Unlocking Neogen's Potential J.P. Morgan Healthcare Conference January 14, 2026 © 2026 Neogen Corporation. All rights reserved. | 1 Disclaimer Forward-Looking Statements This presentation includes "forward-looking statements" as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Neogen's current expectations and are subject to risks and uncertainties, which could cause a ...

©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 2 Corporate Overview J.P. Morgan Healthcare Conference 2026 January 14, 2026 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward-looking statements This presentation includes, and our response to questions may include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). All statements contained in this presentation other than statements of historical facts, including statements regarding our future ...

Protara Therapeutics Conference Call Summary Company Overview - **Company**: Protara Therapeutics (NasdaqGM:TARA) - **Industry**: Biotechnology, focusing on rare diseases and oncology - **Key Areas**: Non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations Core Points and Arguments Oncology Focus - Protara is developing therapies for non-muscle invasive bladder cancer, with two late-stage programs targeting BCG unresponsive and BCG naive patients [3][4] - The ADVANCED-2 study is a significant registrational study for BCG-unresponsive patients, with expected enrollment completion by the end of 2026 [4] - A randomized controlled trial (RCT) for BCG-naive patients has been approved by the FDA, marking a first in the NMIBC setting [4][11] Lymphatic Malformations Program - Protara's TAR 002 program targets macrocystic lymphatic malformations, showing a 100% clinical success rate at the eight-week evaluation point [7][14] - The company received breakthrough therapy designation and fast-track designation from the FDA, indicating a significant unmet need in this area [15][16] Market Opportunities - In NMIBC, 80% of patients are treated in community settings, where safety and tolerability are critical [9] - Protara's 002 therapy is positioned as a best-in-class option due to its safety profile and ease of administration [10] - The market opportunity for lymphatic malformations is estimated at around 1,000 patients annually in the U.S., with a focus on macrocystic cases [17][20] Clinical Data and Expectations - Upcoming data release in February for the ADVANCED-2 study is anticipated to show a complete response (CR) rate similar to previous findings of 72.4% at six months and 50% at twelve months [6][27] - The company aims to demonstrate that BCG-experienced and BCG-refractory patients respond similarly to TAR 002 [8] Competitive Landscape - Protara aims to position its therapies as alternatives to BCG, particularly for patients who cannot receive BCG [25] - The company is focused on generating level one evidence through its RCT, which will enhance its standing with payers and in treatment guidelines [12][13] Future Developments - Protara expects to begin receiving FDA approvals for its programs starting in 2027, with a robust pipeline of late-stage developments [22] - The IV Choline Chloride program is also in phase three, targeting a patient population of approximately 40,000 in the U.S. [21] Additional Important Content - The company emphasizes the importance of patient advocacy in raising awareness about new treatment options for lymphatic malformations [19] - Protara's leadership reflects on the journey of developing their portfolio, highlighting the progress made since going public in 2020 [34][35]

Summary of Absci's Conference Call Company Overview - **Company**: Absci - **Industry**: Biotechnology, specifically focused on generative AI for drug discovery Key Points and Arguments AI-Driven Drug Discovery - Absci is leveraging generative AI to design drug molecules, with a focus on high unmet medical needs and poor standard of care diseases [2][4] - The company has developed a new model called **Origin One**, which allows for the design of antibodies targeting "zero prior epitopes," enabling the pursuit of hard-to-drug targets [4][5][26] Clinical Pipeline - Absci is advancing two key programs: **ABS-201** for androgenic alopecia and endometriosis, with phase 2 readouts expected within 24 months [2][4] - The traditional drug development timeline is significantly reduced from 5.5 years and $50-$100 million to approximately 2 years and $15 million for Absci's programs [3] ABS-201 for Androgenic Alopecia - The target market includes 80 million people in the U.S. suffering from androgenic alopecia, with current treatments being ineffective [7][20] - ABS-201 aims to block the prolactin receptor, which is believed to reverse hair follicle miniaturization and promote hair regrowth [9][12][13] - The company has conducted studies showing promising results in animal models, including a significant hair regrowth in stump-tailed macaques [10][11] Market Potential - The total addressable market for ABS-201 in the U.S. is estimated to exceed $25 billion, with a global market potential of over $40 billion [20] - A consumer quant study indicated high interest in ABS-201, with 97% of men and 88% of women likely to inquire about the product [18] ABS-201 for Endometriosis - Endometriosis affects 1 in 10 women, with a significant need for effective treatments as current options are inadequate [20][22] - The mechanism of action involves blocking prolactin receptors to reduce lesion growth and alleviate pain [21][22] Financial Position and Future Outlook - Absci reported a balance sheet of $143 million, providing a runway into the first half of 2028 [23] - The company anticipates a busy 24 months ahead, with multiple clinical readouts and the potential for new drug candidates [24] Competitive Landscape - Absci's AI methodology differentiates itself by focusing on biologics and hard-to-drug targets, contrasting with competitors like Recursion, which focuses on small molecules [26] - The company is exploring partnerships to enhance its drug discovery capabilities, including a recent $20 million investment from AMD for scaling compute in protein design [45][46] Consumer Insights and Pricing Strategy - Patients are dissatisfied with current treatment options, with only 9% reporting satisfaction, indicating a significant market opportunity for effective solutions [36] - Pricing strategies are still under consideration, but consumer surveys suggest a willingness to pay for effective and convenient treatments [40] Additional Important Insights - The psychological impact of hair loss is significant, with 80% of men and 81% of women reporting negative effects on their self-esteem [19] - The company is committed to addressing women's health issues, particularly in underfunded areas like endometriosis [20] This summary encapsulates the key points discussed during the conference call, highlighting Absci's innovative approach to drug discovery, its clinical pipeline, market potential, and strategic positioning within the biotechnology industry.

Summary of Pulse Biosciences FY Conference Call Company Overview - **Company**: Pulse Biosciences (NasdaqCM:PLSE) - **CEO**: Paul LaViolette - **Focus**: Nanosecond pulse field ablation (nsPFA) technology for medical applications Key Industry Insights - **Market Dynamics**: Pulse Biosciences is positioned to capitalize on the growing interest in pulsed field ablation (PFA) technology, which is gaining traction in various clinical markets [3][32] - **Addressable Market**: The initial addressable market for nsPFA is estimated at **$6 billion**, with potential for expansion as the technology is adopted internationally [9][32] Core Technology and Advantages - **nsPFA Technology**: nsPFA delivers energy in billionths of a second, offering a non-thermal method for tissue ablation, which reduces side effects compared to traditional thermal methods [11][12] - **Clinical and Technical Advantages**: nsPFA allows for regulated cell death without damaging surrounding tissues, leading to improved patient outcomes and workflow efficiencies for physicians [13][19] - **Intellectual Property**: The company has increased its IP portfolio by **144 patents**, enhancing its competitive edge and making replication of the technology difficult for competitors [14] Market Opportunities 1. **Electrophysiology (EP) Ablation Market**: - Atrial fibrillation (AF) is the most common arrhythmia, with low current ablation penetration rates [14][15] - nsPFA has shown rapid adoption in this market, with significant improvements in lesion quality and procedure speed [16][17] - The company has treated over **150 patients** and is preparing to present efficacy data at the Boston AF Symposium [20] 2. **Cardiac Surgery Market**: - nsPFA aims to improve AF treatment during cardiac surgeries, where current methods are underutilized due to reliability concerns [21][22] - The company has received breakthrough designation and IDE approval for this application, with ongoing patient enrollment [22] 3. **Benign Thyroid Market**: - Pulse Biosciences is creating a new market for interventional thyroid management, addressing the needs of **250,000 patients** diagnosed annually with benign thyroid nodules [24][25] - The procedure is minimally invasive, with significant patient benefits, including rapid symptom relief and preservation of thyroid function [26][27] Financial Snapshot - **Cash Position**: Ended 2025 with **$81 million** in cash, with a burn rate of approximately **$13 million** in Q3 and **$14 million** in Q4 [6][7] - **Revenue Generation**: Initiated revenue from the commercialization of the Vibrance platform for treating benign thyroid nodules [7] Strategic Goals for 2026 - **Clinical Trials**: Plans to enroll patients in IDE studies for cardiac surgery and EP ablation, with expected completion by the end of 2026 [31] - **Market Expansion**: Focus on building evidence and expanding into additional markets, including oncology-related applications [32] - **Commercialization**: Pilot commercialization of thyroid treatments is underway, with plans to convert pilot sites to commercial status by the end of January [28][29] Conclusion - Pulse Biosciences is positioned for significant growth in the medical device industry through its innovative nsPFA technology, with a strong focus on clinical evidence, market expansion, and strategic partnerships to enhance its competitive advantage [32]

AbCellera Biologics FY Conference Summary Company Overview - **Company Name**: AbCellera Biologics - **Ticker**: NasdaqGS:ABCL - **Founded**: 2012, from the University of British Columbia - **Headquarters**: Vancouver, Canada, with additional facilities in Sydney, Australia, and Montreal, Canada - **Employees**: Approximately 500 in Vancouver and 50 in Sydney - **Public Offering**: Went public in 2020, raising over $600 million Financial Highlights - **Total Liquidity**: Approximately $680 million as of Q3 2023 - **Funding**: Secured about $1.5 billion in non-dilutive funding, including $1 billion from a partnership with Eli Lilly for COVID-19 antibody development and $400 million from Canadian government support Business Model Transition - Shifted from a partnership-focused model to internal development of clinical assets - Over 100 therapeutic antibody programs worked on since 2014, with 16 molecules moving into clinical stages - New strategy emphasizes building a pipeline of first-in-class and differentiated molecules Pipeline Development - **Lead Asset**: AbCell 635, an antibody for treating vasomotor symptoms associated with menopause, currently in Phase 2 trials - **Additional Candidates**: - AbCell 575: A half-life extended OX40 ligand in Phase 1 - AbCell 386: New oncology candidate - AbCell 688: Targets GPCRs and ion channels for autoimmune conditions - **Clinical Readouts**: Anticipated data readout for AbCell 635 in Q3 2026 and for AbCell 575 at the end of 2026 Market Opportunity - Significant market for menopause treatments, with approximately 6 million women in the U.S. experiencing moderate to severe hot flashes - Differentiation from existing therapies includes a more convenient dosing regimen (once-monthly injection) and a potentially better safety profile compared to oral therapies Competitive Landscape - Current competitors include small molecules like fezolinetant and elinzanetant, which have safety concerns such as liver toxicity - AbCell 635 aims to avoid these issues by not metabolizing in the liver and not antagonizing NK1R, potentially leading to a better safety profile Clinical Development Strategy - Focus on high unmet medical needs and strong scientific rationale for selecting targets - Emphasis on indication-agnostic development, seeking to leverage technology for various therapeutic areas - Plans to initiate late-stage studies for AbCell 635 and other candidates based on positive clinical data Operational Insights - Established a GMP manufacturing facility to enhance bioresilience and reduce reliance on external CDMOs - Recruitment of skilled labor for manufacturing has been a challenge but has been successfully addressed Future Outlook - Anticipated continued investment in the pipeline with a focus on advancing clinical candidates - Expected cash burn of approximately $120 million annually, with sufficient liquidity to support operations for the next three years Key Takeaways - AbCellera is transitioning to a clinical-stage company with a robust pipeline and significant financial backing - The company is well-positioned to capitalize on unmet medical needs in women's health, particularly in menopause treatment - Upcoming clinical readouts are critical for the company's future trajectory and potential market impact

Summary of Entrada Therapeutics FY Conference Call Company Overview - **Company**: Entrada Therapeutics (NasdaqGM:TRDA) - **Focus**: Treating debilitating diseases with intracellular targets, particularly in neuromuscular and ocular diseases - **Key Programs**: Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1 (DM1) in partnership with Vertex Key Points and Arguments Clinical Programs and Pipeline - Entrada is advancing multiple clinical programs for DMD, with expectations to have four clinical-stage programs by the end of 2026 [1][2] - The company has made significant progress in its EEV (endosomal escape vehicle) portfolio, particularly for neuromuscular diseases [3][4] - Upcoming data releases include: - ENTR-601-44 program: Top-line data expected in Q2 2026 - ENTR-601-45 program: First cohort data expected in mid-2026 - ENTR-601-50 program: Data expected by year-end 2026 [6][7][8] Financial Position - As of the end of 2025, Entrada had approximately $296 million in cash, providing a runway into Q3 2027 [10][43] Differentiation and Competitive Advantage - Entrada's approach utilizes a differentiated endosomal escape vehicle platform, achieving a 25-fold improvement in endosomal escape compared to competitors [11][18] - The company emphasizes low drug doses with high concentrations, reducing the risk of exposure and antibody response [12][29] - The strategy includes running clinical studies outside the U.S. to gather data for FDA discussions on accelerated approval [13][16] DMD and DM1 Programs - The DMD program aims for double-digit dystrophin production, which is crucial for efficacy [14] - The partnership with Vertex for the DM1 program includes significant financial incentives, with a total of $485 million in milestones [34] - The DM1 program is expected to complete enrollment and dosing by mid-2026 [35] Expansion into Ocular Diseases - Entrada announced its expansion into inherited retinal diseases, specifically targeting Usher syndrome type 2A, with a candidate named ENTR-801 [36][38] - This program addresses a significant unmet need, with approximately 15,000 patients in the U.S. and Europe lacking therapeutic options [37] Future Growth and Strategy - Entrada plans to continue expanding its pipeline into other intracellular targets and ocular diseases, with a focus on optimizing oligonucleotides and exploring new therapeutic areas [39][41] - The company aims to establish itself as a leader in the DMD space, with a substantial patient population of over 14,000 in the U.S. and Europe [33] Important but Overlooked Content - The company’s strategy includes a focus on safety, with no treatment-related adverse events reported in healthy volunteer studies [22] - The ability to achieve clinically relevant exon skipping and measurable protein production for at least 90 days in the ocular program is a significant milestone [38] - Entrada's approach to kidney safety is noteworthy, as it limits the risk of toxicity while increasing efficacy [29] This summary encapsulates the critical aspects of Entrada Therapeutics' conference call, highlighting its strategic direction, clinical advancements, and financial health.

Summary of Bausch Health Conference Call Company Overview - **Company**: Bausch Health - **Key Executives Present**: Tom Appio (CEO), J.J. Charhon (CFO), Jonathan Sadeh (CMO) - **Revenue**: $4.8 billion in 2024 - **Adjusted EBITDA**: $2.5 billion - **Adjusted Cash Flow from Operations**: $1.3 million [3][2] Strategic Focus - **Profitable Growth**: Emphasis on both top-line and bottom-line growth [2] - **Capital Structure Improvement**: Refinanced $9.5 billion of debt to enhance maturity profile and reduce debt [2] - **Investment in People and Processes**: Focus on building a strong team and developing product portfolios [2] Business Segments - **Salix**: Focused on GI and hepatology, with a 12% revenue growth reported in Q3 2025 [6][8] - **Solta Medical**: Global aesthetics franchise, with significant growth in Asia-Pacific, particularly a 30% CAGR in South Korea and 40% CAGR in China [10][22] - **International Segment**: Diverse portfolio of branded generic products, with strong performance in Central Europe and Mexico [12][19] - **Neuroscience**: Second largest contributor to sales in the U.S., with consistent quarterly revenue growth [13][29] Market Opportunities - **GI and Hepatology**: Over 4.5 million people diagnosed with liver disease in the U.S. [7] - **Neuroscience Market**: Estimated at $20 billion in the U.S. [7] - **Global Aesthetics Market**: Over $20 billion, with Solta positioned in significant subcategories [7] Product Performance - **Xifaxan**: Leading treatment for hepatic encephalopathy, with over 40% of patients treated; 9% growth in total scripts in Q3 [8][18] - **Solta Products**: Achieved over 5 million treatments in 2025, with multiple award-winning devices [10][11] Future Growth Drivers - **Red Sea Program**: Focused on preventing overt hepatic encephalopathy, with a larger patient population than current treatments [16][32] - **Larsucosterol**: Acquired late-stage modulator for severe alcohol-associated hepatitis, with a phase three trial initiated [17][35] Financial Outlook - **Guidance**: Reiterating guidance leaning towards the higher end of the range, reflecting strong operating momentum [14] - **Debt Management**: Plans to reduce debt further, especially post-Xifaxan LOE in 2028 [25][26] Business Development Strategy - **Acquisitions**: Recent acquisition of a distributor in China to enhance market reach [5] - **Focus Areas**: Targeting therapeutic areas of GI, hepatology, neuroscience, dermatology, and aesthetics for future acquisitions [27][28] Innovation and Execution - **AI-Driven Insights**: Implemented an AI engine to enhance targeting and messaging for Xifaxan, contributing to growth [30] - **Data Generation**: Emphasis on generating strong clinical data to support product efficacy and safety [23][22] Conclusion - **Strong Foundation**: Bausch Health operates in attractive segments with significant growth potential, driven by a dedicated management team and a focus on innovation and execution [18][34]

CVRx Conference Call Summary Company Overview - **Company**: CVRx - **Industry**: Medical Technology (MedTech) - **Product**: Barostim, an autonomic neuromodulation therapy for heart failure treatment - **Market Size**: $10.5 billion prevalence-based market for heart failure treatment [3][6] Key Points and Arguments Heart Failure Market Dynamics - Heart failure affects approximately 6.7 million Americans, leading to over 1 million hospital discharges and emergency room visits annually, with costs projected to reach nearly $70 billion per year by the end of the decade [3][4] - Current treatment involves a combination of four drugs (quad therapy), which only 1% of patients reach optimal dosages, and over 40% discontinue within the first year [5][6] - Patients prioritize quality of life over longevity, indicating a significant unmet need for effective therapies that improve daily living [6][12] Barostim Therapy - Barostim targets the neurohormonal pathway, addressing the root cause of heart failure by restoring signaling to the brain, thus reducing the toxic effects of neurohormones [9][10] - The therapy has shown a 68% improvement in functional status and a 94% response rate in clinical outcomes [11][12] - The BeAT-HF trial demonstrated significant improvements in quality of life and exercise capacity, with a positive signal in all-cause mortality [12] Commercial Strategy - CVRx aims to establish Barostim as the standard of care through improved salesforce productivity, deep adoption in targeted centers, and addressing barriers to therapy adoption [13][21] - The company has transformed its salesforce, focusing on mentoring and training to enhance productivity [13][15] - Building networks of aligned stakeholders, including clinical and financial champions, is crucial for deeper adoption [16][17] Barriers to Adoption - Key barriers include awareness, evidence, and patient access [21][30] - The implementation of Category 1 codes has improved reimbursement processes, increasing confidence among physicians regarding patient coverage [30][31] - The company has seen a 46% approval rate for Medicare Advantage within 30 days, a significant improvement from previous years [32][46] Financial Performance and Projections - Q4 2025 worldwide revenue was approximately $15.9-$16.1 million, with a total for the year of $56.5-$56.7 million, reflecting an 11% growth rate [33] - For 2026, projected revenue is between $63 million and $67 million, with gross margins of 84%-86% [33] - The company anticipates a cash burn of $35-$40 million for 2026, with a focus on achieving cash flow break-even through increased sales productivity [38][41] Future Opportunities - The BenefitHF trial, a landmark randomized controlled trial, aims to expand the indication for Barostim, potentially tripling the total addressable market from $10 billion to over $30 billion [25][27] - The trial will enroll 2,500 patients and is expected to begin later this year, pending CMS approval [26][29] Conclusion - CVRx is positioned to significantly impact the treatment of heart failure, addressing a critical unmet need and improving the quality of life for many patients [34] - The company is focused on executing its strategy to drive adoption and achieve sustainable growth in the coming years [35][49]

Summary of Vir Biotechnology FY Conference Call Company Overview - **Company**: Vir Biotechnology (NasdaqGS:VIR) - **Industry**: Biotechnology, focusing on infectious diseases and oncology - **Mission**: Harnessing the human immune system to combat diseases, including infectious diseases and cancer [2][3] Core Strategies and Pillars 1. **Hepatitis Delta Program**: - Aiming to deliver a transformational therapy for chronic hepatitis Delta, with a significant commercial opportunity in the U.S. and other regions [3][4] - Registration program for Hepatitis Delta is underway, with potential regulatory review expected in 2027 [4][16] - Estimated 174,000 viremic patients in key markets, with a global prevalence of about 7 million [6][9] 2. **T-cell Engagers for Oncology**: - Developing a clinical-stage lineup of dual-masked T-cell engagers targeting solid tumors, addressing high unmet needs [4][18] - Upcoming data on VIR-5500, a PSMA-targeting T-cell engager, expected in Q1 2026 [4][22] 3. **Discovery Engine**: - Focused on developing a pipeline of best-in-class preclinical T-cell engagers and cancer immunotherapies [5][30] - Utilizes a unique ProXTEN masking technology to enhance safety and efficacy of T-cell engagers [18][20] Key Data and Results - **Hepatitis Delta**: - Combination therapy of Tobevibart (monoclonal antibody) and elebsiran (siRNA) shows promising results, with 88% of patients achieving undetectable HDV RNA at 96 weeks [12][14] - Combination therapy demonstrated significant reductions in HBV surface antigen levels, critical for controlling the delta virus [13][15] - **Oncology**: - VIR-5500 has shown favorable efficacy and safety profiles in early trials, with low rates of cytokine release syndrome [22][25] - VIR-5818 (HER2-targeted) and VIR-5525 (EGFR-targeted) are also in development, with promising early efficacy signals [23][24] Financial and Strategic Partnerships - Entered a commercial license agreement with Norgine, including an upfront payment of EUR 550 million and milestone payments, which will help fund the Eclipse program [16][17] - Retained commercialization rights in the U.S. and other markets outside Greater China, indicating a strategic focus on growth in these regions [17] Future Milestones - Anticipated top-line data for the Eclipse studies in Q4 2026 and Q1 2027, with plans for rapid marketing authorization submission [31][32] - Continued focus on advancing the T-cell engager pipeline, with updates expected in early 2026 [32][33] Challenges and Considerations - Manufacturing scaling remains a focus, with expertise inherited from previous assets aiding in this process [39][40] - The company is not currently seeking additional opportunities in hepatitis B, focusing instead on existing programs [38] Conclusion Vir Biotechnology is positioned to make significant advancements in the treatment of hepatitis Delta and various cancers through its innovative therapies and strategic partnerships, with a strong pipeline and upcoming data expected to drive future growth and value creation [33]