“External research and development expenses for the three months ended March 31, 2026 and 2025 were comprised of the following (in thousands): Three Months Ended March 31, 2026 2025 $ Change % Change Denifanstat external research and development expenses $ 3,127 $ 13,336 $ (10,209) (77) % TVB-3567 external research and development expenses 2,373 834 1,539 185 % Total external research and development expenses $ 5,500 $ 14,170 $ (8,670) (61) % General and administrative – General and administrative expenses increased by $0.2 million, or 4%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily due to a $0.3 million increase in stock-based compensation, which was partially offset by lower consulting and professional service expenses.”
“Interest expense and other was higher for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to interest expense and other including the receipt of a $10.0 million payment during 2024 for the merger termination.”
“For all marketable securities which the estimated fair value was lower than the amortized cost as of December 31, 2025 and 2024, the decline in fair value was determined to be primarily driven by a decline in market interest rates and not driven by credit impairment.”