Company Overview - Labrador Gold Corp. is a Canadian mineral exploration company focused on acquiring and exploring gold projects in Eastern Canada [4] - The company currently has approximately CAD $18.1 million in cash [4] - Labrador Gold has 170,009,979 common shares issued and outstanding, trading on the TSX Venture Exchange under the symbol LAB [7] Leadership Appointment - Ryan Weston has been appointed as Vice President Exploration, bringing over 20 years of global experience in base and precious metals exploration [2] - Weston previously played key roles in the successful sales of Carlisle Goldfields for CAD $28 million in 2016 and Noront Resources for CAD $686 million in 2022 [2] - He has served as Vice President Exploration at Wyloo, leading initiatives in Ontario's Ring of Fire region [2] Strategic Vision - Weston expressed confidence in Labrador Gold's strong position to pursue major gold discoveries without the immediate need for additional financing [3] - The company aims to leverage Weston's extensive experience in leading technical teams for new gold projects [3] Exploration Projects - The Hopedale property covers a significant portion of the Florence Lake greenstone belt, which is underexplored compared to similar global belts [5] - Labrador Gold has identified gold anomalies over a 3-kilometer section of the northern part of the Florence Lake greenstone belt, with five gold occurrences discovered [5] - The Borden Lake project near Chapleau, Ontario, has shown promising results with up to 48 gold grains identified in till samples [6]

Core Viewpoint - Standard BioTools Inc. announced the strategic sale of SomaLogic to Illumina for a total of up to $425 million, which includes an upfront payment of $350 million and potential milestone payments of up to $75 million, simplifying its operating structure and enabling adjusted EBITDA break-even [1][2][5]. Financial Details - The transaction includes an upfront cash payment of $350 million at closing and up to $75 million in near-term milestone payments based on specified revenue targets for fiscal years 2025 and 2026 [5][6]. - Standard BioTools will retain a 2% royalty on net revenues from SOMAmer-based NGS library preparation kits for 10 years post-transaction [6]. Strategic Implications - The sale is expected to provide Standard BioTools with at least $550 million in cash at closing, allowing for future inorganic growth strategies and long-term value creation [1][2]. - The transaction is part of a disciplined M&A strategy aimed at acquiring high-potential assets with validated science and a clear commercialization path [3][4]. Operational Impact - The sale significantly simplifies the operational and organizational structure of Standard BioTools, facilitating a path to achieve adjusted EBITDA break-even, which is a key priority for the company [2][4]. - The management team believes that disciplined operations and focused execution can unlock meaningful value in the life sciences sector [2]. Regulatory and Advisory Aspects - The transaction is subject to regulatory approvals and is expected to close in the first half of 2026 [7]. - Centerview Partners LLC is serving as the financial advisor to Standard BioTools, with additional legal counsel from Freshfields LLP and Richards, Layton & Finger, P.A. [8].

Core Viewpoint - Labrador Gold Corp. has initiated its 2025 exploration program at the Hopedale gold project in Labrador, focusing on the underexplored Florence Lake greenstone belt, which spans 43 km [1][13]. Exploration Focus - The exploration will concentrate on the Thurber Gold trend, a 3 km area with significant gold occurrences, defined by four notable gold sites and anomalous gold in surrounding rock and soil samples [2][5]. - Historical sampling has shown promising results, with values up to 32.3 g/t Au at Thurber North and channel sampling at TD500 returning values of up to 14.0 g/t Au over 0.61 m [3][4]. Survey and Mapping - A 33-line kilometre IP/Resistivity survey will be conducted to identify chargeability anomalies linked to gold mineralization, alongside detailed mapping and prospecting in the grid area [4][5]. - Systematic rock and soil sampling has identified 52 samples over 0.5 g/t Au, with 33 samples exceeding 1 g/t Au, aiming to define drill targets along the Thurber Gold trend [5]. Additional Discoveries - Recent discoveries in the Rusty Ridge area include gold at the Fire Ant occurrence and copper-silver at the Stone Fly occurrence, with initial sampling at Fire Ant returning values up to 106 g/t Au [5][6]. - Follow-up sampling in 2024 at Fire Ant yielded values of 9.35 g/t Au and 0.19 g/t Au with 10.8 g/t Ag [6]. Growth Strategy - Labrador Gold is actively pursuing additional gold projects with resource potential, having reviewed over 40 projects, focusing on Canadian opportunities based on geological potential and jurisdictional stability [6]. Financial Position - The company has approximately $18.1 million in cash, supporting its exploration and acquisition strategies [12].

Core Insights - Standard BioTools Inc. has launched its inaugural Proteomics Roundtable Series to discuss advancements in the field of proteomics and its implications for healthcare [1] - The first session will focus on high-plex, high-quality proteomics, featuring insights from researchers involved in the EPIC cancer study [2] - Future sessions will cover various topics, including comparative metrics for proteomic platforms, deployment in biobanks, and the role of proteomics in accelerating drug development [3][4][5] Company Overview - Standard BioTools Inc. is a leading provider of next-generation technologies aimed at enhancing biomedical research and drug development [7] - The company utilizes proprietary technologies such as SomaScan, mass cytometry, and microfluidics to provide reliable insights into health and disease [7] - Standard BioTools collaborates with academic, government, and clinical laboratories globally, focusing on critical areas in translational and clinical research [9]

Company Overview - Labrador Gold Corp. is a Canadian mineral exploration company focused on acquiring and exploring gold projects in Eastern Canada [2] - The company currently has approximately $18.1 million in cash [2] - Labrador Gold has 170,009,979 common shares issued and outstanding, trading on the TSX Venture Exchange under the symbol LAB [5] Recent Developments - Kai Hoffmann has resigned as a director of the company, having been part of the Board of Directors since 2019 [1] - The company's President and CEO, Roger Moss, expressed gratitude for Hoffmann's contributions over the past six years [2] Exploration Projects - The Hopedale property covers much of the Florence Lake greenstone belt, which is 60 km long and has shown gold anomalies over a 3 km section [3] - Five gold occurrences have been identified along the trend, with four discovered by Labrador Gold [3] - Anomalous gold has also been found over approximately 40 km along the southern section of the greenstone belt, with potential for critical metals such as copper, nickel, and cobalt [3] Borden Lake Project - The Borden Lake project is located near Chapleau, Ontario, southeast of Newmont Corporation's Borden gold mine [4] - Past exploration identified two anomalous zones based on geochemistry and geophysics, with up to 48 gold grains found in till samples [4]

Core Viewpoint - Standard BioTools Inc. reported its financial results for Q1 2025, highlighting its operational performance, market trends, and strategic initiatives for the year ahead [3]. Financial Performance - The company released its financial results for the quarter ended March 31, 2025, during the earnings conference call [3]. - The call included discussions on the company's financial outlook for 2025 and future projections [4]. Strategic Initiatives - The management provided updates on strategic initiatives and the expected synergies from the combined operations with SomaLogic [4]. - The company emphasized its focus on market trends and opportunities that may impact its business [4].

Group 1 - Standard BioTools reported a quarterly loss of $0.04 per share, which is an improvement from a loss of $0.23 per share a year ago, aligning with the Zacks Consensus Estimate [1] - The company posted revenues of $40.8 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.73%, but down from $45.54 million year-over-year [2] - Standard BioTools shares have declined approximately 34.3% since the beginning of the year, contrasting with the S&P 500's decline of 3.9% [3] Group 2 - The earnings outlook for Standard BioTools is mixed, with current consensus EPS estimates at -$0.05 for the coming quarter and -$0.16 for the current fiscal year, with revenues expected at $38.9 million and $169.2 million respectively [7] - The Zacks Industry Rank indicates that the Medical Info Systems sector is in the top 28% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $40.8 million, a decrease of 10% year-over-year, attributed to a challenging market environment and elevated backlog from the previous year [9][29] - Non-GAAP gross margins were 53.2%, down from 56.2% in Q1 2024, impacted by lower volume and price realization [32] - The net loss for the quarter was $26 million, an improvement from a net loss of $32.2 million in Q1 2024, representing a 19% improvement [34] - Adjusted EBITDA loss improved to $16.9 million from $23.7 million year-over-year, a 29% improvement [34] Business Line Data and Key Metrics Changes - Consumables revenue was $14.5 million, down 16% year-over-year, primarily due to lower volumes in the Americas Academia segment [29][30] - Instruments revenue increased by 24% year-over-year to $7.8 million, driven by strong demand for spatial proteomics products [30][32] - Services revenue, including lab and field services, was $17.6 million, down 16% year-over-year, with lab services declining by 19% due to backlog gaps [31][32] Market Data and Key Metrics Changes - The Americas market is experiencing a mid-teens percentage decline in academic revenue, with a high single-digit million dollar impact expected [10][36] - International markets and biopharma engagement remain resilient, with continued traction noted in these segments [10][11] Company Strategy and Development Direction - The company is focused on high precision proteomics and expanding its distributed offerings through partnerships, particularly with Illumina [25][66] - A disciplined M&A strategy is in place, with a focus on consolidating the market and leveraging operational synergies [26][48] - The company aims to reach adjusted EBITDA positive by 2026 while maintaining a healthy cash position of $261 million with no material debt [13][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic operating environment but emphasizes a strong internal position with a diversified portfolio and disciplined operating model [8][14] - The company expects the second half of 2025 to be back-weighted in terms of revenue, driven by larger projects in the sales funnel [42][36] - Management remains cautious about the impact of tariffs and macroeconomic conditions but believes they can manage these challenges effectively [11][36] Other Important Information - The company has operationalized $90 million in annualized cost reductions since the merger with SomaLogic, which is crucial for navigating current uncertainties [33] - New product launches at the AACR conference included three new offerings aimed at enhancing the company's market position in proteomics [19][20] Q&A Session Summary Question: Guidance on revenue weighting for 2025 - Management indicated that the revenue is expected to be back half weighted, driven by larger projects in the sales funnel [42] Question: Instrument demand and sales funnel outlook - Management expressed encouragement regarding growth in the sales funnel, particularly for the Hyperion XTI, but refrained from declaring victory due to market uncertainties [43][44] Question: Update on U.S. Academic and government demand - Management confirmed a mid-teens decline in U.S. Academic revenue, with some delays in consumables orders due to funding uncertainties [51][54] Question: Feedback on new product launches - Management noted that the new single soma reagents are now fully available, with expectations for significant long-term opportunities despite initial cautious sales expectations [60][62] Question: Illumina partnership revenue expectations - Management is optimistic about the long-term potential of the Illumina partnership but cautioned that significant revenue growth is not expected in 2025 [65][68] Question: Biopharmaceutical market conditions - Management reported good traction in the biopharma sector, with healthy growth in the sales funnel beyond large customers [69] Question: Impact of cost reduction actions on EBITDA outlook - Management indicated that the recent cost reduction actions would contribute to an improved outlook for adjusted EBITDA losses [70]

PART I [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) The unaudited condensed consolidated financial statements for Q1 2025 show total revenues of **$40.8 million**, a net loss of **$26.0 million**, and a re-segmentation into a single operating segment [Note 2. Business Combinations](index=11&type=section&id=Note%202.%20Business%20Combinations) Purchase accounting for the SomaLogic merger was finalized with no adjustments, while the Sengenics acquisition saw a **$0.3 million** increase in goodwill and deferred tax liability - The purchase accounting for the SomaLogic merger was finalized as of December 31, 2024, with no measurement period adjustments recorded after the closing date, resulting in a bargain purchase gain of **$25.2 million**[39](index=39&type=chunk) - For the Sengenics acquisition, a measurement period adjustment was recorded in Q1 2025, increasing goodwill and deferred tax liability by **$0.3 million** due to the finalization of tax estimates[40](index=40&type=chunk) [Note 3. Revenue and Geographic Area](index=12&type=section&id=Note%203.%20Revenue%20and%20Geographic%20Area) Total revenue for Q1 2025 decreased to **$40.8 million** due to lower consumables and lab services, with Americas remaining the largest region despite a decline Revenue by Type (Q1 2025 vs Q1 2024) | Revenue Type | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Instruments | $7,778 | $6,285 | | Consumables | $14,454 | $17,307 | | Lab services | $12,106 | $14,862 | | Field services | $5,501 | $6,165 | | **Total Revenue** | **$40,795** | **$45,540** | Revenue by Geographic Area (Q1 2025 vs Q1 2024) | Geographic Area | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Americas | $18,974 | $24,664 | | Europe, Middle East and Africa | $12,606 | $12,515 | | Asia-Pacific | $9,215 | $8,361 | | **Total Revenue** | **$40,795** | **$45,540** | - The company assumed a multi-year agreement with Illumina, including **$124.5 million** of minimum guaranteed royalties and a material right for Illumina to purchase SOMAmer reagents below standalone selling price, with the total transaction price estimated at **$158.4 million** to be recognized over an **8-year period** from 2025 to 2032[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Note 4. Goodwill and Acquired Intangible Assets, net](index=14&type=section&id=Note%204.%20Goodwill%20and%20Acquired%20Intangible%20Assets%2C%20net) Goodwill increased slightly to **$111.7 million** due to adjustments, with no impairment recorded after re-assessing reporting units to a single segment - Due to the change in reportable segments in Q1 2025, the company re-assessed its reporting units for goodwill impairment testing, consolidating from two units to one, and **no goodwill impairment** was recorded[52](index=52&type=chunk) Changes in Goodwill (Q1 2025) | Description | Amount (in thousands) | | :--- | :--- | | Balance as of December 31, 2024 | $111,297 | | Measurement period adjustment (Sengenics) | $336 | | Foreign currency translation | $86 | | **Balance as of March 31, 2025** | **$111,719** | [Note 6. Commitments and Contingencies](index=18&type=section&id=Note%206.%20Commitments%20and%20Contingencies) The company has **$8.9 million** in purchase commitments and faces ongoing stockholder litigation related to the SomaLogic merger, with an uncertain outcome - The company has minimum purchase commitments with Integrated DNA Technologies, Inc. (IDT) of **$2.3 million** annually for three years, and with LGC Genomics (LGC) of **$1.0 million** annually for two years[63](index=63&type=chunk)[64](index=64&type=chunk) - The company is facing ongoing stockholder litigation related to the SomaLogic merger, alleging breach of fiduciary duty, with a motion to dismiss pending and oral arguments scheduled for July 7, 2025, and the **outcome is uncertain**[70](index=70&type=chunk) Condensed Consolidated Statements of Operations (Q1 2025 vs Q1 2024) | Financial Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Total Revenue | $40,795 | $45,540 | | Gross Profit | $19,741 | $24,188 | | Loss from Operations | $(32,970) | $(60,182) | | Net Loss | $(26,033) | $(32,157) | | Net Loss per Share (basic and diluted) | $(0.07) | $(0.27) | Condensed Consolidated Balance Sheets (As of March 31, 2025) | Balance Sheet Item | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $150,880 | $166,728 | | Total Current Assets | $344,019 | $375,880 | | Total Assets | $579,597 | $612,344 | | Total Current Liabilities | $56,236 | $65,894 | | Total Liabilities | $125,002 | $140,622 | | Total Stockholders' Equity | $454,595 | $471,722 | - Effective Q1 2025, following the full integration of SomaLogic, the company changed its management structure and now operates as a **single, consolidated multi-omics company**, moving away from its previous two-segment structure (proteomics and genomics)[32](index=32&type=chunk)[99](index=99&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **10% revenue decrease** to **$40.8 million** in Q1 2025, offset by a **38% reduction in operating expenses**, improving net loss to **$26.0 million**, with **$258.1 million** in liquidity [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2025 total revenue decreased **10%** to **$40.8 million** due to lower services and consumables, while operating expenses fell **38%** to **$52.7 million** from reduced transaction costs and restructuring Revenue Change by Type (Q1 2025 vs Q1 2024) | Revenue Type | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Instruments | $7,778 | $6,285 | $1,493 | 24% | | Consumables | $14,454 | $17,307 | $(2,853) | (16)% | | Lab services | $12,106 | $14,862 | $(2,756) | (19)% | | Field services | $5,501 | $6,165 | $(664) | (11)% | | **Total Revenue** | **$40,795** | **$45,540** | **$(4,745)** | **(10)%** | Operating Expense Change (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $11,328 | $15,980 | $(4,652) | (29)% | | Selling, general and administrative | $38,707 | $46,943 | $(8,236) | (18)% | | Restructuring and related charges | $1,552 | $4,284 | $(2,732) | (64)% | | Transaction and integration expenses | $1,124 | $17,163 | $(16,039) | (93)% | | **Total Operating Expenses** | **$52,711** | **$84,370** | **$(31,659)** | **(38)%** | - The decrease in operating expenses was primarily driven by **reductions in headcount** from 2024 restructuring activities, reduced investment in certain R&D projects, and a **significant drop in one-time legal, advisory, and integration costs** associated with the SomaLogic merger in the prior-year period[133](index=133&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q1 2025 with **$258.1 million** in liquidity, sufficient for **12 months**, and significantly improved operating cash flow to **$30.3 million** used, with no traditional debt - The company believes its existing liquidity of **$258.1 million** (cash, cash equivalents, and short-term investments) is sufficient to support operations for **at least the next 12 months**[146](index=146&type=chunk)[147](index=147&type=chunk) Cash Flow Summary (Q1 2025 vs Q1 2024) | Cash Flow Activity | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(30,283) | $(62,476) | | Net cash provided by investing activities | $14,625 | $318,075 | | Net cash used in financing activities | $(46) | $(19,733) | - Net cash used in operating activities decreased by **$32.2 million** YoY due to lower operating expenses following the completion of 2024 restructuring activities[154](index=154&type=chunk) - As of March 31, 2025, the company has **fully repaid all traditional debt obligations** and no longer maintains access to credit facilities[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, foreign currency, inflation, and capital markets, though foreign currency impact has not been material - Primary market risks include **interest rate risk** on cash and investments, **foreign currency risk** from international operations, **inflation risk** on operating costs, and **capital market risk** affecting the ability to raise funds[164](index=164&type=chunk) - The company does not currently hedge its foreign currency exposure, and changes in currency values have **not had a material impact** on recent financial results[166](index=166&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2025, despite implementing a new ERP system that changed internal controls over financial reporting - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were **effective at the reasonable assurance level**[170](index=170&type=chunk) - A **new enterprise resource planning (ERP) system** was implemented in Q1 2025, representing a **change in internal control over financial reporting**, and management is taking steps to test and validate the new controls[171](index=171&type=chunk) PART II [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 6 for details on legal proceedings, primarily ongoing stockholder litigation related to the SomaLogic merger - For detailed information on legal proceedings, the report refers to **Note 6** of the financial statements[175](index=175&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported, with readers directed to the Annual Report on Form 10-K for a full discussion - The company refers to the risk factors discussed in its Annual Report on Form 10-K, indicating **no new material risks** have emerged during the quarter[176](index=176&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity sales occurred, and no shares were repurchased under the **$50.0 million** program during Q1 2025, with **$40.5 million** previously utilized - The company **did not repurchase any shares** of its common stock during the three months ended March 31, 2025, under its authorized **$50.0 million** share repurchase program[178](index=178&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - **No officers or directors** adopted, modified, or terminated any **Rule 10b5-1 trading arrangements** during Q1 2025[181](index=181&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - The Exhibit List includes **CEO and CFO certifications** pursuant to **Sarbanes-Oxley Sections 302 and 906**, as well as **Inline XBRL documents**[184](index=184&type=chunk)

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $40.8 million, a decrease of 10% year-over-year, attributed to a challenging market environment and elevated backlog from the previous year [10][29] - Non-GAAP gross margins were 53.2%, down from 56.2% in Q1 2024, impacted by lower volume and price realization [33] - The net loss for the quarter was $26 million, an improvement from a net loss of $32.2 million in Q1 2024, representing a 19% improvement [35] - Adjusted EBITDA loss improved to $16.9 million from $23.7 million year-over-year, a 29% improvement [35] Business Line Data and Key Metrics Changes - Consumables revenue was $14.5 million, down 16% year-over-year, primarily due to lower volumes in the Americas Academia segment [29] - Instruments revenue increased by 24% year-over-year to $7.8 million, driven by strong sales in spatial proteomics, particularly the Hyperion XTI [30] - Services revenue, including lab and field services, was $17.6 million, down 16% year-over-year, with lab services declining by 19% due to backlog gaps [31] Market Data and Key Metrics Changes - The Americas market is expected to see a mid-teens percentage decline in academic revenue, reflecting ongoing funding uncertainties [11][37] - International markets and biopharma engagement remain resilient, with continued traction noted in these segments [11] Company Strategy and Development Direction - The company is focused on high precision proteomics and expanding its distributed offerings through partnerships, particularly with Illumina, to enhance market leadership [25][66] - A disciplined M&A strategy is in place, with a focus on consolidating technologies and optimizing operations to drive growth [26][49] - The company aims to reach adjusted EBITDA positive by 2026 while maintaining a healthy cash position of $261 million with no material debt [14][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic operating environment but emphasizes a strong internal position with a diversified portfolio and disciplined operating model [8][12] - The company remains committed to long-term profitable revenue growth and increasing shareholder value despite macroeconomic challenges [38] Other Important Information - The company has operationalized $90 million in annualized cost reductions since the merger with SomaLogic, which is crucial for navigating current uncertainties [34] - New product launches at the AACR conference included three new offerings aimed at enhancing the company's service portfolio [20] Q&A Session Summary Question: Guidance on revenue weighting for the year - Management indicated that the revenue is expected to be back half weighted, driven by larger projects in the internal funnel [42][44] Question: Instrument demand and sales funnel outlook - The company is encouraged by growth in the sales funnel, particularly for the Hyperion XTI, but remains cautious about declaring victory [45][46] Question: Update on M&A pipeline and timing - The company remains committed to a disciplined M&A strategy, with a healthy cash position allowing for strategic acquisitions [49] Question: Trends in U.S. Academic and government demand - Management confirmed ongoing challenges in U.S. Academia, maintaining guidance for a mid-teens decline in revenue [52][56] Question: Feedback on new product launches - Initial feedback on new single soma reagents is positive, with expectations for long-term growth potential in this area [58][62] Question: Revenue expectations from the Illumina partnership - While cautious for 2025, management sees long-term potential for significant revenue growth from the Illumina partnership [65][67]