Operating cash outflow reached $51.5 million, driving the net loss to $78.3 million in 2025, compared to $35.1 million in 2024. R&D expenses jumped to $50.1 million, up $25.6 million year-over-year, while G&A costs rose $5.7 million due to stock-based compensation and headcount additions. As of December 31, 2025, Avalo held $15.9 million in cash plus $82.4 million in short-term investments, delivering funding for operations into 2028. The strong balance sheet positions the company to advance its IL-1β-based pipeline without near-term financing needs. The global Phase 2 LOTUS trial of abdakibart for hidradenitis suppurativa enrolls about 250 adults and tests subcutaneous bi-weekly and monthly regimens versus placebo. Topline efficacy and safety data are expected in Q2 2026, a potential catalyst for clinical validation.