In the fourth quarter of 2025, Initiator Pharma successfully transitioned from clinical preparation to clinical execution, marking a defining milestone in the company’s development. Following the UK regulatory and ethics approval received in November, we initiated patient enrolment in our randomized, placebo-controlled Phase IIa proof-of-concept study with our lead asset pudafensine in 24 women suffering from vulvodynia, a debilitating neuropathic pain condition with no approved therapies and a substantial unmet medical need.