Core Viewpoint - U.S. stock futures are trading higher, with several companies expected to report earnings and revenue figures that may attract investor attention [1] Company Summaries - **AngioDynamics, Inc. (NASDAQ:ANGO)**: Expected to report a quarterly loss of $0.10 per share on revenue of $76.30 million. Shares decreased by 0.2% to $13.20 in after-hours trading [1] - **Microchip Technology Inc (NASDAQ:MCHP)**: Anticipates third-quarter fiscal 2026 net sales of approximately $1.185 billion, exceeding previous guidance of $1.109 billion to $1.149 billion. Shares increased by 3.2% to $69.20 in after-hours trading [1] - **AAR Corp (NYSE:AIR)**: Analysts expect quarterly earnings of $1.04 per share on revenue of $761.13 million, with earnings to be released after market close. Shares rose by 0.8% to $88.70 in after-hours trading [1] - **Galapagos NV – ADR (NASDAQ:GLPG)**: The board has decided to wind down the company's cell therapy activities after a strategic review. Shares increased by 6% to $34.70 in after-hours trading [1] - **Penguin Solutions Inc. (NASDAQ:PENG)**: Expected to report quarterly earnings of $0.44 per share on revenue of $338.76 million after market close. Shares rose by 0.6% to $21.19 in after-hours trading [1]

Mechelen, Belgium; January 5, 2026, 22:01 CET; Galapagos NV (Euronext & NASDAQ: GLPG) today announced that the works council consultation process regarding the wind-down of cell therapy activities has been completed and its Board of Directors has decided to initiate the wind-down of the Company’s cell therapy activities. On October 21, 2025, Galapagos announced its intention to wind down its cell therapy activities following a comprehensive strategic review and sale process, including an exploration of pote ...

Core Insights - Galapagos NV (GLPG) presents a complex and uniquely positioned opportunity within the biotech sector, often evaluated through the lens of past clinical disappointments related to their early pipeline stages [1] Group 1: Company Overview - The company is viewed as a high-growth entity within a sector expected to experience exponential expansion [1] - Galapagos is associated with disruptive technologies and forward-thinking enterprises, indicating a focus on innovation [1] Group 2: Investment Approach - The investment strategy involves a combination of fundamental analysis and predictions of future trends, emphasizing the potential for substantial returns through innovation [1]

Core Insights - Galapagos NV (GLPG) presents a complex and uniquely positioned opportunity within the biotech sector, often evaluated through the lens of past clinical disappointments related to their early pipeline stages [1] Company Analysis - The company is viewed as a high-growth entity, operating in a sector that is expected to experience exponential expansion [1] - Galapagos is associated with disruptive technologies and forward-thinking enterprises, indicating a focus on innovation and substantial returns [1] Industry Context - The biotech industry has historically scrutinized Galapagos due to its clinical results, which may impact investor sentiment and future evaluations [1]

Core Insights - Galapagos NV announced positive topline results from two Phase 3-enabling studies for GLPG3667, a selective TYK2 inhibitor, showing significant clinical benefits in dermatomyositis but not in systemic lupus erythematosus [1][3][4] Dermatomyositis Study (GALARISSO) - The GALARISSO study met its primary endpoint, demonstrating a statistically significant clinical benefit with a Total Improvement Score (TIS) of 14.26 at Week 24 (p=0.0848) compared to placebo [2][4] - GLPG3667 also showed meaningful improvements on secondary endpoints, including TIS20, TIS40, TIS60, and m-CDASI-A, with a favorable safety profile throughout the 24-week treatment period [2][4] Systemic Lupus Erythematosus Study (GALACELA) - In the GALACELA study, GLPG3667 did not achieve statistical significance for the primary endpoint (SLE responder index SRI-4) at Week 32, despite showing numerical improvements on several secondary endpoints, particularly skin-related outcomes [3][4] - The ongoing GALACELA study is expected to provide final Week 48 data in the second quarter of 2026, which will be crucial for assessing the overall evidence and determining next steps for the SLE program [3][4] Strategic Development - The company plans to evaluate all strategic alternatives, including resuming its partnering process to accelerate GLPG3667's development in dermatomyositis and exploring opportunities in other severe autoimmune diseases [1][4][5] - Gilead has temporarily waived certain rights under their collaboration agreement, allowing Galapagos to pursue external partnership opportunities for GLPG3667 [5] Background on Diseases - Dermatomyositis (DM) is a rare autoimmune disorder characterized by severe muscle weakness and skin manifestations, with a high unmet need for effective treatments [9] - Systemic lupus erythematosus (SLE) is a chronic autoimmune disease affecting multiple organ systems, with current treatments often associated with partial efficacy and significant toxicities [10]

Core Insights - Galapagos NV announced promising Phase 2 data for GLPG5101, a CAR T-cell therapy for high-risk mantle cell lymphoma (MCL), showing high complete response rates and minimal residual disease negativity with durable responses [1][5] Group 1: Study Results - The ATALANTA-1 study reported an objective response rate (ORR) of 100% and a complete response rate (CRR) of 96% among infused patients [5] - At a median follow-up of 9 months, both duration of response (DOR) and progression-free survival (PFS) rates were 83% [5] - Among minimal residual disease (MRD)-evaluated patients, 90% were MRD-negative at complete response, with 7 out of 9 MRD-negative patients remaining in complete response at the data cut-off [5] Group 2: Safety Profile - GLPG5101 demonstrated a favorable safety profile, with the most common Grade ≥ 3 treatment-emergent adverse events being hematologic [5] - No Grade ≥ 3 cytokine release syndrome (CRS) was observed, and only one case of Grade ≥ 3 immune effector cell-associated neurotoxicity syndrome (ICANS) occurred [5] Group 3: Manufacturing and Administration - GLPG5101 is a second-generation anti-CD19/4-1BB CAR-T product administered as a single fixed intravenous dose, with a 7-day vein-to-vein time [1][4] - The study evaluated three dose levels: 50×10^6, 110×10^6, and 250×10^6 CAR+ viable T-cells [4] - The low dropout rate of 4% and elimination of the need for bridging therapy allowed more patients to access treatment [1][2] Group 4: Company Strategy - Galapagos intends to wind down its cell therapy activities while continuing to operate the business and conduct ongoing clinical studies [3] - The company remains open to viable proposals for acquiring all or part of its cell therapy business during the wind-down process [3]

Core Points - Galapagos NV received transparency notifications from Bank of America regarding changes in voting rights ownership [1][6] - Bank of America crossed the 5% threshold of Galapagos' voting rights on November 12, 2025, and subsequently fell below this threshold on November 14, 2025 [1][6] Summary of Transactions - On November 12, 2025, Bank of America held a total of 5.26% of voting rights, which included 0.26% direct voting rights and 5.00% equivalent financial instruments [3][10] - By November 14, 2025, this total decreased to 3.43%, comprising 0.16% direct voting rights and 3.28% equivalent financial instruments [2][3] Details of Voting Rights - The notifications indicated that on November 14, 2025, Bank of America Corporation owned 103,534 voting rights and 2,159,259 equivalent financial instruments, representing 3.43% of Galapagos' 65,897,071 outstanding shares [2][6] - In the previous notification, the holdings were 168,924 voting rights and 3,295,951 equivalent financial instruments, representing 5.26% [2][3] Breakdown of Voting Rights Holders - The breakdown of voting rights holders included various entities under Bank of America, with the largest being Merrill Lynch International, which had 65,070 voting rights [5][9] - The total voting rights held by Bank of America and its affiliates were detailed, showing a significant reduction in holdings from the previous notification [5][9] Equivalent Financial Instruments - The equivalent financial instruments held by Bank of America included various types of swaps and rights, totaling 2,159,259 instruments, which accounted for 3.28% of voting rights [7][11] - The notifications provided a detailed list of the types of financial instruments and their respective expiration dates and exercise periods [7][11]

Summary of Galapagos Conference Call Company Overview - **Company**: Galapagos (NasdaqGS:GLPG) - **Industry**: Biotechnology - **Current Focus**: Transitioning from cell therapy to building a new pipeline with existing cash reserves of approximately EUR 3 billion [2][3] Key Points and Arguments Strategic Vision and Transformation - Galapagos is undergoing a transformation, moving away from its cell therapy business due to market challenges and focusing on new opportunities that can create more shareholder value [4][6] - The decision to abandon the planned separation into two entities was based on the evolving cell therapy market and the potential for better returns by reallocating capital [4][5] Financial Position - The company has a strong cash position of EUR 3 billion, with expectations to end the year with EUR 2.975 billion to EUR 3.025 billion [7][8] - Anticipated additional operating costs for winding down the cell therapy business are estimated at EUR 100 million to EUR 125 million, with restructuring costs of EUR 150 million to EUR 200 million [8][9] - Galapagos expects to be cash flow neutral or positive by year-end 2026, supported by interest income and tax credits [9][10] Business Development and M&A Strategy - The company is actively seeking de-risked opportunities for acquisitions and partnerships, particularly in immunology and oncology [12][13] - Galapagos is open to both M&A and in-licensing deals, with a focus on late-stage development programs that can create significant value [14][15] - The partnership with Gilead, which owns 25% of Galapagos, is crucial for sourcing and evaluating potential deals [18][21] Cell Therapy Business Wind Down - The decision to wind down the cell therapy business was based on a thorough analysis of market opportunities and capital requirements [23][24] - The wind down process is currently underway, with expectations to conclude discussions with works councils by Q1 of the following year [25][26] - Galapagos remains open to selling the cell therapy business for EUR 1 if a viable proposal arises [27][28] TIC2 Immunology Program - The TIC2 program is the only remaining asset from the legacy platform, with high confidence in its clinical response potential [31][32] - The company is considering partnering for the TIC2 program if it does not meet competitive differentiation standards [31][32] Future Catalysts - Investors should look for clarity on the wind down process, updates on the TIC2 program, and the first business development deals as potential catalysts for the company's future [33][34] Additional Important Information - The relationship with Gilead is expected to evolve positively, with discussions on renegotiating terms to enable more collaborative opportunities [19][20] - The company is focused on ensuring a smooth transition for patients currently involved in clinical trials during the wind down of the cell therapy business [29][30]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Financial Data and Key Metrics Changes - Total operating loss from continuing operations for the first nine months of 2025 amounted to EUR 462.2 million, compared to an operating loss of EUR 125.6 million for the same period in 2024 [24] - Net other financial income for the first nine months of 2025 was EUR 30.4 million, down from EUR 71.7 million in the same period of 2024 [25] - Cash and cash equivalents and current financial investments totaled EUR 3.05 billion on September 30, 2025, compared to EUR 3.32 billion on December 31, 2024 [26] Business Line Data and Key Metrics Changes - The company intends to wind down the self-therapy business due to significant ongoing investment requirements and lack of viable acquisition proposals [6][7] - The remaining organization will focus on transformational business development and maintaining a dedicated presence at headquarters in Mechelen, Belgium [10] Market Data and Key Metrics Changes - The cash balance of approximately EUR 3 billion represents about EUR 46 per share, generating significant interest income [12] - The company expects to receive tax receivables of approximately EUR 20 million to EUR 35 million per year over the next three years [13] Company Strategy and Development Direction - The company is undergoing a transformation, focusing on business development and rebuilding its pipeline after the decision to wind down the self-therapy business [4][5] - The strategy includes identifying and executing on opportunities that can enhance the standard of care in various diseases, particularly in partnership with Gilead [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing the importance of a disciplined approach to business development and the potential for significant value creation [28] - The company anticipates being cash flow neutral to positive by the end of 2026, excluding any business development activities [27] Other Important Information - The company has welcomed four new board members to enhance its leadership team [9] - The wind-down process is expected to conclude in the first quarter of 2026, with consultations ongoing with works councils in Belgium and the Netherlands [11] Q&A Session Summary Question: What assumptions are behind the expectation of achieving cash flow neutral status by year-end 2026? - The assumptions include interest income based on forward rates, tax credits, and the completion of the wind-down process [30] Question: What types of opportunities are in the deal funnel? - The focus is on clinically de-risked mid to late-stage opportunities, particularly in oncology and immunology, with a preference for collaboration with Gilead [31][32] Question: How does the company balance being conservative with pursuing business development? - The company aims to leverage its cash balance and existing assets while ensuring any new opportunities create a positive return [33] Question: What expectations does the company have for Gilead's contribution to the deal process? - Gilead is expected to provide expertise in diligence and potentially contribute capital for development [35] Question: What is the timeline for the wind-down process of the cell therapy business? - The wind-down process is expected to be concluded in Q1 2026, with the company open to viable proposals during this time [44] Question: Will potential transactions bring in R&D capabilities? - The company is flexible regarding R&D capabilities, considering both acquiring teams and funding external parties [50]