Total revenue increased 9% to $58.4 million in 2025 from $53.5 million in 2024. Net loss increased to $34.3 million in 2025 from $31.4 million in 2024, with an accumulated deficit of $177.6 million as of December 31, 2025. Operating losses are expected to continue for the near-term future as the company invests in commercial and clinical infrastructure and R&D. The merger agreement with Alcon Research, LLC was terminated on March 16, 2026, following FTC's intention to enjoin the merger. LENSAR will retain a $10.0 million cash deposit from Alcon due to the merger termination, which will be recorded as other income in Q1 2026. Acquisition-related costs of $17.1 million were incurred in 2025 due to the terminated merger, with $4.3 million to be reduced and $5.0 million reclassified to long-term accounts payable in Q1 2026. Procedure volume increased to 206,014 in 2025 from 169,506 in 2024. The ALLY Robotic Cataract Laser System (ALLY System) received FDA clearance in June 2022 and launched in August 2022, also holding regulatory clearance in the EU, India, Taiwan, South Korea, and other countries. The company held approximately 18.0% market share in laser cataract surgery in 2024 by revenue. Each ALLY System averaged 624 procedures in 2025, outperforming the estimated industry average of 496 procedures per year per installed device. As of December 31, 2025, the company had approximately 435 systems installed in 17 countries. Cash and cash equivalents were $12.974 million as of December 31, 2025. A Priority Credit Line Agreement with Wells Fargo Bank, N.A. was entered into in March 2026, providing a revolving credit facility secured by a designated brokerage account. The company expects current cash and cash equivalents, together with cash generated from future sales and leases, to be sufficient for at least one year from the financial statement issuance date (March 31, 2026).