Cash and securities totaled $182.5 million at December 31, 2025; runway expected into Q3 2027. Q4 2025 R&D expense was $44.7 million (vs. $45.9 million in Q4 2024); FY2025 R&D was $176.1 million (vs. $200.9 million in FY2024). Q4 2025 G&A expense was $13.8 million (vs. $17.0 million in Q4 2024); FY2025 G&A was $60.1 million (vs. $62.5 million in FY2024). Q4 2025 net loss was $59.4 million; FY2025 net loss was $236.9 million (improved from $243.8 million in FY2024). NMRA-511 Phase 1b pre-specified analysis (NPI-AA ≥4; n=53) showed Cohen’s d effect sizes of 0.34 on CMAI total and 0.51 on CMAI aggression at Week 8, with favorable tolerability. KOASTAL-2 and -3 (navacaprant) fully enrolled in Q1 2026 (each >400 patients); joint topline readout expected in Q2 2026, including pre-specified analyses with >450 patients after 2025 optimizations. NMRA-898 designated lead M4 PAM for schizophrenia; Phase 1 data to date show ~80–100-hour half-life, dose-proportional exposures with low variability, PD heart-rate increases consistent with target engagement, and favorable tolerability. NMRA-215 obesity program: 12-week DIO mouse data support potential in mechanism-of-action switch and weight maintenance; NOAEL identified in multiple tox studies; unexpected adverse findings in a 13-week rat study triggered a for-cause audit and repeat study; clinical start now targeted for Q1 2027. Upcoming milestones: navacaprant KOASTAL-2/-3 topline in Q2 2026; NMRA-511 MAD expansion data in 2H 2026; NMRA-898 MAD data in 2H 2026; Phase 2 NMRA-511 start in Q1 2027; NMRA-215 clinical start in Q1 2027.