Q2 FY2026 EarningsQ2 FY2026 results outperformed consensus on profitability despite zero revenue in line with expectations for this clinical-stage biotech. Normalized Net Loss of $15.2M was better than the $16.6M expected, and Normalized EPS of -$0.40 beat the -$0.45 consensus. Management streamlined operations through a research workforce reduction and affirmed a robust cash runway through mid-2029, extending approximately one year beyond the estimated completion of the Phase 2 IPF trial.