Cash and cash equivalents totaled $28.7 million as of December 31, 2025.
Q4 2025 net loss of $9.1 million ($0.32 per share), full-year net loss of $75.8 million ($3.95 per share).
Q4 R&D expenses: $11.4 million; G&A expenses:
$4.5 million.
Full-year 2025 operating expenses:
$83.9 million (R&D $63.1M, G&A $20.8M).
Positive clinical data for briquilimab in CSU (67% complete response rate) and asthma; Phase 2b enrollment pending capital availability.
Announcement released March 30, 2026; stock gained 5% on clinical progress despite losses.