Voluntarily discontinued marketing and sales of RELYVRIO/ALBRIOZA (AMX0035) for ALS in the U.S. and Canada, resulting in no product revenue for the year ended December 31, 2025. Net loss significantly decreased to $144.7 million in 2025 from $301.7 million in 2024, primarily due to reduced operating expenses following a restructuring plan. Total operating expenses decreased by 62% to $153.3 million in 2025 from $402.1 million in 2024. Research and development (R&D) expenses decreased by 13% to $90.4 million in 2025, driven by a $35.0 million reduction in AMX0035 ALS spending, offset by a $21.3 million increase for avexitide's Phase 3 LUCIDITY trial. Selling, General and Administrative (SG&A) expenses decreased by 45% to $62.9 million in 2025, largely due to a 70% workforce reduction and decreased commercial activities. Cash, cash equivalents, and marketable securities totaled $317.0 million as of December 31, 2025, with an accumulated deficit of $751.4 million. Successfully raised approximately $256.2 million in net proceeds from two public offerings of common stock in January and September 2025. The Phase 3 LUCIDITY trial for avexitide in Post-Bariatric Hypoglycemia (PBH) has completed recruitment, with last patients expected to be dosed in Q1 2026 and topline data anticipated in Q3 2026, targeting a commercial launch in 2027 if approved. Positive Week 48 data from the Phase 2 HELIOS trial of AMX0035 in Wolfram syndrome showed sustained improvement or stabilization in pancreatic beta cell function, glycemic control, and visual acuity. The Phase 1 LUMINA trial for AMX0114 in ALS dosed its first participant in April 2025, with initial safety data from Cohort 1 (n=12) showing general tolerability and no treatment-related serious adverse events by December 2025. AMX0318, a novel GLP-1 receptor antagonist for long-acting administration, was selected as a development candidate for PBH and other rare diseases in January 2026, with IND-enabling studies underway and an IND targeted for 2027. The ORION program for AMX0035 in PSP was discontinued in August 2025 due to lack of efficacy in the Phase 2b trial. The company is no longer an 'emerging growth company' and became a 'non-accelerated filer' as of December 31, 2025, leading to increased compliance requirements. Ongoing class action and derivative lawsuits related to previous commercial results and prospects for RELYVRIO are in mediation, with a status update expected by April 12, 2026.