Reported financial results for the year ended December 31, 2025. The Phase 2 KOURAGE trial evaluating Auxora in acute kidney injury (AKI) with acute hypoxemic respiratory failure (AHRF) was discontinued in January 2026 following a recommendation from the Independent Data Monitoring Committee (IDMC) due to a mortality imbalance. Internal and external reviews of the KOURAGE data found no evidence of drug-related toxicity with Auxora, and imbalances in patient severity at baseline may have contributed to the observed safety concern. Plans to discuss the KOURAGE data and potential future development in AKI with the FDA in the second quarter of 2026. Advancing Auxora towards a pivotal program in acute pancreatitis (AP) following constructive FDA discussions, with the program design expected to be finalized in the first half of 2026. Positive Phase 2b CARPO trial results for Auxora in AP with systemic inflammatory response syndrome (SIRS) were published in eClinicalMedicine in February 2026, demonstrating clinically meaningful, dose-dependent reductions in median time to solid food tolerance. In the CARPO trial, mediumand high-dose Auxora arms achieved a statistically significant 100% reduction in new-onset severe respiratory failure compared to placebo (p < 0.05), and the high-dose Auxora arm achieved a statistically significant stratified win ratio of 1.640 (p < 0.05). Preclinical data for CM5480, a second CRAC channel inhibitor, in pulmonary arterial hypertension (PAH) were published in JCI Insight in November 2025, supporting its potential as a differentiated therapy. An Investigational New Drug (IND) submission for CM5480 in PAH is currently anticipated in 2027. Cash, cash equivalents, and short-term investments totaled $13.0 million as of December 31, 2025, expected to fund current operating plans into the fourth quarter of 2026. Net loss for the year ended December 31, 2025, was $29.6 million, or $1.97 per basic and diluted share, compared to a net loss of $13.7 million, or $1.22 per basic and diluted share, for 2024.