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Core Insights - Crescent Capital BDC reported net investment income of $0.46 per share and net income of $0.19 per share for the quarter ended September 30, 2025, with a net asset value (NAV) per share of $19.28 [1][3] Financial Performance - Total investments at fair value decreased to $1,580.7 million as of September 30, 2025, from $1,600.7 million in June 2025 and $1,591.4 million in September 2024 [3] - Total assets were $1,627.6 million, down from $1,654.4 million in June 2025 and $1,645.0 million in September 2024 [3] - Total net assets decreased to $714.1 million from $724.7 million in June 2025 and $748.8 million in September 2024 [3] - Investment income fell to $41.4 million from $43.0 million in the previous quarter, with interest income decreasing to $38.8 million [3][4] - Net realized losses were $5.0 million, compared to losses of $2.9 million in the previous quarter [3][4] Dividend Declarations - The Board declared a fourth quarter 2025 regular cash dividend of $0.42 per share, payable on January 15, 2026, to stockholders of record as of December 31, 2025 [2] Portfolio & Investment Activity - As of September 30, 2025, the company had investments in 187 portfolio companies, with an aggregate fair value of $1,580.7 million [4] - The company invested $73.9 million across 7 new portfolio companies during the quarter, with $86.0 million in exits, sales, and repayments [5][4] Liquidity and Capital Resources - As of September 30, 2025, the company had $27.8 million in cash and cash equivalents and $239.8 million of undrawn capacity on its credit facilities [7] - The weighted average cost of debt was 5.99%, with a debt to equity ratio of 1.23x [7] Conference Call - A conference call is scheduled for November 13, 2025, to discuss the financial results for the quarter ended September 30, 2025 [8]

Financial Data and Key Metrics Changes - Total operating loss from continuing operations for the first nine months of 2025 amounted to EUR 462.2 million, compared to an operating loss of EUR 125.6 million for the same period in 2024 [24] - Net other financial income for the first nine months of 2025 was EUR 30.4 million, down from EUR 71.7 million in the same period of 2024 [25] - Cash and cash equivalents and current financial investments totaled EUR 3.05 billion on September 30, 2025, compared to EUR 3.32 billion on December 31, 2024 [26] Business Line Data and Key Metrics Changes - The company intends to wind down the self-therapy business due to significant ongoing investment requirements and lack of viable acquisition proposals [6][7] - The remaining organization will focus on transformational business development and maintaining a dedicated presence at headquarters in Mechelen, Belgium [10] Market Data and Key Metrics Changes - The cash balance of approximately EUR 3 billion represents about EUR 46 per share, generating significant interest income [12] - The company expects to receive tax receivables of approximately EUR 20 million to EUR 35 million per year over the next three years [13] Company Strategy and Development Direction - The company is undergoing a transformation, focusing on business development and rebuilding its pipeline after the decision to wind down the self-therapy business [4][5] - The strategy includes identifying and executing on opportunities that can enhance the standard of care in various diseases, particularly in partnership with Gilead [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing the importance of a disciplined approach to business development and the potential for significant value creation [28] - The company anticipates being cash flow neutral to positive by the end of 2026, excluding any business development activities [27] Other Important Information - The company has welcomed four new board members to enhance its leadership team [9] - The wind-down process is expected to conclude in the first quarter of 2026, with consultations ongoing with works councils in Belgium and the Netherlands [11] Q&A Session Summary Question: What assumptions are behind the expectation of achieving cash flow neutral status by year-end 2026? - The assumptions include interest income based on forward rates, tax credits, and the completion of the wind-down process [30] Question: What types of opportunities are in the deal funnel? - The focus is on clinically de-risked mid to late-stage opportunities, particularly in oncology and immunology, with a preference for collaboration with Gilead [31][32] Question: How does the company balance being conservative with pursuing business development? - The company aims to leverage its cash balance and existing assets while ensuring any new opportunities create a positive return [33] Question: What expectations does the company have for Gilead's contribution to the deal process? - Gilead is expected to provide expertise in diligence and potentially contribute capital for development [35] Question: What is the timeline for the wind-down process of the cell therapy business? - The wind-down process is expected to be concluded in Q1 2026, with the company open to viable proposals during this time [44] Question: Will potential transactions bring in R&D capabilities? - The company is flexible regarding R&D capabilities, considering both acquiring teams and funding external parties [50]

Core Insights - Great Elm Capital Corp. (GECC) reported a decline in net asset value (NAV) per share from $12.10 to $10.01, primarily due to losses on First Brands investments [2][4] - The company maintained a quarterly dividend of $0.37 per share, reflecting a 19.8% annualized yield based on the closing price of $7.48 on November 3, 2025 [4][16] - GECC raised approximately $27 million in equity and refinanced its highest cost debt, resulting in lower borrowing costs and improved balance sheet strength [2][4] Financial Performance - Total investment income (TII) for Q3 2025 was $10.6 million, down from $14.3 million in Q2 2025, impacted by lower cash distributions from CLO investments [4][12] - Net investment income (NII) for Q3 2025 was $2.4 million ($0.20 per share), a decrease from $5.9 million ($0.51 per share) in Q2 2025, affected by elevated interest expenses and lower TII [4][12] - The company experienced net realized and unrealized losses of approximately $24.4 million ($1.98 per share) in Q3 2025 [12][29] Capital and Investment Activity - As of September 30, 2025, GECC held total investments valued at $325.1 million, with a significant portion in corporate credit and CLO investments [8][10] - The company utilized its at-the-market program to issue 1.1 million shares for net proceeds of approximately $13 million and completed a private placement for $14 million [8] - GECC's asset coverage ratio was 168.2% as of September 30, 2025, slightly down from 169.5% in the previous quarter [8] Shareholder Returns and Repurchase Program - The Board of Directors approved a quarterly cash distribution of $0.37 per share for Q4 2025, payable on December 31, 2025 [15] - A new share repurchase program was authorized, allowing the company to repurchase up to $10 million of its outstanding common shares [17]

Financial Performance - 3Q25 revenue reached $79.7 million, a 6.1% sequential increase[6] - Orders totaled $79.7 million, consistent with 2Q25[7] - Adjusted net earnings per diluted share increased from $0.17 in 2Q25 to $0.26 in 3Q25[8] - Adjusted EBITDA was $9.2 million, representing 11.5% of revenue[8] Segment Highlights - Sensors segment revenue grew 19.1% sequentially[16], reaching $31.6 million[13], with a book-to-bill ratio of 1.07[10, 14] - Weighing Solutions segment revenue declined 6.4% sequentially but increased 9.4% year-over-year[21], reaching $27.5 million[18], with a record gross margin of 40.3%[21] - Measurement Systems segment revenue grew 7.3% sequentially but decreased 8.0% year-over-year[27], reaching $20.6 million[24], with a book-to-bill ratio of 1.04[26] Strategic Initiatives - The company completed the sale of a building for $10.8 million as part of manufacturing consolidations[28] - Targeted annual fixed cost reductions of $5 million are on track[28]

Financial Data and Key Metrics Changes - Total company revenues for the third quarter were $17.3 billion, an increase of 4% or 3% excluding foreign exchange impact [18] - Earnings per share were reported at $2.58, with a gross margin of 81.9%, an increase of 1.4 percentage points [24][25] - The company expects full-year revenue to be between $64.5 billion and $65 billion, representing growth of 1% to 2% [26] Business Line Data and Key Metrics Changes - Oncology sales, particularly from Keytruda, increased by 8% to $8.1 billion, driven by strong demand in metastatic indications and earlier stage cancers [18] - Sales of Wellerig increased by 41% to $196 million, primarily due to increased use in advanced renal cell carcinoma [19] - Animal Health business grew by 7%, with livestock sales up 14% [23] Market Data and Key Metrics Changes - GARDASIL sales decreased by 25% to $1.7 billion, primarily due to lower sales in Japan and the expiration of reimbursement for the catch-up cohort [20] - Inflonsia sales were $79 million, reflecting initial stocking ahead of expected demand for RSV season [22] - WinRevare achieved global sales of $360 million, with approximately 1,500 new patients receiving prescriptions in the U.S. [22] Company Strategy and Development Direction - The company is focused on expanding its pipeline with approximately 80 Phase III trials underway across various therapeutic areas [6][45] - A strategic acquisition of Verona Pharma was completed, which is expected to provide significant growth potential [7] - The company aims to invest over $70 billion in expanded domestic manufacturing and R&D to strengthen its position in biopharmaceutical innovation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to balance decreasing patient out-of-pocket costs while achieving fair pricing for medicines in the U.S. and abroad [9][10] - The company remains committed to disciplined investments in science and business development to drive long-term value [17] - Management highlighted the importance of maintaining a robust pipeline and the potential for significant revenue opportunities by the mid-2030s [7][30] Other Important Information - The company is actively engaged in discussions with the administration regarding healthcare policy and pricing strategies [82][84] - The company plans to maintain an increased pace of share repurchases, expecting approximately $5 billion for the full year [31] Q&A Session Questions and Answers Question: Update on business development and potential larger transactions - Management is excited about the Verona deal and continues to assess potential targets across therapeutic areas, focusing on science-driven opportunities [51][52] - They do not see a need for transformative acquisitions that could disrupt their current pipeline [54] Question: Expansion of TL-1 in immunology - The focus is on being first and best in class for TL-1a, with ongoing Phase 2b studies in rheumatology and dermatology [59][60] Question: Initial feedback on Inflonsia launch - The launch has progressed well, with positive feedback and initial stocking ahead of RSV season [71][74] Question: Update on KEYTRUDA sales from early-stage settings - Over half of the growth for KEYTRUDA is coming from earlier stage indications, with significant contributions from cervical and renal cancers [78] Question: Insights on GARDASIL's future growth - GARDASIL remains important, with growth seen in younger age groups, though facing challenges in the adolescent segment [110]

Industry Perspective - Solana's Business Development (BD) strategy is highly effective, particularly in organizing conferences and hacker houses [1] - Many Layer 1 (L1) blockchain platforms lack effective BD strategies, even to this day [1] Expert Opinion - Adam Bilko highlights Solana's early success in BD through conferences and hacker houses [1]

Hiring Opportunity - Breakoutprop is hiring Business Development (BD) professionals to expand its affiliate program [1] - The role involves salary + commission [1] - The product is backed by Krakenfx and is not a typical CEX referral link [1] Candidate Requirements - The company seeks candidates with affiliate BD experience in CEX, DEX, or prop firms [1] - Interested candidates should email BD@breakoutprop.com to apply [1]

Hiring Opportunity - Breakoutprop is hiring Business Development (BD) professionals to expand its affiliate program [1] - The role offers a salary plus commission structure [1] - The product is backed by Krakenfx, differentiating it from typical CEX referral links [1] Target Candidate Profile - The company seeks candidates with experience in affiliate BD for CEXs, DEXs, or prop firms [1] - Interested and qualified candidates can apply by emailing BD@breakoutprop.com [1]

Financial Performance and Goals - Harrow's consolidated revenues have grown significantly, from $48.871 million in 2020 to $199.614 million in 2024, with a projected $280 million in 2025[38] - The company aims for $250 million+ in quarterly revenue by Q4 2027, driven by Surgical + Rare & Specialty Products ($75M), Retina Portfolio ($140M), ImprimisRx ($15M+), and Dry Eye Disease ($20M)[40] - ImprimisRx's revenue for compounded products reached $41.519 million in H1 2025[351] Product Pipeline and Acquisitions - Harrow acquired BYQLOVI for $0.5 million + Royalty[16] - Harrow is planning to file an NDA for MELT-300 in H1 2027, with a potential launch in H2 2028[50] - Harrow is developing a next-generation TRIESENCE with a goal to file an NDA by the end of 2027[53] Market and Commercial Strategy - VEVYE has captured 7.8% of the total Dry Eye Disease (DED) market as of Q2 2025, an increase of 2.6% from Q1 2025[120] - Over 7 million ocular surgeries are performed annually in the US, representing a significant market for Harrow's surgical portfolio[192] - Harrow expects to launch BYOOVIZ in mid-2026 and OPUVIZ in the second half of 2027[233, 234] Debt Refinancing - Harrow refinanced $240 million of unsecured notes with a coupon of 8.625%, resulting in $10 million of new cash to the balance sheet and $40 million undrawn revolver[33]