Biora is a drug-device company developing smart pills for GI diseases and enabling oral delivery of biologics. Its pipeline features two assets: NaviCap, for targeted drug delivery in GI diseases & BioJet, for oral delivery of biologics. NaviCap's BT-600 trial has reported its SAD & MAD topline & will advance to a Phase Ib. BioJet is on the cusp of a deal & may advance into the clinic through the efforts of pharma partners. Animal work has shown effective and accurate delivery of both small and large-molecule drugs using the NaviCap device and biologics in BioJet. Next steps are for the start of Phase I for NaviCap and completion of preclinical work for BioJet. BioJet is also the subject of four outside partnerships with pharmaceutical companies. NaviCap's accurate delivery of drug to the site where it is needed may create a new therapeutic class for the lead BT-600 program by providing improved efficacy with a better side effect profile. We expect clinical trials will be completed and approval granted for the NaviCap program in 2027 in UC and for partner efforts with the BioJet program in 2028. The accurate delivery of drug allows lower dosage to be used which may improve overall response and reduce side effects with potentially better outcomes.