Q2 FY2026 EarningsQ2 FY2026 results showed a narrower-than-expected loss, with GAAP EPS of -$0.11 beating consensus of -$0.125. The company announced a major corporate restructuring including a 60% workforce reduction to prioritize its efzofitimod program in ILD, which is expected to reduce annualized operating expenses by $13M starting in Q4. With $58.9M in cash, the runway is now extended into late 2028, although further Phase 3 development will still require additional capital.