Summary of Conference Call Records Company Overview GeoVax Labs - **Industry**: Biotechnology - **Focus**: Developing vaccines for infectious diseases and therapies for solid tumor cancers, including COVID-19 and MPOXX (monkeypox) [1][2] Bitfufu Inc - **Industry**: Cryptocurrency Mining - **Focus**: Bitcoin mining and mining services, including cloud mining and self-mining operations [24][25] Key Points from GeoVax Labs Business Goals and Focus - GeoVax is a clinical-stage biotech company targeting unserved or underserved populations for vaccine development [4] - The company has a strong patent portfolio, recently announcing a new broad patent for its multi-antigen COVID-19 vaccine [3] Market Opportunities - The global market opportunity for GeoMVA (MPOXX vaccine) exceeds $11 billion [4] - Over 40 million adults in the U.S. and 400 million worldwide have weakened immune systems that do not respond to current vaccines [5][6] Alignment with Government Initiatives - GeoVax aligns with bipartisan efforts for diverse vaccine development and long-term safety, emphasizing transparency in the vaccine industry [7][11] Capital Development Strategy - The company targets raising approximately $30 million annually through equity sales and non-dilutive funding [13][15] - Last year, GeoVax raised over $25 million, enabling continued progress on its programs [14] Competitive Landscape - Bavarian Nordic is currently the only supplier for the Impox MVA vaccine, and its acquisition by a private equity firm raises concerns about monopoly and pricing [18][19] - GeoVax plans to initiate a Phase 3 trial for its GeoMVA vaccine in the second half of next year, aiming for revenue generation within three years [20][21] Key Points from Bitfufu Inc Company Performance - Bitfufu reported a substantial increase in cloud mining revenue, with over half coming from new customers, indicating strong demand [30] - The company holds 1,784 Bitcoin on its balance sheet and has a mining capacity of 38.6 exahash [26][30] Strategic Developments - Bitfufu is acquiring more data centers to reduce leased capacity, which helps lower operational costs [27] - The company has seen a year-over-year decline in self-mining revenue due to the Bitcoin halving event [33] Financial Performance - Bitfufu reported EBITDA of $60.7 million, a significant increase from $8.3 million year-over-year [35] - The company has maintained profitability since its inception, distinguishing itself from many peers in the mining space [36] Growth Strategy - The company is focusing on vertical integration and horizontal innovation, with plans to expand its capacity to over a gigawatt by 2026 [37] - Bitfufu's cloud mining business accounted for 80% of its revenue in the second quarter, reflecting strong demand [38] Institutional Interest - There is a growing interest from institutional investors, particularly in using cloud mining as a corporate treasury strategy [43][44] Additional Important Insights - GeoVax's approach to vaccine development emphasizes expedited registration pathways and collaborations to mitigate risks [4] - Bitfufu's strategic framework with Bitmain allows access to a significant number of mining rigs, enhancing its competitive position [34] - Both companies are positioned to capitalize on their respective market opportunities, with GeoVax focusing on vaccine development and Bitfufu on expanding its mining capabilities and services [21][41]

Financial Data and Key Metrics Changes - Revenues associated with the BARDA contract were approximately $4 million in 2024 compared to zero in 2023, as the contract began in June 2023 [19] - Research and development expenses increased to $23.7 million in 2024 from $20.7 million in 2023, representing a 14% increase [20] - General and administrative expenses decreased to $5.4 million in 2024 from $6 million in 2023, an 11% decrease [21] - Net loss for 2024 was approximately $25 million or $4.82 per share, compared to a net loss of $26 million or $14.29 per share in 2023 [21][22] Business Line Data and Key Metrics Changes - The BARDA contract is a cost reimbursement contract, meaning revenues correlate directly with billable personnel time and incremental expenses incurred [19] - The total contract value to GeoVax is $26 million but may increase to as much as $45 million [20] Market Data and Key Metrics Changes - The WHO declared mpox as a public health emergency of international concern, emphasizing the need for additional vaccine supply options [14][15] - There is significant government interest in U.S.-based supply chains, reflecting a shift from reliance on non-U.S. suppliers [16] Company Strategy and Development Direction - The company aims to develop innovative cancer therapies and infectious disease vaccines, focusing on expedited registration pathways [9] - Strategic focus on oncology, particularly related to Godeptin, remains a major priority for 2025 [17] - The company is actively pursuing partnerships and collaborations to support worldwide development and commercialization [9][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of CM04S1 as a next-generation COVID-19 vaccine, particularly for immunocompromised populations [12][58] - The company is in regular contact with BARDA, maintaining a positive relationship and continuing to meet development milestones [52][59] Other Important Information - The company has produced sufficient product to support anticipated clinical evaluations and potential additional clinical use [7] - The advanced MVA manufacturing process is expected to enable efficient production and distribution of MVA-based vaccines [17] Q&A Session Summary Question: Could GeoVax sell product without clinical testing due to the urgency of the mpox threat? - Management indicated that while typically not possible, there may be opportunities for emergency use licensing depending on recognized need, especially given the significant demand in Africa [26][27] Question: How is GeoVax ensuring equitable vaccine access in low-income countries? - The company has been in discussions with African health ministries and European regulatory agencies to ensure equitable access and is actively building relationships with organizations like UNICEF [28][30] Question: What is needed to start the next GIDEPTIN trial? - Management stated that they are continuing to manufacture the product and expect to initiate the clinical trial in the mid to latter part of next year [31][33] Question: How will efficacy and safety be tested for the MVA vaccine? - The standard approach involves non-human primate studies to show efficacy, with discussions ongoing with regulators about potential animal testing [37][39] Question: What are the expected timelines for data readouts from ongoing trials? - Management expects readouts for the blood cancer patient study in early to mid-2026 and anticipates interim data presentations for the CLL study before the end of the year [47][50] Question: How might changes in COVID-19 funding affect the company? - Management reported that discussions with BARDA remain positive, with no indications to slow down operations, and they are working under the assumption that clinical trials will proceed as planned [51][52][59]