We expect revenue to grow 6%-12% in 2026 and 2027 due to increased demand for KMDA's specialty plasma-based therapeutics and higher production from the recently opened plasma collection centers. In December, Kamada announced the discontinuation of its clinical trial for its inhalable treatment of Alpha-1 antitrypsin deficiency (AATD) after interim results showed the drug was unlikely to demonstrate a statistically significant benefit. KMDA will continue to generate revenue from its already approved intravenous treatment of AATD due to royalties from its partner, Takeda (NYSE: TAK, NC). As a result of the trial discontinuation, we think R&D expenses will decline by about $3-$4 million in 2026. Factoring in the higher projected revenue and the lower R&D costs, we expect 2026 EPS to surge 26% in 2026 to $0.44 and advance 18% in 2027 to $0.52. At the end of 2025, Kamada had $75 million in cash and no debt, or $1.30 per share in net cash. In March, the company adopted a $0.25 per share annual dividend, which represents a 3% annual yield based on the current share price. We maintain our $13 price target, based on 25x our 2027 EPS estimate of $0.52. We also maintain our moderate risk rating, citing KMDA's diverse portfolio of products, strong cash flow, and multiple growth drivers.