An updated corporate presentation for Q1 2026 was made available on March 2, 2026. Preliminary FY2025 cash received from royalties and milestones was approximately $49-50 million. Cash, cash equivalents, and restricted cash as of December 31, 2025, totaled approximately $133 million, comprising ~$82 million unrestricted cash and ~$51 million restricted cash. The company repurchased and retired 648,048 common shares during FY 2025, utilizing $16.0 million in cash. Common shares outstanding as of February 27, 2026, were 11,888,489, excluding 5,003,000 common shares convertible from Series X Preferred Stock. General & Administrative (G&A) expenses for FY2025 increased by approximately $1.0 million due to ongoing litigation against Janssen Biotech, Inc. The company's business model focuses on aggregating biotech royalties, aiming for sustained profitability through a compounding effect of growing royalties, low expenses, and a low share count. The portfolio includes over 100 assets, with more than $140 million in milestones received since 2017 and over $2 billion in future potential milestones. Key portfolio events anticipated in 2026 include regulatory decisions for seralutinib (PAH), ersodetug (cHI), and REC-4881 (FAP), as well as product launches for ersodetug (cHI), volixibat (PSC), and rilvegostomig (lung cancer).