Financial Data and Key Metrics Changes - The net loss attributable to common stockholders for Q3 2025 was approximately $6.5 million, a decrease from approximately $12.1 million in Q3 2024 [24] - Research and development expenses totaled approximately $4.9 million for Q3 2025, down from approximately $10.1 million in the same period of 2024 [24] - General and administrative expenses were approximately $2.5 million for Q3 2025, compared to approximately $2.2 million in Q3 2024 [24] - As of September 30, 2025, the company had cash and cash equivalents of approximately $27.7 million, sufficient to fund operations into Q4 2026 [24] Business Line Data and Key Metrics Changes - The Cordstrom program is preparing for submission for marketing approval in the UK and US, with significant improvements noted in patients suffering from recessive dystrophic epidermolysis bullosa (RDEB) [5][10] - The EXPRO platform is focused on treating neuroinflammation in Alzheimer's disease, with a manuscript detailing Phase 2 Mindful trial results submitted for peer-reviewed publication [8][20] - The Incuboom program completed its Phase 2 trial in prostate cancer ahead of schedule, meeting the primary endpoint and two of three secondary endpoints [9][18] Market Data and Key Metrics Changes - The company is optimistic about the regulatory environment, with plans to file a Marketing Authorization Application (MAA) in the UK and a Biologics License Application (BLA) in the US for Cordstrom [10][26] - There is a significant unmet need in the RDEB market, with current treatments being expensive and not widely available through the NHS [60] Company Strategy and Development Direction - The company aims to advance its three drug platforms in parallel to provide strength and opportunity, with a focus on achieving key development milestones [10] - Cordstrom is viewed as a platform opportunity with potential applications in various diseases beyond RDEB, including cancer [8][10] - The EXPRO platform is positioned to address gaps in Alzheimer's treatment, particularly for patients with strong inflammatory profiles [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the next couple of years, expecting to demonstrate the success of their efforts through key development milestones [5] - The company is focused on regulatory alignment and advancing discussions with potential partners to support late-stage clinical development [20] - Management acknowledged the challenges in Alzheimer's drug development but remains confident in EXPRO's potential as a differentiated therapy [22] Other Important Information - The company has relocated to rented CGMP manufacturing space compliant with commercial production as a licensed medicine [16] - The Phase 2 Mindful trial results indicate that longer treatment durations with EXPRO are associated with greater improvements in neuropsychiatric symptoms [21] Q&A Session Summary Question: What are the biggest questions for the end of Phase 2 meeting with the FDA? - Management indicated that questions will focus on EMAC, enrichment biomarkers, and the safety database required for commercialization [32] Question: How are partnership discussions progressing for EXPRO? - Management noted that discussions are ongoing but are waiting for regulatory feedback and more data before aggressive partnering [36] Question: What is the current treatment paradigm for RDEB in the UK? - Management clarified that there is no RDEB-specific treatment available through the NHS, and Cordstrom is expected to fill this gap with a systemic effect [60] Question: What is the cash runway for upcoming milestones? - The current cash position is expected to support operations through Q4 2026, with significant milestones anticipated in early 2026 [67]

Core Viewpoint - Real Bio Technology Co., Ltd. has submitted its Hong Kong IPO prospectus, which has now expired after six months, with China International Capital Corporation as its sole sponsor [1][2]. Company Overview - Real Bio is an innovative biotechnology company focused on the development, manufacturing, and commercialization of innovative drugs targeting viral infections, tumors, and cardiovascular diseases [2]. - The company's mission is to improve human health through genuine innovation, particularly in the fields of antiviral and antitumor therapies, addressing resistance issues in existing treatment options [2]. Research and Development Platforms - Real Bio has established a comprehensive R&D platform that includes: - A high-selectivity novel nucleoside broad-spectrum antitumor drug development platform - A TOPO1 inhibitor and XDC drug development platform - A drug target discovery and validation platform - An innovative drug design and optimization platform - These platforms cover the entire drug development process, from early target screening to preclinical research, clinical trials, and subsequent optimization, providing strong technical support and systematic assurance for accelerating the discovery and development of innovative drugs [2].