Core Insights - BullFrog AI Holdings, Inc. has made significant progress in 2025, positioning itself for transformative growth in 2026 through advancements in technology, commercial execution, and external validation [2][3][15] Commercial Development - The company is engaged in advanced discussions with large pharmaceutical organizations for potential commercial transactions, including out-licensing and discovery research collaborations, indicating a growing recognition of its platform's value [4][15] - A commercial collaboration with Sygnature Discovery was established in Q2 2025, expected to generate significant revenue through 2028, enhancing BullFrog AI's commercial reach [5][15] - Internal sales and marketing efforts have been expanded to support clinical trial optimization solutions, leveraging successful use cases in oncology and neuroscience to drive engagement [6][15] Technological Advancements - The evolution of BullFrog AI's technology into a modular, enterprise-grade solutions stack supports broader commercial adoption, allowing clients to deploy targeted solution modules [7][8] - The launch of bfPREP™, an AI-powered data preparation tool, addresses challenges in transforming unstructured data into AI-ready datasets, significantly reducing preparation timelines [12][13] Scientific Validation - A collaboration with Eleison Pharmaceuticals represents a significant real-world deployment of BullFrog AI's platforms in a late-stage oncology program, demonstrating the ability to deliver actionable insights in clinical development [9][10] - Insights from this collaboration will be presented at the 2026 ASCO Gastrointestinal Cancers Symposium, which is expected to enhance commercial engagement opportunities [11][15] Financial Strategy - The company maintains a disciplined approach to capital allocation with an annual burn of approximately $6.2 million, creating substantial operating leverage as commercial opportunities convert [14][15] - Additional financing flexibility has been established, including a $10 million equity line of credit, to support execution as opportunities advance [14] Future Outlook - BullFrog AI anticipates several catalysts in 2026, including continued commercialization through Sygnature Discovery, expanding engagement around bfPREP™, and executing contracts with large pharmaceutical companies [16][17] - The foundation built in 2025 is expected to translate into meaningful commercial outcomes, reinforcing the company's role as a trusted partner in data-driven drug development [17]

Core Insights - Graviton Bioscience Corporation is focused on developing selective ROCK2 inhibitors for various disorders, including metabolic, inflammatory, fibrotic, and central nervous system conditions [3] - The company will present its obesity research program and ROCK2 inhibitor development during a fireside chat at the 8th Annual Evercore HealthCONx Conference on December 2, 2025 [1][2] Company Overview - Graviton Bioscience is a clinical-stage biotechnology company dedicated to creating therapeutics targeting diseases where ROCK2 plays a significant role [3] - The company's first drug candidate, GV101, is currently in clinical studies, with additional assets progressing through preclinical stages [3] - Dr. Samuel Waksal, the CEO, has a notable background, having founded and led multiple pharmaceutical companies, including Kadmon Pharmaceuticals and ImClone Systems [3] Product Development - GV101 is a highly selective ROCK2 inhibitor that has shown efficacy in preclinical obesity models, reducing lipid droplets in both mouse and human adipocytes [5] - The ROCK2 inhibitors developed by Graviton are reported to decrease weight similarly to GLP-1 receptor agonists while preserving relative lean mass [5] - Clinical significance of GV101 includes promoting healthier weight loss through sustained fat loss while maintaining muscle mass [5]

Financial Data and Key Metrics Changes - Group revenues for the first nine months of 2025 reached EUR 535.1 million, reflecting a 7% decline compared to the previous year [9][18] - DNPD revenues declined by 12% to EUR 391.9 million, while Just - Evotec Biologics revenues grew by 11% to EUR 143.2 million [10][19] - Adjusted group EBITDA was negative EUR 16.9 million, driven by weaker DNPD revenues and fixed cost base [21] - Year-to-date free cash flow improved by 14% compared to the same period last year [22] Business Line Data and Key Metrics Changes - DNPD business faced continued softness in the early drug discovery market, leading to a 12% revenue decline [10] - Just - Evotec Biologics business showed strong growth with revenues up 11% in the first nine months [19] - Non-Sandoz and non-DOD customer base grew by over 100% in the first nine months [14] Market Data and Key Metrics Changes - Venture capital funding for biotech remains unfavorable, impacting business development activities [10][15] - The early drug discovery market is still experiencing a temporary deprioritization, with funding levels below pre-pandemic levels [15] Company Strategy and Development Direction - The company is focused on better monetizing its technology leadership and has raised its cost reduction target to EUR 60 million for 2025 [12] - A transformational deal with Sandoz was signed, expected to unlock payments exceeding $650 million over the coming years [14][39] - The strategy includes pivoting towards an asset-light, higher-margin business model, leveraging technology partnerships [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the midterm outlook despite current market challenges, with a targeted revenue of EUR 760 million to EUR 800 million for 2025 [45] - The company remains cautious about the early drug discovery market recovery, indicating that visibility into 2026 is limited [68] Other Important Information - The company anticipates up to four molecules from its partnered asset pipeline to enter phase two clinical studies in 2026 [13] - The total milestone potential of the asset pipeline is over EUR 16 billion, with significant royalties expected [34] Q&A Session Summary Question: What were Sandoz revenues in the first nine months? - Sandoz revenues accounted for over 50% of the overall year-to-date revenues [50] Question: How much of the EUR 30-50 million EBITDA guide is from the Sandoz deal? - There is a license recognition element from Sandoz included in the initial consideration, but it is not being split out at this stage [53] Question: What is the expected growth trajectory from 2025 to 2028? - The midterm outlook suggests 8-12% revenue CAGR with stronger potential for EBITDA margins than initially planned [55] Question: What is the current state of the early drug development market? - There is still uncertainty in the market, with more cautious spending and slower decision-making observed [77] Question: Are there geographic variations in market performance? - The US market showed less dynamism earlier in the year, while the European market has been more active recently [81]

Financial Data and Key Metrics Changes - In H1 2025, group revenues reached €371 million, a 5% decrease compared to 2024, primarily due to an 11% decline in DMPD revenues to €269 million, influenced by a temporary decline in BMS revenues [17][18] - Just Evotec Biologics (JEP) achieved €102.2 million in revenue, reflecting a 16% year-over-year growth, driven by strong demand from non-Sandoz and DoD customers [18][19] - Adjusted group EBITDA was negative €1.9 million, with a strong contribution of €7.5 million from JEP, offsetting lower operational leverage from the DMPD segment [19][20] Business Line Data and Key Metrics Changes - DMPD segment saw an 11% revenue decline, attributed to a temporary effect in the BMS collaboration and continued softness in the early drug discovery market [10][17] - JEP segment outperformed with a 16% revenue growth year-over-year, driven by expanding customer base and strong demand [13][19] - R&D spending decreased by 35% year-over-year, from €29.3 million in 2024 to €19 million in 2025, aligning with strategic focus [19] Market Data and Key Metrics Changes - The biotech funding landscape remains complex, with early-stage investments lagging behind later-stage funding, leading to cautious spending behavior in early-stage R&D [14][15] - Signs of a modest recovery in funding are emerging, with expectations for a more normalized distribution of funding and project flow in the coming quarters [15] Company Strategy and Development Direction - The company unveiled a new strategy in April 2025, focusing on pioneering drug discovery and development, operational excellence, and sustainable profitable growth [5][8] - The business model is evolving towards two core segments: discovery and preclinical development (DMPD) and Just Evotec Biologics (JEP), with an emphasis on reducing complexity and enhancing accountability [9][12] - The planned sale of the Toulouse site to Sandoz is part of the strategy to lean into JEP's capabilities as a scalable technology provider, marking a significant milestone in the asset-light model [13][35] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market challenges but expressed confidence in the progress made and the transformation efforts underway [5][6] - The company anticipates improved visibility towards midterm goals following the Sandoz transaction, with a bold aspiration of 8% to 12% revenue CAGR and greater than 20% EBITDA margin by 2028 [40][41] - Management highlighted the importance of leveraging technology and scientific leadership to create new business opportunities and enhance value creation [27][30] Other Important Information - The company is navigating a cautious funding environment, particularly in early-stage biotech, while maintaining a strong pipeline and operational rigor [14][15][20] - The expansion of the molecular patient database is a key strategic initiative, enhancing capabilities in precision medicine and drug discovery [23][25] Q&A Session Summary Question: Guidance for 2025 and recovery in funding - Management does not expect a significant impact from VC funding recovery in the second half of 2025 [44][45] Question: Breakdown of R&D business revenues - Management indicated that the transactional part of the R&D business is shrinking relative to integrated and large partnerships, which are growing [46][47] Question: Value transfer from the Sandoz deal - Management emphasized the importance of technology capabilities and ongoing revenue streams from milestones and royalties, but did not provide specific numbers [48][49][53] Question: Trends in DMPD segment and customer spending - Management noted cautious spending behavior among biotech customers and mixed dynamics among pharma partners [56][60][62] Question: Pricing environment and competition - Management acknowledged increased price sensitivity in the transactional segment but emphasized the value provided in integrated partnerships [69][71] Question: Geographic market dynamics - Management observed different market behaviors, with stronger traction in East Asia compared to the US and Europe [73][74] Question: Mix of JEP business revenue sources - Management stated that current revenue from JEP is a package of drug production and licensing, with a focus on monetizing assets fully [75][78] Question: Rationale for the sale of the Toulouse site - Management reiterated that the sale aligns with the strategic direction and timing for the company [86] Question: Kidney disease projects and revenue proportion - Management highlighted ongoing investments in kidney disease research and partnerships with major pharma companies [90][91] Question: Customer base for JEP growth - Management confirmed that growth in JEP is derived from a mix of small and large pharma customers, primarily in earlier-stage development [94]