Core Insights - The company has successfully commissioned an expanded manufacturing facility, increasing NexoBrid production capacity sixfold to meet anticipated global demand [1] - Revenue for 2025 was impacted by the U.S. government shutdown, which delayed budget approvals and the initiation of new development service contracts [1] - The Phase III VALUE trial for EscharEx in venous leg ulcers (VLU) is advancing as planned, with the majority of clinical sites now active and enrolling [1] Strategic Developments - The strategic expansion of the EscharEx program into diabetic foot ulcers (DFU) and pressure ulcers aims to capture the three major chronic wound indications [1] - Industry validation continues to grow through research collaborations with seven market-leading wound care companies, including a new partnership with B. Braun [1] Financial Performance - Gross margin improvement in 2025 was driven by a more favorable revenue mix despite lower overall top-line results [1] - Management maintains operational resilience and discipline in Israel despite ongoing regional conflict, ensuring clinical and commercial milestones remain on track [1]