By our estimates, although 2Q:25 revenue grew 8% year over year to $45.5 million largely due to greater demand for the company's therapeutic to treat patients exposed to rabies, EPS was flat with the prior year tally $0.08 due to increased operating expenses for opening a new center and new product development.. In March, the company announced the opening of its third center in San Antonio, TX, to collect specialty plasma for its anti-rabies therapeutic and to source plasma to sell to other firms. Kamada is also conducting clinical trials for a new treatment for antitrypsin deficiency (AATD) and says it expects approval sometime after 2028 The company is in discussions with potential distribution partners. We think a deal could include upfront payments to offset a portion of the trial costs. We expect revenue to grow 10%-12% in 2025 and 2026 as KMDA's distribution segment adds products and the recently opened plasma collection centers ramp production. At the end of March, Kamda had $76 million in cash and no debt, or $1.33 per share in net cash. We maintain our $13 price target, based on 35x our 2026 EPS estimate of $0.36.