Microsoft (NasdaqGS:MSFT) 2026 Conference March 04, 2026 12:15 PM ET Company ParticipantsSatya Nadella - Chairman and CEOConference Call ParticipantsKeith Weiss - Equity AnalystKeith WeissExcellent. Thank you everyone for joining. Keith Weiss, I run the software equity research franchise in the U.S. here at Morgan Stanley, really thrilled to have with us from Microsoft, Satya Nadella, Chairman and CEO. Satya, thanks so much for joining us.Satya NadellaThank you so much. It's a thrill to be here.Keith WeissE ...

Tyra Biosciences FY Conference Summary Company Overview - **Company**: Tyra Biosciences (NasdaqGS:TYRA) - **Lead Drug**: Dabogratinib - **Focus**: Development of oral therapies targeting FGFR3-driven conditions Key Points Industry and Market Opportunity - Tyra is pursuing three potential blockbuster indications for dabogratinib, including: - **Upper Tract Urothelial Carcinoma (UTUC)**: High unmet need with a rapid registrational path [2][3] - **Non-Muscle Invasive Bladder Cancer (NMIBC)**: Targeting intermediate-risk patients with a focus on FGFR3-driven lesions [3][4] - **Achondroplasia**: Aiming to provide a significant height benefit through oral administration [4][42] Clinical Development Strategy - **Dabo 3x3 Strategy**: Focused on advancing dabogratinib into pivotal studies for the three indications [2] - **Phase 2 Data**: Expected mid-year for NMIBC, which will inform the design of a Phase 3 study [3][10] - **Safety and Efficacy**: Initial safety data from 22 patients showed a tolerable profile with low adverse events [14][15] Competitive Advantage - Tyra is the only company pursuing an oral option for these conditions, contrasting with current intravesical and surgical treatments [4][10] - The oral administration model is expected to enhance patient compliance and reduce the burden of treatment [26][28] Patient Journey and Adoption - The current standard of care involves invasive procedures, which patients and physicians are eager to replace with oral therapies [26][27] - Community practices are well-equipped to dispense oral medications, which could drive adoption of dabogratinib [27][29] Regulatory Pathway - The registrational path for UTUC is supported by previous FDA references to single-arm studies, allowing for a potentially expedited approval process [31][37] - Tyra plans to submit a briefing book to the FDA based on mid-year data to justify a Phase 3 design [16][37] Financial Projections - Tyra anticipates a significant market opportunity, projecting a billion-plus revenue potential for dabogratinib across all indications [39][55] - The company believes its internal projections exceed general analyst expectations, indicating strong future growth potential [55] Additional Insights - The company is focused on optimizing dosing strategies to enhance efficacy while maintaining safety [40][46] - There is a clear interest from the medical community in oral therapies, which could lead to favorable market dynamics for Tyra's products [28][30] Conclusion Tyra Biosciences is positioned to address significant unmet needs in oncology and rare diseases with its lead drug, dabogratinib. The company's strategic focus on oral therapies, combined with a robust clinical development plan and favorable market dynamics, suggests a strong potential for growth and success in the coming years.

Dyne Therapeutics Conference Call Summary Company Overview - **Company**: Dyne Therapeutics (NasdaqGS:DYN) - **Industry**: Biotechnology, focusing on rare diseases and muscle disorders Key Points and Arguments Unique Opportunity and Platform - Dyne Therapeutics is positioned to build a long-term company based on its FORCE platform, which is unique in the biotech industry for its compelling capabilities in delivering genetic medicine [3][4] - The company has eight programs in its pipeline, focusing on rare diseases, particularly muscle disorders [3][4] Commercial Launch Preparation - The company is preparing for the commercial launch of its DMD (Duchenne Muscular Dystrophy) asset in Q1 2027, with plans to launch a second product for DM1 (Myotonic Dystrophy Type 1) in 2028 [4][5] - The FORCE platform allows for commercial leverage by targeting muscle centers and utilizing similar antibodies and linkers across products, enhancing efficiency in manufacturing and inventory [4] Clinical Validation and Pipeline - In 2025, Dyne validated its platform with clinical data from two programs: DMD and DM1 [4][6] - The DMD program, zirasatersen, targets exon 51 skipping, which is the most prevalent mutation and presents significant unmet medical needs [9][10] - The DELIVER trial showed a 7-fold increase in dystrophin levels from baseline, with a statistically significant p-value of 0.00001, and a 10x difference compared to current standard care [10][11] Functional Improvement Data - Six functional endpoints were assessed, with two showing statistical significance, including Time to Rise Velocity and the 10-meter walk/run test, indicating significant improvements in patients on the drug compared to placebo [11][12] - The performance of upper limb (PUL) and forced vital capacity (FVC) also showed improvements, which are critical for patient health as the disease progresses [13][14] Safety Profile - The safety profile remains strong, with mild to moderate treatment-emergent adverse events (TEAs) reported, and over 1,400 doses administered with safety data extending to 36 months [15] Market Opportunity - The DMD market is characterized by a concentrated patient population, with 80% of patients located at about 100 centers in the U.S., allowing for a capital-efficient sales force [16][17] - Dyne plans to pursue four additional exons beyond exon 51, potentially tripling the total addressable market from 1,600 to 4,000-5,000 patients [20] DM1 Program - The DM1 program represents a significant market opportunity with no approved therapies currently available, targeting a similar patient population as DMD [21][22] - The ACHIEVE trial is designed for Accelerated Approval, with promising data showing robust improvement in video hand opening time (VHOT) and other functional measures [22][24] Future Pipeline - Dyne has plans for additional products, including FSHD (Facioscapulohumeral Muscular Dystrophy) and Pompe disease, all based on the same FORCE platform, which has been de-risked through prior clinical validation [26][27] Additional Important Information - The company emphasizes the importance of a motivated patient population and established reimbursement pathways, which are critical for successful market entry [18][19] - Dyne's team has extensive experience in launching rare disease therapies, enhancing the likelihood of successful commercialization [19] This summary encapsulates the key insights from the Dyne Therapeutics conference call, highlighting the company's strategic positioning, clinical advancements, and market opportunities in the biotechnology sector focused on rare diseases.

AnaptysBio FY Conference Summary Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Event**: FY Conference on March 04, 2026 - **Key Speakers**: Daniel Faga, President and CEO Key Points Business Separation - AnaptysBio is separating its biopharma operations from its royalty business, with the separation expected to be completed in the next couple of months [2][4] - The royalty business is projected to generate substantial revenue, particularly from the drug Jemperli, which is on a trajectory of over $1.4 billion in run rate revenue for GSK [4][21] - The separation aims to unlock value for shareholders by allowing investors to focus on either the high-margin royalty business or the biopharma operations [6][10] Financial Projections - Jemperli is expected to generate approximately $200 million in royalties for AnaptysBio this year [4] - The biopharma business will require funding, with estimates suggesting that $100 million would support operations into the second half of 2027, while $200 million would extend this into 2028 [19] - The royalty business is expected to be cash flow positive by the second half of 2027 [18] Jemperli Performance - Jemperli's revenue growth is driven by its competitive edge over Keytruda, particularly in endometrial cancer, with GSK's revenue growth in the mid-teens quarter-over-quarter [21][22] - GSK is expected to receive pivotal trial data for Jemperli in rectal cancer, which could further enhance its market position [22][24] Litigation with GSK - AnaptysBio is involved in litigation with GSK regarding Jemperli, focusing on GSK's alleged breaches of exclusivity obligations and commercial return efforts [28][29] - The litigation is not expected to impact the timing of the business separation [28] Biopharma Operations - The biopharma segment will focus on drugs like ANB033 (a CD122 antagonist) and ANB101 (a BDCA-2 modulator) [5][36] - ANB033 is being developed for celiac disease, targeting inflammation rather than just the antigen, which is a novel approach in this space [37][38] - The company is also exploring the use of ANB033 for Eosinophilic Esophagitis (EoE), leveraging its mechanism of action to target inflammatory pathways [55] Clinical Trials and Opportunities - ANB033 is undergoing trials with results expected by Q4 2026, focusing on mucosal healing in celiac disease patients [39][45] - The target population for ANB033 includes approximately 250,000 patients in the U.S. who are non-responsive to a gluten-free diet [51] - The company is also considering expanding into other indications, such as vitiligo, depending on the success of ongoing trials [59] BDCA-2 Modulator Development - The BDCA-2 modulator is in a Phase 1A trial, with differentiation from competitors being a key focus [60] - The company aims to demonstrate a longer half-life and a better profile compared to existing treatments [61] Conclusion AnaptysBio is strategically positioning itself for growth through the separation of its biopharma and royalty businesses, with a strong focus on innovative drug development and addressing unmet medical needs in celiac disease and EoE. The company is optimistic about its financial outlook and the potential for significant market opportunities in the coming years.

Atai Life Sciences FY Conference Summary Company Overview - **Company**: Atai Life Sciences (NasdaqGM: ATAI) - **Event**: Fireside Chat at the 46th Annual TD Cowen Healthcare Conference - **Date**: March 04, 2026 - **Speakers**: Srini Rao, CEO and co-founder of Atai Key Points on Lead Compound BPL-003 - **Compound**: BPL-003, an intranasal 5-MeO-DMT candidate for treatment-resistant depression (TRD) [3][4] - **Phase 3 Trials**: Two pivotal Phase 3 trials designed following positive FDA feedback from Phase 2 [8][11] - **Trial 1**: 350 patients, comparing 8 mg and 4 mg doses against placebo, with a primary endpoint at 12 weeks and an open-label extension [11][12] - **Trial 2**: Features a two-dose induction with only the 8 mg dose administered 2 weeks apart [97][98] FDA Interaction and Trial Design - **FDA Feedback**: The FDA was comfortable with the 4-week primary endpoint based on Phase 2 results [25][29] - **Placebo Control**: Both trials will use traditional placebo rather than sub-perceptual doses, aligning with recent trends in psychedelic research [30][35] - **Dosing Strategy**: The 4 mg dose is considered perceptual but putatively sub-therapeutic, while the 8 mg dose is effective [78][79] Efficacy and Safety Data - **Phase 2b Results**: Showed a 6.2 point delta between the 8 mg and 0.3 mg doses at the 4-week primary endpoint [156][157] - **Adverse Events**: Anxiety was noted as an adverse event, particularly in the 12 mg dose group, with a rate of 14% compared to 4% in placebo [175][177] - **Patient Monitoring**: Enhanced monitoring protocols for blood pressure and neurological status are being implemented for Phase 3 trials [213][215] EMP-01 for Social Anxiety Disorder - **Compound**: EMP-01, an R-enantiomer of MDMA, targeting social anxiety disorder [223][224] - **Market Size**: Approximately 15-18 million people meet criteria for social anxiety, with 6 million in the treatment-resistant group [240][241] - **Phase 1 Findings**: Showed robust psychedelic effects and entactogenic activities, prompting further exploration in a larger sample [229][233] - **Study Design**: 70 patients, with a primary endpoint measured by the Liebowitz Social Anxiety Scale (LSAS) [245][246] - **Results**: An 11.85 point delta on the LSAS was observed, comparable to SSRIs but with faster onset [245][246] Future Directions - **Next Steps**: Additional analyses and subjective elements from the EMP-01 study will be reported in the coming months to inform future trials [281][284] - **Focus on Safety**: Emphasis on generating a robust safety database due to the chronic nature of the conditions being treated [147][150] Conclusion - Atai Life Sciences is advancing its psychedelic compounds BPL-003 and EMP-01 through rigorous clinical trials, with a focus on safety, efficacy, and addressing significant unmet needs in mental health treatment. The company is positioned to leverage its findings to potentially reshape treatment paradigms in TRD and social anxiety disorder.

TScan Therapeutics Conference Call Summary Company Overview - **Company**: TScan Therapeutics (NasdaqGM:TCRX) - **Industry**: Biotechnology, specifically focused on TCR T-cell therapy for hematologic malignancies and solid tumors - **Stage**: Clinical stage company with a focus on next-generation TCR T-cell therapies Core Points and Arguments Heme Malignancies Program - TScan's lead asset targets residual disease in patients undergoing allogeneic hematopoietic cell transplantation, aiming to prevent relapse [2][3] - Phase I study data showed a hazard ratio of 0.5 for relapse-free survival compared to the control arm, indicating significant efficacy [3] - Long-term follow-up data revealed that 3 out of 3 patients on study for over 2 years continued treatment, compared to only 1 out of 4 in the control arm [3] - The company has received FDA agreement on the pivotal trial design, with plans to launch in Q2 2026 [3][28] Market Opportunity - The lead product, TSC-101, is aimed at patients with Acute Myeloid Leukemia (AML) and Myelodysplastic Syndromes (MDS) undergoing allogeneic transplant [6] - Approximately 40% relapse rate exists for patients undergoing transplant, with a poor prognosis for relapsed patients [6] - TSC-101 is expected to address an annual patient population of 2,100 in the U.S., with a peak revenue potential of over $1.4 billion based on a pricing estimate of $675,000 per treatment [10][11] - Expansion plans include additional products targeting other HLA types, potentially increasing the addressable market to 15,000 patients annually [12][13] Clinical Development and Manufacturing - The company has developed a commercial-ready manufacturing process that reduces production time from 17 days to 12 days [25][26] - Initial results from patients treated with the new manufacturing process are expected in Q2 2026, which will include pharmacokinetic and chimerism data [27][32] - The pivotal trial will include a randomized design with genetic randomization based on HLA type, aiming for a top-line readout by the end of 2028 [28][29] Solid Tumor Program - TScan has pivoted from its solid tumor program to focus on the heme program due to challenges in patient-derived T-cell engineering and promising developments in in vivo engineering [39][40] - The company plans to explore multiplex therapy for solid tumors in the future, leveraging advancements in in vivo engineering [41] Additional Important Insights - The heme therapy product is distinct from other cell therapies due to its integration into the standard transplant process, reducing the need for additional diagnostics [7][42] - The manufacturing process benefits from using T-cells from healthy, young donors, which may lead to higher consistency and efficacy compared to patient-derived T-cells [43] - The company currently operates with 21 clinical sites in major transplant centers, enhancing its market penetration potential [42] This summary encapsulates the key points discussed during the conference call, highlighting TScan Therapeutics' strategic focus, market opportunities, and clinical advancements in the field of TCR T-cell therapy.

Kura Oncology Conference Call Summary Company Overview - Kura Oncology (NasdaqGS: KURA) is focused on developing therapies for cancer, particularly acute myeloid leukemia (AML) and solid tumors. [1] - The company is in a strong cash position, financed through top-line results in frontline AML. [4] Key Product: KOMZIFTI - KOMZIFTI is Kura's first commercial product, launched for NPM1-mutated AML, with a focus on establishing market leadership. [2] - The product has shown over 21% of patients achieving a Complete Response (CR) or CR with partial hematologic recovery, with a median duration of response of five months. [5][6] - Feedback from clinicians has been positive, highlighting efficacy, safety, and ease of use as differentiating factors. [9][10] Market Potential - The total addressable market (TAM) for relapsed refractory NPM1 mutant AML is estimated to be between $350 million and $400 million. [15] - Kura aims to capture a significant share of this market, with a consensus sales estimate of $48 million for KOMZIFTI in 2026. [12][13] Clinical Trials and Development - Kura is conducting two Phase 3 trials (KOMET-017) for KOMZIFTI, targeting both intensive and non-intensive chemotherapy options. [17][18] - The trial design allows for rapid site engagement and aims to cover a broad patient population. [18] - Kura is also exploring combinations with other agents, such as Quizartinib and Gilteritinib, to enhance treatment efficacy. [31][32] Competitive Landscape - Kura acknowledges competition from other companies developing menin inhibitors, such as Johnson & Johnson and Sumitomo, but believes it has a competitive edge due to its advanced development and market strategy. [36][37] Financial Position - Kura reported a cash balance of over $650 million, with additional milestones of $180 million tied to Phase 3 trials. [55] - The company is positioned to maintain operations through key value inflection points without immediate need for additional financing. [56] Future Outlook - Kura plans to release further clinical data in 2026, which is expected to validate its treatment mechanisms and support ongoing development efforts. [53] - The company is also pursuing regulatory approval in the EU for KOMZIFTI, aiming to enhance its market presence. [16] Additional Insights - Kura is exploring the use of menin inhibitors for diabetes and cardiometabolic diseases, indicating a potential expansion of its therapeutic focus. [4] - The company is committed to developing combination therapies in oncology, recognizing that AML is not typically treated with monotherapy. [33]

Coherus Oncology FY Conference Summary Company Overview - **Company**: Coherus Oncology (NasdaqGM:CHRS) - **Date of Conference**: March 04, 2026 - **Focus**: Transformation into an innovative oncology company, with significant debt reduction and product development initiatives Key Metrics and Financials - **Debt Reduction**: Reduced indebtedness by 90%, from approximately $480 million to $3.7 million in senior secured debt [2][6] - **Cash Position**: Strong balance sheet with $172 million at the end of Q4, further improved with recent financing [9] - **Sales Growth**: Sales of LOQTORZI increased from $19 million in 2024 to approximately $38 million in 2025, with expectations for continued growth in 2026 [5][10] Product Development and Pipeline LOQTORZI - **Indication**: Nasopharyngeal carcinoma (NPC) with a significant unmet need; launched in 2024 [7] - **Market Opportunity**: Estimated market size of $250 million, with a target of achieving $175 million in annual sales by 2028 [11] - **Sales Strategy**: Enhanced commercial team and sophisticated data acquisition tools to identify and reach patients [8][9] - **Clinical Data**: Demonstrated overall survival benefit of 65 months with LOQTORZI compared to 34 months with chemotherapy alone [4] Tagmokitug (Anti-CCR8 Antibody) - **Mechanism**: Targets T-regulatory cells (Tregs) selectively, showing 52%-97% depletion in tumors without affecting CD4s and CD8s [15][16] - **Tumor Types**: High potential across various solid tumors including head and neck, gastrointestinal, and breast cancers [17] - **Clinical Development**: Ongoing studies to optimize dosing and understand the best contexts for treatment [18][19] - **Partnerships**: Interest from larger companies for collaborations, particularly in combination therapies [23][24] Casdozokitug (Anti-IL-27) - **Mechanism**: Inhibits IL-27 to activate T cells and NK cells, showing promising results in liver and lung cancers [36][39] - **Clinical Data**: Achieved a 17% complete response rate in liver cancer, significantly higher than the previous highest of 8% [41] - **Ongoing Studies**: Randomized phase 2 study with initial readout expected mid-year 2026 [43] Strategic Insights - **Transformation Strategy**: Focus on product, clinical, and financial strategies to enhance investor value [52] - **Market Positioning**: Coherus aims to leverage its unique product offerings and partnerships to address significant gaps in oncology treatment [24][25] - **Future Outlook**: Anticipation of strong data readouts and continued growth in sales and clinical advancements [53] Additional Considerations - **Collaborative Opportunities**: Open to various licensing and partnership arrangements to reduce clinical trial costs and enhance development capabilities [25] - **Biomarker Strategy**: Potential to develop a biomarker strategy based on CCRA presence in tumors to enrich patient populations [32] This summary encapsulates the key points discussed during the Coherus Oncology FY Conference, highlighting the company's strategic direction, product pipeline, and financial health.

Quanterix FY Conference Summary Company Overview - **Company**: Quanterix (NasdaqGM: QTRX) - **Industry**: Life Sciences Tools and Diagnostics - **Key Management**: Everett Cunningham (CEO), Vandana Sriram (CFO) Core Points and Arguments Leadership Transition - Everett Cunningham, with over 30 years in healthcare, joined Quanterix from Illumina, attracted by the need for breakthrough technologies in neurology, oncology, and immunology [6][7] - Emphasized the solid base business in research tools and the potential for growth in diagnostics, particularly in Alzheimer's [7][8] Financial Health - Quanterix has a strong balance sheet with $100 million in cash and no debt [8] - The company aims to achieve breakeven cash flow in the second half of the year and has set a synergy target of $84 million from the Akoya acquisition by the end of Q1 [8] Growth Strategy - Projected growth for 2026 is between 0%-3%, with a focus on prioritizing next-generation platforms and technologies [14][16] - Plans to build a comprehensive diagnostics strategy, including reimbursement strategies and clinical utility studies, with results expected mid-year [18][19] Performance Insights - The fourth quarter showed a significant improvement, with consumables driving growth and a recurring revenue profile now at 75% [21][22] - The company is seeing a reduction in cash burn, down to approximately $3 million from previous levels of $15 million-$20 million [22] Akoya Acquisition - The acquisition has diversified Quanterix's business from 90% neurology to 60% neurology and 40% oncology/immunology, enhancing the company's market position [23][24] - Early integration efforts have been positive, with a unified company culture emerging [25][26] Market Position and Future Outlook - The company anticipates a return to high single-digit growth rates in a normalized market, driven by consumables and diagnostic partnerships [29][36] - The focus will be on optimizing technology and expanding the Accelerator Laboratory's role in generating insights for next-gen assay development [46][47] Alzheimer's Diagnostics - Quanterix is working on a multi-analyte blood test for Alzheimer's, with a 510(k) submission made in January and results expected in 6-9 months [66][73] - The company aims to establish an end-to-end strategy for diagnostics, leveraging its CLIA lab capabilities [95][96] Competitive Landscape - Quanterix's LucentAD test is positioned as a unique offering with high sensitivity and specificity, differentiating it from competitors [103][104] - The company welcomes competition as it indicates market attractiveness and is committed to maintaining a strong commercial approach [121][123] Additional Important Insights - The Accelerator Laboratory serves as a leading indicator for customer interests and next-gen assay development [46][47] - The company is expanding its infrastructure outside the U.S., particularly in markets with aging populations like China and Korea [116] - Future growth opportunities are anticipated from service offerings similar to those in the Accelerator Laboratory [65] This summary encapsulates the key points discussed during the Quanterix FY Conference, highlighting the company's strategic direction, financial health, and market positioning within the life sciences tools and diagnostics industry.

Summary of Phillips 66 Conference Call Company Overview - **Company**: Phillips 66 - **Industry**: Oil and Gas, specifically focusing on refining, midstream, and chemicals Key Points and Arguments Strategic Initiatives and Financial Performance - Phillips 66 has focused on building a sustainable cash flow model, aiming to return at least 50% of cash to shareholders each quarter [2][3] - The company has a strong growth story in dividends, with a compounded annual growth rate of approximately 15% over the past 13 years [3] - The company has reduced refining costs by over $1 per barrel and improved asset utilization, leading to a 40% increase in earnings over the last four years, targeting $4.5 billion EBITDA by the end of 2027 [5][6] Market Dynamics and Refining Operations - Current market conditions show strong demand for distillates, with diesel demand high and gasoline demand flat year-over-year [12][13] - The company anticipates a tightening supply-demand balance in refined products, with an expected increase in demand of 600,000-800,000 barrels per day against a limited increase in capacity [14][15] - The competition between Venezuelan heavy crude and Western Canadian Select (WCS) is significant, with price differentials widening from $11 to $15 per barrel, benefiting Phillips 66's operations [21][22] Operational Improvements - The company has achieved record clean product yields and is focused on continuous improvement in refining operations [24][26] - A unified bonus program has been implemented to encourage collaboration across refineries, leading to enhanced operational efficiency [27][28] - AI technologies are being integrated to improve operations, maintenance, and decision-making processes [32] Commercial Strategy - Phillips 66 has expanded its commercial operations globally, adding originators to capture better value from product disposition [35][36] - The company is focused on optimizing feedstock procurement and product placement to enhance profitability [36] Midstream Strategy - The company is developing a wellhead-to-market strategy, integrating various assets to capitalize on growth in the Permian Basin [37][38] - The goal is to achieve $4.5 billion in EBITDA from midstream operations by 2027, driven by accretive opportunities rather than a fixed growth target [41][42] Chemical Market Outlook - The chemical segment is currently facing challenges, but Phillips 66's joint venture, CPChem, is performing well, running at over 90% operating rates [53][54] - The company anticipates a potential tightening in supply due to geopolitical factors affecting production in the Arabian Gulf, which could positively impact margins [58] Integration Benefits - The integration of refining, midstream, and chemicals allows for cost advantages and operational efficiencies, particularly at the Sweeny complex [59][60] - The seamless flow of products and information across integrated operations enhances decision-making and value capture [61][62] M&A Activity - Phillips 66 has divested approximately $5.5 billion in non-core assets and reinvested in strategic acquisitions that offer growth potential [66][67] Cash Flow Management - The company is committed to returning at least 50% of operating cash flow to shareholders, with plans for $2 billion in dividends and share repurchases each year [69][70] - Targeting a reduction of debt to $17 billion by 2027 while maintaining shareholder returns and growth capital investments [72] Additional Important Insights - The geopolitical situation in the Middle East is being closely monitored, with potential impacts on crude pricing and refined product availability [8][10] - The company is actively engaging with government entities to ensure resource availability and economic stability amid global uncertainties [11]