Note 3. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets were $1.6 million as of June 30, 2026, compared to $1.6 million as of December 31, 2025. While the overall balance remained relatively consistent during the period, the composition of prepaid expenses changed primarily due to the timing of insurance premium financing associated with annual policy renewals and advance payments of research and development service agreements supporting the ONP-002 program.

The Company’s prepaid balances primarily consist of insurance premiums, research and development service agreements, and other vendor advances associated with ongoing clinical, manufacturing, and regulatory activities.