Financial Position - As of December 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $91.5 million, a decrease from $122.6 million as of December 31, 2024 [6] - The company used $39.6 million in operating activities during 2025, which included one-time payments related to restructuring efforts [6] Revenue and Financial Performance - Total revenue for the year ended December 31, 2025, was $14.1 million, up from $6.2 million in 2024, primarily due to the recognition of previously deferred revenue from a partnership with Qilu Pharmaceutical [7] - The company reported a net loss of $33.5 million for 2025, compared to a net loss of $69.9 million in 2024, indicating improved financial performance [10] Operating Expenses - Research and development expenses decreased to $25.2 million in 2025 from $54.0 million in 2024, attributed to cost-saving measures and a focus on advancing clinical development [8] - General and administrative expenses also fell to $15.9 million in 2025 from $22.1 million in 2024, reflecting cost-cutting efforts [9] Clinical Developments - Two additional patients from Phase 2a clinical trials of imdusiran achieved functional cure for chronic hepatitis B (cHBV), bringing the total to ten patients [2][4] - Imdusiran is designed to reduce all hepatitis B viral proteins and antigens, with clinical trials showing it to be generally safe and well-tolerated [17] Legal and Settlement Updates - The company entered a settlement agreement with Moderna, resulting in a $950 million upfront payment and a potential additional $1.3 billion contingent payment [4] - The company is actively involved in ongoing litigation to protect its intellectual property related to lipid nanoparticle technology against Pfizer/BioNTech [4] Future Outlook - The company is evaluating a potential return of capital to shareholders in the third quarter of 2026, following the receipt of its portion of the noncontingent settlement payment from Moderna [5]