“The increase was primarily due to an increase of $8.9 million in costs related to our Phase 1 study for development candidate PN-881 initiated in the third quarter of 2025 and a $6.0 million increase in pre-clinical and drug discovery research program expense, partially offset by a decrease of $4.0 million in rusfertide expenses primarily related to the completion of our Phase 3 VERIFY trial during the first quarter of 2025. We had 100 and 97 full-time equivalent research and development head count as of March 31, 2026 and 2025, respectively.”
“Non-cash items included $12.3 million related to stock-based compensation expense, $0.9 million related to depreciation and amortization, $0.6 million related to non-cash lease expense and $0.4 million related to impairment of long-lived assets, partially offset by $2.0 million related to net accretion of discounts on marketable securities.”