Consolidated total revenues for Q4 2025 decreased to $148.5 million from $183.6 million in Q4 2024, primarily due to the sale of certain BioReference assets. The company reported a net loss of $31.3 million, or $0.04 per share, for Q4 2025, compared to net income of $14.0 million, or $0.01 per diluted share, in Q4 2024 (which included a $54.1 million gain from GeneDx share sale). Operating loss for Q4 2025 increased to $38.3 million from $33.1 million in the prior year quarter. Full year 2025 total revenues were $606.9 million, down from $713.1 million in 2024, with a net loss of $225.7 million compared to $53.2 million in 2024. OPKO entered a research collaboration with Regeneron Pharmaceuticals for multispecific antibodies, including an upfront payment and potential milestone payments exceeding $200 million per program, with an overall potential value exceeding $1 billion. Merck completed a Phase 1 Epstein-Barr virus vaccine trial in Q4 2025, evaluating safety and tolerability in over 200 healthy adults. MDX2003, a trispecific T-cell engager, was approved for Phase 1 studies in Australia, expected to begin in the first half of 2026. MDX2001, a tetraspecific T-cell engager, advanced to the fifth dose level in its Phase 1 clinical trial, with Phase 1b studies expected in the first half of 2026. FDA permission was granted for MDX2301, a tetravalent bispecific antibody for COVID-19, to proceed to Phase 1, with trials scheduled for Q2 2026 and supported by non-dilutive BARDA funding. The partnership with Entera Bio was expanded to accelerate development of an oral long-acting PTH tablet for hypoparathyroidism, with an IND filing expected in late 2026. Cash, cash equivalents, and restricted cash stood at $369.1 million as of December 31, 2025, down from $431.9 million at December 31, 2024. The company repurchased $13.5 million of common stock in Q4 2025, totaling $87.3 million since July 2024, with $112.7 million remaining authorized.