Q2 FY2026 EarningsQ2 FY26 missed consensus estimates significantly as net loss reached $3.55M vs. the $2.80M expected. While the company generated no revenue, in line with expectations for a clinical-stage firm, R&D expenses surged 120% YoY to $2.2M due to preparations for Phase 2/3 clinical trials of SIL204. EPS GAAP of -$5.17 beat the -$2.12 consensus primarily due to massive share dilution from ATM offerings and warrant inducements, which inflated the share count to 687,353 vs. a lower projected base.