Total revenue and income increased by $101.0 million, or 60%, to $268.1 million in 2025 compared to $167.1 million in 2024. Royalties increased by $52.2 million, or 48%, primarily due to income from the Qarziba financial royalty asset and increased sales of Filspari, Ohtuvayre, and Capvaxive. Captisol sales increased by $9.3 million to $40.2 million in 2025, representing a 30% increase. Contract revenue and income increased by $39.4 million (143%), mainly due to $53.1 million income from the Pelthos Transaction. Net income from continuing operations was $124.5 million in 2025, a significant improvement from a net loss of $4.0 million in 2024. Cash, cash equivalents, and short-term investments increased by $477.4 million to $733.5 million as of December 31, 2025. Issued $460 million in 0.75% convertible senior notes due 2030, with net proceeds of approximately $445.1 million. Made strategic investments in 2025, including $50 million in Castle Creek Biosciences for D-Fi, $25 million in Orchestra BioMed for cardiology programs, and $7 million in Arecor Limited for AT220 and AT292. Completed the Pelthos Transaction, divesting LNHC, Inc. and retaining a 48% equity interest in Pelthos Therapeutics Inc., along with a 13% royalty on Zelsuvmi worldwide sales.