Financial Data and Key Metrics Changes - The company reported revenue of $9 million for the quarter, an increase from approximately $7 million in the same quarter of the previous year, reflecting a growth of about 29% [8] - Research and development expenses for the quarter were $55 million, which is approximately $14 million more than last year, indicating a significant investment in internal and co-development programs [9] - The net loss for the quarter was roughly $57 million, compared to a loss of about $51 million in the same quarter of the previous year, resulting in a loss of $0.19 per share [9][10] - The company ended the quarter with approximately $680 million in available liquidity, including $520 million in cash and cash equivalents and $160 million in committed government funding [4][11] Business Line Data and Key Metrics Changes - The company initiated one additional partner-initiated program in the third quarter, bringing the cumulative total to 103 programs with downstream participation [7] - The cumulative total of molecules that have reached the clinic remains at 18, including both the company's own pipeline and those led by partners [7] Market Data and Key Metrics Changes - The company is transitioning from a partnership model to focusing on internal drug development, with the first two programs now in clinical development [4][16] - The company aims to advance at least one more development candidate into IND enabling studies by the end of the year [4][26] Company Strategy and Development Direction - The company has completed its transition to a clinical-stage biotech and is focusing on advancing its internal pipeline while leveraging its clinical manufacturing capabilities [4][11] - The appointment of Dr. Sarah Nunberg as Chief Medical Officer is seen as a strategic move to enhance clinical development expertise within the company [5][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving corporate priorities and advancing development candidates, with a focus on building a strong pre-clinical pipeline [11] - The company is encouraged by the progress of its clinical trials and expects to provide updates on its pipeline in the coming year [21][41] Other Important Information - The company has received commitments for funding from the Government of Canada's Strategic Innovation Fund and the Government of British Columbia, which will support its internal pipeline advancements [10][11] - The company is managing its capital needs effectively and believes it has sufficient liquidity to fund operations well beyond the next three years [11] Q&A Session Summary Question: How to think about partner-initiated programs in the clinic? - Management acknowledged that partner-initiated programs have been slower to progress than anticipated, with some taking as long as six years to move into clinical development [15] Question: Why was now the appropriate time to bring Dr. Nunberg in as CMO? - Management indicated that the transition to drug development on their own behalf necessitated the need for a senior executive with clinical development experience [16] Question: Can you provide insights on the data disclosure strategy for the phase I 635 study? - Management plans to make a single disclosure after completing the proof of concept part of the study, expected around mid-next year [21] Question: What are the expected benefits of 635 versus existing hormonal treatments? - Management clarified that 635 is being developed as an alternative to menopausal hormone therapy, targeting women who cannot use traditional treatments [35] Question: What differentiates 575 from existing competitors? - Management highlighted that 575 aims for less frequent dosing compared to competitors, which could be a significant advantage in the clinical setting [39]

Financial Data and Key Metrics Changes - The company reported revenue of $9 million for Q3 2025, an increase from approximately $7 million in the same quarter of the previous year, primarily from research fees related to partnered programs [9] - Research and development expenses for the quarter were $55 million, an increase of about $14 million compared to the same quarter last year, driven by specific investments of $15 million in two internal programs [10] - The net loss for the quarter was approximately $57 million, compared to a loss of about $51 million in the same quarter of the previous year, resulting in a loss of $0.19 per share [10][11] - The company ended the quarter with approximately $680 million in available liquidity, including $520 million in cash and cash equivalents and $160 million in committed government funding [4][12] Business Line Data and Key Metrics Changes - The company initiated one additional partner-initiated program in Q3 2025, bringing the cumulative total to 103 programs with downstream participation [7] - The cumulative total of molecules that have reached the clinic remained at 18, including both the company's own pipeline and those led by partners [7][8] Market Data and Key Metrics Changes - The company is transitioning from a partnership model to focusing on internal drug development, with the first two programs now in clinical development [16] - The company aims to advance at least one more development candidate into IND enabling studies by the end of the year [4][25] Company Strategy and Development Direction - The company has completed its transition from a platform company to a clinical-stage biotech, with a focus on advancing its internal pipeline [4] - The appointment of Dr. Sarah Nunberg as Chief Medical Officer is seen as a strategic move to enhance clinical development capabilities [5][17] - The company is confident in its ability to fund pipeline investments well beyond the next three years [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the progress of partner-initiated programs has been slower than anticipated, with some programs taking up to six years to move into clinical development [16] - The company is encouraged by the progress of its clinical trials and expects to provide updates on its pipeline in the coming year [21][36] Other Important Information - The company has received commitments for funding from the Government of Canada's Strategic Innovation Fund and the Government of British Columbia, which are not reflected on the balance sheet [11][12] - The company is focused on advancing its two lead programs through their phase I clinical studies while building a strong pre-clinical pipeline [12] Q&A Session Summary Question: How to think about partner-initiated programs in the clinic? - Management noted that the partner-initiated programs have been stagnant since 2024, but they expect some to move forward into clinical development, albeit at a slower pace than initially anticipated [16] Question: Why was now the appropriate time to bring Dr. Nunberg in as CMO? - Management indicated that the transition to drug development on their own behalf necessitated the need for a senior executive with clinical development experience [17] Question: What is the data disclosure strategy for the phase I 635 study? - Management expects to make a single disclosure after completing the proof of concept part, likely around mid-next year, focusing on safety and efficacy [21] Question: How is enrollment going in the phase I trial for 575? - Management confirmed that enrollment is proceeding as expected and is on track [24] Question: What are the benefits of 635 versus existing hormonal treatments for hot flashes? - Management clarified that 635 is being developed as an alternative to menopausal hormone therapy, targeting women who cannot use MHT due to contraindications or adverse events [31]