Core Insights - AbelZeta Pharma announced preliminary results from the C-CAR031 study, showing a disease control rate (DCR) of 91.3% and an objective response rate (ORR) of 56.5% in patients with advanced hepatocellular carcinoma (HCC) [1][2][5] Group 1: Study Results - The study reported that 91.3% of patients experienced tumor reductions, with a median reduction of 42.2% [2][5] - The ORR was 75.0% at dose level 4 (DL4) [1][2] - The median overall survival (mOS) was estimated at 11.14 months with a follow-up of 9.03 months [2][5] Group 2: Safety Profile - No dose-limiting toxicity or immune effector cell associated neurotoxicity syndrome (ICANS) was observed [3] - Cytokine release syndrome (CRS) occurred in 91.7% of patients, with the majority being grade 1/2 [3] Group 3: Product Information - C-CAR031 is an autologous, armored GPC3-targeting CAR-T therapy developed for HCC, co-developed by AbelZeta and AstraZeneca [4][6] - The therapy utilizes a novel GPC3-targeting CAR-T designed by AstraZeneca and is manufactured by AbelZeta in China [4][6] Group 4: Company Overview - AbelZeta Pharma is a global clinical-stage biopharmaceutical company focused on innovative cell-based therapeutic products [6] - The company operates in Rockville, Maryland, and Shanghai, China, with a commitment to developing treatments for hematological malignancies and solid tumors [6]

 Novel and proprietary CAR-T approach holds potential to be first effective CAR-T therapy for solid tumorsSAN JOSE, Calif., May 21, 2024 /PRNewswire/ -- Anixa Biosciences, Inc. ("Anixa" or the "Company") (NASDAQ: ANIX), a clinical-stage biotechnology company focused on the treatment and prevention of cancer, today announced that treatment has commenced for the fifth patient in its ongoing Phase 1 clinical trial of its novel chimeric antigen receptor T-cell (CAR-T) therapy for ovarian cancer. The study is be ...

CT-0525 is the first CAR-Monocyte to be evaluated in humans in the solid tumor settingInitial data expected by year-end 2024PHILADELPHIA, May 16, 2024 /PRNewswire/ -- Carisma Therapeutics Inc. (Nasdaq: CARM) ("Carisma" or the "Company"), a clinical stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, today announced that the first patient was dosed in its Phase 1 clinical trial evaluating CT-0525, an ex vivo gene-modified autologous chimeric antigen receptor-mono ...

PARSIPPANY, N.J., May 14, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ:CAR) (the "Company") announced today that its wholly-owned subsidiary, Avis Budget Finance plc (the "Issuer"), priced a private offering of €200 million aggregate principal amount of additional 7.25% Senior Notes due 2030 (the "Notes"). The Notes will be issued as additional notes under the Indenture, dated as of July 13, 2023, pursuant to which the Issuer previously issued €400 million aggregate principal amount of 7.25% Sen ...

PARSIPPANY, N.J., May 13, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ:CAR) (the "Company") announced today that its wholly-owned subsidiary, Avis Budget Finance plc (the "Issuer"), intends, subject to market and other customary conditions, to offer €200 million aggregate principal amount of additional 7.25% Senior Notes due 2030 (the "Notes") in a private offering. The Notes will be issued as additional notes under the Indenture, dated as of July 13, 2023, pursuant to which the Issuer previousl ...

Avis Budget Group, Inc. (CAR) reported mixed first-quarter 2024 results, wherein earnings missed the Zacks Consensus Estimate but revenues beat the same.The stock has gained 28.3% since its earnings release on May 1 despite the earnings miss.CAR’s adjusted loss was $3.2 per share compared with the Zacks Consensus Estimate of a loss of $3.15 and year-ago earnings of $7.72. Total revenues of $2.6 billion beat the consensus estimate by a slight margin but decreased marginally year over year.Avis Budget’s share ...

Financial Data and Key Metrics Changes - The company reported quarterly revenue of over $2.5 billion and adjusted EBITDA of $12 million, a significant decline from $535 million in adjusted EBITDA in Q1 2023 [7][24] - The adjusted EBITDA decline was primarily due to non-reoccurring fleet gains, higher vehicle interest, and fleet right-sizing decisions [7][24] - Interest costs increased by $106 million due to refinancing at higher rates and new financings totaling over $9 billion [26][27] Business Line Data and Key Metrics Changes - The Americas segment generated nearly $2 billion in revenue with $44 million in adjusted EBITDA, showing strong demand with a record number of transaction days [9][15] - International rental days increased by 4% compared to Q1 2023, with revenues of $558 million, a 3% increase year-over-year [15][16] - Fleet utilization improved to approximately 66%, with March utilization reaching about 70% [13][15] Market Data and Key Metrics Changes - TSA volumes were consistently higher than in Q1 2023, indicating robust demand in the Americas [9] - International inbound volume was up 17% compared to last year, with inter-European cross-border travel increasing by 11% [15][16] - Pricing in the Americas was down 6% year-over-year but up 25% compared to Q1 2019, with expectations for pricing to stabilize [10][15] Company Strategy and Development Direction - The company focused on right-sizing its fleet by selling a record number of vehicles to improve utilization and flexibility [8][12] - A proprietary demand fleet pricing system rollout in international markets is expected to enhance contribution margins [17][52] - The company is investing in technology to improve productivity and efficiency, including data analytics for better forecasting and scheduling [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong travel demand environment and anticipates a successful peak season [8][23] - The company expects rental demand to be strong in Q2, with pricing anticipated to improve sequentially [29][30] - Management acknowledged challenges from inflationary pressures and higher fleet costs but believes actions taken will position the company favorably for the remainder of the year [29][30] Other Important Information - The company disposed of the most vehicles in its history during Q1, aligning supply with demand [23] - Available liquidity was over $700 million, with additional borrowing capacity of approximately $3.8 billion [28] - The net corporate leverage ratio was 2.3 times, with no maturities until 2027 [28] Q&A Session Summary Question: Capital allocation attractiveness for the year - Management believes shares are undervalued but prioritizes fleet disposition and technological investments in the first half of the year, with flexibility to evaluate all options in the second half [32][33] Question: Normalized EBITDA expectations - Management maintains that nothing below $1 billion in EBITDA is acceptable, with no changes to this strategy [34][35] Question: Residual values trends - Residual values were stable but expected to decline as the year progresses, with some challenges in specific cohorts [37][38] Question: Depreciation guidance - The company expects depreciation to increase to approximately $350 per month by the end of Q2, with potential normalization in Q4 [40][41] Question: OEM pricing for 2025 model year - Management anticipates more affordable pricing for 2025 model year vehicles, with commitments made this year [42][43] Question: Technology initiatives and their benefits - Technology improvements are expected to enhance productivity and reduce costs, with early benefits already observed [48][50] Question: ABS coverage and funding requirements - The company has ample headroom in its ABS coverage, with no immediate funding issues [54][55] Question: DOE reduction outlook - Management expects continued improvements in DOE as technology initiatives scale up [56][57] Question: Fleet growth expectations - The company plans to continuously add and dispose of fleet, aiming for efficiencies during peak seasons [60][61] Question: Remarketing initiatives for higher residual values - The company is exploring direct-to-consumer sales to potentially achieve higher disposition prices [70][72]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File No. 001-10308 Avis Budget Group, Inc. (Exact name of registrant as specified in its charter) Delaware 06-0918165 (State ...

Core Viewpoint - Avis Budget Group reported a slight decline in revenue for Q1 2024, with a significant drop in EPS compared to the previous year, indicating potential challenges in financial performance [1] Financial Performance - Revenue for the quarter ended March 2024 was $2.55 billion, down 0.2% year-over-year, but exceeded the Zacks Consensus Estimate by 0.75% [1] - EPS was reported at -$3.21, a significant decrease from $7.72 in the same quarter last year, and below the consensus estimate of -$3.15 [1] Key Metrics Analysis - Per-Unit Fleet Costs - Americas: $326, higher than the estimated $297.9 [2] - Per-Unit Fleet Costs - International: $292, above the estimated $283.5 [2] - Rental days - International: 10,360, slightly above the estimated 10,316.56 [2] - Revenue per day - Americas: $67.12, close to the estimated $67.22 [2] - Vehicle Utilization - Americas: 65.6%, below the estimated 67.8 [2] - Vehicle Utilization - International: 66.9%, also below the estimated 67.9 [2] - Average rental fleet - Americas: 497,313, exceeding the estimated 488,259 [2] - Total Rental days - Car Rental: 40,052, above the estimated 39,971.42 [2] - Average rental fleet - International: 170,071, below the estimated 172,860 [2] - Geographic Revenue - International: $558 million, slightly below the estimated $568.16 million, but a 3.1% increase year-over-year [2] - Geographic Revenue - Americas: $1.99 billion, matching the estimate but a 1.1% decrease year-over-year [2] Stock Performance - Shares of Avis Budget have decreased by 21.9% over the past month, underperforming the S&P 500 composite, which declined by 4.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance in the near term [3]

Avis Budget Group Reports First Quarter Results PARSIPPANY, N.J., May 1, 2024 - Avis Budget Group, Inc. (NASDAQ: CAR) announced financial results for first quarter 2024 today. We ended the quarter with revenues of $2.6 billion, driven by strong travel demand. Net loss was $113 million and our Adjusted EBITDA was $12 million. 1 Our liquidity position at the end of the quarter was approximately $0.7 billion, with an additional $3.8 billion of fleet funding capacity. We have well-laddered corporate debt, and a ...