PhenoTarget is developing first- and best-in-class small molecule therapeutics for fibrotic diseases including IPF, heart failure (HFpEF), and ADPKD. These compounds inhibit YAP nuclear localization and potently suppress YAP target gene expression in multiple cell types, including epithelial cells and myofibroblasts, that contribute to tissue fibrosis pathogenesis and progression. The lead compound exhibits best-in-class antifibrotic activity in cell culture and demonstrated efficacy in preclinical models of lung and cardiac fibrosis. The program is at an advanced stage of lead optimization. We expect to select a development candidate within 6-12 months and file for IND second half of 2026.