Unicycive posted a net loss of $26.6 million ($1.67 per share) for the year ended December 31, 2025, narrowing from a $37.8 million loss in 2024. R&D expenses declined to $9.1 million from $20.0 million due to reduced drug development and trial costs, while G&A expenses rose to $20.4 million driven by consulting, professional services, and commercial launch preparation, and other income improved to $3.0 million versus a $4.6 million expense the prior year. The FDA has accepted the resubmitted NDA for oxylanthanum carbonate, an oral phosphate binder for dialysis patients, and set a PDUFA target action date of June 29, 2026. The application is supported by three clinical studies, multiple preclinical programs, CMC data, and the agency raised no safety or efficacy concerns in its review. Unicycive is advancing commercial infrastructure in anticipation of a potential third-quarter 2026 launch of OLC. As of March 30, 2026, the company held $54.9 million in cash, cash equivalents, and marketable securities, which management expects will fund operations into 2027.