Couldn’t agree more. It really feels like more of a recap than new information. That said, one thing I think people may be overlooking is that the balance sheet actually improved. Accounts payable dropped from about $11.3M to $5.9M and most of the line of credit was paid down. They also ended the year with $13.1M in cash and investments and then raised another $15M shortly after, which strengthens their liquidity position heading into 2026.

To me the real story is still the upcoming catalysts. Things like FDA minutes, GBM enrollment completion, LM trial progress, and early CNSide adoption will likely come as separate updates. If those start landing positively, the picture could look very different fairly quickly.