Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $8.6 million, down from $12.8 million in Q3 2024, primarily due to variability in customers' manufacturing schedules and clinical trial progression [15] - Product gross margin increased to 64% in Q3 2025 from 61% in Q3 2024, attributed to a shift towards more profitable products [16] - Net loss for Q3 2025 was $19.6 million, or $0.22 per share, compared to a net loss of $20.6 million, or $0.29 per share, in Q3 2024 [17] Business Line Data and Key Metrics Changes - The company has transitioned from one revenue-bearing contract to 11, with 40 more in the pipeline, indicating strong commercial traction for the Eco-synthesis platform [4][5] - The historical small molecule biocatalysis business is expected to experience a decline in service revenue next year, but this will be offset by development services in the ligase and Eco-synthesis areas [12] Market Data and Key Metrics Changes - The company is moving away from promoting its historical small molecule biocatalysis business due to pricing pressures and is refocusing on the ligase and Eco-synthesis business lines [12] - There are 14 drugs using the company's enzymes in phase three clinical trials, with data readouts expected in the next 12 months, which could fuel growth in the existing pipeline [13] Company Strategy and Development Direction - The company aims to transform into a full-service manufacturing innovator in oligonucleotide manufacturing, with plans to build a GMP facility for siRNA production [4][5] - The leadership transition is designed to streamline operations and focus on Eco-synthesis, enhancing the company's ability to deliver production technologies to customers [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market potential for the Eco-synthesis platform and the importance of optimizing the organization for future success [5][6] - The restructuring is expected to reduce the company's burn rate by approximately 25%, extending its financial runway through 2027 [15] Other Important Information - The company signed a supply assurance agreement with Merck, providing a vital infusion of non-dilutive cash to support business plans [11] - The company is preparing for presentations at Tides Europe, focusing on technology scaling and in-process analytics, which are expected to be impactful for commercial progress [34] Q&A Session Summary Question: Impact of leadership transition on partnership strategy - Management confirmed that the transition will not change their plans and they are encouraged by the progress made in securing early-phase contracts [20] Question: Unique capabilities of Nitto Avecia - Management highlighted Nitto Avecia's expertise in scaling technology for larger batch sizes, which is crucial for phase two, phase three, and commercial production [28] Question: Contribution of siRNA revenue to product revenue segment - Current contracts are in the service area, and while service revenue is expected to remain consistent, the source of that revenue is shifting [32] Question: Expectations for Tides Europe presentations - The company plans to showcase data on technology scaling and in-process control, which are anticipated to be first-in-class presentations for siRNA therapeutic developers [34]