We estimate 3Q:25 revenue grew 10% year over year to $46 million and EPS advanced $0.01 to $0.08, largely due to greater demand for its therapeutic to treat patients exposed to rabies and higher sales of distributed products. 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 source plasma to sell to other firms. Kamada is also conducting clinical trials for a new treatment for antitrypsin deficiency (AATD) and 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 maintain our $13 price target, based on 30x our 2027 EPS estimate of $0.42.