Q4 2025 Earnings Presentation Icahn Enterprises L.P. February 25, 2026 1 Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "believes," "expects," "potential," "continues ...

Group 1: Company Overview - Santhera Pharmaceuticals is a Swiss specialty pharmaceutical company focused on developing and commercializing innovative medicines for rare neuromuscular diseases with high unmet medical needs [2] - The company holds an exclusive license for AGAMREE® (vamorolone), a dissociative steroid, which is being investigated as an alternative to standard corticosteroids for treating Duchenne muscular dystrophy (DMD) [2] - AGAMREE has received regulatory approvals in multiple regions, including the U.S., EU, UK, Switzerland, China, Hong Kong, and Canada [2] Group 2: Recent Developments - Santhera Pharmaceuticals has appointed Stifel Nicolaus Europe Limited as a corporate finance advisor, focusing on capital markets and international institutional investors [1] - Octavian AG will continue to act as a corporate finance advisor alongside Stifel to broaden investor reach [1] Group 3: Licensing Agreements - Santhera has out-licensed the rights to AGAMREE to various companies: Catalyst Pharmaceuticals for North America, Sperogenix Therapeutics for China and certain Southeast Asian countries, and Nxera Pharma for Japan, South Korea, Australia, and New Zealand [2]

Core Insights - Pacira BioSciences (PCRX) is perceived negatively within the specialty pharma sector, with indications of a potential liquidity crisis as the stock price continues to decline [1] Group 1: Company Analysis - The company is viewed as having a valuation that is significantly misaligned with its underlying economic fundamentals, suggesting potential investment opportunities [1] - The focus on cash flow durability and balance sheet strength indicates that the company may have stabilizing or improving fundamentals despite market sentiment [1] - The investment strategy emphasizes identifying companies that have already faced market punishment, which may lead to substantial stock price changes with modest shifts in expectations [1] Group 2: Investment Strategy - The investment approach is centered on finding mispriced opportunities driven by market fear, prevailing narratives, or misunderstandings [1] - There is a particular interest in cyclical industries, energy, industrials, and under-followed mid-cap companies, where market expectations often diverge from reality [1] - The analysis aims to share insights and foster discussion on investment ideas, encouraging challenges to the investment thesis [1]

Core Viewpoint - PainReform Ltd. has changed its name to PRF Technologies Ltd. to better reflect its expanding portfolio, which now includes specialty pharmaceuticals and AI-driven renewable energy analytics [1][2]. Company Developments - The company is advancing its non-opioid postoperative pain therapy, PRF-110, and developing new products like OcuRing-K, a dropless ocular therapy for cataract surgery [3]. - PRF Technologies has established a presence in the renewable energy sector with DeepSolar, an AI-driven analytics platform for solar assets, which is moving into early commercial deployment [6]. Clinical and Preclinical Studies - In a phase 1 study, no treatment-emergent adverse events related to the study drug were observed, and no serious adverse events were reported [4]. - Preclinical rabbit studies showed favorable local tolerability for OcuRing-K, with no evidence of ocular tissue abnormalities [5]. Stock Performance - PRFX stock is currently trading 21.12% above its 20-day simple moving average (SMA) and 12.9% above its 100-day SMA, indicating short-term strength [7]. - Over the past 12 months, shares have decreased by 60.93% and are closer to their 52-week lows than highs [7]. - The stock is up 47.72% at $1.22 at the time of publication [12]. Technical Indicators - The RSI is at 47.81, indicating neutral territory, while the MACD is above its signal line, suggesting bullish momentum [7][8]. - Benzinga Edge scorecard indicates a "High-Flyer" setup with a momentum score of 83, but a low value score of 4 warns that the stock is priced for perfection [9][11].

Core Insights - Runway Growth Finance Corp. completed seven investments totaling $42.9 million in the fourth quarter of 2025, diversifying its portfolio across core verticals [1][3] - The company is on track to close its acquisition of SWK Holdings Corporation in late Q1 2026, which is expected to enhance its balance sheet and broaden its deal pipeline [2][3] Investment Activities - The company funded three new portfolio companies and four existing ones during the fourth quarter [3] - Liquidity events in the same quarter totaled $77.8 million, indicating strong performance in the investment portfolio [3] Acquisition Update - The acquisition of SWK Holdings is pending regulatory approvals and is expected to drive portfolio scale and diversification, particularly in the healthcare and life sciences sectors [3][4] Portfolio Management - As of December 31, 2025, Runway Growth's portfolio included 40 debt investments in 31 companies and 72 equity investments in 48 companies, focusing on late and growth-stage businesses in technology, healthcare, and select consumer services [7] - The company maintains a credit-first approach, emphasizing high-quality investments and disciplined underwriting [6] Financial Profile - The company aims to enhance its financial profile and grow its shareholder base through both organic and inorganic strategies [5]

Core Insights - Viatris Inc. (NASDAQ:VTRS) is recognized as one of the 14 Best Pharma Dividend Stocks to Buy in 2026 [1] - Barclays initiated coverage of Viatris with an Overweight rating and a price target of $15, indicating improving investor sentiment in the pharmaceutical sector [2] - Viatris announced a definitive agreement to sell its equity stake in Biocon Biologics Limited for a total consideration of $815 million, which includes $400 million in cash and $415 million in newly issued equity shares [3] Company Overview - Viatris Inc. is a global pharmaceutical company that offers a diverse range of medicines, including generics, branded drugs, biosimilars, OTC products, and active pharmaceutical ingredients (APIs) [4]

As filed with the Securities and Exchange Commission on December 22, 2025 Registration No. 333-291395 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SRx HEALTH SOLUTIONS, INC. (Exact name of registrant as specified in its charter) (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) DELAWARE 5961 83-4284557 (PRIMARY STANDARD INDUSTRIAL CLASSIFICATION CODE NUMBER) (I.R.S. EMPLOYER IDENTIFICA ...

As filed with the Securities and Exchange Commission on December 10, 2025 Registration No. 333-291262 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SRx HEALTH SOLUTIONS, INC. (Exact name of registrant as specified in its charter) (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) DELAWARE 5961 83-4284557 (PRIMARY STANDARD INDUSTRIAL CLASSIFICATION CODE NUMBER) (I.R.S. EMPLOYER IDENTIFICA ...

Utilities Sector - Utilities Select Sector SPDR Fund (NYSE:XLU) experienced a dramatic drop of over 50%, with its price falling to $43.54 from a year high of $93.77, indicating volatility in a sector typically considered stable [1][7] - Despite the decline, utility ETFs like XLU are gaining traction due to rising demand for AI-driven data centers and expectations of falling interest rates, which could enhance the sector's attractiveness [1] Healthcare Sector - IMAC Holdings, Inc. (NASDAQ:BACK) faced a steep decline of 42.55%, with its price dropping to $0.1149, significant for a company involved in regenerative and orthopedic therapies [2] - Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) saw its price decrease by 41.88% to $10.99, highlighting challenges in the biotechnology industry where product development and regulatory approval are critical [3] - Ignite Proteomics' collaboration with Inova Health for a biomarker study in late-stage cancers indicates ongoing advancements in precision oncology, which could influence the healthcare landscape [2] Travel Services Sector - Ambitions Enterprise Management Co. L.L.C (NASDAQ:AHMA) experienced a 37.35% decrease in its price to $8.27, reflecting challenges faced by the travel services sector, possibly due to global travel restrictions or economic downturns [4] - The company's subsidiary, MULTIPLE EVENTS L.L.C, has been appointed as the preferred executive service partner for the 19th World Chinese Entrepreneurs Convention, which could enhance its future prospects [4] E-commerce Sector - Jeffs' Brands Ltd (NASDAQ:JFBR) saw its price fall by 36.6% to $1.58, indicating potential challenges in e-commerce or operational issues [5] - The company has entered into a definitive distribution agreement with Scanary Ltd, marking its strategic entry into the global homeland security market, which could open new revenue streams [5] Overall Market Volatility - Significant price movements across various sectors highlight the volatility and challenges faced by companies, with investors closely monitoring developments that may influence future performance [6][7]

Mainboard IPOs - PhysicsWallah is launching an IPO worth Rs 3,480 crore with a price band of Rs 103–109 per share, opening on November 11 and closing on November 13, aiming to enhance its technology platform and expand learning centres [1][8] - Tenneco Clean Air India, a subsidiary of Tenneco Inc., is offering an IPO of Rs 3,600 crore entirely as an offer for sale, with a price band of Rs 378–397 per share, opening on November 12 and closing on November 14 [2][8] - Emmvee Photovoltaic Power is set to open its IPO of Rs 2,900 crore on November 11, priced between Rs 206–217 per share, focusing on India's clean energy sector [5][8] SME IPOs - Mahamaya Lifesciences plans to raise Rs 70.44 crore through its IPO, opening on November 11 and closing on November 13, with a price band of Rs 108–114 per share [6][9] - Workmates Core2Cloud Solution is launching an IPO of Rs 69.84 crore, opening on November 11 and closing on November 13, with a price range of Rs 200–204 per share, specializing in cloud computing and cybersecurity [7][9] Market Overview - The upcoming week will see five IPOs, three from the mainboard and two from the SME segment, with cumulative fundraising exceeding Rs 10,000 crore, testing market liquidity and sentiment [8]