Key Summary: On June 10, 2025, Logos Global Management (6.4%) urged the board to undertake a strategic reset, calling for a special distribution to shareholders, halting early-stage pipeline investments, adopting a leaner cost structure, and avoiding independent development of the lead asset without a strategic partner. On August 22, 2025, with its stake increased to 8.6%, Logos reported that on August 7 it reiterated the call for an urgent reset, recommending a $700 million capital return, significant cost cuts, a 1-for-5 reverse split, and disciplined capital allocation to rebuild confidence and preserve value, while keeping open the option of further actions under Schedule 13D.