Kamada Corporate Update Conference Call Summary Company Overview - **Company**: Kamada - **Industry**: Biopharmaceuticals, specifically focusing on treatments for Alpha-1 deficiency Key Points and Arguments Discontinuation of Clinical Trial - Kamada announced the discontinuation of its phase 3 inhaled AAT InnovAATe clinical trial due to futility, as advised by the independent unblinded Data Safety Monitoring Board (DSMB) [2][4] - The trial was unlikely to demonstrate a statistically significant benefit in its primary endpoint of lung function, measured by FEV1 [4] - The decision to discontinue the trial is not related to safety concerns regarding the inhaled AAT treatment [5] Financial Projections and Performance - Kamada remains committed to the Alpha-1 community through the continued supply of Glassia, its leading AAT IV treatment [5] - The company is on track to meet its full-year 2025 revenue guidance of $178 million to $182 million and an annual Adjusted EBITDA of $40 million to $44 million [6] - For 2026, Kamada projects double-digit growth in revenues and profitability, supported by a robust commercial portfolio, including six FDA-approved specialty plasma-derived products marketed in over 30 countries [6] Cost Management - Annual study costs for the trial were between $5 million to $6 million per year [10] - Following the trial's discontinuation, these costs are expected to be eliminated, leading to an increase in EBITDA [10][11] Future Growth Strategy - Kamada is focused on pursuing new commercial-stage business development opportunities and expanding its plasma collection capacity [7][14] - Detailed financial guidance for 2026 will be provided in early January [7] Additional Important Information - The conference call included a caution regarding forward-looking statements that involve risks and uncertainties [3] - The company emphasized its commitment to creating long-term shareholder value and supporting clinicians and patients with its products [14]