Financial Data and Key Metrics Changes - The company has indicated that it is capitalized into 2028, which supports ongoing pivotal trials [50] - The company has not disclosed specific financial metrics in this call, focusing instead on trial progress and strategic direction Business Line Data and Key Metrics Changes - The SOLO-one trial has completed randomization, with top-line data expected in the first quarter of 2026 [13] - The SOAR trial is primarily enrolling treatment-naive patients, with a small allowance for previously treated patients under specific conditions [20] Market Data and Key Metrics Changes - The company believes there is a significant market opportunity in wet AMD, with a high patient dropout rate indicating that the current market is underestimated [52] - The company is positioned to commercialize its product globally, leveraging a mature commercial team and extensive market knowledge [53] Company Strategy and Development Direction - The company aims to maximize drug exposure and potentially achieve a superior label with dosing flexibility [12] - There is a clear path forward for diabetic retinopathy and diabetic macular edema, with plans to proceed when the macro environment stabilizes [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the FDA's support and the trial designs, indicating that complementary studies are favored [29] - The company is optimistic about the market prospects for its drug, emphasizing that better drugs tend to dominate the market regardless of minor differences in treatment duration [34][35] Other Important Information - The company has robust patent protection for its drug and hydrogel, with patents running until 2041 and pending methods extending to 2044 [49] - The management highlighted the importance of patient retention and the quality of enrolled patients in ongoing trials [8] Q&A Session Summary Question: Is SOAR currently enrolling both treatment naive and treatment experienced patients? - The trial is primarily for treatment-naive patients, with a small allowance for previously treated patients under specific documentation [20] Question: Based on existing clinical data, what percentage of patients do you expect in the SOLAR trial to remain rescue-free during the six months period after expecimen treatment? - The expectation is that if the drug lasts for nine months in one study, it should have a high chance of lasting for six months in another study [24] Question: How likely do you think the FDA will require a second SOAR trial? - Management does not foresee a need for a second trial, citing FDA feedback and existing agreements [29] Question: Do you believe that the first drug on the market with a six-month treatment duration for wet AMD could have a significant advantage in terms of market prospects? - Management emphasized that the better drug always wins, and they are entering the market with a significantly longer treatment duration [34][35] Question: What’s your development plan for diabetic retinopathy? - The company plans to proceed with development when the macro environment stabilizes, as there is no competition in this area [44][45] Question: Is expressly protected by any issued patents? - Yes, the drug and hydrogel are protected by patents, with comprehensive coverage of the process and materials [49]

Findings highlight PL9654 and PL9655's potential to treat diabetic retinopathy through inflammation resolution, vascular stabilization, and neuroprotection PL9654 and PL9655 down-regulate inflammatory pathways, suppress angiogenesis, and preserve retinal structure and function Topical and systemic administration options enable potential for earlier intervention than current therapies Results support the continued development of PL9654 and PL9655 for the treatment of diabetic retinopathy (DR)CRANBURY, N.J., ...