 and 2025 were $11.2 million and $10.6 million, respectively. The increase of $0.6 million for the six months ended June 30, 2026 was primarily driven by increased CMC costs. External research and development expenses related to HMB-002 for the six months ended June 30, 2026 and 2025 were $6.5 million and $6.4 million, respectively. The increase of $0.1 million for the six months ended June 30, 2026 was primarily driven by clinical development costs related to the ongoing Phase 1/2 clinical trial of HMB-002 during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. External research and development expenses related to HMB-003 for the six months ended June 30, 2026 and 2025 were $3.9 million and $0.8 million, respectively. The increase of $3.1 million for the six months ended June 30, 2026 was primarily driven by increased non-clinical and CMC development related to the HMB-003 program during the six months ended June 30, 2026 as compared to primarily pre-clinical development costs in the six months ended June 30, 2025. Personnel-related expenses and equity-based compensation increased by $4.8 million and $1.2 million in the six months ended June 30, 2026, respectively, compared to the six months ended June 30, 2025, primarily driven by a significant increase in average headcount across clinical development, CMC, and clinical operations related to the pursuit of identifying and developing product candidates. Discovery and other costs increased by $3.1 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by an increase in discovery activities and consultancy expense related to clinical operations, clinical research, and regulatory research. 34 General and Administrative Expenses The following table summarizes our general and administrative expenses for the periods presented (in thousands): Six Months Ended June 30, 2026 2025 Change Personnel-related (excluding equity-based compensation) $ 2,086 $ 1,623 $ 463 Equity-based compensation 1,787 558 1,229 Professional services 3,003 1,896 1,107 Other 3,018 1,565 1,453 Total general and administrative expense $ 9,894 $ 5,642 $ 4,252 Total general and administrative expenses were $9.9 million for the six months ended June 30, 2026, compared to $5.6 million for the six months ended June 30, 2025. The $4.3 million increase was primarily due to an increase in personnel-related costs and equity-based compensation of $0.5 million and $1.2 million, respectively, driven by an increase in average headcount as well as an increase in professional service fees and other administrative fees of $2.6 million. Other Income (Expense), Net Other income (expense), net for the six months ended June 30, 2026 and 2025 were net income of $3.0 million and $4.9 million, respectively. The $1.9 million decrease was primarily related to foreign currency losses recognized due to unfavorable movements between the currencies which we regularly transact in, including DKK, Euros, British Pounds and our functional currency, the U.S. Dollar, and the higher cash balance in marketable securities from proceeds of the IPO. This was offset by an increase in interest income of $3.3 million due to an increase in accretion income related to our available-for-sale debt securities. Liquidity and Capital Resources Sources of Liquidity Since our inception, we have incurred significant operating losses. To date, we have financed our operations primarily through private placements of convertible preference shares and issuance of convertible debt and from the sale of common stock in our IPO in May 2026. Through June 30, 2026, we have received aggregate gross proceeds of approximately $692.7 million from such transactions. Cash Flows The following table provides information regarding our cash flows for the periods presented (in thousands): Six Months Ended June 30, 2026 2025 Change Net cash used in operating activities $ (44,221 ) $ (28,366 ) $ (15,855 ) Net cash (used in) provided by investing activities (123,284 ) 15,508 (138,792 ) Net cash provided by (used in) financing activities 317,119 (59 ) 317,178 Effect of foreign exchange rate changes on cash and cash equivalents (222 ) - (222 ) Net increase (decrease) in cash and cash equivalents $ 149,392 $ (12,917 ) $ 162,309 Operating Activities Our cash flows from operating activities are significantly influenced by our use of cash for operating expenses and working capital requirements to support our business. We have historically experienced negative cash flows from operating activities as we invested in the research and development of our product candidates and programs, including preclinical studies, clinical trials, manufacturing and manufacturing process development. The cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges, which are generally due to equity-based compensation, depreciation and amortization and non-cash lease expense, non-cash interest income, as well as changes 35 in components of operating assets and liabilities, which are generally due to increased expenses and timing of vendor payments. During the six months ended June 30, 2026, net cash used in operating activities was $44.2 million, due to a net loss of $46.8 million, which was partially offset by changes in operating assets and liabilities that provided $1.0 million in cash and net non-cash expenses of $1.6 million. During the six months ended June 30, 2025, net cash used in operating activities was $28.4 million, due to a net loss of  $27.6 million, in addition to changes in operating assets and liabilities that used $0.9 million in cash, partially offset by net non-cash expenses of $0.1 million. Investing Activities During the six months ended June 30, 2026, net cash used in investing activities was $123.3 million, which primarily consisted of purchases of marketable securities and property and equipment, which were partially offset by maturities of marketable securities. During the six months ended June 30, 2025, net cash provided by investing activities was $15.5 million, which primarily consisted of maturities of marketable securities, which were partially offset by purchases of marketable securities. Financing Activities During the six months ended June 30, 2026, net cash provided by financing activities was $317.2 million related to proceeds from the issuance of common stock in the IPO after deducting underwriting discounts and commissions and offering expenses of $29.6 million. During the six months ended June 30, 2025, net cash used in financing activities was less than $0.1 million, related to principal payments on finance lease obligations. Funding Requirements We expect our expenses to increase substantially in connection with our ongoing and planned activities, particularly as we advance sutacimig into late-stage clinical development in patients with Glanzmann thrombasthenia and continue its clinical development in patients with Factor VII deficiency, continue the clinical development of HMB-002 in patients with Von Willebrand Disease, and initiate clinical trials of HMB-003 in heavy menstrual bleeding, continue research and development and initiate additional clinical trials of, and seek marketing approval for, these and other product candidates. In addition, if we obtain marketing approval for our product candidates and any other product candidates we may identify and pursue, we expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution. Furthermore, we expect to incur additional costs associated with operating as a public company. As a result, we expect to continue to incur significant operating expenses and net losses for the foreseeable future. As of June 30, 2026, we had total cash, cash equivalents and marketable securities of $457.5 million. We believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. Because of the numerous risks and uncertainties associated with product development, and because the extent to which we may enter into collaborations with third-parties for the development of our product candidates is unknown, we may incorrectly estimate the timing and amounts of increased capital outlays and operating expenses associated with completing the research and development of our product candidates. Our funding requirements and timing and amount of our operating expenditures will depend on many factors. We anticipate that our expenses will increase substantially if and as we: • continue to advance the clinical development of our product candidates, including our ongoing clinical development of sutacimig in patients with Glanzmann thrombasthenia and Factor VII deficiency, our ongoing clinical development of HMB-002 in patients with Von Willebrand Disease, as well as HMB-003 and any other product candidates that we may develop; 36 • advance our clinical-stage product candidates into later-stage clinical trials, including our planned Phase 3 clinical trial of sutacimig in patients with Glanzmann thrombasthenia, which will be required in order to seek marketing approval of our product candidates and which we expect will be substantially more expensive than our earlier-stage clinical trials; • continue to advance our research and preclinical activities and seek to discover and develop additional product candidates; • establish and scale-up manufacturing processes and capabilities, or arrange for a third party to do so on our behalf, to support our clinical trials of our product candidates and commercialization of any of our product candidates for which we obtain marketing approval; • seek regulatory and marketing approvals for any of our product candidates that successfully complete clinical trials; • ultimately establish a sales, marketing, medical affairs and distribution infrastructure to commercialize any products for which we may obtain marketing approval; • continue to develop, maintain, expand and protect our intellectual property portfolio (including intellectual property obtained through license agreements) and provide reimbursement of third-party expenses related to our patent portfolio; • acquire or in-license products, product candidates or technologies; • establish or maintain collaborations; • maintain, expand, enforce, defend and protect our intellectual property; • hire additional clinical, medical, regulatory, quality control, manufacturing and other scientific and technical personnel; • add operational, financial, clinical, quality and management information systems and personnel, including personnel to support our product development and planned future commercialization efforts of our product candidates and our operations as a public company; • incur additional audit, legal, regulatory, tax and other expenses with being a public company; and • make any milestone, royalty, or other payments under the Novo Nordisk Agreement, under the Genmab Agreement, under the Gubra Agreement, and under any additional future collaboration or license agreements that we may enter into. In addition, our expenses will further increase if, among other things: • we are required by the U.S. Food and Drug Administration, the European Medicines Agency, or other regulatory authorities to perform clinical trials or preclinical studies that are in addition to, or different than, those expected; • there are any delays in completing our clinical trials or preclinical studies or the development of any of our product candidates; or • there are any third-party challenges to our intellectual property or we need to defend against any intellectual property-related claim. Identifying potential product candidates and conducting preclinical studies and clinical trials is a time consuming, expensive and uncertain process that takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if ever. Accordingly, we will need to obtain substantial additional funds to achieve our business objectives. Our expectation with respect to our ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. Our operating plan may change as a result of many factors currently unknown to management and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by us, and we may need to seek additional funds sooner than planned. If we are unable to raise this capital when needed, we may be forced to delay, limit, reduce or eliminate one or more of our research and development programs or other operations. 37 Adequate additional funds may not be available to us on acceptable terms, or at all. We do not have any source of committed capital or external funds. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect your rights as stockholder. Additional debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring debt, selling or licensing our assets, making capital expenditures or declaring dividends or encumbering our assets to secure future indebtedness. If we raise additional funds through equity offerings, debt financings, royalty financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or development product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds when needed or on terms acceptable to us, we may be required to delay, limit, reduce or terminate our product development programs or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves. For additional information on risks associated with our substantial capital requirements, please see “ Risk Factors — We will need substantial additional funding. If we are unable to raise capital on acceptable terms when needed, or at all, we could be forced to delay, reduce or eliminate our product development programs or commercialization efforts .” Contractual Obligations and Commitments Leases In January 2023, we entered into a finance lease for certain laboratory equipment in Copenhagen, Denmark. The laboratory equipment was classified as a finance lease due to the existence of a bargain purchase option in the lease agreement. In connection with this lease, we recorded a finance lease right-of-use asset and finance lease liability of approximately $0.5 million. In September 2023, we entered into a non-cancelable operating lease for office space in Cambridge, Massachusetts. The lease requires us to pay annual base rent of approximately $0.4 million, which is subject to a 2% annual increase over the term of the lease. The lease expires in October 2026 and contains a two-year renewal option. In March 2024, we entered into an operating sublease for office and laboratory space in Copenhagen, Denmark. The lease requires us to pay annual base rent of approximately $0.3 million, which is subject to a 3% annual increase over the term of the lease. The lease expires in February 2029 and contains a one-year renewal option. In April 2026, we entered into a non-cancelable operating sublease for additional office space in Copenhagen, Denmark. The lease requires us to pay annual base rent of less than $0.1 million, which is subject to a 3% annual increase over the term of the lease. The lease expires in April 2031. For additional information on our future commitments relating to our leasing obligations, see Note 9, “Leases” of the “Notes to Consolidated Financial Statements” in the audited consolidated financial statements for the year ended December 31, 2025 and notes thereto, included in our final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on May 1, 2026. Purchase and Other Obligations We enter into contracts in the normal course of business with CROs, CMOs and other third-parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts typically do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments due upon cancellation generally consist of payments for services provided or expenses incurred up to the date of cancellation, including non-cancelable obligations of our service providers and, in some cases, wind-down costs. Our license and collaboration agreements include potential milestone payments, royalties and other obligations that are dependent upon the development of products using the intellectual property licensed under the agreement and contingent upon the achievement of regulatory milestones. The potential obligations in our license agreements are contingent upon future events and the timing and likelihood of such potential obligations are not known with certainty. For further information regarding certain of our license agreements and amounts that could become payable in the future under those agreements, please see Note 8 in our condensed consolidated financial statements appearing elsewhere in this Quarterly Report and "License Agreements" below. 38 License Agreements Below is a summary of the key terms for certain of our license agreements. License Agreement with Novo Nordisk In November 2019, we entered into a license agreement with Novo Nordisk A/S, or Novo Nordisk, pursuant to which Novo Nordisk granted us an exclusive (even as to Novo Nordisk), worldwide and sublicensable license under specified patent rights, and a non-exclusive, worldwide and sublicensable license under specified know-how, to research, develop, make, have made, use, offer for sale, sell, import, export or otherwise exploit, or transfer possession of or title in, products, or Novo Licensed Products, containing bispecific IgG antibodies targeting TLT-1 and Factor VII, including sutacimig, for the treatment of bleeding conditions, including hemophilia. We refer to this agreement as the Novo Nordisk Agreement. Under the terms of the Novo Nordisk Agreement, we have agreed to use commercially reasonable efforts to develop and commercialize a Novo Licensed Product. We are obligated to pay to Novo Nordisk a one-time DKK 40 million milestone payment upon achievement by a Novo Licensed Product of a specified regulatory milestone event, and we are also obligated to pay Novo Nordisk tiered royalties, in the low single-digit percentages, on aggregate annual net sales of all Novo Licensed Products, on a Novo Licensed Product-by-Novo Licensed Product and country-by-country basis, until the later of the expiration of the last valid claim in the licensed patents under the Novo Nordisk Agreement covering such Novo Licensed Product in such country and ten years following the first commercial sale of such Novo Licensed Product in such country. We currently expect that all of the licensed patents under the Novo Nordisk Agreement will expire by 2040, potentially extending to 2045 with patent term extension. To date, we have not made any payments to Novo Nordisk under the Novo Nordisk Agreement. Under the Novo Nordisk Agreement, we initially granted to Novo Nordisk a right of first negotiation, following a specified clinical event and during a specified period of time, to obtain a license back from us to exploit Novo Licensed Products if we determined to engage with a third party with respect to a license of any Novo Licensed Products. However, Novo Nordisk’s right of first negotiation under the Novo Nordisk Agreement has expired. The Novo Nordisk Agreement will continue in force until it is terminated. On expiration of each royalty term, our license becomes royalty-free, perpetual, and irrevocable with respect to the applicable Novo Licensed Product in the applicable country. Either party may terminate the Novo Nordisk Agreement for the other party’s uncured material breach or insolvency. We may terminate the Novo Nordisk Agreement for any reason upon 90 days’ written notice to Novo Nordisk. In the event that Novo Nordisk regains control of the exclusive right to exploit the Novo Licensed Product, the Novo Nordisk Agreement will automatically terminate. License Agreement with Genmab In April 2020, we entered into a license agreement with Genmab A/S, or Genmab, pursuant to which Genmab granted us an exclusive (even as to Genmab and its affiliates), worldwide and sublicensable license under platform technology patent rights and know-how relating to Genmab’s proprietary DuoBody® platform to research, develop, make, have made, use, manufacture, import, export and commercialize products, comprising bispecific IgG antibodies targeting TLT-1 and Factor VII, or TLT-1/Factor VII Antibody Products, including sutacimig, for the treatment of bleeding conditions, including hemophilia. Under the terms of the Genmab Agreement, we have agreed to use commercially reasonable efforts to develop, manufacture, obtain regulatory approval for and commercialize TLT-1/Factor VII Antibody Products worldwide. Under the Genmab Agreement, we are obligated to pay Genmab a percentage of all net profit (i.e., revenue and other proceeds less specified direct costs we incur to conduct research, development, manufacture and commercialization of TLT-1/Factor VII Antibody Products) we or our affiliates receive with respect to any TLT-1/Factor VII Antibody Products, including (1) net profit from commercial sales of TLT-1/Factor VII Antibody Products and any revenue from third parties, other than Novo Nordisk, in respect of a sublicense or assignment with respect to TLT-1/Factor VII Antibody Products, including assignment fees, sublicensing fees, upfront and milestone fees, royalties and other consideration, whether in kind or cash, and (2) the net profit allocated to TLT-1/Factor VII Antibody Products that we or our affiliates receive if we undergo a change of control (other than an acquisition by Novo Nordisk). The percentage of net profit we owe with respect to each TLT-1/Factor VII Antibody Product is in the low teens from the effective date of the Genmab Agreement until the first commercial sale of such TLT-1/Factor VII Antibody Product. From and after the first commercial sale of a TLT-1/Factor VII Antibody Product, the percentage of net profit we owe with respect to such TLT-1/Factor VII Antibody Product is in the high single digits in all territories in which we commercialize such TLT-1/Factor VII Antibody Product and in the mid-teens in all territories in which a third party, other than Novo Nordisk, commercializes such TLT-1/Factor VII Antibody Product. We are obligated to pay such percentage of net profit on a country-by-country and TLT-1/Factor VII Antibody Product-by-TLT-1/Factor VII Antibody Product basis until the later of the expiration of the last-to-expire of the 39 platform technology patent rights licensed under the Genmab Agreement covering such TLT-1/Factor VII Antibody Product in such country and twelve years following the first commercial sale of such TLT-1/Factor VII Antibody Product in such country, which we refer to as the net profit share term. Following the expiration of the last-to-expire of the platform technology patent rights licensed under the Genmab Agreement covering a given TLT-1/Factor VII Antibody Product in a given country, the percentage of net profit that we are obligated to pay with respect to sales of such TLT-1/Factor VII Antibody Product in such country will be reduced by a specified percentage for the remainder of the net profit share term for such TLT-1/Factor VII Antibody Product in such country. We currently expect that all of the platform technology patent rights licensed under the Genmab Agreement will expire by 2032, though this date may be extended if, for example, Genmab files additional patents covering its platform technology. To date, we have not made any payments to Genmab under the Genmab Agreement. In the event we seek to sell, license or otherwise dispose of our rights to TLT-1/Factor VII Antibody Products, including through a change of control to any third party other than Novo Nordisk, we are obligated to provide Genmab the right to participate in any bidding process as a bona fide potential acquirer of such rights. Unless earlier terminated, the Genmab Agreement will expire, on a TLT-1/Factor VII Antibody Product-by-TLT-1/Factor VII Antibody Product and country-by-country basis, upon the expiration of the last net profit share term for such TLT-1/Factor VII Antibody Product in such country. On expiration of each net profit share term, our license becomes perpetual, fully paid-up and non-exclusive with respect to the applicable TLT-1/Factor VII Antibody Product in the applicable country. Either party may terminate the Genmab Agreement for the other party’s uncured material breach or insolvency or in certain events of force majeure. Genmab may terminate the Genmab Agreement if we or our affiliates or sublicensees challenge any of the platform technology patent rights licensed under the Genmab Agreement. We may terminate the Genmab Agreement for any reason upon 120 days written notice to Genmab. If Novo Nordisk obtains from us the exclusive right to exploit TLT-1/Factor VII Antibody Products, including upon termination of the Novo Nordisk Agreement, then the Genmab Agreement will terminate in all territories in which Novo Nordisk obtains such exclusive rights. License Agreement with Gubra In November 2023, we entered into a collaboration and development agreement with Gubra A/S, or Gubra, under which we and Gubra applied its streaMLine peptide discovery platform to identify peptide candidates in support of our early-stage discovery and development activities. We refer to this agreement as the Gubra Agreement and to any product developed under the Gubra Agreement as a Gubra Collaboration Product. Under the Gubra Agreement, Gubra granted to us a non-exclusive, royalty-free, worldwide and sublicensable license under Gubra’s background intellectual property, as well as to any new intellectual property that was developed under the Gubra Agreement that related to Gubra’s platform, processes or know how and that was not specific to any Gubra Collaboration Product (which we refer to as Gubra Foreground IP), in each case, to develop, manufacture and commercialize any Gubra Collaboration Product. The Gubra Agreement provides that all intellectual property that was developed under the Gubra Agreement, other than Gubra Foreground IP, vests in and is owned by us, including all intellectual property specific to any Gubra Collaboration Product. We are solely responsible, at our discretion and expense, for the development and commercialization of any Gubra Collaboration Product. In consideration for Gubra's discovery and development services, we paid Gubra a one-time upfront low single digit million Euro payment. We are further obligated to pay Gubra a one-time middle single digit million Euro milestone payment upon achievement by a Gubra Collaboration Product of a specified regulatory milestone event, and a low single-digit percentage royalty on net sales of any Gubra Collaboration Product, on a product-by-product and country-by-country basis, until the later of ten years following the first commercial sale of such product in such country, the expiration of the last valid claim of specified patents covering such product in such country, and the expiration of regulatory exclusivity for such product in such country. In addition, if we enter into a license, business or asset sale or similar transaction relating to a Gubra Collaboration Product, we are obligated to pay Gubra a specified percentage of the associated income, which varies with the product's stage of development at the time of the transaction. The Gubra Agreement also contains customary termination and survi