Reported 2025 net loss of $206.7M (vs. $138.2M in 2024) on zero product revenue; R&D $184.7M (+55%), G&A $31.7M (-8%). Cash, cash equivalents and short-term investments were $238.3M at 12/31/25; management expects runway into 2H 2027. Shares outstanding: 149.4M at 12/31/25; 160.5M at 3/25/26; 42.3M pre-funded warrants and 6.88M common warrants outstanding at 12/31/25. Tanruprubart (GBS): Phase 3 met primary endpoint at 30 mg/kg (p=0.0058); EMA MAA filed Jan 2026; U.S. FORWARD open-label study ongoing to support 2026 BLA; Fast Track and Orphan designations (FDA) and Orphan (EMA). Vonaprument (GA): Phase 2 showed significant vision preservation; Phase 3 ARCHER II enrolled 659 patients (Jul 2025); topline planned 4Q 2026; PRIME designation and EMA development support. ANX1502 (oral C1s inhibitor): Phase 1 completed; CAD proof-of-concept ongoing with an update planned in 2026. Capital actions: Nov 2025 follow-on raised ~$80.5M net; Jun 2024 raised ~$116.8M net; active 2024 ATM ($27.4M 2025 proceeds; ~$66.9M capacity at 12/31/25; ~$32.8M sold post year-end); new $150M ATM signed Mar 30, 2026. Accumulated deficit $917.4M; operating cash outflow $186.4M in 2025.