Net loss for the three months ended March 31, 2026, was $4.6 million, a significant increase from $0.7 million for the same period in 2025. Operating expenses surged to $4.6 million in Q1 2026 from $0.7 million in Q1 2025, primarily driven by higher research and development ($1.3 million vs. $0.2 million) and general and administrative costs ($3.3 million vs. $0.5 million). Cash and cash equivalents stood at a critically low $0.1 million as of March 31, 2026, with an accumulated deficit of $280.4 million. Negative cash flow from operations worsened to $2.7 million for Q1 2026, compared to $0.4 million for Q1 2025. Two significant equity financing agreements, the PIPE SPA ($20.0 million) and the Semnur/Biconomy SPA ($100.0 million, payable in Bitcoin), were terminated on April 20, 2026, removing $120.0 million in potential capital. Management has concluded that there is substantial doubt about the company's ability to continue as a going concern for at least one year after the issuance date of the financial statements. The company is dependent upon Scilex Holding Company for services and funding to support its operations until external financing is obtained. A second Phase 3 study for its lead product candidate, SP-102, was initiated in September 2025, following FDA guidance for a confirmatory trial with a larger safety database and evidence of efficacy through repeat injection. The company failed to make certain scheduled installment payments during Q1 2026 on promissory notes totaling $2.7 million, but expects to make these payments in June 2026.