Net loss attributable to common stockholders for the fourth quarter of 2025 was $4.1 million, or $0.57 per share, consistent with $4.1 million, or $3.23 per share, for the same period in 2024. Full-year 2025 net loss attributable to common stockholders increased to $25.6 million, or $5.95 per share, compared to $23.8 million, or $35.70 per share, for the full year 2024. Research and development expenses for the full year 2025 were $9.7 million, up from $8.9 million in 2024. General and administrative expenses for the full year 2025 decreased to $10.5 million from $12.9 million in 2024. Cash and restricted cash totaled approximately $5.8 million as of December 31, 2025, down from $9.8 million as of December 31, 2024. The company raised $6.0 million in gross proceeds from an underwritten public offering in Q1 2026 and $0.5 million from At-The-Market (ATM) sales in Q4 2025. A partnership was announced with Avance Clinical, an Australian CRO, to accelerate the initiation of a first-in-human clinical trial for CLD-401 in Australia. Feedback from the FDA through Type D interactions indicates alignment on manufacturing and analytical approaches for CLD-401, with an Investigational New Drug (IND) filing expected by the end of 2026. A partnership was established with Matica Bio for the GMP manufacturing of CLD-401. New data on in situ T-cell engagers (TCEs) for solid tumors, derived from the RedTail platform, was presented at the 2026 AACR Immuno-Oncology (AACR-IO) conference.