The FDA approved ZYCUBO (copper histidinate) for the treatment of Menkes disease in pediatric patients in January 2026. Fortress subsidiary Cyprium Therapeutics sold a Rare Pediatric Disease Priority Review Voucher (PRV) for gross proceeds of $205 million in March 2026. Cyprium is eligible to receive tiered royalties and up to approximately $128 million in aggregate sales milestones from Sentynl Therapeutics for ZYCUBO. Fortress expects to receive an aggregate of at least $100 million from Cyprium through potential future dividends and intercompany agreements. Fortress subsidiary Checkpoint Therapeutics was acquired by Sun Pharmaceutical Industries, Inc. in May 2025 for an aggregate upfront payment totaling ~$355 million and ~$60 million in a contingent value right (CVR). Fortress received ~$28 million upfront from the Checkpoint acquisition and is eligible for up to an additional $4.8 million CVR payment and a 2.5% royalty on future net sales of UNLOXCYT (cosibelimab-ipdl). UNLOXCYT was approved by the FDA in December 2024 to treat metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) and was commercially launched in January 2026. Avenue Therapeutics' subsidiary Baergic Bio, Inc. was acquired by Axsome Therapeutics in November 2025, with Avenue eligible for up to $79 million in potential sales milestones and tiered mid-to-high single-digit royalties. Crystalys Therapeutics, in which Fortress's subsidiary Urica Therapeutics holds an equity position, announced a $205 million Series A financing in the third quarter of 2025 to support two global Phase 3 clinical studies for dotinurad for gout. Urica is eligible to receive a 3% royalty on future net sales of dotinurad. Journey Medical Corporation commercially launched Emrosi (40mg Minocycline Hydrochloride Modified-Release Capsules) for inflammatory lesions of rosacea at the end of March 2025, following FDA approval in November 2024. Journey Medical reported net product revenues of $61.2 million for full-year 2025, compared to $55.1 million for full-year 2024. Dotinurad entered Phase 3 development in October 2025, with the first patients dosed in two randomized, double-blind, multicenter global trials for gout. In July 2025, AstraZeneca announced that anselamimab (CAEL-101) did not achieve statistical significance for the primary endpoint in its Phase III CARES clinical program for Mayo stages IIIa and IIIb AL amyloidosis patients, but showed clinically meaningful improvement in a prespecified subgroup. Full results from two Phase 3 clinical trials evaluating Emrosi for moderate-to-severe papulopustular rosacea were published in JAMA Dermatology in March 2025, demonstrating efficacy, safety, and tolerability. Results from a Phase 1 clinical trial for Emrosi, assessing its impact on microflora, were published in the Journal of Drugs in Dermatology in December 2025, indicating no detectable effects on skin, GI tract, or vaginal microflora. The first patient was dosed in a Phase 2 clinical trial for Triplex, a cytomegalovirus (CMV) vaccine, in January 2025. In March 2026, Fortress made aggregate prepayments on its loan with Oaktree, reducing the outstanding principal balance to $15.0 million. Avenue Therapeutics licensed ATX-04 (clenbuterol) for Pompe disease from Duke University in February 2026 and anticipates meeting with the FDA in 2026 to discuss a potential single pivotal trial. Fortress consolidated cash and cash equivalents totaled $79.4 million as of December 31, 2025, an increase from $57.3 million as of December 31, 2024. Consolidated net revenue totaled $63.3 million for full-year 2025, up from $57.7 million for full-year 2024. Consolidated research and development expenses decreased to $11.9 million for full-year 2025, from $56.9 million for full-year 2024. Consolidated selling, general and administrative costs were $96.4 million for full-year 2025, compared to $87.7 million for full-year 2024. Consolidated net loss attributable to common stockholders significantly improved to $(1.9) million, or $(0.07) per share, for full-year 2025, compared to $(55.9) million, or $(2.69) per share, for full-year 2024.