Net loss for 2025 was $33.8 million, a significant decrease from $55.9 million in 2024. Research and development expenses decreased by $22.5 million to $25.7 million in 2025, from $48.2 million in 2024. General and administrative expenses decreased by $2.3 million to $9.6 million in 2025, from $11.9 million in 2024. Reproxalap, the lead candidate for dry eye disease, received a second Complete Response Letter (CRL) from the FDA on April 3, 2025, citing insufficient efficacy data for ocular symptoms. A subsequent second dry eye chamber trial for reproxalap achieved its primary endpoint (P=0.002) in May 2025, leading to a second NDA resubmission in June 2025. The FDA requested submission of a field trial on December 15, 2025, for reproxalap, triggering a three-month extension of the PDUFA date to March 16, 2026. AbbVie holds an exclusive option to license reproxalap, with potential payments of $100.0 million upfront and up to $300.0 million in milestones, but has not yet exercised it as of February 27, 2026. ADX2191 received a Special Protocol Assessment (SPA) Agreement Letter from the FDA for primary vitreoretinal lymphoma, with top-line results expected in 2026. ADX2191 showed statistical significance in a Phase 2 trial for retinitis pigmentosa, with a Phase 2/3 trial planned for the first half of 2026. Development of ADX629 was discontinued in Q3 2025, except for potential investigator-sponsored trials in Sjögren-Larsson Syndrome. New RASP modulators, ADX248 (oral) and ADX246 (intravitreal), are expected to begin clinical trials in 2026 and 2027, respectively. Cash and cash equivalents were $70.0 million as of December 31, 2025, which is believed to be sufficient to fund projected operating expenses and debt obligations for at least twelve months from February 27, 2026. The company has an accumulated deficit of $484.0 million as of December 31, 2025.