2025 Year-End Earnings Webinar February 12, 2026 8-K Date: February 12, 2026 Forward-Looking Statements Information in this communication, other than statements of historical facts, may constitute forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements about the benefits of the proposed transaction between NorthWestern and Black Hil ...

Summary of Erasca Conference Call Company Overview - **Company**: Erasca (NasdaqGS:ERAS) - **Focus**: Development of cancer therapies, specifically targeting RAS mutations Key Points Discussed Pipeline and Differentiation - **Key Products**: - ERAS-0015: Pan-RAS molecular glue - ERAS-4001: Pan-KRAS inhibitor - **Differentiation Potential**: - ERAS-0015 shows a 5- to 10-fold potency advantage over RMC-6236, requiring only 1/10 to 1/5 of the dose for similar tumor growth inhibition [3][6] - ERAS-0015 has higher bioavailability and longer half-life compared to competitors, which may lead to a better therapeutic window [7][9] Clinical Study Updates - **AURORAS-1 Study**: - Multiple confirmed and unconfirmed partial responses observed at a dose of 8 mg, reinforcing the 10-to-1 potency ratio [16] - No dose-limiting toxicities (DLTs) reported, indicating a generally safe and well-tolerated profile [17] - Ongoing dosing at 40 mg with plans to report data on dozens of patients in the first half of the year [20][22] Patient Responses - Notable case: A 72-year-old man with advanced non-small cell lung cancer (NSCLC) experienced a confirmed partial response after just one cycle of ERAS-0015, highlighting the potential effectiveness of the treatment [27] Tumor Type Sensitivity - **KRAS Mutations**: - G12D mutations appear more sensitive to Pan-KRAS inhibitors than G12V mutations [28] - ERAS-0015 demonstrated significant efficacy in a G12V NSCLC model, requiring only 1 mg daily for tumor regression [29] Future Development Plans - **Expansion Cohorts**: Plans to initiate dose expansion cohorts for both monotherapy and combination therapy in the second half of the year [55] - **Combination Strategies**: Exploring combinations with standard care agents and investigational drugs, particularly in pancreatic and lung cancers [44] Market Considerations - The unmet need in cancer treatment remains significant, providing a favorable environment for new therapies [46] - Differentiation from competitors is crucial; a 10-point or higher absolute difference in overall response rate (ORR) could indicate meaningful differentiation from existing treatments [49] ERAS-4001 Insights - **Mechanism**: ERAS-4001 is a Switch Two Pocket binder with good in vitro potency and favorable PK profile [54] - **Development Timeline**: Data expected in the second half of the year, with plans for monotherapy dose expansions and combination studies in 2027 [55] Conclusion - Erasca is positioned to make significant contributions to cancer therapy with its innovative pipeline, particularly in targeting RAS mutations. The ongoing clinical studies and promising early results suggest a strong potential for differentiation in a competitive market.

Summary of Centessa Pharmaceuticals Conference Call Company Overview - **Company**: Centessa Pharmaceuticals (NasdaqGS:CNTA) - **Focus**: Development of orexin agonists for treating rare hypersomnias, including Narcolepsy Type 1 (NT1), Narcolepsy Type 2 (NT2), and idiopathic hypersomnia (IH) [2][3] Key Points and Arguments Vision and Strategy - The CEO, Mario Alberto Accardi, emphasized a transformational year for Centessa, aiming to leverage orexin agonists across multiple indications [2] - The company is transitioning into a pre-commercial stage, focusing on rare hypersomnias and expanding its pipeline in neuroscience [3] Clinical Development - Centessa plans to initiate registrational studies for at least one, potentially all three indications (NT1, NT2, IH) within the current quarter [6][24] - The company has demonstrated a best-in-class profile for its lead candidate, ORX750, showing significant efficacy in NT1 and promising data in NT2 and IH [3][17] Data and Efficacy - In previous studies, ORX750 showed a greater than 10-minute improvement from baseline on the Maintenance of Wakefulness Test (MWT) at a 4 mg dose for NT2, with an Epworth Sleepiness Scale (ESS) score dropping to 8 [17][22] - The company aims to push doses higher to maximize efficacy, with a focus on data-driven decisions for dose selection [18][20] Competitive Landscape - Centessa aims to be first in class for NT2 and IH, with a competitive edge over existing treatments [17][29] - The CEO highlighted the importance of being ahead of competitors in the clinical development of orexin agonists [8][29] Regulatory Strategy - Positive feedback from the FDA has been received regarding the clinical development strategy, with no gating factors preventing the initiation of registrational studies [24] - The company is evaluating potential regulatory measures to accelerate drug development, including Breakthrough Therapy Designation (BTD) [27][28] Future Directions - Centessa is exploring next-generation assets like ORX142, which may address a broader range of symptoms beyond rare hypersomnias, including fatigue and cognitive function [32][34] - The company is committed to building a diverse pipeline and is already hiring for commercial roles, indicating readiness for market entry [36][37] Additional Important Insights - The CEO discussed the potential for orexin agonists to provide a functional cure for NT1 by stabilizing the sleep-wake boundary, addressing both excessive daytime sleepiness and cataplexy [29][30] - The company is capturing various exploratory endpoints in its studies, including patient-reported outcomes and sleep quality assessments, to better understand the impact of its treatments [31][23] This summary encapsulates the key points from the Centessa Pharmaceuticals conference call, highlighting the company's strategic direction, clinical development plans, and competitive positioning in the biotech industry.

AnaptysBio Conference Call Summary Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Date**: February 12, 2026 Key Points Separation of Royalty Pharma and Biopharma - The separation of the royalty company and the biopharma business is a top priority, targeted for completion in Q2 2026, though it may extend beyond April 1 [2][4] - The royalty company will focus on recognizing the value of commercial entities with low operational expenses, driven by the growth of Jemperli and Imsidolimab [4][5] Financial Position - AnaptysBio started the year with $310 million in cash, approximately $11 per share [7] - The company plans to allocate sufficient cash to the biopharma business to support operations through 2027, potentially extending cash reserves into 2028 [7][8] Jemperli Performance - Jemperli reported Q4 sales of $343 million, reflecting a 13% quarter-over-quarter growth [12] - It is positioned as a best-in-class PD-1 antagonist, with significant growth potential driven by multiple indications, including rectal cancer and MSI-H colon cancer [13][15] - Analysts have not fully recognized Jemperli's growth potential, with some assigning negative growth rates despite its rapid sales increase [14] ANB033 and Celiac Disease - ANB033, a CD122 antagonist, is being developed for celiac disease, targeting a market with over 2 million patients in the U.S. [21][22] - The study design includes a gluten challenge with a focus on histological outcomes and patient-reported outcomes [24][25] - Data readout is expected in Q4 2026, with enrollment having started in Q4 2025 [27][28] Eosinophilic Esophagitis (EoE) - The company is also advancing a program for EoE, with a focus on reducing eosinophils and improving patient-reported outcomes [52] - The market for EoE is significant, with dupilumab generating approximately $2 billion annually [48] Rosnilimab Development - Rosnilimab has shown promising results in rheumatoid arthritis, with plans to advance it through partnerships rather than using balance sheet cash [55][56] - An update on the phase 3 advancement is expected in the first half of 2026 [54] BDCA2 Modulator (ANB101) - ANB101 is in phase 1 development, with potential applications in systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE) [60] - The company is monitoring Biogen's trials for insights on advancing ANB101 [61] Legal Considerations - Ongoing litigation with GSK regarding contractual issues could impact the royalty business, with potential for the drug to revert back to AnaptysBio [65][66] Conclusion - AnaptysBio is positioned for significant developments in 2026, with multiple catalysts including the separation of its businesses, Jemperli's growth, and advancements in its clinical programs [68]

Summary of Syndax Pharmaceuticals Conference Call Company Overview - **Company**: Syndax Pharmaceuticals (NasdaqGS:SNDX) - **Date**: February 12, 2026 - **Key Speakers**: Michael Metzger (CEO), Nick Botwood (CMO, Head of R&D), Keith Goldan (CFO) Core Points and Arguments Financial Performance - **Revuforj**: Achieved $125 million in annual net sales, with a quarter-over-quarter growth of 38% in Q4 2025, indicating strong market performance and expansion in its labeled indications [2][4] - **Niktimvo**: Generated $152 million in sales within the first 11 months of launch for chronic GVHD, also showing significant quarter-over-quarter growth [2] Product Development and Market Strategy - **Revuforj**: - Focused on KMT2A and NPM1 indications, with new NCCN guidelines and approvals driving growth [4][5] - Anticipated to capture a dominant market share in NPM1, similar to its established position in KMT2A [9] - Current maintenance therapy uptake for KMT2A is 35%-40%, with expectations to grow to 70%-80% over time [10][13] - **Niktimvo**: - Currently approved for later-line chronic GVHD, with a potential market of approximately 6,500 patients in the U.S. for third-line treatment, and an estimated peak opportunity approaching $1 billion [23][24] - Collaboration with Incyte involves a 50/50 profit split, with expectations for long-term growth in revenue share [24][26] Research and Development - **IPF Phase II Trial**: - Expected to read out in the second half of 2026, with a well-designed study focusing on forced vital capacity as the primary endpoint [30][34] - Strong preclinical data supports the role of CSF1R inhibition in IPF, with significant improvements noted in related conditions [32][40] - **Future Opportunities**: - Plans to explore the role of revumenib in myeloproliferative neoplasms (MPN), with promising preclinical results [20][21][22] Path to Profitability - Syndax aims for profitability potentially by 2027, supported by strong revenue from both Revuforj and Niktimvo, while maintaining flat operating expenses at $400 million [46] Additional Important Insights - The company is fully funded and does not require additional cash, positioning it well for future growth [46] - The collaboration with Incyte extends to future trials, including potential IPF studies, with shared costs and responsibilities [45] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, product development strategies, research initiatives, and the company's path to profitability.

Lexeo Therapeutics Conference Call Summary Company Overview - **Company**: Lexeo Therapeutics (NasdaqGM:LXEO) - **Industry**: Cardiac Genetic Medicines - **Focus**: Utilizing AAV gene therapy to address genetic cardiovascular diseases, particularly Friedreich's ataxia and arrhythmogenic cardiomyopathy [4][5] Key Points and Arguments Friedreich's Ataxia Program - **Current Status**: Advanced program treating Friedreich's ataxia, showing significant impact on cardiac pathology and neurologic symptoms [4] - **Clinical Data**: All patients with abnormal heart mass returned to normal range; treatment shows improvement in neurologic scales comparable to existing therapies [4][5] - **Regulatory Path**: Moving into a registrational study in 2026, with a focus on minimizing bias and establishing confirmatory endpoints [9][10] Arrhythmogenic Cardiomyopathy Program - **Patient Population**: 60,000 patients in the US, making it a significant commercial opportunity [6] - **Clinical Data**: Phase I/II study completed with early data showing a 28% reduction in left ventricular mass at high doses [13] - **Endpoints**: Focus on ventricular tachycardia as a key clinical endpoint, with early signals of treatment effect [35][39] Regulatory Interactions - **FDA Engagement**: Positive discussions regarding pooling Phase I/II data for future studies; updates on statistical plans expected in early 2026 [9][10] - **Endpoints**: Agreement on a 10% improvement in left ventricular mass as a clinically meaningful threshold linked to mortality risk [12] Safety and Efficacy - **Safety Profile**: Low incidence of serious adverse events (SAEs); no SAEs related to complement activation or liver injury reported [49][50] - **Efficacy Signals**: Early data indicates a 30% improvement in ejection fraction, suggesting clinical significance [38] Competitive Landscape - **Market Position**: Lexeo's gene therapy may coexist with other therapies targeting similar conditions, with potential for sequential dosing strategies [32][34] - **Broader Treatment Potential**: Potential to treat patients earlier in the disease progression based on biomarkers like troponin [20] Future Directions - **Clinical Trials**: Ongoing natural history study to support patient recruitment for treatment studies [31] - **Commercial Strategy**: Focus on ease of administration and low immunosuppression requirements to enhance commercial appeal [28] Additional Important Information - **Neurologic Benefits**: Treatment shows a 2-point improvement in the modified Friedreich's Ataxia Rating Scale, indicating potential benefits beyond cardiac symptoms [21][22] - **Target Audience**: Early adopters likely to be cardiologists, with neurologists also playing a role due to the dual nature of the disease [25][26] - **Manufacturing and Production**: Completed production of clinical batches for pivotal studies, with a focus on high-yielding processes [29][30] This summary encapsulates the key insights from the Lexeo Therapeutics conference call, highlighting the company's strategic focus, clinical advancements, and regulatory interactions within the cardiac genetic medicines industry.

Summary of X4 Pharmaceuticals Conference Call Company Overview - **Company**: X4 Pharmaceuticals (NasdaqCM:XFOR) - **Focus**: Development of new therapies for patients with rare blood disorders, specifically targeting chronic neutropenia with the compound mavorixafor [4][5] Core Points and Arguments Vision and Strategy - X4 Pharmaceuticals aims to be a leading company in developing therapies for rare blood disorders, focusing on mavorixafor for chronic neutropenia [4] - The company has reduced costs and headcount to concentrate on successfully completing the phase 3 trial of mavorixafor [4] Product Details: Mavorixafor - Mavorixafor is an oral therapy targeting CXCR4, with advantages over G-CSF, which is subcutaneous and has limitations such as causing bone pain and potential long-term leukemia risk [5][6] - Approximately 40% of chronic neutropenia patients currently use G-CSF, but many do not adhere to the treatment due to its side effects [5][6] Clinical Data and Validation - Mavorixafor is FDA approved for WHIM syndrome, an ultra-rare condition, but the company is not actively commercializing it due to cost concerns [7][8] - WHIM data indicates that mavorixafor can improve ANC (absolute neutrophil count) and reduce infections, supporting its potential efficacy in chronic neutropenia [9] Market Opportunity - There are an estimated 15,000 patients with symptomatic chronic neutropenia, with a target to treat about 5,000 patients initially [17][18] - The unmet medical need is significant, as many patients experience frequent infections despite current treatments [20] Phase 3 Study: 4WARD Trial - The 4WARD trial includes 176 patients randomized between mavorixafor and placebo, with eligibility requiring two infections in the past year [28] - The primary endpoints are an increase in ANC and a reduction in infection rates [28] - Enrollment is expected to be completed by the end of Q3 2026, with data anticipated in 2027 [48][49] Competitive Landscape - There are currently no known competitors in the CXCR4 space, making mavorixafor a unique offering [51] - The company is exploring potential expansions into secondary neutropenias and other indications beyond chronic neutropenia [52] Pricing and Market Access - There is potential for premium pricing due to the drug's benefits in reducing hospital admissions for infections, although formal pricing research has not been conducted [50] - The current pricing is unsustainable, and adjustments are expected [50] Future Milestones - Upcoming presentations to clarify market opportunities and data from the 4WARD trial are planned for later this year [59] - A small phase 2 study to explore G-CSF titration in combination with mavorixafor is also being considered [36] Additional Important Information - The company is focusing on patient recruitment for the clinical trial, utilizing AI and fieldwork to identify potential participants [44][45] - Safety data from the trial has shown no new signals, with gastrointestinal toxicity being the primary concern [43][40] This summary encapsulates the key points discussed during the conference call, highlighting the strategic direction, clinical development, market potential, and future plans of X4 Pharmaceuticals.

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EBITDA was $285 million, a 4% year-over-year increase driven by higher gathering and compression volumes [5] - Free cash flow after dividends for Q4 was $85 million, contributing to a leverage reduction to 2.7x and approximately $48 million in share repurchases [5] - For the full year 2025, free cash flow after dividends reached a record $325 million, a 30% increase compared to 2024 [5] Business Line Data and Key Metrics Changes - The acquisition of HG Midstream for $1.1 billion adds over 400 undeveloped locations in the Marcellus Shale, enhancing Antero Midstream's competitive position [3] - The company expects 8% year-over-year EBITDA growth and 11% year-over-year free cash flow growth in 2026, driven by the integration of the acquired assets [4][7] Market Data and Key Metrics Changes - The company anticipates generating over $1.2 billion in adjusted EBITDA for 2026, reflecting an 8% increase year-over-year [7] - The capital budget for 2026 is set between $190 million and $220 million, focusing on well connections, water capital, and compression asset integration [6] Company Strategy and Development Direction - Antero Midstream's strategy emphasizes capital-efficient organic growth and the integration of acquired assets to enhance free cash flow [3][8] - The company aims to maintain a strong balance sheet with leverage in the low 3x range while executing a balanced return of capital program [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued EBITDA growth and capital efficiency, projecting high single-digit growth beyond 2027 [12] - The integration of the water system and the development program is expected to provide significant growth visibility [4] Other Important Information - The company achieved a 20% return on invested capital (ROIC) in 2025, indicating strong capital efficiency [5] - The acquisition is fully financed, allowing for value accretion to existing shareholders without the need for equity financing [8] Q&A Session Summary Question: Long-term growth outlook post-acquisition - Management indicated that the 3 rig, 2 crew program will support continued growth beyond 2027, with expected throughput volume growth of about 200 million a day [12] Question: Growth plans for Antero Resources (AR) and implications for Antero Midstream (AM) - Management noted that AM's capital requirements remain minimal due to existing infrastructure, while AR is well-positioned to meet growing demand over the next 5-10 years [15][16]

Financial Data and Key Metrics Changes - The company reported Q4 AFFO per share of $0.45, with full year AFFO at $1.78 per share, representing a 2.9% growth over 2024 [22] - Q4 cash rental income was $67.5 million, reflecting an 11.1% growth compared to the previous year [23] - Annualized cash-based rent at quarter end was $264.2 million, with a weighted average five-year annual cash rent escalator of 1.5% [23] Business Line Data and Key Metrics Changes - In Q4, the company acquired 30 properties for $95 million at a blended cap rate of 7%, marking a 20 basis point expansion over the previous quarter [12] - Total investment volume for 2025 increased by 20% from 2024, with 53 unique transactions completed [13] - The company maintained a portfolio occupancy rate of 99.6%, with 95% of leases expiring in 2025 remaining occupied [24] Market Data and Key Metrics Changes - The company sidestepped major tenant credit issues, reporting zero bad debt expense in 2020 and 2025 [6] - Rent coverage in Q4 was 5.1x for the majority of the portfolio, among the strongest in the net lease industry [6] - The company has diversified its rent sources, with 37% coming from outside casual dining, including automotive service (13%), quick service restaurants (11%), and medical retail (10%) [9] Company Strategy and Development Direction - The company focuses on acquiring high-quality real estate occupied by creditworthy tenants, avoiding problematic retail sectors [5][9] - The strategy includes expanding into new retail categories such as grocery and equipment rental, while maintaining a cautious approach to acquisitions [10][15] - The company aims to leverage its strong balance sheet and low leverage to capitalize on acquisition opportunities in 2026 [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current market, citing a favorable debt capital environment and ample liquidity [19][20] - The company anticipates continued growth in 2026, supported by a strong pipeline of acquisition opportunities and a disciplined capital allocation strategy [17][76] - Management highlighted the importance of maintaining a balanced approach to real estate and credit, avoiding sectors with high risk [46] Other Important Information - The company has no debt maturities until December 2026, with a focus on managing minor upcoming maturities [21] - The company reported a significant gap between its implied cap rate and the blended cap rate of recently sold net lease properties, indicating potential undervaluation [25] Q&A Session Summary Question: Can you discuss the market for United Rentals and industrial outdoor storage? - Management noted the attractiveness of the sector, highlighting the large addressable market and the potential for creditworthy tenants [28] Question: What is the status of the Bahama Breeze locations? - Management confirmed that several locations will be converted to other Darden brands, with strong interest from potential new tenants [32][38] Question: How does the company manage its balance sheet and leverage? - Management emphasized a disciplined approach to capital allocation, with a focus on maintaining low leverage while pursuing accretive acquisitions [41] Question: What is the company's exposure to Red Lobster? - Management indicated that Red Lobster is performing better under new ownership, with stores predominantly under a master lease [45] Question: Are there any sectors the company is avoiding? - Management reiterated its focus on balanced real estate and credit, avoiding sectors that have not proven resilient through cycles [46]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EBITDA was $285 million, a 4% year-over-year increase driven by higher gathering and compression volumes [5] - Free cash flow after dividends for Q4 was $85 million, contributing to a leverage reduction to 2.7x and approximately $48 million in share repurchases [5] - For the full year 2025, free cash flow after dividends reached a record $325 million, a 30% increase compared to 2024 [5] Business Line Data and Key Metrics Changes - The acquisition of HG Midstream for $1.1 billion adds over 400 undeveloped locations, enhancing Antero Midstream's competitive position in the Marcellus Shale [3] - The company expects 8% year-over-year EBITDA growth and 11% year-over-year free cash flow growth in 2026 [4][7] Market Data and Key Metrics Changes - The capital budget for 2026 is set between $190 million and $220 million, focusing on well connections, water capital, and compression asset integration [6] - The forecast for 2026 includes adjusted EBITDA of over $1.2 billion, reflecting an 8% increase year-over-year [7] Company Strategy and Development Direction - The company emphasizes a just-in-time capital investment strategy that generates consistent free cash flow [3] - The integration of the acquired water system and investment in dry gas assets are expected to provide high visibility into growth [4] - The strategy includes a balanced return of capital program through debt reduction and share repurchases [8] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued growth beyond 2027, with mid- to high single-digit EBITDA growth expected [12] - The company is well-positioned to meet growing demand over the next 5-10 years due to its strategic location and infrastructure [16] Other Important Information - The company achieved a 20% return on invested capital (ROIC) in 2025 [5] - The acquisition is fully financed, allowing for value accretion to existing shareholders without equity financing [8] Q&A Session Summary Question: Long-term growth outlook post-acquisition - Management indicated that the 3-rig, 2-rig program will support continued growth beyond 2027, with expected throughput volume growth of about 200 million a day [12] Question: Growth plans for Antero Resources (AR) and implications for Antero Midstream (AM) - Management noted that there is minimal additional capital required for AM due to existing infrastructure, and AR is well-positioned to meet growing demand with firm transport options [14][16]