FG&A expenses were $3.1 million, up $0.5 million from the prior year period, largely attributable to higher salary and related expenses. Minus income net was $0.2 million, compared to financial expenses net of $0.5 million in the second quarter of 2025. The change was mainly due to exchange rate fluctuations. Taxes on income were $1.1 million, compared to $0.5 million in the second quarter of 2025, an increase of $0.6 million. This increase resulted mainly from taxes on income derived from global intangible low tax income or GILTI, resulting from limitations under IRC section 174. Net income for the quarter was 3.8 million or 5 cents per share, basic and diluted, compared to net income of 164,000 or zero dollars per share, basic and diluted in the second quarter of 2025. Turning to the balance sheet, cash, cash equivalents, and short-term bank deposit, They totaled $40.7 million as of June 30, 2026. We have no outstanding debt of warrants, providing us with substantial financial flexibility to support our continued pipeline advances. As we have noted in prior quarters, our revenues can vary from quarter to quarter based on the timing of shipment and order from our partners. We believe it is more useful to evaluate our business on a full-year basis, and we remain confident in our full-year 2026 guidance. With that, I will turn the call back over the board.

Thank you, Gilad. In closing, positive revenue trends to meet our full year 2026 value. We have a strong cash position to maintain our operations and advance our clinical and pre-clinical assets. We are confident in the momentum behind our business and about the opportunities ahead. Now, I will ask the operator to open the line for questions.

Thank you. We will now be conducting a question and answer session. if you would like to ask a question please press star 1 on your telephone keypad a confirmation tone will indicate your line is in the question queue you may press star 2 if you would like to remove your question from the queue for participants using speaker equipment it may be necessary to pick up your handset before pressing the star keys and our first question will actually our first question will come from Raj Haram Selvaraju with HC Wainwright.

Hi, this is Yanzi sitting in for Ram Selvaraju. Thanks for taking my question. I have two. The first is, so your presentation highlights E4W without a methotrexate and the E8W with NTX as the two differentiated profiles within release. What totality of evidence framework will determine which regimen advances to phase three? And could a modest month six responder rate difference be outweighed by eliminating MTX or extending gosing to E8W?

Can you repeat the question? Actually, both. I mean, if you manage to, as you say, one of the five pharmacies without methotrexate, which can be a huge competitive edge, but also a lower frequency of using the drug is also a big advantage. And we potentially can have both.

Right. So, okay. So, yeah, I'll repeat the question. My question is, what totality of evidence will determine which regimen advances to phase three? And could a modest month six responder rate difference be outweighed by eliminating the methotrexate or extending dosing to every eight weeks?

You know, we are running now the multiple dose studies of the phase two. We have to see the outcomes. And by the outcome, we can decide with which regimens we continue. It's difficult to tell you today. I mean, under what we have from the mechanism of action, and the data from the phase one and whatever we understand about the molecule and the regulation of the molecule and the outcomes we have so far, we think that these four arms, I'm not saying about the placebo, could be met. Which one will be met better? You know, we have to consider the reason.

So it's not just the frequencies, but let's say under the assumption hemogenicity is good or low or whatever the definition is, with a pretty low IRR and then it's only about the frequency and or with or without methotrexate we have to see the other question I have is relating to the 10k which reports approximately you know about 50% of phase 1 subjects who've developed ADAs and that comes with lower incidence at higher doses my question is how did the combined PK PD and immunogenicity data support selecting that fixed 36 milligram dose and what ADA profile and release would support every four weeks dosing without methotrexate?

I would say the ADA against the peg, against the end of the different ADAs and what are the outcomes, of course. Third are different arms. Phase one was a single ascending We chose the 36 milligrams, one of the PK, PD, if I may say, of course, and also under the assumption that this specific could be a convenient end, by the way, for the patients, if I may say, both the once in four weeks without methotrexate and the once in eight weeks with methotrexate, which let's call them like the highest.

Got it. Thank you so much for taking my questions.

And our next question will come from John Vander Mosten with Zax SCR.

Great. Nice to hear from you guys, Dora Galad. And congratulations on El Fabrio's patent term extension and the approval in South Korea. Things are going pretty good for that product. I want to start out with a question on just the trend in purchases of El Fabrio. I'm wondering, is there any benefit to having lumpy purchases? Because we had a nice increase this quarter. And I'm wondering, is that due perhaps to the new approvals in certain geographies? Or is there some other reason in terms of product runs or some other reason why it makes sense to have lumpy rather than steady purchases of El Fabrio.

Good morning and thank you.

As we always say, you know, one quarter, we prefer to look at the picture always year to date. We did have a nice quarter from Chiesi, which reflects also their growth of the business, but mainly reflects their inventory management.

Okay, so there's no rationale behind why they wouldn't make it smooth rather than lumpy?

Okay, all right, gotcha, gotcha. It's not a fair definition, I would say. They operate with a lot of sense and logic, of course, and they are responsible for what they are doing. They have their own, they see the demand, they know how much they sit on certain amount of inventories globally or per continent, and, of course, there are manufacturing plans vis-à-vis other programs that are marketing. It's a big company. So all in all, this is how it was decided and tried. And, of course, to make sure we sit on enough stocks, both DS and DP.

And jumping to 115, you know, I believe you've opened up some new sites, or at least on clinicaltrials.gov, it seems like there are a number of sites listed there compared to previous or earlier in the year. How is that going in terms of site activation? And, you know, kind of where are you right now? How much can you tell me? And then, you know, how many more do you think might be opening in the future so far in 2026?

We have actually maybe one site is missing. That's it. And we, at present, we expect to finalize enrollment within the next five months and by year end as we plan. Did we go this way so far? So good, knock on wood.

The question is kind of a bigger picture question on Amgen. They raised price pretty significantly this year, first quarter and second quarter, saw 20-plus percent price increases on Christexa. And I'm wondering, what does that tell you about the market? Does it make it look more attractive? I'm not sure of the details. Perhaps it was a payer mix or something like that. I didn't get into that, but I'm just wondering if you had any thoughts on what that dramatic price increase means for the space. i i don't have any insights on that and i don't know you get it from what they say or you get it from calculating sales to estimated number of patients oh it was in their press release their second quarter press release they said 23 percent increase in in pricing even the volumes were down and i i they didn't go into it but i mean my my thought was you know there's there's the the market will accept a higher price which may make it look more attractive for you guys for 115 so you know just wanted to see if that had any impact on your thoughts for uh you know this product and the pathway forward you know the revenues keep going it

was 1.3 billion in 2025 we see now the trend going to 1.6 so it's very encouraging for 115 as well as you said exactly okay well great i appreciate you guys time and thanks for taking my questions thank you and this now concludes our question and answer session i would like to turn Turn the floor back over to Drawer Bashan for closing comments.

Everybody that joined our call, confident in the momentum behind our business and about the opportunity.

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.