Reported Q1 2026 net loss of $22.3 million, or $0.52 per share, compared to $12.9 million, or $0.36 per share, in Q1 2025. Collaboration revenue increased to $2.8 million from $1.5 million in the prior year period. Research and development expenses rose to $20.4 million, driven by BGE-102 clinical trial progression. Maintained a strong balance sheet with $384.9 million in cash, cash equivalents, and marketable securities as of March 31, 2026. Successfully completed an upsized follow-on public offering in early 2026, raising $132.3 million in gross proceeds.