Revenue fell 53% to $15.23m in 2025 (2024: $32.11m); gross profit $9.57m (gross margin ~62.9%). Operating expenses declined 45% to $39.73m, driving a narrower operating loss of $30.16m (2024: $50.20m). Net loss was $28.76m (2024: $7.20m), with prior year aided by $43.72m other income from fair‑value gains. Cash and cash equivalents were $5.41m (plus $0.33m restricted) at 12/31/2025; cash used in operations was $28.95m. Total assets $15.77m vs. total liabilities $92.96m; stockholders’ deficit $(77.19)m; substantial doubt about going concern. Debt and financing obligations include $47.70m revenue interest financing and $28.07m (fair value) RTW convertible notes reclassified as current due to covenant non‑compliance. FDA granted PMA approval (2/20/2026) for the Allurion Gastric Balloon System; U.S. indication BMI 30–40, ages 22–65, up to two balloons over 10 months, avg residence ~15.3 weeks. NYSE commenced delisting (3/6/2026) after market cap fell below $15m; trading suspended and shares moved to OTC; appeal filed. France regulator (ANSM) lifted suspension (2/12/2025) after remediation; prior 8/6/2024 suspension triggered returns and halted sales in H2‑2024. Multiple 2025 equity raises and a 2/24/2026 warrant inducement generated ~$3.1m gross and created 5.32m new warrants at $1.15; a November 2025 exchange agreement would swap RTW notes/RIFAs into Series B preferred upon conditions. Workforce reduced by ~65% (approved 8/5/2025); employees at year‑end: 41 (31 U.S.). Vanderbilt lawsuit seeks ~$2.5m over clinical trial cost reimbursement; company intends to defend.