Hoth Therapeutics, a clinical-stage biopharmaceutical company, reported a net loss of $12.5 million for the year ended December 31, 2025, a substantial increase from $8.2 million in 2024. The company's accumulated deficit grew to $72.9 million as of December 31, 2025, up from $60.4 million in 2024. Research and development expenses increased to $5.9 million in 2025 from $3.2 million in 2024, driven by manufacturing and clinical activities for HT-001, HT-KIT, and the acquisition of patent applications. General and administrative expenses rose to $6.4 million in 2025 from $5.0 million in 2024, primarily due to increased compensation and professional fees. Cash and cash equivalents decreased to $6.2 million as of December 31, 2025, from $7.0 million in 2024, with net cash used in operating activities increasing to $9.8 million from $7.0 million. The company raised approximately $4.1 million in net proceeds from common stock issuance through an At The Market (ATM) Offering Agreement and $5.6 million from warrant exercises in 2025. HT-001, a topical formulation for cancer drug side effects, received EMA approval in January 2026 to expand its Phase 2a clinical trial to Europe and has shown positive interim preliminary clinical results. HT-KIT, for mast-cell derived cancers and anaphylaxis, has Orphan Drug Designation from the FDA and is advancing IND-enabling activities following positive FDA feedback on its pre-IND meeting request. HT-ALZ, for Alzheimer's and neuroinflammatory diseases, was granted a U.S. patent in November 2024 and is undergoing formulation development and additional animal studies after positive preclinical results. The company acquired three provisional patent applications for additional HT-001 indications in January 2025 and executed proposals for proof-of-concept studies in January 2026. Hoth Therapeutics holds crypto assets valued at $191,367 as of December 31, 2025, incurring an unrealized loss of $108,633, and liquidated all crypto holdings by February 5, 2026. The independent registered public accounting firm expressed substantial doubt about the company's ability to continue as a going concern, as existing cash is not believed to be sufficient for the next 12 months.