We enjoyed a strong first half of the year! During the second quarter, our momentum continued, as we advanced our mission of working together to deliver favorable commercial and clinical development results.

During the quarter we remained dedicated to advancing our mission of working together to provide unique products that improve the quality of patient care, and we shared a number of exciting company updates, including:

• In June, promising data from our Phase 2 clinical trial of ifetroban was presented at the Parent Project Muscular Dystrophy Annual Conference. The presentation included additional biomarker data which correlated to the clinical findings showed a 5.4% improvement in cardiac function for patients with Duchenne muscular dystrophy (DMD)—a potentially life-changing result for individuals facing a condition where heart disease is the leading cause of death.

• In May, Caldolor® was featured in Clinical Therapeutics in a study focused on post-operative pain management for patients aged 60 and older. The analysis, which included over 1,000 older adults from our post-surgical trials, offers strong evidence that Caldolor is both safe and effective in this vulnerable population, especially as opioid alternatives remain a top priority.
  
• We recently launched the Vibativ® 4-Vial Starter Pak through a contract with Vizient, one of the largest healthcare performance improvement companies in the U.S. Vizient supports over 65% of acute care providers and 97% of academic medical centers, significantly expanding Vibativ’s reach.

• We posted strong second-quarter results, with $10.6 million in revenue. Year-to-date revenue for the first six months of 2025 totaled $22.6 million, a 23% increase over the prior year period.

We are very optimistic about our company’s future, and we look forward to building on our success throughout the remainder of the year.