Core Viewpoint - Boeing's 2024 was marked by numerous failures and emergencies, culminating in a tragic crash of a Korean 737-800 aircraft, leading to a stock price decline of over 30% for the year, making it the biggest loser in the otherwise rising Dow Jones index [1] - In contrast, Airbus saw its stock price increase by over 11% during the same period, while credit rating agencies like S&P and Moody's have continuously downgraded Boeing's credit rating, placing it on the brink of "junk" status [1] Group 1: Company Culture and Strategy - Boeing's corporate culture, characterized by a profit-first mentality, has been identified as a primary cause of its safety and quality issues, affecting various aspects of its operations, including competitive strategy and stakeholder management [1][3] - The acquisition of McDonnell Douglas was driven by the need to compete with Airbus, but Boeing's strategy focused on cost reduction, leading to significant outsourcing and cuts in R&D budgets, which introduced safety risks [2][3][4] - The decision to outsource critical components, including software development for the 737 MAX, has resulted in quality control challenges and increased complexity in problem resolution due to reliance on external suppliers [4][5][6] Group 2: Leadership and Governance Issues - Boeing has experienced a series of CEOs since acquiring McDonnell Douglas, all of whom perpetuated a profit-centric culture without implementing substantial changes to address ongoing technical and safety issues [13][18] - The board of directors has been criticized for lacking industry-specific expertise and failing to prioritize safety, with many members having backgrounds in government rather than aerospace [20][21] - The absence of a dedicated safety committee within the board has been highlighted as a significant oversight, especially following major accidents involving the 737 MAX [22][23] Group 3: External Factors and Market Environment - The U.S. economic structure, heavily weighted towards the financial services sector, has contributed to a decline in manufacturing capabilities, complicating Boeing's supply chain management and quality assurance processes [25][26] - Boeing's reliance on government contracts has created a dependency that has not fostered genuine improvements in design and manufacturing capabilities, leading to questions about its long-term viability [26] - The cultural shift towards short-term profit maximization has been exacerbated by a lack of focus on innovation and employee engagement, resulting in a decline in the company's engineering culture [31]

Financial Data and Key Metrics Changes - The company ended the year with a cash balance of $4.6 million, with cash used in operations for Q4 2024 at $1.7 million and for the full year at $9.6 million, compared to $3 million and $15.8 million for the same periods in 2023, reflecting efforts to contain spending while advancing programs [27][28] - The net loss for the year ended 2024 was $10.8 million or $2.86 per share, compared to a net loss of $22.5 million or $6.54 per share in the prior year [28] Business Line Data and Key Metrics Changes - The company made significant progress in its clinical programs, particularly with the iNKT cell therapy, which has shown effectiveness in treating solid tumors and immune-driven diseases [11][12] - The collaboration with Autonomous Therapeutics aims to enhance the efficacy of iNKT cell therapy by integrating their encrypted RNA technology, targeting metastatic cancer with greater precision [9][10] Market Data and Key Metrics Changes - The company presented data at major conferences, demonstrating that its iNKT cell therapy enhances immune activation and overcomes resistance in challenging cancers, including gastric cancer [12][13] - The Phase 1 study of AgenT-797 in patients with severe acute respiratory distress showed an 80% survival rate, significantly higher than the 10% survival rate of in-hospital controls [20][21] Company Strategy and Development Direction - The company is focused on delivering scalable, durable, and effective allogeneic iNKT cell therapy to patients, with plans to advance multiple clinical programs in 2025, including gastric cancer and GvHD [5][31] - The addition of Dr. Robert Kadlec to the Board of Directors is expected to enhance the company's strategic depth in biodefense and pandemic preparedness [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's momentum entering 2025, highlighting a differentiated technology and a clear plan to reach the next value inflection point [26][32] - The company remains committed to operational efficiency and fiscal responsibility while advancing its innovative therapies [32] Other Important Information - The company has received probable funding from the National Institute of Allergy and Infectious Diseases (NIAID) to explore the activity of 797 in acute GvHD, with plans for a Phase 1 trial [23][24] - The company is advancing its PRAME-TCR program, which targets intracellular tumor antigens, demonstrating high specificity and potent tumor killing [15][18] Q&A Session Summary Question: Status of the Phase 2 study and focus for 2025 - Management confirmed that the majority of patients are enrolled in the Phase 2 study for gastric cancer, with data expected in the second half of the year, and emphasized the importance of advancing both gastric cancer and GvHD programs in 2025 [36][41] Question: KOL investigator feedback and potential for approval - Management noted positive feedback from key opinion leaders and emphasized the goal of accumulating data to demonstrate clinical benefits, with plans for regulatory discussions [47][53] Question: Timing of funding for GvHD study and cash runway - Management indicated that funding for the GvHD study is fluid but expressed optimism about securing it, while confirming that the company has cash runway through the end of 2025 [66][78]