嘉因生物成立于2019年，是一家专门研发基因疗法和寡核苷酸药物的生物制药公司。公司已建立由 AAVarta(AI辅助AAV衣壳进化发现平台)及SODA(沉默寡核苷酸设计方法)组成的双技术平台系统，研发 范围覆盖神经系统疾病、眼科疾病，以及各类遗传性、慢性疾病，形成了多元化的产品管线。 对于此次IPO募集的资金，嘉因生物在招股书中明确了用途：主要用于核心产品EXG001-307、关键产品 EXG102-031和EXG202的后续研发，同时推进其他管线产品的研发、强化核心技术平台能力，其余将用 于日常营运、业务拓展和一般企业用途，持续攻坚基因治疗领域的核心难题。 商报讯(记者孟佳俊)基因治疗正成为企业攻坚的核心赛道。日前，专注于基因治疗研发的杭州嘉因生物 科技有限公司(下称"嘉因生物")正式向港交所递交了招股书。 目前，嘉因生物已经拥有10款在研候选产品，其中4款已经进入临床阶段。核心产品EXG001-307(针对 SMA1型)将于今年下半年将进入Ⅲ期临床。根据弗若斯特沙利文的数据，该产品不仅是治疗SMA1型的 潜在同类最佳候选产品，更是中国首个进入注册性临床试验阶段的国产SMA基因疗法。另外两款关键 产品EXG ...

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Summary of Perion Network Conference Call Company Overview - **Company**: Perion Network (NasdaqGS:PERI) - **Industry**: Advertising Technology and Digital Media - **Core Offering**: Perion One Platform, an AI-driven solution to streamline digital advertising across multiple channels [3][6] Key Insights Industry Dynamics - The digital advertising market is valued at approximately **$1 trillion**, with continuous growth expected [5] - A significant shift is occurring where advertisers are prioritizing **ROI-driven channels** over brand awareness, leading to increased demand for performance-based advertising solutions [7][10] Company Strategy - Perion is focusing on **performance-driven advertising**, with recent launches like Performance CTV and Outmax aimed at enhancing ROI for clients [7][10] - The company is consolidating its offerings under the Perion One platform to reduce inefficiencies caused by multiple vendors and platforms [9][10] Product Development - The introduction of **SODA**, an AI algorithm for traffic shaping, aims to optimize supply paths by connecting advertisers with high-quality inventory, thus reducing costs and increasing yields [12][13] - AI plays a crucial role in Perion's product development, with features like Dynamic Creative Optimization (DCO) and high-frequency trading algorithms enhancing campaign performance [15][16] Market Positioning - Perion is well-positioned in the **CTV** and **digital out-of-home** advertising spaces, reporting a **75% year-over-year growth** in CTV [20][22] - The company has launched a **digital out-of-home player**, establishing itself as a full-stack operator in this emerging market [26][31] Financial Performance - In Q3, Perion reported a **63% growth in EBITDA**, driven by operational efficiencies and a shift towards platform-based revenue [34] - The company plans to increase its share buyback program to **$200 million**, indicating confidence in its financial health and future growth [36] Future Outlook - The focus for 2026 will be on scaling growth and improving efficiency through technology rather than increasing headcount [40] - Key performance indicators (KPIs) to watch include growth in **ex-TAC** (revenue excluding traffic acquisition costs) and overall operational efficiency [40] Additional Considerations - The tension between CMOs and CFOs is pushing the industry towards a greater emphasis on measurable outcomes, impacting how advertising strategies are developed [39] - Perion's unique position as a technology provider in the digital out-of-home space allows it to capitalize on the growing demand for programmatic advertising solutions [25][31]

Financial Data and Key Metrics Changes - The company achieved revenue of $110.5 million, representing an 8% year-over-year growth [16] - Contribution ex-TAC was $51 million, up 7% year-over-year, maintaining a healthy 46% margin [16] - Adjusted EBITDA increased 63% year-over-year to $12.1 million, reflecting improved operational leverage [15][22] - Non-GAAP net income was $12.5 million, resulting in a non-GAAP diluted earnings per share of $0.28, a 22% year-over-year increase [23] Business Line Data and Key Metrics Changes - CTV revenue grew 75% year-over-year, driven by strong demand for advanced formats [18] - Digital Out-of-Home revenue increased by 26% year-over-year, reaching 22% of total revenue [20] - Retail media revenue was up 40% year-over-year, indicating strong momentum in this vertical [20] - Web revenue declined by 11% year-over-year due to lower advertiser appetite for standard display and video formats [21] Market Data and Key Metrics Changes - CTV and Digital Out-of-Home combined represented 37% of total revenue, up from 28% in the same quarter last year [20] - The retail media market is projected to expand at a 14.7% CAGR through 2029, presenting significant growth opportunities [20] Company Strategy and Development Direction - The company is focused on becoming the platform of choice for modern CMOs, unifying media, data, and outcomes through the Perion One strategy [5][6] - New products like Outmax and SODA are designed to enhance performance-driven advertising and optimize monetization for publishers [4][9] - The company is expanding its share repurchase program to $200 million, reflecting confidence in long-term value [3][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet guidance for Q4, indicating no slowdown in advertiser spending [31] - The company aims to capture more market share in 2026 and beyond, with expectations for continued growth in core areas [38][39] - The operational efficiency initiatives are expected to fully materialize in 2026, supporting sustained growth [15][23] Other Important Information - The company has a strong cash position of $315 million, providing financial flexibility for growth and capital allocation [24] - The share buyback program has repurchased a cumulative total of 10.4 million shares for $94.2 million, underscoring confidence in the company's value proposition [24][25] Q&A Session Summary Question: What are the drivers behind the CTV strength in Q3? - Management noted that performance CTV and the new algorithm Outmax are driving significant growth, with a healthy pipeline of deals [31] Question: Why is the Q4 guidance range wide? - Management indicated that the quarter is trending in line with expectations, and they feel confident about delivering within the guidance range [31][32] Question: How is the web business trending relative to expectations? - Management stated that the web business performed as expected, with declines primarily due to the exit from low-margin activities [51] Question: What is the outlook for 2026 growth? - Management did not provide specific guidance for 2026 but expressed confidence in outperforming market expectations [38] Question: How is the company using AI internally? - Management highlighted that AI is integral to R&D and operational efficiency, with a focus on reducing manual work through automation [60] Question: How much of the web decline is structural versus self-inflicted? - Management clarified that approximately 13% of the web decline was due to strategic actions taken, suggesting a potential for growth in the future [64]