Research and development expenses increased to $58.2 million for the year ended December 31, 2025, compared to $21.2 million in 2024, primarily due to increased manufacturing and clinical expenses for FB102 trials. General and administrative expenses decreased to $12.4 million for the year ended December 31, 2025, from $15.4 million in 2024, mainly due to reduced professional and legal advisory fees. Net loss per share was $(4.71) for the year ended December 31, 2025, an improvement from $(12.17) in 2024. Forte ended the fourth quarter of 2025 with $77.0 million in cash and cash equivalents, a significant increase from $22.244 million at the end of 2024. The company had 12.9 million shares of common stock and 4.9 million prefunded warrants outstanding as of December 31, 2025. Clinical development for FB102 is progressing well, with important topline data readouts expected in 2026 for the Phase 2 celiac disease study, Phase 1b vitiligo study (1H 2026), and Phase 1b alopecia areata study.