Core Insights - Aligos Therapeutics, Inc. announced positive data from four presentations at the HEP-DART 2025 Meeting, showcasing advancements in therapies for liver and viral diseases [1][2] Pevifoscorvir Sodium Data - The Phase 1 monotherapy study of pevifoscorvir sodium for chronic hepatitis B virus (HBV) infection demonstrated its potential as a first-line therapy, with complete 96-week and post-treatment follow-up data indicating continued efficacy [3][6] ALG-055009 Data - New in vivo data from studies on diet-induced obese mice showed that the combination of ALG-055009 with incretin receptor agonists resulted in significant weight loss, with SEMA monotherapy achieving a maximum of 23.9% body weight loss, while the combination with ALG-055009 led to an additional 8.6% decrease for a total of 33% [4][5] - TIRZEP monotherapy resulted in a maximum of 27.1% and 34.4% body weight loss for low and high doses respectively, with combinations yielding up to 40% weight loss [4][5] Synergistic Effects - The combination therapy of ALG-055009 with incretin receptor agonists primarily resulted in fat mass loss without significantly affecting lean mass or food consumption, indicating a beneficial addition to existing therapies for weight loss [5][6] Future Directions - The company expressed enthusiasm for the potential of both pevifoscorvir sodium and ALG-055009, highlighting their commitment to advancing next-generation therapies for chronic HBV and metabolic diseases [6][9]

Core Insights - Galmed Pharmaceuticals is presenting a late-breaking abstract on its lead drug candidate, Aramchol, at the HEP-DART 2025 Meeting, highlighting its potential to enhance the efficacy of regorafenib in treating hepatocellular carcinoma (HCC) and other gastrointestinal (GI) cancers [2][3] Company Overview - Galmed Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing Aramchol for liver and cardiometabolic diseases, as well as GI oncological therapeutics [2][5] - The company aims to expand its product pipeline by exploring Aramchol's use in combination therapies, particularly for non-alcoholic steatohepatitis (NASH) and other oncological indications [5] Research and Development - The combination of Aramchol and regorafenib is based on findings that SCD1 inhibition enhances regorafenib's activity through ATM-AMPK-autophagy signaling, providing a scientific rationale for a Phase 1/2 clinical trial [2][3] - The planned clinical trial will begin enrollment in 2026, with a focus on advanced GI cancers, including HCC [3] Industry Context - HEP-DART serves as a platform for advancing knowledge in drug development for viral hepatitis and chronic liver diseases, aiming to address challenges in therapeutics for liver infections, diseases, and cancers [4]

Core Insights - Precision BioSciences, Inc. is a clinical stage gene editing company focused on developing in vivo gene editing therapies for diseases with high unmet needs [1] Company Announcement - The company announced it will deliver an oral presentation at the Hep-DART 2025 meeting scheduled for December 7–11, 2025, in Honolulu, Hawaii [1] - The presentation will showcase data from the Phase 1 ELIMINATE-B trial of PBGENE-HBV [1]

Refining Operations - HollyFrontier aims to operate its refineries at a crude charge rate of 450,000 to 470,000 barrels per day[37] - HollyFrontier targets mid-cycle Refining EBITDA of $1.0 billion to $1.2 billion per year[132] - HollyFrontier is implementing cost-saving initiatives to achieve a target operating expense of $5.50 per throughput barrel[40] - HollyFrontier has increased its refining capacity by 15% since 2015[27] Holly Energy Partners (HEP) - HollyFrontier owns 59% of the LP Interest in HEP[15] - Over 80% of HEP's revenues are tied to long-term contracts and minimum volume commitments[15, 62] - HEP is targeting a distribution coverage ratio of 1.0 to 1.2x[62] Lubricants & Specialty Products - HollyFrontier Lubricants & Specialty Products (HF LSP) is the largest North American group III base oil producer[15] - HF LSP's Rack Forward business consistently generates EBITDA margins of 10-15%[114] - HF LSP targets Rack Forward EBITDA of $175 million to $200 million in 2018[135] Financials & Valuation - HollyFrontier's sum-of-the-parts valuation estimates a total share price of $60, based on a $37 valuation for Refining & Marketing, $12 for Holly Energy Partners, and $11 for Lubricants & Specialty Products[129] - HollyFrontier targets a net debt to EBITDA ratio of 1x (excluding HEP)[141]

FORM 10-Q ______________________________________________________________________________________ (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transiti ...

Financial Performance - Total revenues for Q1 2023 reached $143.294 million, a 19.2% increase from $120.198 million in Q1 2022[16] - Net income attributable to partners for Q1 2023 was $57.522 million, compared to $49.559 million in Q1 2022, reflecting a 15.4% year-over-year growth[16] - Operating income for Q1 2023 was $61.854 million, up from $51.074 million in Q1 2022, representing a 21.1% increase[16] - For the three months ended March 31, 2023, total revenues were $143.294 million, an increase from $120.198 million in the same period of 2022, representing a growth of approximately 19.2%[68] - Operating income for the three months ended March 31, 2023, was $61,854,000, compared to $51,074,000 for the same period in 2022, reflecting an increase of about 21%[148][150] - Net income attributable to partners for the three months ended March 31, 2023, was $57,522,000, compared to $49,559,000 in the same period in 2022, indicating a year-over-year increase of approximately 15.4%[148][150] - EBITDA for Q1 2023 was $87.8 million, up $15.0 million (20.6%) from $72.8 million in Q1 2022[179] - Adjusted EBITDA for Q1 2023 was $108.4 million, an increase of $23.0 million (27.0%) from $85.3 million in Q1 2022[179] - Distributable cash flow for Q1 2023 was $83.9 million, an increase of $19.5 million (30.3%) from $64.5 million in Q1 2022[180] Cash Flow and Liquidity - Cash flows from operating activities for Q1 2023 were $69.814 million, slightly down from $71.814 million in Q1 2022[18] - Cash and cash equivalents decreased to $7.105 million as of March 31, 2023, from $10.917 million at the end of 2022[18] - Cash flows used for investing activities were $9.3 million in Q1 2023, significantly lower than $333.8 million in Q1 2022, which included a $321.4 million acquisition of Sinclair Transportation[206] - Cash flows used by financing activities were $64.4 million in Q1 2023, compared to $262.6 million provided in Q1 2022, reflecting repayments and cash distributions[207] - As of March 31, 2023, the company had $651.5 million outstanding under its $1.2 billion credit facility, with available capacity of $548.5 million[197] Debt and Assets - Total assets as of March 31, 2023, were $2.733 billion, a decrease from $2.748 billion as of December 31, 2022[13] - Long-term debt as of March 31, 2023, was $1.540 billion, down from $1.556 billion at the end of 2022[13] - Total long-term debt as of March 31, 2023, was $1.54 billion, a decrease from $1.56 billion as of December 31, 2022[117] - The company has $1.2 billion available under a senior secured revolving credit facility, maturing in July 2025, with an accordion feature allowing increases up to $1.7 billion[110] Acquisitions and Investments - The company made an acquisition of Sinclair Transportation, which involved a cash outflow of $321.366 million[18] - HEP acquired Sinclair Transportation for an aggregate transaction value of $678 million, consisting of 21 million HEP Units valued at approximately $349 million and cash consideration of $329 million[27] - Total purchase consideration for the acquisition was $677.975 million, consisting of $349.020 million in HEP common units and $328.955 million in cash[55] - The HEP Transaction resulted in the recognition of $119.1 million in goodwill due to the excess consideration over the fair value of acquired assets[54] - The company expects to recognize $2.375 billion in revenue related to unfulfilled performance obligations under long-term agreements expiring between 2024 and 2037[70] Revenue Sources - Revenue is generated through tariffs for transporting petroleum products and fees for terminal and storage services, without taking ownership of the products[32] - HEP's long-term customer contracts with minimum volume commitments accounted for approximately 72% of total tariffs and fees billed for the three months ended March 31, 2023[167] - Minimum annualized payments from HF Sinclair under pipeline and terminal agreements are required to be $457 million, subject to annual rate adjustments[168] - Revenues from HF Sinclair for the three months ended March 31, 2023, were $116.9 million, up from $92.3 million in the same period of 2022, representing a 27% increase[126] Operational Metrics - The company operates in two reportable segments: Pipelines and Terminals, and Refinery Processing Unit[31] - Operating income for the pipelines and terminals segment rose to $55.053 million, compared to $49.804 million in the previous year, an increase of 10.1%[137] - Refinery processing units segment operating income surged to $11.436 million, up from $5.582 million, reflecting a significant increase of 104.8%[137] - The company recognized $19,864,000 in sales-type lease interest income for the three months ended March 31, 2023, compared to $12,123,000 in 2022, marking a 63.5% increase[86] Expenses and Liabilities - Interest expense increased to $25.978 million in Q1 2023, compared to $13.639 million in Q1 2022, marking an increase of 90.3%[137] - Operations expense (exclusive of depreciation and amortization) was $52.1 million, an increase of $9.5 million (22.3%) compared to $42.6 million in Q1 2022[189] - General and administrative costs for Q1 2023 rose by $0.3 million compared to Q1 2022, mainly due to higher external audit expenses and administrative fees[191] - The total lease obligations as of March 31, 2023, were $68,702,000 after accounting for current lease liabilities[78] Future Outlook - The company expects 2023 capital expenditures of $25 million to $35 million for maintenance and $5 million to $10 million for expansion projects[209] - HEP's future growth plans include organic projects and selective investments or acquisitions to enhance its service platform[173]

Company Overview - Holly Energy Partners, L.P. operates a system of petroleum product and crude pipelines, storage tanks, and distribution terminals across 12 states in the U.S.[15] - The company was formed in 2004 and is headquartered in Dallas, Texas, with a focus on operating refinery processing units in Utah and Kansas[15]. Financial Performance - The financial condition and results of operations are discussed in detail, including capital allocation strategies and distributable cash flow coverage[9]. - Economic conditions, including inflation and potential recessions, could impact the company's financial performance[12]. - The company generates revenues by charging tariffs for transporting petroleum products and crude oil, and does not take ownership of the products transported, thus minimizing exposure to commodity price fluctuations[23]. Acquisitions and Growth - The company has recently acquired Sinclair Transportation Company LLC, enhancing its operational capabilities[10]. - HF Sinclair Corporation was established as the new parent holding company of HollyFrontier Corporation and HEP, completing the acquisition of Sinclair Oil Corporation and Sinclair Transportation Company for a total transaction value of $678 million[16][17]. - HEP acquired Sinclair Transportation for 21 million newly issued common limited partner units, representing 16.6% of pro forma outstanding HEP Units, valued at approximately $349 million, and cash consideration of $329 million[17]. - HEP's future growth plans include organic projects and select investments or acquisitions to enhance service platforms and create accretion for unitholders[24]. Operational Efficiency - The company emphasizes the importance of maintaining operational efficiency and completing capital construction projects[10]. - The company is focused on integrating acquired operations to enhance overall performance and market presence[10]. - HEP's ability to integrate acquired operations and maintain operational efficiency is critical for future growth and profitability[10]. Risks and Challenges - Future operating results are subject to various risks, including demand fluctuations for crude oil and refined products, and potential impacts from the COVID-19 pandemic[10]. - The company faces risks related to the demand for refined petroleum products, uncertainties in crude oil supply, and potential disruptions from geopolitical events such as the Russia-Ukraine war[10]. - The ongoing COVID-19 pandemic continues to create uncertainty regarding future demand for petroleum products and operational stability[10]. - Government regulations and policies may affect the company's operations and capital projects, particularly in response to the COVID-19 pandemic[10]. - The company is subject to regulatory risks, including changes in government policies and delays in obtaining necessary permits for capital projects[10]. Infrastructure and Capacity - Sinclair Transportation owns approximately 1,200 miles of integrated crude and refined product pipelines and terminal assets, including eight product terminals and two crude terminals with about 4.5 million barrels of operated storage[18]. - The total average throughput for refined products and crude terminalled for HF Sinclair increased to 560,038 bpd in 2022 from 391,698 bpd in 2021, representing a growth of approximately 43%[68]. - The total throughput across all terminals reached 598,249 bpd in 2022, up from 442,882 bpd in 2021, marking an increase of approximately 35%[68]. - The average daily throughput for HF Sinclair in 2022 was 729,395 barrels per day, a significant increase from 513,506 barrels per day in 2021, representing a growth of approximately 42.1%[30]. Environmental and Compliance - Environmental regulations impose significant compliance costs, affecting capital expenditures and net income[145]. - HF Sinclair has agreed to indemnify the company for environmental noncompliance and remediation liabilities associated with certain transferred assets[148]. - As of December 31, 2022, the company has an accrual of $19.5 million related to environmental clean-up projects, including $14.7 million from the Sinclair Transportation acquisition[150]. - The company incurred a reduction of $17.6 million in equity earnings due to environmental remediation expenses from the Osage pipeline incident, with expected insurance recoveries of $9.5 million[151]. Employee and Governance - As of December 31, 2022, 405 employees were dedicated to the company's business, with a commitment to diversity, including approximately 17% identifying as female and 22% as part of various minority groups[161]. - The company has outlined its governance guidelines and ethical conduct policies, which are available for stakeholders[15]. - HF Sinclair's total rewards programs support employee health and financial needs, including comprehensive healthcare coverage and retirement savings benefits[164]. - The company emphasizes training and development programs to enhance employee skills and capabilities, including leadership training and professional development workshops[165]. Capital Expenditures and Funding - The 2023 capital forecast includes approximately $25 million to $35 million for maintenance capital expenditures and $5 million to $10 million for expansion capital expenditures and joint venture investments[154]. - The company plans to fund its capital expenditures primarily through cash generated by operations, with the potential to raise additional funds through equity or debt financing[155]. - HF Sinclair agreements require minimum annualized payments of $453 million, subject to annual rate adjustments based on PPI or FERC index[123]. - If HF Sinclair fails to meet minimum volume commitments, it must pay cash shortfalls by the end of the following month[124].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transiti ...