Closed the acquisition of dual‑targeting CAR‑T programs from Erigen/Factor on Feb 3, 2026, issuing 8,268,495 shares of common stock. Lead program TPST‑2003 (autologous CD19/BCMA CAR‑T for rrMM) showed 100% CR in 6/6 evaluable patients in the REDEEM‑1 Phase 1/2a trial and 100% ORR (25/25) across early studies; safety showed no Grade ≥3 CRS and no Grade ≥3 ICANS. Plans in 2026: submit an IND and potentially initiate a U.S. registrational study for TPST‑2003; China partner (Novatim) expects Phase 2b initiation by end‑2026 with interim data in 2027. Pipeline includes: TPST‑3003 (allogeneic CD19/BCMA; partner‑sponsored IIT potentially starting Q3 2026), TPST‑4003 (in vivo CD19/BCMA for lupus; partner‑sponsored IIT potentially starting Q2 2026), TPST‑2206 (autologous CD70/CD70; China Phase 1 planned Q2 2026), and TPST‑3206 (allogeneic CD70/CD70). Amezalpat (PPARα antagonist) is Phase 3‑ready in 1L HCC with positive randomized Phase 1b/2 data: median OS 21 months vs 15 months control (HR 0.65); FDA End‑of‑Phase 2 alignment (Aug 2024), Study May Proceed (Nov 2024), U.S. ODD (Jan 2025), FTD (Feb 2025), EMA ODD (Jun 2025); pursuing business development for pivotal trial. TPST‑1495 (dual EP2/EP4) to enter NCI‑funded Phase 2 in FAP in 2026 (Study May Proceed received Mar 2025). Cash and cash equivalents were $7.7M at Dec 31, 2025 (vs. $30.3M in 2024); net loss of $26.3M in 2025 (vs. $41.8M in 2024); R&D $12.6M and G&A $14.0M. Going‑concern substantial doubt: expects cash to fund operations for less than 12 months; has a funding commitment from Factor up to $20.0M (inclusive of amounts raised post‑APA), with $13.75M available as of filing, but timing and ability to satisfy conditions are uncertain. Capital actions: reverse stock split (1‑for‑13) on Apr 8, 2025; Warrant Dividend issued Feb 3, 2026 (6,784,989 warrants at $18.48, expiring Feb 3, 2031); RDOs in Jun 2025 (~$4.1M) and Nov 2025 (~$3.8M); ATM sales (~$2.8M) in 2025; Private Placement Mar 20, 2026 (~$2.0M gross) with pre‑funded and common warrants. Rights Plan (stockholder rights plan) approved Jan 27, 2026; rights now expire Oct 10, 2026, designed to deter accumulations >10% (15% for passive institutions).