72 Results of Operations The following table summarizes the results of our operations for the periods indicated (in thousands, except percentages): Year Ended December 31, Change 2025 2024 Dollar Percent Operating expenses ............................ Research and development $ 182,373 $ 126,095 $ 56,278 45% ........................... General and administrative 52,015 60,754 (8,739) (14%) ....................................... Loss from operations (234,388) (186,849) (47,539) 25% .............................................. Interest income 4,517 11,148 (6,631) (59%) ......................... Other income (expense), net (96) (506) 410 (81%) ............................................................ Net loss $ (229,967) $ (176,207) $ (53,760) 31% Research and Development Expenses Research and development expenses increased $56.3 million, or 45%, during the year ended December 31, 2025 as compared to 2024. The following table summarizes our research and development expenses for each year (in thousands): Year Ended December 31, 2025 2024 Change ....................................... Tarcocimab program expenses $ 54,049 $ 39,496 $ 14,553 ....................... KSI-501 and KSI-101 program expenses 28,980 8,495 20,485 ................... ABC Platform and other program expenses 23,776 12,915 10,861 ...................................... Payroll and personnel expenses 56,082 45,522 10,560 .......................................................................... Facilities and other research and development expenses 19,486 19,667 (181) .................. Total research and development expenses $ 182,373 $ 126,095 $ 56,278 Tarcocimab program expenses increased $14.6 million during the year ended December 31, 2025 as compared to 2024, primarily driven by increased costs related to the ongoing DAYBREAK pivotal phase 3 clinical trial, which was activated in mid-2024. KSI-501 and KSI-101 program expenses increased $20.5 million during the year ended December 31, 2025 as compared to 2024, due to increased costs related to DAYBREAK (a study for both tarcocimab and KSI-501) and the PEAK/PINNACLE and APEX clinical trials (studies for KSI-101), partially offset by reduced manufacturing expenses due to timing of production runs. ABC Platform and other program expenses increased $10.9 million during the year ended December 31, 2025 as compared to 2024, primarily due to increased biopolymer manufacturing activities in 2025. Payroll and personnel expenses increased $10.6 million during the year ended December 31, 2025 as compared to 2024, due to $5.4 million higher stock-based compensation reflecting forfeitures of equity awards in 2024 and $5.2 million higher payroll-related expenses from increased headcount in 2025. Facilities and other research and development expenses, which consists primarily of rent-related costs and depreciation of facilities and lab equipment, remained relatively flat. General and Administrative Expenses General and administrative expenses decreased $8.7 million, or 14%, during the year ended December 31, 2025 compared to 2024 due to $6.8 million lower stock compensation expense as we are no longer recognizing expense associated with older, higher-value stock awards that fully vested, and a $2 million reduction in facilities costs driven by lower net rent expense after subleasing one of our Palo Alto buildings (partially offset by a non-cash $1.9 million lease impairment expense recorded in the first quarter of 2025 also related to the sublease). Interest Income Interest income decreased $6.6 million during the year ended December 31, 2025 as compared to 2024, which was attributable to the overall decrease in cash available to earn interest during 2025 combined with lower rates of return.