Cash, cash equivalents and short-term investments totaled $238.3 million as of December 31, 2025, including $86.3 million in gross proceeds from a November 2025 public offering; operating runway expected into the second half of 2027. R&D expenses were $42.7 million in Q4 2025 and $184.7 million for FY 2025 (vs. $119.4 million in FY 2024), driven by the Phase 3 ARCHER II GA trial and global regulatory activities for GBS. G&A expenses were $7.6 million in Q4 2025 and $31.7 million for FY 2025 (vs. $34.6 million in FY 2024), reflecting corporate efficiencies. Net loss was $48.3 million ($0.28 per share) in Q4 2025 and $208.5 million ($1.34 per share) for FY 2025 (vs. $138.2 million; $1.01 per share in FY 2024). Vonaprument Phase 3 ARCHER II trial in GA (n=659) completed enrollment in July 2025; primary endpoint is BCVA 15-letter loss at two consecutive visits through month 15; topline pivotal data expected in Q4 2026; program holds EMA PRIME designation and EMA PDC pilot support. Tanruprubart MAA filed with the EMA for GBS; ongoing U.S./EU FORWARD study (including pediatric patients) aims to support a planned U.S. BLA submission in 2026. ANX1502, an oral C1s inhibitor, is in an open-label POC study in CAD with BID dosing; update anticipated in 2026 with ongoing PK/PD and hemolysis marker assessments. March 2026 Investor Day highlighted vonaprument’s upstream C1q neuroprotective mechanism and Phase 2 vision-preservation data guiding Phase 3 strategy.