Net loss for the fourth quarter ended December 31, 2025, was $91.0 million, compared to $66.5 million for the same period in 2024. Full-year 2025 net loss was $377.9 million, an increase from $246.3 million for the full year 2024. Cash, cash equivalents, and marketable securities totaled $367.6 million as of December 31, 2025. Apitegromab Biologics License Application (BLA) resubmission and U.S. launch, following FDA approval, are anticipated in 2026, contingent on a successful FDA reinspection of Catalent Indiana, LLC. The FDA completed a constructive meeting with Catalent Indiana, with discussion of remediation progress and no additional corrective actions requested. The European Medicines Agency (EMA) decision on the apitegromab Marketing Authorisation Application (MAA) is expected in mid-2026, with European launch planned for the second half of 2026, starting with Germany. Scholar Rock secured a new debt facility providing up to $550 million in non-dilutive capital to support apitegromab commercialization and pipeline advancement. Development activities for a second U.S.-based fill-finish facility are progressing, with a supplemental BLA (sBLA) expected later in 2026. Enrollment and patient dosing continue in the Phase 2 OPAL study for apitegromab in infants and toddlers with SMA. Development of a subcutaneous formulation of apitegromab is ongoing, following completion of a Phase 1 study in healthy volunteers. The Phase 2 FORGE trial for apitegromab in facioscapulohumeral muscular dystrophy (FSHD) is on track for initiation in mid-2026. Dosing continues in a Phase 1 healthy volunteer study for SRK-439, with topline data expected in the second half of 2026.