Q2 FY2026 EarningsQ2 FY26 results missed GAAP EPS consensus significantly, reporting -$1.88 vs. -$0.40 expected, primarily due to a non-cash $205.6M fair value adjustment on warrant liabilities. Revenue remains at zero as expected for this clinical-stage biotech. Operating loss of $52.4M was slightly higher than the ~$47.1M EBIT consensus due to intensified commercial preparedness activities. Cash reserves of $433.3M provide a runway into 2028, supporting the ongoing Phase 3 TRD program and rolling NDA submission.