Q2 FY2026 EarningsQ2 FY26 results slightly exceeded consensus on the bottom line, with a GAAP net loss of -$11.5M vs. -$12.0M expected, and GAAP EPS of -$0.48 vs. the -$0.48 mean estimate. While revenue remains at zero as expected for this clinical-stage biotech, R&D expenses rose to $9.0M due to Phase 1b/2 enrollment for TH103. The cash runway was extended into Q4 2027, providing sufficient liquidity through key Phase 1b/2 preliminary data expected in 1H 2027.