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Twist Bioscience (TWST) Reports Q2 Loss, Tops Revenue Estimates
ZACKS· 2025-05-05 13:25
Group 1 - Twist Bioscience reported a quarterly loss of $0.66 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.56, but an improvement from a loss of $0.79 per share a year ago, indicating an earnings surprise of -17.86% [1] - The company posted revenues of $92.79 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.95% and showing an increase from year-ago revenues of $75.3 million [2] - Over the last four quarters, Twist Bioscience has exceeded consensus revenue estimates four times, indicating a positive trend in revenue performance [2] Group 2 - The stock has underperformed the market, losing about 15.6% since the beginning of the year compared to the S&P 500's decline of -3.3% [3] - The earnings outlook for Twist Bioscience is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.56 on revenues of $94.77 million, and for the current fiscal year, it is -$2.14 on revenues of $374.42 million [7] Group 3 - The Medical - Biomedical and Genetics industry, to which Twist Bioscience belongs, is currently in the top 34% of Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]
Twist Bioscience(TWST) - 2025 Q2 - Earnings Call Presentation
2025-05-05 12:05
Financial Performance - Second quarter fiscal year 2025 revenue reached $92.8 million[18,42] - The company's gross margin was 49.6%[18,42], progressing towards exceeding 50% by the fourth quarter of fiscal year 2025[18] - Adjusted EBITDA loss was $(14.8) million[18,42], beating guidance[18] Business Segment Highlights - SynBio revenue was $36.0 million, a 21% year-over-year growth, with approximately 227,000 genes shipped[22] - NGS revenue was $51.1 million, a 25% year-over-year growth[25] - Biopharma Solutions revenue was $5.7 million, a 21% year-over-year growth, with $6.4 million in orders[28] Atlas Data Storage - Atlas Data Storage launched with $155 million in funding from leading investors[11,13] Fiscal Year 2025 Guidance - The company anticipates full fiscal year 2025 revenue to be between $372 million and $379 million[45] - The company anticipates full fiscal year 2025 adjusted EBITDA to be between $(48) million and $(53) million[45]
Twist Bioscience(TWST) - 2025 Q2 - Earnings Call Transcript
2025-05-05 12:00
Financial Data and Key Metrics Changes - For the second quarter of fiscal 2025, the company reported record revenue of $92.8 million, an increase of 23% year over year and 4.6% sequentially [13][24] - Gross margin for the quarter was 49.6%, up from 41% in the same quarter of fiscal 2024, reflecting improved operational efficiency [13][29] - Adjusted EBITDA loss was approximately $14.8 million, an improvement of about $11.9 million compared to the second quarter of fiscal 2024 [30] Business Line Data and Key Metrics Changes - Revenue from Synbio increased to $36 million, a growth of 21% year over year [13][24] - NGS revenue grew to approximately $51.1 million, an increase of 25% year over year [16][25] - Biopharma services revenue was $5.7 million, reflecting a growth of 21% year over year [16][25] Market Data and Key Metrics Changes - Healthcare revenue rose to $52.8 million, up 29% year over year [26] - Industrial chemical revenue increased to $22.8 million, a 12% rise from the previous year [26] - Academic revenue was $16.5 million, up 20% year over year [27] Company Strategy and Development Direction - The company has spun out DNA Data Storage as an independent entity, Atlas Data Storage, to focus on commercialization and drive success [9][11] - The strategy emphasizes operational agility and customer engagement to maintain competitive positioning [18][19] - The company aims to achieve adjusted EBITDA breakeven by the end of fiscal 2026, with a focus on innovation and market share growth [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong order bookings exceeding $100 million in the last two quarters [38] - The company is prepared to navigate market volatility and leverage it as an opportunity for growth [36][38] - Management acknowledged challenges in the academic sector but remains confident in the value proposition of their products [72][74] Other Important Information - The company ended the quarter with cash, cash equivalents, and short-term investments of approximately $257.1 million [31] - The company expects gross margin improvements to exceed 50% in the latter half of the fiscal year [34] Q&A Session Summary Question: Impact of tariffs on guidance and demand from competitors - Management indicated that they have accounted for potential tariff impacts in their guidance and noted strong share gains despite macro challenges [40][42] Question: Effect of promotions on academic market growth - Management confirmed that the 20% growth in the academic market was partly due to promotional activities, which they plan to continue until the end of the fiscal year [47][50] Question: Guidance for NGS revenue from top customers - Management expects growth from both existing and new customers, with top customers growing at a rate similar to the overall NGS business [53][54] Question: Reinvestment of savings from the spin-off into R&D - Management confirmed that savings from the spin-off will be partially reinvested into higher priority R&D initiatives [56][61] Question: Academic market's importance and growth assumptions - Management highlighted a significant opportunity in the academic market, with expectations for continued growth despite budget constraints [83][84]
Twist Bioscience(TWST) - 2025 Q2 - Earnings Call Transcript
2025-05-05 12:00
Financial Data and Key Metrics Changes - For the second quarter of fiscal 2025, the company reported record revenue of $92,800,000, an increase of 23% year over year and 4.6% sequentially [13][23] - Gross margin for the quarter was 49.6%, up from 41% in the same quarter of fiscal 2024, reflecting improved operational efficiency [13][28] - Adjusted EBITDA loss was approximately $14,800,000, an improvement of about $11,900,000 compared to the second quarter of fiscal 2024 [29][32] Business Line Data and Key Metrics Changes - Revenue from Synbio increased to $36,000,000, a growth of 21% year over year [13][24] - NGS revenue grew to approximately $51,100,000, an increase of 25% year over year [16][24] - Biopharma services revenue was $5,700,000, reflecting a growth of 21% year over year [16][24] Market Data and Key Metrics Changes - Healthcare revenue rose to $52,800,000, a 29% increase year over year [25] - Industrial chemical revenue increased to $22,800,000, up 12% from the same period last year [25] - Academic revenue was $16,500,000, a 20% increase year over year [26] Company Strategy and Development Direction - The company has spun out DNA Data Storage as an independent entity, Atlas Data Storage, to focus on end-to-end data storage solutions [8][11] - The strategy emphasizes agility and innovation to capture market opportunities while maintaining operational efficiency [18][19] - The company aims to reach adjusted EBITDA breakeven by the end of fiscal 2026, leveraging the Atlas Data Storage transaction for improved financial performance [32][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing over $100,000,000 in orders booked in each of the last two quarters [37] - The leadership team is focused on innovation and customer impact, adapting to market conditions while maintaining a competitive edge [36][70] - The company anticipates continued share gains in the academic market despite funding pressures [65][72] Other Important Information - The company ended the quarter with cash, cash equivalents, and short-term investments of approximately $257,100,000 [29] - The company expects total revenue guidance for fiscal 2025 to be between $372,000,000 and $379,000,000, indicating a growth of approximately 20% at the midpoint [30] Q&A Session Summary Question: What is the impact of tariffs on guidance? - Management indicated that they have accounted for potential tariff impacts in their guidance, noting that tariffs may serve as a headwind for competitors rather than themselves [41][64] Question: How are promotions affecting Synbio growth? - Promotions have contributed to a 20% growth in the academic market, with expectations for continued positive impacts on margins [46][50] Question: What is the significance of the top 10 customers in NGS revenue? - The top 10 customers are expected to grow at a rate similar to the overall NGS business, with no specific increases assumed for the second half [52][54] Question: How will savings from the spin-off be reinvested? - The company plans to reinvest savings from the spin-off into higher priority R&D initiatives, contributing to improved adjusted EBITDA [56][60] Question: What is the outlook for the academic market? - The academic market presents a significant growth opportunity, with the company underpenetrated in this segment and optimistic about future performance [82][84]
Twist Bioscience(TWST) - 2025 Q2 - Quarterly Results
2025-05-05 11:27
Revenue Growth - Record revenue of $92.8 million in Q2 FY25, a 23% increase from $75.3 million in Q2 FY24, marking the 9th consecutive quarter of sequential growth[1] - Full year fiscal 2025 revenue expected to be in the range of $372 million to $379 million, indicating a year-over-year growth of 19% to 21%[8] - SynBio revenue projected at $144 million to $147 million, a growth of 17% to 19% year-over-year[8] - NGS revenue expected to be $205 million to $209 million, reflecting a growth of 21% to 24% year-over-year[8] - Biopharma revenue anticipated at $23 million, representing a growth of 13% year-over-year[8] Profitability and Loss - Adjusted EBITDA for Q2 FY25 was $(14.8) million, an improvement from $(26.8) million in Q2 FY24[4] - Net loss attributable to common stockholders for Q2 FY25 was $39.3 million, or $0.66 per share, compared to a net loss of $45.5 million, or $0.79 per share, in Q2 FY24[4] - GAAP net loss for the three months ended March 31, 2025, was $39,328,000, compared to a net loss of $45,492,000 for the same period in 2024, representing an improvement of about 13%[23] - Adjusted EBITDA for the six months ended March 31, 2025, was a loss of $31,102,000, compared to a loss of $54,547,000 for the same period in 2024, indicating a 43% improvement[23] Customer and Market Expansion - The company shipped products to approximately 2,431 customers in Q2 FY25, up from 2,253 customers in Q2 FY24[7] - Twist announced the spin-out of its DNA data storage application as Atlas Data Storage, with a $155 million investment from various strategic partners[1] Asset and Liability Management - Total current assets decreased from $346,776,000 in September 2024 to $338,442,000 in March 2025, a decline of approximately 2%[21] - Total liabilities increased from $141,634,000 in September 2024 to $155,507,000 in March 2025, an increase of approximately 10%[21] - Cash and cash equivalents decreased from $226,316,000 in September 2024 to $210,437,000 in March 2025, a decline of about 7%[21] - Accounts receivable, net increased significantly from $34,903,000 in September 2024 to $49,949,000 in March 2025, an increase of approximately 43%[21] - Total stockholders' equity decreased from $472,689,000 in September 2024 to $440,108,000 in March 2025, a decline of about 7%[21] Operating Expenses - Stock-based compensation expense for the three months ended March 31, 2025, was $20,328,000, compared to $13,824,000 for the same period in 2024, reflecting a 47% increase[23] - Operating lease liability, net of current portion decreased from $70,221,000 in September 2024 to $65,080,000 in March 2025, a reduction of approximately 7%[21] - Inventories decreased from $24,078,000 in September 2024 to $20,860,000 in March 2025, a decline of about 13%[21]
Twist Bioscience Q2 Earnings Preview: Innovative Products, Not Enough Buyers
Seeking Alpha· 2025-05-01 16:05
Group 1 - The marketplace channel Haggerston BioHealth offers exclusive stock tips focused on Pharma, Biotech, and Healthcare, providing access to investment bank-grade financial models and research [1] - The group caters to both novice and experienced biotech investors, offering insights on catalysts, buy and sell ratings, product sales forecasts, and integrated financial statements [2] - Edmund Ingham, a biotech consultant with over 5 years of experience, leads the Haggerston BioHealth investing group and has compiled detailed reports on over 1,000 companies [2]
Twist Bioscience (TWST) Moves 6.6% Higher: Will This Strength Last?
ZACKS· 2025-03-12 17:15
Company Overview - Twist Bioscience (TWST) shares increased by 6.6% to close at $39.13, following a notable trading volume, despite a 24.5% loss over the past four weeks [1] - The company reported strong financial results for Q1 of fiscal 2025, which ended on December 31, 2024, potentially driving the recent share price rally [1] Financial Performance - The upcoming quarterly report is expected to show a loss of $0.56 per share, reflecting a year-over-year increase of 29.1% [2] - Revenue is anticipated to reach $91.96 million, marking a 22.1% increase compared to the same quarter last year [2] Earnings Estimates and Stock Movement - The consensus EPS estimate for Twist Bioscience has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] - The stock currently holds a Zacks Rank of 2 (Buy), suggesting positive market sentiment [3] Industry Context - Twist Bioscience operates within the Zacks Medical - Biomedical and Genetics industry, where another company, Immatics (IMTX), experienced a 1.1% decline to $4.45, with a monthly return of -14.6% [3] - Immatics has a consensus EPS estimate of -$0.03 for its upcoming report, which represents a 90.6% year-over-year change [4]
Twist Bioscience (TWST) Upgraded to Buy: Here's What You Should Know
ZACKS· 2025-02-06 18:00
Core Viewpoint - Twist Bioscience (TWST) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. Company Performance and Outlook - The upgrade for Twist Bioscience indicates an improvement in the company's underlying business, which is expected to positively influence its stock price [4]. - For the fiscal year ending September 2025, Twist Bioscience is projected to earn -$2.21 per share, reflecting a 38.6% change from the previous year [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [6]. - The upgrade to Zacks Rank 2 places Twist Bioscience in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].
Twist Bioscience: Valuation Is Weighing On The Stock
Seeking Alpha· 2025-02-06 04:30
Core Insights - Twist Bioscience (NASDAQ: TWST) reported strong results in the first quarter of FY25, driven by its SynBio and NGS segments [1] - The company's core businesses continue to thrive despite a challenging macroeconomic environment, although there are questions regarding its growth initiatives [1] Company Overview - Richard Durant leads Narweena, an asset manager focused on identifying market dislocations due to poor understanding of long-term business prospects [1] - Narweena aims to achieve excess risk-adjusted returns by finding businesses with secular growth opportunities in markets with barriers to entry [1] Investment Strategy - Narweena's research process emphasizes company and industry fundamentals to uncover unique insights [1] - The firm has a high risk appetite and a long-term investment horizon, targeting deeply undervalued stocks, particularly in smaller cap markets [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, differing from past trends [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] Economic Trends - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1]
Twist Bioscience(TWST) - 2025 Q1 - Quarterly Report
2025-02-03 21:09
Part I. Financial Information [Unaudited Financial Statements](index=7&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) This section presents Twist Bioscience Corporation's unaudited condensed consolidated financial statements for the quarter ended December 31, 2024, including balance sheets, statements of operations, stockholders' equity, cash flows, and notes [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2024, total assets were $608.6 million, total liabilities increased to $152.6 million due to a new future revenue liability, and total stockholders' equity decreased to $455.9 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Dec 31, 2024 (in thousands) | Sep 30, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $221,403 | $226,316 | | Total current assets | $345,309 | $346,776 | | **Total assets** | **$608,580** | **$614,323** | | Total current liabilities | $69,646 | $71,006 | | Liability related to the sale of future revenue | $15,000 | $0 | | **Total liabilities** | **$152,639** | **$141,634** | | **Total stockholders' equity** | **$455,941** | **$472,689** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the three months ended December 31, 2024, revenues increased 24% to $88.7 million, loss from operations narrowed to $34.6 million, and net loss improved to $31.6 million or ($0.53) per share Statement of Operations Summary (in thousands, except per share data) | Metric | Q1 FY2025 (ended Dec 31, 2024, in thousands) | Q1 FY2024 (ended Dec 31, 2023, in thousands) | | :--- | :--- | :--- | | **Revenues** | **$88,713** | **$71,498** | | Cost of revenues | $45,873 | $42,536 | | Total operating expenses | $123,357 | $118,475 | | **Loss from operations** | **($34,644)** | **($46,977)** | | **Net loss** | **($31,594)** | **($43,008)** | | **Net loss per share, basic and diluted** | **($0.53)** | **($0.75)** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended December 31, 2024, net cash used in operations was $21.4 million, investing activities used $1.5 million, and financing activities provided $17.9 million, resulting in a $5.1 million net decrease in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Three months ended Dec 31, 2024 (in thousands) | Three months ended Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | ($21,428) | ($22,973) | | Net cash (used in) provided by investing activities | ($1,536) | $4,165 | | Net cash provided by (used in) financing activities | $17,944 | ($1,473) | | **Net decrease in cash, cash equivalents, and restricted cash** | **($5,073)** | **($20,165)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, financial position, revenue disaggregation, a new future revenue liability, lease obligations, and ongoing legal proceedings, confirming sufficient cash for at least one year of operations - The company believes its current cash, cash equivalents, and short-term investments are **sufficient to fund operations for at least one year** from the financial statement issuance date[28](index=28&type=chunk) - On October 21, 2024, the company received a **$15.0 million upfront payment** from XOMA Royalty in exchange for half of future potential milestone and royalty payments from certain customer agreements, which was recorded as a liability[94](index=94&type=chunk) - The company is involved in a putative securities class action lawsuit and a related shareholder derivative suit, both of which are in preliminary stages, and the company intends to defend itself vigorously[74](index=74&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) Management discusses Q1 FY2025 financial results, highlighting a 24% revenue increase, improved gross margin, and reduced net loss, alongside analysis of operating expenses, liquidity, and capital resources [Overview](index=27&type=section&id=Overview) Twist Bioscience, a synthetic biology company, serves approximately 3,562 customers, achieving 24% revenue growth to $88.7 million, a 48.3% gross margin, and an improved net loss of ($0.53) per share in Q1 FY2025 - The company serves approximately **3,562 customers** annually across various industries, including healthcare, chemicals/materials, and academic research, using a multi-channel strategy that includes a direct sales force and an e-commerce platform[101](index=101&type=chunk) Q1 FY2025 Financial Highlights vs. Q1 FY2024 | Metric | Q1 FY2025 | Q1 FY2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $88.7M | $71.5M | +24% | | Gross Margin | 48.3% | 40.5% | +7.8 p.p. | | Loss from Operations | ($31.6M) | ($43.0M) | Improved | | Net Loss per Share | ($0.53) | ($0.75) | Improved | [Results of Operations](index=28&type=section&id=Results%20of%20operations) Revenue increased 24% driven by NGS tools and synthetic genes, gross margin improved to 48.3%, R&D expenses decreased 8%, and SG&A expenses increased 6% due to personnel and third-party costs - Revenue grew **24%** to **$88.7 million**, primarily due to a **$9.2 million** increase in NGS tools revenue and a **$6.8 million** increase in synthetic genes revenue[114](index=114&type=chunk) - The number of genes shipped increased by **20%** to approximately **205,000** in Q1 FY2025 from **171,000** in Q1 FY2024[113](index=113&type=chunk)[114](index=114&type=chunk) - Gross margin increased by **7.8 percentage points** to **48.3%**, mainly due to higher revenue and better absorption of fixed costs[115](index=115&type=chunk) - R&D expenses decreased by **8%** to **$21.3 million**, driven by lower outside service, lab supply, and personnel costs[116](index=116&type=chunk)[118](index=118&type=chunk) - SG&A expenses increased by **6%** to **$56.2 million**, primarily due to a **$1.4 million** increase in personnel costs and a **$1.9 million** increase in third-party spending[119](index=119&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20capital%20resources) As of December 31, 2024, the company held $221.4 million in cash and equivalents, received a $15.0 million upfront payment from XOMA, and used $21.4 million in operating cash, with primary capital uses for compensation, manufacturing, and R&D - The company's liquidity is primarily financed through equity raises and commercial revenue, with cash, cash equivalents, and short-term investments totaling **$270.8 million** as of December 31, 2024[103](index=103&type=chunk)[123](index=123&type=chunk) - A significant financing event in the quarter was a **$15.0 million upfront payment** from XOMA for the right to receive half of future potential milestone and royalty payments from certain collaborations[124](index=124&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Three months ended Dec 31, 2024 (in thousands) | | :--- | :--- | | Net cash used in operating activities | ($21,428) | | Net cash used in investing activities | ($1,536) | | Net cash provided by financing activities | $17,944 | [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) The company reports no material changes to its market risk exposure since the previous fiscal year-end, as detailed in its Annual Report on Form 10-K - There have been no material changes in the company's exposure to market risk since September 30, 2024[140](index=140&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20procedures) Management concluded the company's disclosure controls and procedures were effective as of December 31, 2024, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of December 31, 2024, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective**[141](index=141&type=chunk) - No changes occurred during the quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[142](index=142&type=chunk) Part II. Other Information [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20proceedings) Material pending legal proceedings are detailed in Note 6 of the financial statements, with management expecting no material adverse effect on the business from their final disposition - Details on material pending legal proceedings are described in Note 6 of the financial statements[145](index=145&type=chunk) - Management does not expect the final outcome of current legal matters to have a **no material adverse effect** on the company's business, financial position, or cash flows[145](index=145&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20factors) No material changes to the company's risk factors have occurred since those disclosed in the Annual Report on Form 10-K - There have been no material changes in risk factors from those described in the Annual Report on Form 10-K[147](index=147&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20sales%20of%20equity%20securities%20and%20use%20of%20proceeds) The company reported no unregistered sales of equity securities during the quarter - The company had **no unregistered sales** of equity securities during the quarter[148](index=148&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter ended December 31, 2024 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the quarter ended December 31, 2024[151](index=151&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including a consulting agreement, CEO and CFO certifications, and iXBRL data files - Exhibits filed include a consulting agreement with James Thorburn, certifications by the CEO and CFO, and iXBRL financial data[153](index=153&type=chunk)