Operates as a clinical‑stage biotech developing bel‑sar (a virus‑like drug conjugate) for early choroidal melanoma (Phase 3 underway under FDA Special Protocol Assessment), with expansion to metastases to the choroid and non‑muscle invasive bladder cancer (NMIBC). 2025 net loss: $106.2 million vs. $86.9 million in 2024; R&D expense $90.3 million; G&A $22.5 million; operating cash outflow $84.7 million. Cash, cash equivalents and marketable securities were $144.2 million at December 31, 2025; auditors and management cite substantial doubt about ability to continue as a going concern without additional financing. Shares outstanding: 64,150,468 as of March 24, 2026; market value of non‑affiliates $321.0 million at June 30, 2025 (share price $6.26). May 15–16, 2025 follow‑on offering: 11,735,565 common shares issued; pre‑funded warrants for up to 3,571,435 shares (exercise price $0.00001); common stock warrants for 3,826,750 shares (exercise price $4.90; expire May 16, 2030); net proceeds $69.9 million. 2025 ATM usage raised $6.7 million; prior 2023 follow‑on raised net $92.6 million; 2024 universal shelf on file for up to $350 million. Phase 3 CoMpass trial (NCT06007690) targets completion of enrollment by mid‑2026 and anticipates 15‑month primary endpoint topline in H2 2027; trial powered >90%, primary endpoint is time to tumor progression. Fast Track designations for early choroidal melanoma, metastases to the choroid, and NMIBC; Orphan Drug Designation in uveal melanoma from FDA and EMA. Key Phase 2 SC administration data in Phase 3‑eligible early choroidal melanoma patients: 80% tumor control (8/10) and 90% vision preservation with favorable safety; bladder cancer Phase 1 showed clinical activity and immune activation. No material legal proceedings; robust risk disclosures include capital needs, reliance on CDMOs/CROs, regulatory and clinical risks, and data/privacy & AI risks.