FibroBiologics Inc. reported a net loss of approximately $15.4 million for the nine months ended September 30, 2025, compared to a net loss of $8.1 million for the same period in 2024. General and administrative expenses were about $7.4 million for the first nine months of 2025, up from $6.9 million in 2024. The increase was mainly due to higher personnel costs, including stock-based compensation, increased professional fees, and travel expenses, partially offset by decreased expenses related to a Direct Listing. Cash and cash equivalents totaled approximately $4.9 million as of September 30, 2025. During the period, FibroBiologics advanced preparations to begin manufacturing its fibroblast-based spheroid product candidate, CYWC628, for a Phase 1/2 clinical trial in diabetic foot ulcer patients, scheduled for the first quarter of the following year. The company is also preparing to submit Investigational New Drug applications for CYPS317 for psoriasis and CYMS101 for multiple sclerosis, following the completion of pre-clinical IND-enabling studies.