ACRES Commercial (ACR) came out with quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -38.46%. A quarter ago, it was expected that this commercial real estate investment trust would post earnings of $0.35 per share when it actually produced earnings of $0.51, delivering a surprise of 45.71%.Over the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share ACR New York Stock Exchange 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock ACRPrC New York Stock Exchange 7.875% Series D Cumulative Redeemable Preferred Stock ACRPrD New York Stock Exchange FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of ...

Core Insights - Protalix BioTherapeutics is set to present data from a phase I clinical trial of PRX-115, a recombinant PEGylated uricase for uncontrolled gout, at the ACR Convergence 2024 [1] - The presentation will highlight the prolonged plasma urate-lowering effects after a single intravenous administration of PRX-115 [1] Company Overview - Protalix BioTherapeutics specializes in developing and commercializing recombinant therapeutic proteins using its proprietary ProCellEx plant cell-based expression system [2] - The company was the first to receive FDA approval for a protein produced through a plant cell-based expression system [2] - Protalix has licensed worldwide rights for taliglucerase alfa, its first product, to Pfizer, while retaining full rights in Brazil [2] Product Pipeline - Protalix's development pipeline includes PRX-115 for uncontrolled gout and PRX-119 for NETs-related diseases, among other proprietary recombinant therapeutic proteins [3]

SAN FRANCISCO, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical stage biopharmaceutical company developing targeted protein modulation drugs designed to treat patients with cancer and inflammatory diseases, today announced that preclinical data will be presented from NX-5948, Nurix’s proprietary BTK degrader currently in Phase 1b development for B-cell malignancies and in IND enabling studies for autoimmune disease, and GS-6791/NX-0479, an IRAK4 degrader discovered in co ...

Core Insights - Kronos Bio, Inc. is developing a p300 KAT inhibitor aimed at treating autoimmune diseases, with preclinical data to be presented at the ACR Convergence 2024 meeting [1][2][3] - The company is on track to announce a development candidate for autoimmune diseases by the end of 2024 [2][3] Company Overview - Kronos Bio is a clinical-stage company focused on small molecule therapeutics that target deregulated transcription, which is associated with cancer and other diseases [4] - The company utilizes a proprietary discovery engine to decode transcription factor regulatory networks, identifying druggable cofactors for therapeutic development [4] - Kronos Bio has a preclinical pipeline that includes two drug candidates: KB-0742 targeting CDK9 for MYC deregulation in solid tumors and KB-9558 targeting p300 for IRF4 dependence in multiple myeloma [4]

ACRES Commercial Realty (NYSE: ACR ) last paid a quarterly cash dividend in January 2020. This was a few months before the pandemic would spark global stay-at-home orders and roughly two years before mortgage REITs would faceThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-dividend tickers, ...

Acrivon Therapeutics, Inc. (NASDAQ: ACRV ), a relatively under-the-radar player in the biotech universe, has been quietly making waves in the precision oncology space. Leveraging its proprietary proteomics platform, ACRV is developing targeted therapies that could revolutionizeAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my ...

Confirmed overall response rate (ORR) = 62.5% (95% CI, 30.4-86.5) observed in prospectively-selected ACR-368 OncoSignature-positive (BM+) patients with endometrial cancer Achieved statistically significant segregation of responders in BM+ vs BM- subgroups based on OncoSignature patient selection (p-value = 0.009) ACR-368 endometrial cohort data maturing with all responders still on therapy; mDoR not yet reached (~6 months at time of data-cut) Endometrial cancer now anticipated to be the first tumor type wit ...

PART I - FINANCIAL INFORMATION [Item 1: Financial Statements](index=3&type=section&id=Item%201%3A%20Financial%20Statements) Consolidated financial statements for June 30, 2024, show total assets decreased to $2.095 billion, net income increased to $1.7 million, and credit loss allowance rose to $35.0 million [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $2.095 billion by June 30, 2024, driven by reduced CRE loans, slightly lowering total equity Consolidated Balance Sheet Summary (in thousands) | Metric | June 30, 2024 (unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,095,242** | **$2,196,105** | | CRE loans, net | $1,678,721 | $1,828,336 | | Cash and cash equivalents | $89,622 | $83,449 | | **Total Liabilities** | **$1,650,850** | **$1,749,890** | | Borrowings | $1,582,031 | $1,676,200 | | **Total Equity** | **$444,392** | **$446,215** | - Assets of consolidated variable interest entities (VIEs) decreased to **$1.37 billion** from **$1.48 billion** at year-end 2023, with a corresponding decrease in VIE liabilities[13](index=13&type=chunk) [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Net income allocable to common shares improved to $1.7 million in Q2 2024, driven by a real estate gain and lower credit loss provisions Key Operating Results (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $20,936 | $23,622 | $39,704 | $44,680 | | Net Interest Income | $10,755 | $14,706 | $22,115 | $28,660 | | Provision for credit losses, net | $1,337 | $2,700 | $6,233 | $7,796 | | **Net Income** | **$6,397** | **$5,558** | **$11,321** | **$7,851** | | **Net Income (Loss) Allocable to Common Shares** | **$1,653** | **$817** | **$2,209** | **$(1,599)** | | **Net Income (Loss) Per Common Share - Basic** | **$0.22** | **$0.10** | **$0.29** | **$(0.19)** | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities provided $10.2 million, investing activities generated $102.7 million, and financing activities used $113.2 million Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $10,211 | $24,468 | | Net cash provided by investing activities | $102,662 | $73,652 | | Net cash used in financing activities | $(113,166) | $(130,568) | | **Net (Decrease) Increase in Cash** | **$(293)** | **$(32,448)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail a CRE loan portfolio decrease to $1.7 billion, credit loss allowance increase to $35.0 million, and active share repurchases - The company's CRE loan portfolio had a carrying value of **$1.68 billion**, down from **$1.83 billion** at year-end 2023, consisting of 63 whole loans and one mezzanine loan[62](index=62&type=chunk) - The allowance for credit losses increased to **$35.0 million** as of June 30, 2024, from **$28.8 million** at year-end 2023, with a provision of **$6.2 million** recorded in the first six months of 2024[72](index=72&type=chunk)[75](index=75&type=chunk) - Total borrowings decreased to **$1.58 billion** from **$1.68 billion**, with CRE securitizations (**$1.09 billion**) being the largest component[107](index=107&type=chunk)[112](index=112&type=chunk) - During the first six months of 2024, the company repurchased **$3.6 million** of its common stock (**310,285 shares**) and **$2.2 million** of its Series D Preferred Stock (**100,000 shares**)[142](index=142&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses macroeconomic challenges, NOL utilization strategy, and improved net income despite a smaller CRE loan portfolio [Overview](index=39&type=section&id=Overview) The REIT navigates market challenges by leveraging significant NOL and capital loss carryforwards to grow book value - The company's short-term strategy is to drive book value growth by utilizing its NOL carryforwards of **$46.6 million** and a portion of its net capital loss carryforwards of **$121.9 million**[193](index=193&type=chunk) - The market faces challenges from inflation and prolonged higher interest rates, disrupting financial services, real estate, and credit markets[194](index=194&type=chunk) - The office property market continues to experience high vacancies and slower leasing activity, negatively impacting borrowers' investment support ability[196](index=196&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Net income allocable to common shares improved to $1.7 million in Q2 2024, driven by lower credit provisions and a real estate gain Net Income (Loss) Allocable to Common Shares (in thousands) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Three Months Ended June 30 | $1,653 | $817 | | Six Months Ended June 30 | $2,209 | $(1,599) | - Net interest income for Q2 2024 decreased by **$4.0 million** compared to Q2 2023, primarily due to a lower volume of interest-earning assets[219](index=219&type=chunk) - The provision for credit losses decreased to **$1.3 million** for Q2 2024 from **$2.7 million** in Q2 2023, contributing to higher net income[227](index=227&type=chunk)[231](index=231&type=chunk) - A non-recurring gain of **$5.8 million** on the conversion of a loan to real estate owned was recognized in the first half of 2024[233](index=233&type=chunk)[234](index=234&type=chunk) [Financial Condition](index=49&type=section&id=Financial%20Condition) Financial condition shows total assets at $2.1 billion, reduced CRE loan portfolio, increased credit loss allowance, and decreased leverage - The CRE loan portfolio's carrying amount decreased to **$1.68 billion** at June 30, 2024, from **$1.83 billion** at year-end 2023, with multifamily properties representing **79.4%** of the portfolio[198](index=198&type=chunk)[203](index=203&type=chunk) - The allowance for credit losses (CECL) increased to **$35.0 million**, or **2.0%** of the loan portfolio, reflecting worsening macroeconomic factors[212](index=212&type=chunk)[244](index=244&type=chunk) - The company's leverage ratio (borrowings to total equity) decreased to **3.6x** at June 30, 2024, from **3.8x** at December 31, 2023[316](index=316&type=chunk) - The company did not pay common share distributions during the first half of 2024, focusing on retaining liquidity and utilizing NOLs to grow book value[320](index=320&type=chunk) [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include credit, counterparty, financing, and interest rate risks, mitigated by strategies like interest rate caps - Primary market risks identified are credit risk, counterparty risk, financing risk, and interest rate risk[329](index=329&type=chunk) - To mitigate credit risk from rising interest rates, **85.6%** of the CRE loan portfolio's par value had interest rate caps in place as of June 30, 2024[331](index=331&type=chunk) Interest Rate Sensitivity Analysis | Scenario | Impact on Net Interest Income | Impact per Share | | :--- | :--- | :--- | | 100 Basis Point Decrease | $(839,000) | $(0.11) | | 100 Basis Point Increase | $846,000 | $0.11 | [Item 4: Controls and Procedures](index=71&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective at the reasonable assurance level as of the end of the period[340](index=340&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[341](index=341&type=chunk) PART II - OTHER INFORMATION [Item 1: Legal Proceedings](index=72&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is unaware of any litigation contingencies requiring accrual or disclosure in financial statements as of June 30, 2024 - The company is unaware of any contingencies arising from litigation that would require accrual or disclosure in the consolidated financial statements at June 30, 2024[343](index=343&type=chunk) [Item 1A: Risk Factors](index=72&type=section&id=Item%201A%3A%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2023 Annual Report on Form 10-K have occurred - No material changes to the risk factors disclosed in the 2023 Annual Report on Form 10-K have occurred as of the date of this report[344](index=344&type=chunk) [Item 2: Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=72&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company continued its share repurchase program and issued 333,333 common shares under incentive plans, with an ownership limit waiver - The company has an active share repurchase program, expanded by an additional **$10.0 million** in November 2023, with **$4.1 million** remaining available as of June 30, 2024[346](index=346&type=chunk) Issuer Purchases of Equity Securities (H1 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2024 | 75,138 (Common) | $9.86 | | Jan 2024 | 100,000 (Preferred) | $21.57 | | Feb 2024 | 52,195 (Common) | $10.14 | | Mar 2024 | 67,494 (Common) | $11.84 | | Apr 2024 | 52,812 (Common) | $13.83 | | May 2024 | 39,994 (Common) | $13.37 | | Jun 2024 | 22,652 (Common) | $12.80 | - On May 7, 2024, the company issued **333,333 shares** of common stock under its incentive plans after reaching a book value target of **$27.00 per share**[346](index=346&type=chunk) [Item 5: Other Information](index=72&type=section&id=Item%205%3A%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q2 2024 - No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2024[348](index=348&type=chunk) [Item 6: Exhibits](index=73&type=section&id=Item%206%3A%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including various agreements, articles, bylaws, and certifications

ACRES Commercial Realty Corp. (NYSE:ACR) Q2 2024 Earnings Call Transcript August 1, 2024 10:00 AM ET Company Participants Kyle Brengel - VP of Operations Mark Fogel - President and CEO Eldron Blackwell - CFO Andrew Fentress - Chairman Conference Call Participants Stephen Laws - Raymond James Chris Muller - Citizens JMP Operator Good day, ladies and gentlemen, and welcome to the Second Quarter 2024 ACRES Commercial Realty Corp. Earnings Conference Call. Currently, all participants are in a listen-only mode. ...