Company Strategy & Market Opportunity - Lilly aims to provide freedom from diabetes, eliminate serious health issues caused by obesity, and reduce cardiovascular deaths[10] - The company estimates a significant addressable market of over 170 million patients by 2030 for obesity and related conditions[13] - Outside of the US, the addressable market is expected to be approximately 1 billion patients[15] Orforglipron Development Program - Orforglipron, a GLP-1 small molecule, has a broad development plan including studies for Type 2 Diabetes, obesity, hypertension, and obstructive sleep apnea[20] - In the ACHIEVE-1 trial, all three doses of orforglipron achieved superiority versus placebo in reducing HbA1c levels in patients with Type 2 Diabetes[27] - ACHIEVE-1 trial data showed significant reductions in HbA1c observed as early as 4 weeks, with approximately 3/4 of patients achieving an ADA HbA1c target of less than 7%, and 2/3 reaching HbA1c ≤6.5%[27] - ACHIEVE-1 trial also demonstrated dose-dependent reduction in body weight, with approximately 2/3 of patients achieving ≥5% weight reduction and approximately 1/3 achieving ≥10% weight reduction[30] - Topline results for ATTAIN-1, an orforglipron trial in obesity, are expected in Q3 2025[39] Retatrutide Development Program - Retatrutide is undergoing global development with the TRIUMPH program for obesity and related complications, and the TRANSCEND program for Type 2 Diabetes[41] - Topline results for TRIUMPH-4, a retatrutide trial in knee osteoarthritis pain and overweight or obesity, are expected in Q4 2025[48] Tirzepatide & Early Phase Pipeline - The SURPASS-CVOT trial is designed to evaluate tirzepatide against dulaglutide in patients with established cardiovascular disease[51] - Eloralintide, a selective amylin receptor agonist, showed weight loss up to 11.3% in Phase 1 trials and is well-tolerated with less than 10% incidence of GI side effects[60]

Cisco Systems (CSCO) Conference Call Summary Company Overview - **Company**: Cisco Systems (CSCO) - **Date**: July 11, 2025 - **Focus**: Discussion on Cisco's Silicon One strategy Key Points Silicon One Strategy - **Overview**: Cisco's Silicon One strategy is a continuation of its ASIC development, which has been ongoing for four decades. The strategy was significantly enhanced by the acquisition of Libra in 2017, with the first product launch in 2019 [7][8] - **Current Status**: Cisco has eight distinct platforms utilizing Silicon One solutions, with a goal to fully adopt this architecture across its portfolio in the next three to five years [9][10] - **Device Deployment**: Silicon One has been deployed across 17 devices, with recent expansions into the campus market [11][12] Market Position and Competitive Landscape - **Market Dynamics**: Cisco is competing against companies like Broadcom and Marvell in the merchant silicon space. The internal silicon strategy is expected to improve margins by eliminating third-party chip costs [20][22] - **Adoption in Hyperscalers**: Cisco has seen adoption of Silicon One in five out of six hyperscalers, offering flexibility in deployment models [17][18] - **Competitive Advantages**: Key differentiators include programmability, packet buffering capabilities, and advanced telemetry features, which enhance performance and operational efficiency [51][53][55] AI Networking Orders - **Order Conversion**: Cisco expects a tighter conversion cycle from orders to revenue recognition for AI networking orders, with a typical lag of six to nine months [30][32] - **Market Size**: The total addressable market (TAM) for AI networking is significantly larger than previously estimated, with Cisco aiming to capture a larger share through execution and technology leadership [99][100] Technology and Innovation - **Product Development**: Cisco is focused on co-optimizing silicon and systems to address challenges in cooling and signal integrity, which is crucial for advanced data center architectures [104][105] - **Ethernet Opportunities**: Cisco believes Ethernet will adapt to scale-up requirements, although it may not fully replace proprietary solutions like NVLink [89][90] Supply Chain Management - **Resilience**: Cisco has a robust supply chain management strategy, allowing flexibility and adaptability in sourcing components, which is critical in meeting demand [107][108] Future Outlook - **Execution Focus**: The company emphasizes the importance of execution in technology development, with a commitment to meeting customer needs and maintaining high-quality standards [58][60] - **Market Aspirations**: Cisco aims to grow its market share in AI networking and related technologies, leveraging its established relationships and innovative product offerings [96][98] Additional Insights - **Fragmentation in Networking**: The current networking landscape is fragmented, with various architectures for different device classes. Cisco's unified architecture aims to simplify this complexity for customers [26][27] - **Customer Engagement**: Cisco's approach involves anticipating customer needs and providing tailored solutions, which is essential for maintaining competitive advantage in a rapidly evolving market [59][62]

Anito-cel Product Profile and Clinical Data - Anito-cel, a BCMA-directed CAR T-cell therapy, utilizes a novel D-Domain binder, potentially offering a best-in-class efficacy profile, differentiated safety, and rapid manufacturing[7, 8, 9, 15] - Phase 1 data showed a median Progression-Free Survival (PFS) of 30.2 months[17] - In the iMMagine-1 pivotal trial, the Overall Response Rate (ORR) was 97%, with a stringent Complete Response/Complete Response (sCR/CR) rate of 68%[92] - iMMagine-1 demonstrated a 6-month PFS rate of 91.9% and a 12-month PFS rate of 79.3%[98] - iMMagine-1 showed a favorable safety profile, with 85% of patients experiencing < Grade 1 Cytokine Release Syndrome (CRS) and 92% experiencing no Immune Effector Cell-associated Neurotoxicity Syndrome (ICANS)[17, 108, 118] Market Opportunity and Commercial Strategy - The Multiple Myeloma (MM) CAR T market is projected to reach approximately $12 billion in the 2L+ setting[7, 19, 21, 55, 61] - Arcellx anticipates a high gross margin of ≥70% at launch for anito-cel, with profitability achievable before reaching $1 billion in anito-cel sales[51, 55] - Post-approval, 90% of US Healthcare Professionals (HCPs) are motivated to prescribe anito-cel[30] - Anito-cel is expected to launch with a large Authorized Treatment Center (ATC) network, projected to be 160+ ATCs, leveraging Kite's infrastructure[17, 33, 62] - Payer coverage for anito-cel is projected to be >80% of US lives within 30 days and >90% within 90 days post-launch[45]

Revenue Growth - Byrna Technologies reported preliminary fiscal second quarter revenues of $28.5 million, a 41% increase from $20.3 million in the same quarter last year[3]. - E-commerce sales grew by 15% year-over-year, reflecting increased brand recognition and a balanced channel mix[4]. - Dealer sales surged 106% year-over-year to $7.5 million, driven by a partnership with Sportsman's Warehouse[5]. - International sales increased by 86%, including approximately $800,000 in royalty revenue from Byrna LATAM[6]. - Byrna's total sales breakdown for Q2 2025 included $16.6 million from web sales, $7.5 million from dedicated dealers, and $3.6 million from international sales[9]. Production and Manufacturing - Byrna produced 38,237 Compact Launchers in the quarter, contributing to a total of 63,835 launchers manufactured[6]. - The company plans to transition to a steady-state production cadence of 15,000 launchers per month[8]. Future Outlook - The company anticipates maintaining momentum through the second half of 2025, supported by the CL launch and expanded marketing efforts[8]. - Byrna plans to report full financial results for the fiscal second quarter in July, accompanied by a conference call for investors and analysts[10]. Risk Management - The company emphasizes the importance of addressing potential risks that could affect future performance, including supply chain disruptions and market responses[13].

Part I [Business](index=8&type=section&id=Item%201.%20Business) Culp, Inc. is a leading North American marketer of mattress and upholstery fabrics, undergoing a significant restructuring in fiscal 2025 to enhance efficiency - Culp is one of the largest marketers of mattress and upholstery fabrics in North America, serving leading bedding and furniture companies globally[15](index=15&type=chunk) Fiscal 2025 Restructuring Overview | Action | Description | | :--- | :--- | | **NA Mattress Ops Consolidation** | Phased wind-down and closure of the Quebec, Canada manufacturing plant, with knitting operations moved to Stokesdale, NC | | **Weaving Operation Transition** | Transitioned internal weaving to a strategic sourcing model, primarily with a partner in Turkey | | **Haiti Consolidation** | Consolidated the sewn mattress cover operation in Haiti into a single building to reduce expenses | | **China Finishing Rationalization** | Aligned the upholstery fabrics finishing operation in China with demand, leveraging supply relationships | | **Corporate Expense Reduction** | Targeted annualized savings of $1.5 million in unallocated corporate and shared services expenses | - The company incurred approximately **$9.4 million** in total restructuring and related costs in fiscal 2025[23](index=23&type=chunk) Net Sales by Segment (in Millions) | Segment | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | | :--- | :--- | :--- | :--- | | Mattress Fabrics | $113.9 (53%) | $116.4 (52%) | $111.0 (47%) | | Upholstery Fabrics | $99.3 (47%) | $108.9 (48%) | $123.9 (53%) | | **Total** | **$213.2 (100%)** | **$225.3 (100%)** | **$234.9 (100%)** | Net Sales by Geographic Area (FY2025) | Geographic Area | Sales (in thousands) | Percentage of Total | | :--- | :--- | :--- | | United States | $143,713 | 67.4% | | North America (Excl. USA) | $32,912 | 15.4% | | Far East and Asia | $30,586 | 14.3% | | All other areas | $6,026 | 2.8% | | **Total** | **$213,237** | **100.0%** | [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from economic uncertainty, intense competition, global supply chain issues, and activist shareholders - Economic uncertainty, inflationary pressures, and declines in consumer confidence negatively affect demand for furniture and bedding, which has adversely impacted sales and may continue to do so[120](index=120&type=chunk)[121](index=121&type=chunk) - The business is highly competitive and fragmented, with significant competition from low-cost foreign producers, increasing deflationary price pressures and market share loss risks[123](index=123&type=chunk)[124](index=124&type=chunk) - Increased U.S. tariffs on imports, especially from China, have compelled price increases and are likely to impact sales and gross margins, potentially affecting customer sales[131](index=131&type=chunk)[132](index=132&type=chunk) - Significant reliance on foreign operations and sourcing, particularly in China and Turkey, exposes the company to supply chain disruptions, political instability, and regulatory changes[136](index=136&type=chunk) - The company faces risks from activist shareholders, with an agreement made in June 2025 with 22NW, LP, including board appointments and a strategy committee formation[164](index=164&type=chunk) - The company's two largest customers, Serta-Simmons Bedding and La-Z-Boy Incorporated, accounted for approximately **13%** and **11%** of consolidated net sales in fiscal 2025, with loss of either significantly impacting sales and earnings[157](index=157&type=chunk) [Unresolved Staff Comments](index=44&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments from the SEC - None[182](index=182&type=chunk) [Cybersecurity](index=44&type=section&id=Item%201C.%20Cybersecurity) The Board's Audit Committee oversees the company's cybersecurity risk management program, with no material incidents identified - The Board's Audit Committee has primary oversight responsibility for cybersecurity risks and receives quarterly presentations on the program[190](index=190&type=chunk) - The company's cybersecurity strategy includes a security operations program, third-party risk management, an incident response plan, annual assessments by specialists, and security awareness training[192](index=192&type=chunk) - The company has not identified any cybersecurity incidents that have materially affected or are reasonably likely to materially affect its business, results of operations, or financial condition[189](index=189&type=chunk) [Properties](index=49&type=section&id=Item%202.%20Properties) Culp owned or leased thirteen facilities as of FY2025, with restructuring leading to plant closures and consolidations - The company owns its primary manufacturing and distribution facilities in Stokesdale, North Carolina[197](index=197&type=chunk) - As part of restructuring, the manufacturing facility in Quebec, Canada was closed and sold effective April 30, 2025[201](index=201&type=chunk) - The company plans to close its leased facility in Burlington, North Carolina, and transition its activities to the owned facility in Stokesdale, North Carolina, as part of its segment integration strategy[201](index=201&type=chunk) [Legal Proceedings](index=49&type=section&id=Item%203.%20Legal%20Proceedings) The company reports no legal proceedings that are required to be disclosed under this item - There are no material legal proceedings to which the company or its subsidiaries are a party[200](index=200&type=chunk) [Mine Safety Disclosure](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This item is not applicable to the company - Not applicable[203](index=203&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%205.%20Market%20for%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Culp, Inc.'s common stock trades on NYSE; dividends are suspended, and no shares were repurchased in fiscal 2025 - The company's quarterly cash dividend has been suspended since June 29, 2022, and no dividends were paid in fiscal 2025[209](index=209&type=chunk) - No shares of common stock were repurchased during fiscal 2025, with approximately **$3.2 million** remaining available for future repurchases under the authorized program as of April 27, 2025[208](index=208&type=chunk)[326](index=326&type=chunk) [RESERVED]](index=54&type=section&id=Item%206.%20%5BRESERVED%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated net sales decreased to **$213.2 million** in fiscal 2025, resulting in a **$19.1 million** net loss due to restructuring and weak demand Consolidated Results of Operations (in thousands) | Metric | FY 2025 | FY 2024 | Change | | :--- | :--- | :--- | :--- | | Net sales | $213,237 | $225,333 | (5.4)% | | Gross profit | $25,067 | $27,939 | (10.3)% | | Loss from operations | $(18,377) | $(11,308) | 62.5% | | Net loss | $(19,103) | $(13,819) | 38.2% | - The increase in operating loss was significantly impacted by restructuring expenses, which totaled approximately **$9.4 million** in fiscal 2025 compared to **$676,000** in fiscal 2024[236](index=236&type=chunk) - Cash and cash equivalents decreased by **$4.4 million** to **$5.6 million** as of April 27, 2025, primarily due to **$17.7 million** in cash used for operating activities and **$2.9 million** in capital expenditures[243](index=243&type=chunk) - As of April 27, 2025, the company had outstanding borrowings of **$12.7 million** under its line of credit agreements[245](index=245&type=chunk) [Segment Analysis - Mattress Fabrics Segment](index=61&type=section&id=Segment%20Analysis%20-%20Mattress%20Fabrics%20Segment) Mattress Fabrics net sales decreased 2.1% to **$113.9 million**, but operating loss improved due to restructuring cost reductions Mattress Fabrics Segment Performance (in thousands) | Metric | FY 2025 | FY 2024 | Change | | :--- | :--- | :--- | :--- | | Net sales | $113,906 | $116,370 | (2.1)% | | Gross profit | $7,936 | $6,289 | 26.2% | | Loss from operations | $(5,235) | $(6,845) | (23.5)% | - Operating performance improved due to fixed cost reductions and efficiency gains from the Fiscal 2025 restructuring, despite being significantly affected by **$8.5 million** in restructuring and related expenses for the segment[253](index=253&type=chunk)[258](index=258&type=chunk) Mattress Fabrics Segment Assets (in thousands) | Asset | April 27, 2025 | April 28, 2024 | % Change | | :--- | :--- | :--- | :--- | | Accounts receivable | $10,576 | $10,003 | 5.7% | | Inventory | $33,293 | $27,671 | 20.3% | | Property, plant & equipment | $23,259 | $31,472 | (26.1)% | | **Total segment assets** | **$69,430** | **$70,773** | **(1.9)%** | [Segment Analysis - Upholstery Fabrics Segment](index=67&type=section&id=Segment%20Analysis%20-%20Upholstery%20Fabrics%20Segment) Upholstery Fabrics net sales fell 8.8% to **$99.3 million** due to market downturn, with operating income decreasing 29.9% Upholstery Fabrics Segment Performance (in thousands) | Metric | FY 2025 | FY 2024 | Change | | :--- | :--- | :--- | :--- | | Net sales | $99,331 | $108,963 | (8.8)% | | Gross profit | $18,752 | $21,690 | (13.5)% | | Income from operations | $4,057 | $5,787 | (29.9)% | - The decline in sales reflects a continued downturn in the home furnishings market and was exacerbated by tariff-related market uncertainty in the fourth quarter[271](index=271&type=chunk) - As part of a strategic transformation, the company will close its leased facility in Burlington, NC, and transition activities to its owned facility in Stokesdale, NC, to streamline costs[277](index=277&type=chunk) [Liquidity and Capital Resources](index=75&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity weakened in fiscal 2025, with cash decreasing to **$5.6 million** due to operating activities and capital expenditures - Cash and cash equivalents decreased by **$4.4 million**, from **$10.0 million** at FYE 2024 to **$5.6 million** at FYE 2025[318](index=318&type=chunk) - Net cash used in operating activities was **$17.7 million**, an increase of **$9.5 million** from the prior year, reflecting lower cash earnings and an increase in inventory purchases during restructuring[319](index=319&type=chunk) - The company had outstanding borrowings of **$12.7 million** as of April 27, 2025, and available borrowings of **$21.4 million** under its domestic credit facility[320](index=320&type=chunk)[508](index=508&type=chunk) - The dividend program remains suspended, and no shares were repurchased in fiscal 2025[323](index=323&type=chunk)[326](index=326&type=chunk) [Critical Accounting Estimates](index=81&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates include Inventory Valuation, Income Taxes Valuation Allowance, and Stock-Based Compensation, requiring significant judgment - For Inventory Valuation, management continually examines inventory for obsolescence, with a **$1.7 million** non-cash credit to cost of sales in Q4 FY2025 due to a change in accounting estimate for the finished goods markdown reserve[350](index=350&type=chunk)[351](index=351&type=chunk) - For Income Taxes, the company recorded a full valuation allowance of **$26.3 million** against its U.S. net deferred tax assets as of April 27, 2025, concluding they are more-likely-than-not not fully realizable[355](index=355&type=chunk)[305](index=305&type=chunk) - Stock-Based Compensation expense recognition requires significant judgment, including forecasting future financial results and using complex assumptions in valuation models for performance-based awards[358](index=358&type=chunk)[359](index=359&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=84&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to interest rate and foreign currency risks, with **$12.7 million** in variable-rate borrowings outstanding - The company is exposed to interest rate risk on its variable-rate credit agreements in the U.S. and China, with outstanding borrowings totaling **$4.6 million** under the U.S. facility and approximately **$8.1 million** under China facilities as of April 27, 2025[366](index=366&type=chunk)[367](index=367&type=chunk)[368](index=368&type=chunk) - The company is exposed to foreign currency risk from its operations in Canada, China, and Vietnam, attempting to manage this risk through a natural hedge, and a **10%** change in exchange rates is not expected to have a material impact[371](index=371&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=85&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal 2025, with an unqualified auditor's opinion - The independent auditor, Grant Thornton LLP, issued an unqualified opinion on the consolidated financial statements[373](index=373&type=chunk) Consolidated Balance Sheet Summary (in thousands) | | April 27, 2025 | April 28, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $83,534 | $80,881 | | **Total Assets** | **$123,370** | **$132,054** | | **Total Current Liabilities** | $46,964 | $38,107 | | **Total Liabilities** | $65,730 | $55,925 | | **Total Shareholders' Equity** | $57,640 | $76,129 | | **Total Liabilities and Equity** | **$123,370** | **$132,054** | Consolidated Statement of Net Loss Summary (in thousands) | | FY 2025 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | | Net Sales | $213,237 | $225,333 | $234,934 | | Gross Profit | $25,067 | $27,939 | $10,896 | | Loss from Operations | $(18,377) | $(11,308) | $(28,478) | | **Net Loss** | **$(19,103)** | **$(13,819)** | **$(31,520)** | | **Net Loss Per Share** | **$(1.53)** | **$(1.11)** | **$(2.57)** | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=91&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on accounting or financial disclosure matters - There were no disagreements with accountants on accounting principles or financial disclosure[594](index=594&type=chunk) [Controls and Procedures](index=91&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of April 27, 2025 - Management concluded that disclosure controls and procedures were effective as of April 27, 2025[596](index=596&type=chunk) - Management concluded that internal control over financial reporting was effective as of April 27, 2025, based on the COSO 2013 framework[598](index=598&type=chunk) [Other Information](index=91&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements in the fourth quarter of fiscal 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement in the fourth quarter[602](index=602&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=91&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not Applicable[603](index=603&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=92&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the Proxy Statement - This information is incorporated by reference from the company's definitive Proxy Statement[605](index=605&type=chunk) [Executive Compensation](index=92&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive Proxy Statement - This information is incorporated by reference from the company's definitive Proxy Statement[607](index=607&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=92&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the Proxy Statement, including equity compensation plan details - This information is incorporated by reference from the company's definitive Proxy Statement[608](index=608&type=chunk) Equity Compensation Plan Information (as of April 27, 2025) | Plan Category | Securities to be issued upon exercise (a) | Weighted-average exercise price (b) | Securities remaining available for future issuance (c) | | :--- | :--- | :--- | :--- | | Approved by security holders | 846,119 | $ — | 668,353 | | Not approved by security holders | — | — | — | | **Total** | **846,119** | **$ —** | **668,353** | [Certain Relationships and Related Transactions, and Director Independence](index=93&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the Proxy Statement - This information is incorporated by reference from the company's definitive Proxy Statement[613](index=613&type=chunk) [Principal Accountant Fees and Services](index=93&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's definitive Proxy Statement - This information is incorporated by reference from the company's definitive Proxy Statement[615](index=615&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=94&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements and all exhibits filed with the Form 10-K report - This section lists the consolidated financial statements and all exhibits filed with the Form 10-K[618](index=618&type=chunk)[621](index=621&type=chunk) [Form 10-K Summary](index=96&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[623](index=623&type=chunk)

Biogen's Strategic Direction - Biogen is broadening its portfolio across Neuro, Immunology & Rare Disease, aiming for long-term sustainable growth[4,17] - Approximately 50% of Biogen's total company revenue is projected to come from outside of MS, including Biosimilars[17] Felzartamab's Potential in Nephrology - Felzartamab targets CD38-expressing cells, offering a differentiated approach for antibody-mediated diseases[27,29] - Phase 3 programs for Felzartamab are underway, targeting Antibody Mediated Rejection (AMR), IgA Nephropathy (IgAN), and Primary Membranous Nephropathy (PMN)[106] Antibody Mediated Rejection (AMR) - Late AMR affects approximately 11,000 patients in the U S, with >75% transplant loss and a median graft survival of ~2 years after diagnosis[36,37,40] - In a Phase 2 study, Felzartamab treatment resulted in >80% biopsy late AMR resolution at week 24, compared to 20% in the placebo group[53] - A Phase 3 study for Felzartamab in late AMR is underway, with data expected in 2027[56] IgA Nephropathy (IgAN) - IgAN affects approximately 130,000 patients in the U S, with up to 40% of patients reaching end-stage kidney disease within 20 years of diagnosis[61] - Phase 2 data showed that with 5 months of Felzartamab treatment, patients had sustained clinical benefit out to 2 years, with ~50% UPCR reduction at 24 months in the 9-dose group[69,71] - A Phase 3 study for Felzartamab in IgAN is designed to demonstrate improvement in kidney function, with data expected in 2029[74] Primary Membranous Nephropathy (PMN) - PMN affects approximately 36,000 patients in the U S, with up to 40% progressing to end-stage kidney disease within 15 years[80,81,103] - Phase 2 data showed robust and sustained reductions in anti-PLA2R and improvements in both newly diagnosed/relapsed (NDR) and refractory PMN patients[103] - A Phase 3 study for Felzartamab in PMN is designed to demonstrate complete remission of proteinuria, with data expected in 2029[100]

Financial Performance & Growth - The company delivered profitable revenue growth, maintaining a "+40% Rule Of" since its IPO in 2021[16] - The company's core business is strong and growing, with a 17% growth in the first half of 2025[19, 283] - Q2 2025 revenue is expected to grow approximately 17% year-over-year, with revenue between $180 million and $184 million[267] - The company's adjusted EBITDA for FY 2025 is expected to be between $52 million and $56 million, with a margin of approximately 32%[267] Platform & Product Innovation - The company is expanding into media optimization and performance measurement via the DV Media AdVantage Platform (MAP), expanding its total addressable market (TAM)[19, 20] - The company launched suitability measurement and activation on Meta and TikTok[18] - The company's CTV measurement volumes have grown from 5% to 11%[18] - The company's AI-powered implementations have doubled, accelerating some development cycles by 20X[18] Market Opportunity & Strategy - The company estimates its total addressable market (TAM) to be $27 billion+, including verification ($21 billion), optimization ($1 billion), and outcomes ($5 billion)[39, 40] - The company is expanding its reach across channels (Social, CTV, retail media), customers (large advertisers, mid-market, performance marketers), and the full-funnel (brand metrics to business outcomes)[48] AI & Data Advantage - The company possesses an independent, differentiated, and scaled proprietary data set to leverage AI, processing 300 billion+ daily signals[45, 46, 204] - The company's hybrid AI approach combines rules-based systems, neural networks, traditional ML, and LLMs for customizable, multimodal, scalable, auditable, and agentic solutions[220] DV Authentic AdVantage & Social Media - 87% of consumers expect brands to avoid unsafe content, and 2/3 will walk away if they don't[84] - A CPG brand using DV Authentic AdVantage saw a 35% decrease in media CPM, a 60% increase in impression volume, and a 10% increase in suitability score[118] - A global footwear company using DV Authentic AdVantage Pre-Bid & Scibids on YouTube experienced a 70% lower cost, a 200% greater volume, and a 30% greater suitability score[124] DV Scibids AI & Outcomes - The company has scaled and upsold DV Scibids AI to 200 clients[144] - DV Scibids AI has driven an average increase of 4x in client ROI and a 67% increase in campaigns optimized[144] - Icelandair maximized bookings at the lowest possible cost, achieving a 10.4x DV Scibids ROI and a 70% reduction in CPA after implementing DV Scibids[145]

Company Overview and Financial Status - Crinetics has a strong financial position with $1.3 billion in cash, cash equivalents, and investments[31] - The company anticipates its first commercial launch this year and holds IP rights into the 2040s[31] Pipeline Programs and Focus - Crinetics is developing paltusotine, with a PDUFA date in September 2025, for acromegaly[27] - The company is developing CRN12755, a TSHR antagonist, for Graves' Hyperthyroidism and Graves' Orbitopathy (TED), with plans for an IND submission[123] - Crinetics is advancing CRN10329, an SST3 agonist, for Autosomal Dominant Polycystic Kidney Disease (ADPKD), with IND-enabling studies ongoing[150] - The company is developing CRN09682, a nonpeptide drug conjugate (NDC), targeting SST2-expressing tumors, currently in Phase 1/2 study[254] Market and Patient Reach - Graves' Hyperthyroidism affects over 3 million individuals in the US, with a significant portion developing TED[75] - ADPKD affects approximately 145,000 diagnosed patients in the US, with 50% developing end-stage kidney disease[130, 131] - The addressable patient population for Graves' Orbitopathy (TED) is up to approximately 170,000 incident cases[120]

Company Performance - MINISO Group Holding Limited Unsponsored ADR (MNSO) closed at $17.74, reflecting a -1.93% change from the previous day, underperforming the S&P 500's daily loss of 0.33% [1] - Over the past month, MNSO shares have decreased by 1.47%, while the Retail-Wholesale sector gained 0.67% and the S&P 500 increased by 4.07% [1] Upcoming Earnings - The upcoming earnings disclosure is highly anticipated, with a consensus estimate forecasting revenue of $672.03 million, representing a 21.03% growth compared to the same quarter last year [2] Annual Forecast - For the entire year, Zacks Consensus Estimates predict earnings of $1.12 per share and revenue of $2.9 billion, indicating changes of -2.61% for earnings and +22.75% for revenue compared to the previous year [3] Analyst Revisions - Recent revisions to analyst forecasts for MNSO are important as they reflect near-term business trends, with positive revisions indicating optimism about the business outlook [4] Zacks Rank - The Zacks Rank system currently rates MNSO as 5 (Strong Sell), with no changes in the consensus EPS estimate over the past month [6] Valuation Metrics - MNSO is trading at a Forward P/E ratio of 16.22, which is a discount compared to its industry's Forward P/E of 17.97 [7] - The company has a PEG ratio of 1.06, while the average PEG ratio for Retail - Apparel and Shoes stocks is 2.02, indicating a more favorable valuation relative to expected earnings growth [8] Industry Context - The Retail - Apparel and Shoes industry, part of the Retail-Wholesale sector, has a Zacks Industry Rank of 209, placing it in the bottom 16% of over 250 industries [8][9]

Company Performance - Intuitive Surgical, Inc. (ISRG) stock was down 2.66% at $512.06, underperforming the S&P 500's daily loss of 0.33% [1] - Over the previous month, ISRG shares gained 2.54%, outperforming the Medical sector's loss of 0.32% but underperforming the S&P 500's gain of 4.07% [1] Upcoming Earnings - The upcoming earnings report for Intuitive Surgical is expected on July 22, 2025, with a forecasted EPS of $1.92, reflecting a 7.87% increase from the same quarter last year [2] - Revenue is projected at $2.35 billion, indicating a 16.81% rise from the equivalent quarter last year [2] Full Year Estimates - For the full year, earnings are projected at $7.84 per share and revenue at $9.65 billion, showing increases of +6.81% and +15.56% respectively from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for Intuitive Surgical reflect short-term business trends, with positive revisions indicating optimism about the business outlook [3] Zacks Rank - Intuitive Surgical is currently rated as Zacks Rank 2 (Buy), with the Zacks Rank system showing a strong track record of performance [5] Valuation Metrics - The company has a Forward P/E ratio of 67.09, significantly higher than the industry average of 23.76 [6] - The PEG ratio for ISRG is 4.44, compared to the Medical - Instruments industry's average PEG ratio of 2.29 [6] Industry Overview - The Medical - Instruments industry, part of the Medical sector, has a Zacks Industry Rank of 168, placing it in the bottom 32% of over 250 industries [7] - Top-rated industries (top 50%) outperform the bottom half by a factor of 2 to 1 [7]