Total revenue for 2025 increased by 16% to $233.8 million, driven by a 14% rise in product revenue to $206.1 million and a 31% increase in government contract revenue to $27.7 million. Net loss for 2025 significantly narrowed to $(15.6) million, compared to $(21.0) million in 2024 and $(37.6) million in 2023. Gross margin on product sales remained stable at approximately 55% for both 2025 and 2024. Research and development expenses increased by 15% to $67.7 million in 2025, primarily due to red blood cell system development under BARDA agreements and new LED-based illuminator support. Selling, general and administrative expenses rose by 7% to $80.9 million in 2025, mainly due to increased workforce costs. The U.S. Phase 3 RedeS study for the red blood cell system completed enrollment in Q4 2025, with preliminary results expected in late 2026. The U.S. Phase 3 ReCePI study for acute anemia met its primary efficacy endpoint in March 2024, demonstrating non-inferiority for INTERCEPT RBCs. The MDR application for the red blood cell system in the EU was closed in October 2024 due to insufficient data on the impurity profile of the final product, necessitating a resubmission and transfer of API review to ANSM in July 2025. Total indebtedness as of December 31, 2025, was $83.9 million, with principal amortization on the Term Loan Credit Agreement set to begin on April 1, 2026, unless extended. The company's 2016 BARDA Agreement will expire in September 2026, with no further options to be exercised, but a new 2024 BARDA Agreement provides potential funding of up to $188.4 million through September 2030. The DoD agreement for pathogen-reduced, lyophilized cryoprecipitate was extended to September 2028 and increased in value to $25.0 million to incorporate a Phase III clinical study.