Core Insights - Ascletis Pharma Inc. has initiated a Phase I clinical trial for ASC50, an oral small molecule inhibitor targeting interleukin-17 (IL-17), aimed at treating psoriasis [2][3] - The trial is randomized, double-blind, and placebo-controlled, involving both healthy participants and patients with mild-to-moderate plaque psoriasis [3] - Preclinical data suggests that ASC50 has higher oral exposure, a longer half-life, and strong efficacy, positioning it as a potential best-in-class treatment for psoriasis [1] Company Overview - Ascletis Pharma Inc. is a fully integrated biotechnology company focused on developing and commercializing innovative therapeutics for metabolic diseases [4] - The company utilizes its proprietary Artificial Intelligence-Assisted Structure-Based Drug Discovery (AISBDD) Platform and Ultra-Long-Acting Platform (ULAP) to develop drug candidates in-house [4] - Ascletis is listed on the Hong Kong Stock Exchange under the ticker 1672.HK [4]

Core Insights - Ascletis Pharma Inc. is set to present preliminary studies on its oral GLP-1 receptor agonist ASC30 and weight loss drug candidate ASC47 at the 85th Scientific Sessions of the American Diabetes Association in Chicago [1][5] Group 1: ASC30 - ASC30 is an investigational GLP-1 receptor biased small molecule agonist that can be administered both orally and via subcutaneous injection [3] - It is a new chemical entity with patent protection in the U.S. and globally until 2044 [3] - The first-in-human single ascending dose study will be presented under poster number 750-P on June 22, 2025 [2] Group 2: ASC47 - ASC47 is an adipose-targeted, ultra-long-acting small molecule agonist that selectively targets thyroid hormone receptor beta [4] - It is designed to achieve high drug concentrations in adipose tissue, demonstrating unique properties for obesity treatment [4] - The ongoing Phase I clinical trial in combination with semaglutide for obesity treatment began dosing participants in May 2025 [4][2] Group 3: American Diabetes Association (ADA) - The ADA is a leading nonprofit organization focused on diabetes prevention, cure, and improving the lives of those affected by diabetes [5] - The 85th Scientific Sessions will take place from June 20 to 23, 2025, in Chicago, setting the agenda for clinical practice and research innovation [5] Group 4: Ascletis Pharma Inc. - Ascletis is an innovative R&D-driven biotech company listed on the Hong Kong Stock Exchange, focusing on metabolic diseases [6] - The company covers the entire value chain from drug discovery and development to GMP manufacturing [6] - Ascletis has multiple clinical-stage drug candidates in its metabolic disease pipeline, addressing unmet medical needs globally [7]

Core Insights - Ascletis Pharma Inc. announced that denifanstat (ASC40), a first-in-class oral fatty acid synthase (FASN) inhibitor, successfully met all primary and secondary endpoints in a Phase III clinical trial for moderate to severe acne vulgaris [1][6][10] Clinical Trial Overview - The Phase III trial was a randomized, double-blind, placebo-controlled study conducted in China with 480 patients, comparing 50 mg denifanstat to a placebo over 12 weeks [2] - Baseline characteristics were well balanced between the treatment and placebo groups, with total lesion counts of 102.2 for denifanstat and 102.1 for placebo [11] Efficacy Results - Primary endpoints showed a treatment success rate of 33.2% for denifanstat versus 14.6% for placebo (p<0.0001) [3] - Denifanstat achieved a 57.4% reduction in total lesion count compared to 35.4% for placebo (p<0.0001) and a 63.5% reduction in inflammatory lesions compared to 43.2% for placebo (p<0.0001) [3] - Key secondary endpoint results included a 51.9% reduction in non-inflammatory lesions for denifanstat versus 28.9% for placebo (p<0.0001) [3] Safety Profile - Denifanstat demonstrated a favorable safety and tolerability profile, with treatment-emergent adverse events (TEAEs) comparable to placebo [4] - No TEAEs related to denifanstat exceeded 10%, and all reported adverse events were mild or moderate [4] Mechanism of Action - Denifanstat works by directly inhibiting facial sebum production and inflammation, addressing the underlying causes of acne [5] - This mechanism differentiates denifanstat from other acne treatments that do not target the root cause of the condition [5] Comparative Efficacy - In non-head-to-head comparisons, denifanstat was found to be 98% and 178% more effective than sarecycline and doxycycline, respectively, in terms of placebo-adjusted treatment success [7][8] - Denifanstat was also 60% more effective than clascoterone cream regarding treatment success [7][8] Market Potential - Denifanstat is positioned as a first-in-class oral acne therapeutic with exceptional efficacy and a favorable safety profile, potentially improving patient compliance compared to topical treatments [9] - The company plans to submit denifanstat for approval to the China National Medical Products Administration (NMPA) [6]

Core Insights - Ascletis Pharma Inc. has received FDA clearance for the investigational new drug (IND) application for ASC50, an oral small molecule IL-17 inhibitor aimed at treating mild-to-moderate plaque psoriasis [3][6] - ASC50 shows promising preclinical data, including higher oral exposure, longer half-life, and strong efficacy, positioning it as a potential best-in-class treatment for psoriasis [2][4] Company Overview - Ascletis is an innovative R&D driven biotech company listed on the Hong Kong Stock Exchange, focusing on metabolic and other diseases while addressing unmet medical needs globally [7] - The company utilizes an Artificial Intelligence-assisted Structure-Based Drug Discovery (AISBDD) platform for drug development, with ASC50 being the first oral small molecule candidate in immunology from this platform [6] Clinical Development - The Phase I clinical trial for ASC50 will be a randomized, double-blind, placebo-controlled study conducted at multiple sites in the U.S., with patient dosing expected to start in the third quarter of 2025 [5][6] - Preclinical studies indicate that ASC50 has a lower clearance rate compared to existing oral IL-17 inhibitors currently in clinical development, suggesting a potentially advantageous pharmacokinetic profile [4]

Core Insights - The company reported a rental income of €27.1 million, reflecting a 2.8% increase from €26.3 million in the previous year [4] - EPRA Earnings rose to €19.0 million, a 5.7% increase from €18.0 million year-over-year [4] - The net result significantly improved to €18.7 million compared to €5.7 million in the prior year, primarily due to a reduction in revaluation losses [4] Financial Performance - The EPRA Earnings per share increased to €2.88 from €2.72 [4] - The fair value of the real estate portfolio decreased slightly to €746.0 million from €748.6 million [4] - The EPRA occupancy rate was reported at 96.7%, down from 97.8% [4] Debt and Valuation Metrics - The debt ratio (EPRA LTV) increased to 43.5% from 42.1% [4] - The intrinsic value per share (EPRA NTA) decreased to €64.23 from €65.80 [4]

Group 1 - Ardmore Shipping Corporation held its Q1 2025 Earnings Conference Call on May 7, 2025, at 10:00 AM ET [1] - The call featured key participants including Gernot Ruppelt, CEO, and Bart Kelleher, President and CFO [1] - An audio webcast and presentation were made available in the Investor Relations section of the company's website [1] Group 2 - The call included a discussion on forward-looking statements, with a reminder that actual results may differ materially from projections [4] - The format of the call was outlined, starting with highlights from Q1 and capital allocation policy, followed by market outlook and updates [6]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5,600,000 or €0.14 per share for the first quarter of 2025, indicating a constructive fundamental performance despite macroeconomic headwinds [9][10] - EBITDAR for the first quarter was $18,500,000, with a cash breakeven level of $11,500 per day, which can be reduced to $10,500 per day when excluding pro forma CapEx [24][25] Business Line Data and Key Metrics Changes - The company's MR tankers earned $20,900 per day in the first quarter and $22,100 per day so far in the second quarter with 50% booked [12] - Chemical tankers experienced a significant increase, earning $15,000 per day in the first quarter and $19,500 per day in the second quarter with 60% booked [12] Market Data and Key Metrics Changes - The MR fleet is currently the oldest since the turn of the century, with an average age of over 14 years, and more than half of the fleet will be over 20 years old within the next five years [16][17] - The sanctioned fleet has increased by 80% since the start of the year, impacting supply dynamics and benefiting compliant fleets like Ardmore's [20] Company Strategy and Development Direction - The company is committed to a balanced capital allocation policy, dynamically returning cash to shareholders while reinvesting in the fleet to enable sustainable value creation [12][13] - Ardmore's strategy includes upgrading tank coatings on chemical vessels to increase cargo versatility and expand revenue opportunities, with expected returns conservatively over 20% [27] Management's Comments on Operating Environment and Future Outlook - Management highlighted that despite broader market turmoil, product freight markets have remained resilient, supported by strong refining margins and OPEC oil production increases [8][21] - The company is monitoring asset values closely and has not felt it was the right time to pursue fleet expansion or modernization due to ongoing corrections in asset values [39][49] Other Important Information - The company announced the retirement of COO Marc Cameron, effective January 1, and the promotion of Robert Gayner to COO, consolidating leadership roles [30][31] - John Russell will take on the broader responsibility of CFO effective July 1, promoting from within to maintain a strong company culture [32] Q&A Session Summary Question: Fleet update regarding time charter opportunities - Management confirmed ongoing discussions about charter opportunities but did not provide detailed specifics due to commercial sensitivity [34][35] Question: Strategic changes with management updates - Management emphasized continuity in strategy and governance despite leadership changes, highlighting the internal talent development culture [43][45] Question: Impact of OPEC production on MR market - Management noted that OPEC production increases positively affect refining margins, which in turn should increase the need for transportation of refined products [47][49]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5,600,000 or €0.14 per share for the first quarter of 2025, with EBITDAR of $18,500,000 [8][24] - The cash breakeven level is maintained at $11,500 per day, with a lower level of $10,500 per day when excluding pro forma CapEx [23] - The company declared a quarterly cash dividend, consistent with its policy of paying out one third of adjusted earnings [8] Business Line Data and Key Metrics Changes - MR tankers earned $20,900 per day in the first quarter and $22,100 per day so far in the second quarter with 50% booked [11] - Chemical tankers earned $15,000 per day in the first quarter and $19,500 per day in the second quarter with 60% booked [11] Market Data and Key Metrics Changes - The MR fleet is currently the oldest since the turn of the century, with an average age of over 14 years, and more than half will be over 20 years old within the next five years [15][16] - The current order book represents only 14% of the fleet, indicating a significant supply-demand imbalance [15] - The sanctioned fleet has increased by 80% since the start of the year, affecting supply dynamics favorably for compliant fleets [19] Company Strategy and Development Direction - The company is focused on balancing cash returns to shareholders with reinvestment in the fleet to enable sustainable value creation [11] - Investments in efficiency projects are ongoing, with expected IRRs ranging from 20% to over 100% [12] - The company is upgrading tank coatings on chemical tankers to enhance cargo flexibility and revenue opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of product freight markets despite broader market turmoil, supported by strong refining margins and OPEC oil production increases [7][20] - The company remains cautious about fleet expansion and modernization due to current asset value corrections, monitoring opportunities closely [38][50] Other Important Information - The company announced the retirement of COO Marc Cameron, effective January 1, and the promotion of Robert Gayner to COO [29][30] - John Russell will take on the role of CFO effective July 1, promoting from within the organization [31] Q&A Session Summary Question: Fleet update regarding time charter arrangements - The company is exploring opportunities for both charter in and charter out, maintaining a good relationship with head owners [34][36] Question: Management changes and strategic implications - Management emphasized continuity in strategy and governance despite leadership changes, with a strong internal talent pool [44][46] Question: Impact of OPEC production increases on MR market - Management noted that OPEC production increases positively affect refining margins, which in turn supports the demand for transportation of refined products [48][50]

Contents I. Highlights Ardmore Shipping First Quarter 2025 Disclaimer This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation ("Ardmore" or the "Company") expects, projects, believes or anticipates will, or may occur in the future, are among these forward-looking ...

Group 1: Earnings Performance - Ardmore Shipping reported quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.15 per share, and down from $0.92 per share a year ago, representing an earnings surprise of -6.67% [1] - The company posted revenues of $42.96 million for the quarter, missing the Zacks Consensus Estimate by 2.86%, and down from $75.75 million year-over-year [2] - Over the last four quarters, Ardmore Shipping has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Ardmore Shipping shares have declined approximately 18.5% since the beginning of the year, compared to a decline of -4.7% for the S&P 500 [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.14 on revenues of $37.75 million, and for the current fiscal year, it is $0.88 on revenues of $177.83 million [7] Group 3: Industry Context - The Transportation - Shipping industry, to which Ardmore Shipping belongs, is currently ranked in the bottom 11% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Ardmore Shipping's stock performance [5][6]