Core Insights - Caris Life Sciences published a study in Breast Cancer Research comparing the effectiveness of two antibody-drug conjugates, trastuzumab deruxtecan (T-DXd) and sacituzumab govitecan (SG), in treating HER2-negative breast cancer patients [1][2] Group 1: Study Findings - T-DXd was found to be more effective for hormone receptor (HR)-positive patients, allowing them to remain on treatment longer compared to those receiving SG [2] - SG demonstrated better results as the first treatment for patients with HR-negative and HER2-null tumors [2] - For other patient groups, there was no significant advantage in starting treatment with either drug [2] Group 2: Research Methodology - The study utilized Caris' real-world database, which included data from over 4,000 patients, to identify key differences that could aid clinicians in treatment decision-making [4] - The findings indicated that T-DXd and SG provided comparable benefits for patients with triple-negative breast cancer, emphasizing the need for personalized treatment strategies based on tumor subtype [4] Group 3: Company Overview - Caris Life Sciences is a leading AI TechBio company focused on precision medicine, utilizing advanced AI and machine learning to analyze complex disease data [6] - The company aims to transform healthcare through comprehensive molecular profiling and the development of advanced precision medicine diagnostic solutions [6][7]

Summary of Oculus Conference Call Company Overview - Oculus is a global biopharma company listed on Nasdaq, focusing on innovative ophthalmology and neuro-ophthalmology candidates targeting significant market opportunities [3][4] Core Assets 1. **OCS-01 (OptiReach)**: A high concentration dexamethasone eye drop for diabetic macular edema (DME), currently in phase three with readout expected in 2026 [3][4] 2. **Privelceptor (OCS-05)**: A first-in-class neuroprotective candidate for acute optic neuritis, currently in development [4][13] 3. **Lickamenimab (OCS-02)**: A novel topical anti-TNF candidate for dry eye disease, starting phase two/three trials in the second half of the year [4][28] Market Insights - **Diabetic Macular Edema (DME)**: - Affects 37 million patients globally, expected to grow to over 50 million by 2045 [6] - Current treatments are invasive, leading to low patient compliance; 56% of diagnosed patients are untreated [6][7] - The U.S. addressable patient population for OCS-01 is estimated at 1.3 million, with a market value of approximately $3 billion [12] - **Acute Optic Neuritis (AON)**: - No approved treatments currently exist; estimated 65,000 patients in the U.S. [15] - High unmet need for neuroprotective therapies [16][24] - **Multiple Sclerosis (MS)**: - Affects approximately 2.8 million worldwide, with a market valued above $20 billion [24] - Oculus aims to address relapses and neuroprotection during acute periods [25] - **Dry Eye Disease**: - A large and unsatisfied market; only 13% of patients experience lasting relief after 12 months [30] - Lickamenimab shows five times better efficacy in signs and seven times better in symptoms for patients with the TNF-R1 genotype [31][32] Clinical Trial Results - **OCS-01**: - Achieved 7.6 letter gains in best corrected visual acuity (BCVA) at week 12 [11] - 27.4% of patients had a 15-letter gain by week 12 [11] - Well tolerated with no unexpected adverse events [11] - **Privelceptor**: - Achieved primary safety endpoint and significant improvements in visual function and neuroprotection in the ACQUITY trial [20][21] - 43% improvement in GCIPL thickness and 30% in RNFL thickness at month six [20][21] - **Lickamenimab**: - Demonstrated rapid treatment effects in both signs and symptoms of dry eye disease [31] - Well tolerated with low incidence of adverse events [34] Future Plans - Anticipate top-line results from OCS-01 phase three program in 2026, with NDA filing in the second half of 2026 [41] - Plans to initiate phase two/three trials for AON and dry eye disease in upcoming quarters [41] - Strong balance sheet to support ongoing development activities [41] Conclusion - Oculus is positioned with a robust portfolio of differentiated products addressing significant unmet needs in ophthalmology and neuro-ophthalmology [40] - Upcoming catalysts across multiple assets and indications are expected to drive growth and shareholder value [40][41]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 increased by 81% year over year to $181.4 million [8][27] - Molecular profiling services revenues rose to $162.9 million, an increase of 86% year over year [8][27] - Pharma R&D services revenue grew to $18.5 million, reflecting a 49% year over year increase [8][27] - Gross margins improved to 62.7%, up from 37.5% in the same quarter last year [12][29] - Positive adjusted EBITDA of $16.7 million and positive free cash flow of $5.9 million were achieved [13][32] Business Line Data and Key Metrics Changes - Clinical case volumes exceeded 50,000 profiles, representing a 22% year over year growth [10][14] - Average selling price (ASP) for molecular profiling increased to $3,256 per profile, a 52% year over year growth [10][12] - Caris Assure for therapy selection saw a 56% year over year case volume growth [10] Market Data and Key Metrics Changes - The penetration rate for comprehensive genomic profiling (CGP) remains low at around 30%, indicating significant growth opportunities [15][101] - The company has contracted with national commercial payers covering over 170 million lives, enhancing market access [38][55] Company Strategy and Development Direction - The company aims to leverage its technology platform for precision medicine, focusing on whole exome and whole transcriptome assays [7][8] - The long-term strategy includes expanding into MRD monitoring and early detection markets [13][26] - The company emphasizes the importance of partnerships and collaborations, such as the Caris Precision Oncology Alliance, to enhance its market position [17][101] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong demand for their services and the potential for further ASP increases [39][90] - The company anticipates continued positive trends in revenue and profitability, with guidance for total revenue in FY 2025 expected to be between $675 million and $685 million [33][34] Other Important Information - The company completed its IPO in June 2025, raising net proceeds of $519 million, significantly strengthening its balance sheet [13][27] - The company has integrated with approximately 2,500 clinical sites, with over 60% of orders transmitted electronically [15] Q&A Session Summary Question: Can you discuss the ASP update in the quarter? - The ASP for tissue was primarily driven by the increase in MyCancerSEQ cases, which represented 78% of tissue cases in Q2 [36][38] Question: What is the guidance for the year and the assumptions behind it? - The guidance assumes mid to high teens growth in clinical volumes for the second half of the year, with a total revenue expectation of $675 million to $685 million [33][34][62] Question: How is the company addressing the competitive environment in tissue profiling? - The company believes it has a differentiated platform and is well-positioned to capture market share as the penetration of CGP remains low [101][102] Question: What is the strategy for MRD and how does it compete with larger players? - The MRD offering is unique due to its comprehensive approach, and the company is not providing specific timelines for market entry [88] Question: How is the company managing operating expenses and R&D spending? - R&D spending is expected to remain flat as most investments have already been made, allowing for strategic allocation towards sales and marketing [69][71]

Financial Performance - Total revenue increased by 81% year-over-year, reaching $181.4 million in Q2 2025, compared to $100 million in Q2 2024[11] - Molecular Profiling Services revenue grew by 86% year-over-year, amounting to $162.9 million in Q2 2025, up from $87.7 million in Q2 2024[11] - Pharma R&D Services revenue increased by 49% year-over-year, reaching $18.5 million in Q2 2025, compared to $12.4 million in Q2 2024[11] - Clinical ASP improved by 52%, rising from $2,138 in Q2 2024 to $3,256 in Q2 2025[15] - Gross margin increased by 2,514 basis points year-over-year, reaching 62.7% in Q2 2025[15, 42] - Adjusted EBITDA turned positive, reaching $16.7 million in Q2 2025, compared to a loss of $50.9 million in Q2 2024[15, 34] - Free Cash Flow turned positive, reaching $5.9 million in Q2 2025, compared to a loss of $65.5 million in Q2 2024[15, 34] Operational Highlights - Clinical volume grew by 22%, with 50,032 clinical cases completed in Q2 2025[15] - The company's molecular dataset surpassed 900,000+ comprehensive tumor patient profiles, including over 529,000 Whole Exomes and 580,000 Whole Transcriptomes[15, 21] - Caris Assure ASP increased 58.7% year-over-year to $2,519 in Q2 2025[40] - MI Profile ASP increased 53.1% year-over-year to $3,379 in Q2 2025[40] Strategic Initiatives - The Partner Oncology Alliance (POA) expanded to 97 sites with over 1,100 publications[15, 23] - A landmark Caris Assure study was published, validating the single assay across the cancer care continuum[15, 26]

Investment Summary - iMDx employs a disruptive approach to molecular diagnostic testing by empowering local labs with kits, contrasting the central lab model[19] - The company has secured a go-to-market strategic partner and equity investment[19] - iMDx possesses a full R&D pipeline to fuel portfolio expansion over the next decade[19] - The company's IP portfolio is attractive to partners and enables value protection[19] Transplant Market - Kidney transplant patients face approximately a 202% (1 in 5) chance of their body rejecting the donor kidney[47] - The US market supports a $500 million annual revenue potential for transplant testing, currently generated by competitors[84] - The global transplant testing market is estimated at $1 billion today, with potential to expand to approximately $2 billion with claims expansion[86] - Medicare reimbursement for iMDx's transplant test was boosted to $2,753 per result in May 2025[80] Oncology Market - The estimated total addressable market (TAM) for oncology therapy selection in the US is $2 billion[104] - The estimated total addressable market (TAM) for oncology copy number instability (CNI) monitoring in the US is $4 billion[109]

Financial Performance - Revenue for Q2 2025 increased by 896% year-over-year to $3146 million from $1660 million in Q2 2024[52, 55] - Genomics revenue reached $2418 million, a 1153% increase compared to Q2 2024[55] - Data and Services revenue totaled $728 million, growing 357% year-over-year, with Insights (data licensing) growing 407%[55] - Gross profit improved by 1583% year-over-year, reaching $1950 million in Q2 2025[52, 55] - Adjusted EBITDA improved by 821%, with a loss of $(56) million in Q2 2025 compared to $(312) million in Q2 2024[52, 55] Genomics Business - Oncology testing (Tempus Genomics) revenue was $1332 million, up 329% year-over-year, with approximately 26% volume growth[55] - Hereditary testing (Ambry Genetics) contributed $973 million of revenue, up 336% year-over-year on a pro forma basis, with approximately 32% volume growth[55] - Average reimbursement per hereditary test was $760 in Q2 2025[24] Data and AI - Total Remaining Contract Value for Data and Services was >$940 million at the end of 2024[39] - Data Licensing Retention was ~140% at the end of 2024[39] - Tempus has >350 petabytes of rich multimodal healthcare data[12, 37]

Core Viewpoint - Tempus AI, Inc. is facing a class action lawsuit due to allegations of misleading statements and undisclosed material information during the Class Period from August 6, 2024, to May 27, 2025 [1][3]. Company Overview - Tempus AI is a technology company focused on advancing precision medicine through artificial intelligence, including generative AI [2]. Allegations of the Lawsuit - The lawsuit claims that Tempus AI inflated the value of certain contract agreements, many involving related parties, which included non-binding opt-ins or were self-funded [3]. - It is alleged that the company's joint venture with SoftBank Group Corporation risked credibility due to the appearance of "round-tripping" capital to artificially inflate revenue [3]. - The acquisition of Ambry Genetics Corporation is said to have operated under a business model reliant on aggressive and potentially unethical billing practices, exposing it to regulatory and financial risk [3]. - AstraZeneca PLC reportedly reduced its financial support to Tempus AI through a questionable "pass-through payment" structure involving a joint agreement with Pathos AI, Inc. [3]. - These issues are indicative of broader weaknesses in Tempus AI's core operations and long-term revenue outlook [3]. Impact on Stock Price - Following the publication of a research report by Spruce Point Capital Management, LLC on May 28, 2025, which raised serious concerns regarding Tempus AI's management and financial disclosures, the company's stock price fell by over 19% [4].

Core Insights - INmune Bio Inc. reported its financial results for Q2 2025, highlighting a net loss of approximately $24.5 million, a significant increase from a net loss of about $9.7 million in Q2 2024 [12][30] - The company is focused on developing treatments that utilize the innate immune system, with three main product platforms: XPro™, CORDStrom™, and INKmune® [21] Financial Performance - The net loss attributable to common stockholders for Q2 2025 was approximately $24.5 million, compared to approximately $9.7 million in Q2 2024 [12][30] - Research and development expenses for Q2 2025 totaled approximately $5.8 million, down from approximately $7.1 million in Q2 2024 [12][30] - General and administrative expenses were approximately $2.3 million for Q2 2025, compared to approximately $2.8 million in Q2 2024 [12][30] - As of June 30, 2025, the company had cash and cash equivalents of approximately $33.4 million, an increase from $20.9 million at the end of 2024 [12][25] Product Development Highlights - XPro™ showed favorable trends in the MINDFuL phase 2 trial, particularly in a subset of patients with two or more biomarkers of inflammation [5][4] - CORDStrom™ is in the process of establishing large-scale manufacturing, with plans for MAA and BLA submissions by mid-2026 [10][15] - INKmune® is currently in an open-label Phase I/II trial for metastatic castration-resistant prostate cancer [20][21] Corporate Updates - Dr. RJ Tesi has retired as CEO, with David Moss appointed as the new President & CEO [10] - The company closed a $19 million registered direct offering to support its operations [10] Upcoming Milestones - The company anticipates an end-of-phase 2 meeting regarding the MINDFuL trial with the FDA in Q4 2025 [15] - Additional data from the ongoing phase 2 trial of INKmune® in metastatic castration-resistant prostate cancer is expected to be released [15]

Core Viewpoint - The Tempus AI class action lawsuit alleges that the company and its executives made misleading statements and failed to disclose critical information that inflated the company's stock value during the specified class period [3][4]. Group 1: Allegations Against Tempus AI - The lawsuit claims that Tempus AI inflated the value of contract agreements, many of which were with related parties and included non-binding opt-ins or were self-funded [3]. - It is alleged that the credibility of Tempus AI's joint venture with SoftBank Group Corporation was compromised, giving the appearance of "round-tripping" capital to create revenue [3]. - The business model of Ambry Genetics Corporation, acquired by Tempus AI, is said to be based on aggressive and potentially unethical billing practices, risking scrutiny and sustainability [3]. - AstraZeneca PLC reportedly reduced its financial commitments to Tempus AI through a questionable "pass-through payment" arrangement [3]. - These issues collectively indicate weaknesses in Tempus AI's core operations and revenue prospects [3]. Group 2: Impact of Allegations - Following a research report from Spruce Point Capital Management on May 28, 2025, which raised concerns about Tempus AI's management and financial reporting, the company's stock price fell by more than 19% [4]. Group 3: Class Action Process - Investors who purchased Tempus AI common stock during the class period can seek appointment as lead plaintiff in the class action lawsuit, representing the interests of all class members [5]. - The lead plaintiff can select a law firm of their choice to litigate the case, and their ability to share in any potential recovery is not contingent upon serving as lead plaintiff [5]. Group 4: About Robbins Geller - Robbins Geller Rudman & Dowd LLP is a leading law firm specializing in securities fraud and shareholder litigation, having recovered over $2.5 billion for investors in 2024 alone [6]. - The firm has been ranked 1 in securing monetary relief for investors in securities class action cases for four out of the last five years [6].

Core Viewpoint - Tempus AI, Inc. is facing a class action lawsuit due to allegations of misleading statements and undisclosed material information during the Class Period from August 6, 2024, to May 27, 2025 [1][3]. Group 1: Allegations Against Tempus AI - The lawsuit claims that Tempus AI inflated the value of certain contract agreements, many of which involved related parties and included non-binding opt-ins or were self-funded [3]. - It is alleged that the joint venture with SoftBank Group Corporation risked credibility due to the appearance of "round-tripping" capital to artificially inflate revenue [3]. - The acquisition of Ambry Genetics Corporation is said to have operated under a business model reliant on aggressive and potentially unethical billing practices, exposing it to regulatory and financial risks [3]. - AstraZeneca PLC reportedly reduced its financial support to Tempus AI through a questionable "pass-through payment" structure involving a joint agreement with Pathos AI, Inc. [3]. - These issues are indicative of broader weaknesses in Tempus AI's core operations and long-term revenue outlook [3]. Group 2: Impact of Research Report - On May 28, 2025, Spruce Point Capital Management, LLC published a research report that raised serious concerns regarding Tempus AI's management, operations, and financial disclosures [4]. - Following the release of this report, Tempus AI's stock price fell by over 19% [4].