MarketAxess Conference Summary Company Overview - **Company**: MarketAxess (NasdaqGS:MKTX) - **Industry**: Electronic trading platform specializing in credit markets - **Date of Conference**: December 09, 2025 Key Points and Arguments MarketAxess Advantages - MarketAxess has a significant global network with over 2,100 institutional investors and dealers, and 13,000 active traders, having added 250 active traders in 2025 [4][5] - The company boasts a differentiated liquidity model with over 1,000 unique liquidity providers, including ETF market makers and large institutional investors [5] - Data competitive advantage includes pre-trade analytics and trading data powered by AI, with $8.9 trillion of inquiries in 2025, a 14% increase from 2024 [6][7] Financial Targets and Shareholder Returns - MarketAxess announced a commitment to an average annual revenue growth rate of 8-9% and an average annual margin expansion of 75-125 basis points from 2026 to 2028 [10][11] - The company increased its share repurchase plan to $505 million, with $300 million allocated for accelerated share repurchase [11] Growth in Non-U.S. and U.S. Credit Businesses - 50% of top-line revenue is growing at a 15% CAGR, with emerging markets and Eurobonds contributing significantly [12][13] - The U.S. credit business faced challenges from macroeconomic factors and underinvestment, but plans are in place to reignite growth [8][21] Innovations and New Products - The recently launched Closing Auction protocol aims to cater to the growing indexation of the fixed-income market, with expectations of significant liquidity at the close of trading [18][19] - The auction solution was developed with input from major buy-side investors, indicating strong interest and potential for future growth [38][39] Competitive Landscape - MarketAxess is focused on maintaining competitive pricing in portfolio trading and dealer-to-dealer spaces, with stable fees and a strategic approach to global protocols [32][34] - The company is confident in sustaining revenue growth in emerging markets despite increased competition, due to prior investments in portfolio trading and dealer-to-dealer solutions [30][31] Data Revenue and Market Dynamics - Data revenue is expected to grow as it powers trading solutions, with a focus on making products more attractive and sticky for clients [23][24] - The company is strategically pricing data products to ensure broad distribution while maintaining value [22] Operational Efficiency - MarketAxess has made strides in productivity and efficiency, with a focus on streamlining workflows and leveraging AI for coding and testing [26][27] - The company aims to control expense growth while pursuing top-line revenue increases [28] Additional Important Insights - The company is in a multi-year investment phase for the Closing Auction product, with broader rollout planned for Q1 2026 [39] - Feedback from the buy-side indicates a strong desire for liquidity at the close, which the auction aims to provide [42] This summary encapsulates the key insights from the MarketAxess conference, highlighting the company's strategic advantages, financial targets, growth initiatives, and innovations in the electronic trading space.

XPro Program for Alzheimer's Disease - XPro1595 is designed to selectively inhibit soluble TNF to treat neurologic disease, with Phase 1b study demonstrating safety and dose-dependent reduction in inflammatory cytokines in cerebrospinal fluid (CSF)[34] - A Phase 2 study of XPro1595 in early Alzheimer's patients with biomarkers of inflammation used an enriched population (n=100) with amyloid and ≥ 2 biomarkers of inflammation, showing a beneficial signal across multiple measures[42, 57] - In the Safety Analysis Set (SAF) population (n=206) for the Phase 2 study, 51% were female, and 95.1% were white[39] - In the mITT population (n=200), 75% were Amyloid-beta (Aβ) positive[39] - The most common Treatment Emergent Adverse Event (TEAE) in the XPro1595 group was Injection Site Reaction (ISR), occurring in 52.5% of patients[54] - The company plans to validate the enriched population in a fully powered trial and anticipates an end-of-Phase 2 meeting with the FDA in Q4 2025[56, 59] CORDStrom Program for RDEB - CORDStrom is an investigational disease-modifying treatment for recessive dystrophic epidermolysis bullosa (RDEB), a rare genetic disease affecting an estimated 4000 people in the US, UK, and EU, representing a > $1B peak sales opportunity[64] - A Phase 2 trial of CORDStrom in 30 pediatric patients with RDEB showed beneficial effects with respect to Itch Man Scale, iscorEB clinician score, skin score, and QOL, with no CORDStrom-related serious adverse events reported[66] - The company plans to compile and file a BLA in the US & MAA in UK/EU in 1H 2026[77] INKmune Program for Cancer - INKmune is an off-the-shelf NK cell therapy candidate designed to convert patient's resting NK cells into cancer-killing memory-like NK cells[78] - An INKmune® mCRPC Phase I/II Trial is ongoing, with safety endpoints met and evidence of in-vivo NK cell activation and regression of some tumor lesions by PSMA-PET[80]

Core Insights - INmune Bio (NASDAQ: INMB) has been part of the "Bio Boom" speculative portfolio since September 2023, with no changes made to its position despite the company's progress [2] Group 1 - The company has not seen any adjustments in its investment thesis since its inclusion in the portfolio [2] - The leader of the investing group Compounding Healthcare focuses on innovative companies developing breakthrough therapies and pharmaceuticals [2] Group 2 - The analyst holds a beneficial long position in INMB shares, indicating confidence in the company's potential [3]

Core Insights - INmune Bio Inc. is experiencing a significant decline in stock price, trading down 59% at $2.14, with a session volume of 23.2 million shares compared to an average of 1.45 million shares [1][5] - The company announced results from its Phase 2 MINDFuL trial for XPro, a selective soluble TNF inhibitor aimed at early Alzheimer's Disease, which showed cognitive benefits in a specific subpopulation despite not meeting the primary endpoint in the modified intent-to-treat population [2][4] Trial Results - The MINDFuL trial enrolled 208 participants, with the primary endpoint being the change in cognition over 6 months measured by the Early Mild Alzheimer's Cognitive Composite (EMACC) [3] - Although the primary endpoint was not met in the mITT group, significant benefits were observed in a subpopulation of patients with two or more biomarkers of inflammation [4] - Key findings indicated a cognitive benefit for XPro over placebo on the primary endpoint EMACC (effect size: 0.27) and a behavioral benefit on the Neuropsychiatric Inventory (effect size: -0.24) [5] Future Plans - The company plans to file for Breakthrough Therapy Designation with the FDA and schedule an End-of-Phase 2 meeting in Q4 2025 to discuss the path for a pivotal trial to support XPro's approval in early Alzheimer's Disease [5] - INmune Bio announced a registered direct offering of 3 million shares at $6.30 per share, aiming for approximately $19 million in gross proceeds to be used for working capital and general corporate purposes [4][5]

Financial Data and Key Metrics Changes - INmune Bio raised $29.9 million from the sale of common stock and warrants in 2024, issuing a total of 4,145,978 shares and warrants for 3,898,852 shares [37][38] - The net loss attributable to common stockholders for the year ended December 31, 2024, was approximately $42.1 million, compared to approximately $30 million for 2023 [40] - Research and development expenses totaled approximately $33.2 million for 2024, up from approximately $20.3 million in 2023 [40] - Cash and cash equivalents at December 31, 2024, were approximately $20.9 million, with an additional $5.4 million raised since year-end [41] Business Line Data and Key Metrics Changes - The ADO2 trial for Alzheimer's disease is expected to announce top-line data in less than 100 days, focusing on neuroinflammation as a primary driver of the disease [8][14] - The INmune platform has pivoted to target solid tumors, with ongoing trials for castrate-resistant metastatic prostate cancer [17][18] - CORDStrom, a new therapeutic platform, is positioned to address systemic disease modification for RDEB, differentiating itself from local wound management therapies [22][24] Market Data and Key Metrics Changes - The ADO2 trial enrolled 208 patients across eight countries, with a focus on those with neuroinflammation driving their Alzheimer's disease [15] - The CaRe PC trial for prostate cancer is progressing, with completion of dosing in the Phase 1 part and ongoing Phase 2 dosing expected to complete by 2025 [18][43] Company Strategy and Development Direction - INmune Bio aims to challenge the amyloid-centric paradigm of Alzheimer's treatment by focusing on neuroinflammation [14][33] - The company is committed to advancing its three therapeutic platforms, with a focus on achieving regulatory milestones and potential commercialization [36][45] - The management emphasizes a precision medicine approach in clinical trials, particularly in the ADO2 trial [10][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming results from the ADO2 trial, viewing it as a potential catalyst for a paradigm shift in Alzheimer's treatment [34][35] - The company believes that addressing neuroinflammation could have broader implications for various CNS diseases [35] - Management highlighted the importance of safety in treating elderly patients with Alzheimer's, noting no significant adverse events reported thus far [31] Other Important Information - The company plans to file a BLA for CORDStrom in the first quarter of 2026, which would mark its first market therapeutic [44][112] - Management is focused on ensuring the quality of regulatory submissions to facilitate successful approvals [113] Q&A Session Summary Question: Is the 12-month open label trial for RDEB required for filing? - Management indicated that they believe the current data is adequate for a BLA submission, but the FDA will ultimately decide [50][51] Question: Will EMACC and CDR results be released at the same time? - Management confirmed that both EMACC and CDR results will be available at the time of data release [56][60] Question: Are there any dropouts in the EXPAREL Phase 2 trial? - Management reported that dropouts are within expected ranges, primarily due to typical issues associated with elderly patients [86] Question: How does the company plan to commercialize CORDStrom? - Management aims to move towards commercialization independently but may seek a partner closer to the launch [93] Question: Will the BLA for CORDStrom be filed in the UK and US? - Management confirmed that they expect to have all necessary data ready for filing in both regions by early 2026 [101][102]