Completed acquisition of Faeth Therapeutics, making PIKTOR (serabelisib + sapanisertib) the lead program targeting the PI3K/AKT/mTOR pathway. Closed a $200 million private placement concurrent with the Faeth transaction to fund key clinical milestones. Cash, cash equivalents and marketable securities were $21.2 million at December 31, 2025 (cash and cash equivalents: $8.7 million; marketable securities: $12.5 million). R&D expenses decreased to $11.0 million in 2025 from $18.6 million in 2024, reflecting reduced personnel, facilities, lab, clinical, and manufacturing costs. G&A expenses decreased to $11.3 million in 2025 from $13.0 million in 2024, driven by lower personnel costs, partially offset by higher restructuring and consulting costs. Net loss improved to $21.1 million in 2025 from $30.2 million in 2024; net loss per share improved to $(16.72) from $(24.01). No long-lived asset impairment in 2025 versus a $0.95 million impairment in 2024. Total assets were $22.9 million, total liabilities $4.3 million, and stockholders’ equity $18.6 million as of December 31, 2025. Topline data from the ongoing Phase 2 endometrial cancer trial (FTH-PIK-201) and initiation of the planned Phase 1b HR+/HER2- breast cancer trial (FTH-PIK-101) are both expected by year-end 2026. Company is completing a Phase 1/2 trial of solnerstotug (VISTA inhibitor) in advanced solid tumors.