Aardvark Therapeutics (NasdaqGS:AARD) Conference November 24, 2025 03:00 PM ET Speaker2 All right. Great. Good afternoon, everyone, and welcome to TD Cowen's Obesity Summit. Here, we have a fireside chat with Aardvark Therapeutics. My name is Tyler Van Buren, a senior biotech analyst at TD Cowen. From Aardvark, we have Tien Lee, the CEO, and Tim Kieffer, the Chief Scientific Officer. Thank you very much for joining me, Tien and Tim. It's a pleasure to have you both here. Speaker0 Thank you very much. Speake ...

Summary of Arrowhead Pharmaceuticals Conference Call Company Overview - **Company**: Arrowhead Pharmaceuticals (NasdaqGS:ARWR) - **Event**: Conference at TD Cowen's 2025 Treatment Advances in Obesity Summit - **Date**: November 24, 2025 Key Points Recent Progress and Upcoming Expectations - Arrowhead recently received the first approval for Redemplo in FCS (Familial Chylomicronemia Syndrome) and plans to provide updates on its launch progress in the upcoming quarterly call [2][28] - The company is set to release data from its INHBE and ALK-7 programs in early January 2026, following the holiday season [2][5] - Initiation of the dimer phase one study for ApoC3 PCSK9 is expected early next year [3] Obesity Treatment Focus - Arrowhead identifies a significant unmet need in obesity treatment, particularly in achieving greater fat mass loss while sparing lean tissue [5] - There is potential for therapeutics that induce moderate weight loss (7-10%) with better tolerability profiles compared to GLP-1s [5][6] - The company is exploring gene targets in adipocytes and hepatocytes to silence genes related to fat storage and metabolism [6] INHBE Program Insights - INHBE encodes Activin E, a protein involved in fat storage regulation, primarily expressed in the liver [8] - Dysregulation of Activin E signaling can lead to increased fat storage, particularly in individuals with excessive caloric intake or type 2 diabetes [9] - Preclinical studies in diet-induced obesity mouse models showed a 20% reduction in weight gain with INHBE siRNA treatment compared to controls [10] - Combination studies with GLP-1s demonstrated additive weight loss effects while preserving lean mass [11] Clinical Trial Updates - The ongoing phase one study includes single and multiple ascending dose cohorts in healthy obese volunteers and type 2 diabetic patients [13][14] - The study is nearly fully enrolled, with a focus on safety and biomarker knockdown, particularly measuring Activin E levels [15] - Initial data release is expected in early 2026, with a critical mass of data needed to make decisions on moving forward with candidates [27] ALK-7 Program Comparison - ALK-7 targets a receptor on adipocytes, utilizing a novel delivery platform, while INHBE targets the liver signaling pathway [20][21] - Preclinical data for ALK-7 showed a 40% reduction in fat mass in treated animals, suggesting it may be a more potent approach than INHBE [21][22] - Both programs are designed to address obesity but through different mechanisms, with ongoing studies to determine their relative efficacy [23] Redemplo Launch Expectations - Initial launch expectations for Redemplo are positive, with significant interest from investigators and potential patients [28] - The company is cautious about pricing strategies and will provide updates in the upcoming earnings call [28] Future Outlook - Arrowhead anticipates a robust data release in early 2026, which will inform decisions on the progression of its obesity programs and potential partnerships [27] - The company is also monitoring the competitive landscape, particularly in relation to other siRNA approaches targeting similar pathways [18] Additional Considerations - The company is focused on differentiating its products based on efficacy, tolerability, and the quality of weight loss achieved [16] - Ongoing studies will help clarify the impact of treatments on liver fat content and overall metabolic health [30][31]

BCE Conference Call Summary Company Overview - **Company**: BCE Inc. (NYSE: BCE) - **Date of Conference**: November 24, 2025 Key Industry Insights - **Canadian Telecom Market**: The competitive environment in Canada is stabilizing, with a return to rational pricing compared to the US market, which has been more aggressive recently [4][5] - **Market Trends**: The company is experiencing a shift in revenue sources, moving from legacy services to growth areas such as wireless, internet, and AI-powered solutions [2][3] Financial Performance and Projections - **EBITDA Growth**: BCE expects a resumption of EBITDA growth over the next three years, although margin improvement may not be anticipated during this period [1][2] - **Free Cash Flow**: The company is targeting a 15% growth in free cash flow while deleveraging and funding new business initiatives [3] - **Revenue Per User (RPU)**: Monthly rates are increasing year-over-year, indicating a healthier competitive environment with new subscribers contributing to higher RPU [5][6] Strategic Initiatives - **Fiber Expansion**: BCE has set a target to pass 8 million homes with fiber in the US, leveraging partnerships and funding to support this initiative [10][11] - **B2B Opportunities**: The company is focusing on improving its B2B segment, which has been outperforming other enterprise businesses in North America [17] - **AI and Technology Solutions**: BCE is investing in AI-powered solutions and cybersecurity, aiming to provide comprehensive solutions to government and enterprise customers [18][20] Capital Allocation and Investment Strategy - **CapEx Guidance**: BCE plans to maintain a CapEx of $3.7 billion in 2025 and 2028, focusing on efficiency and strategic growth initiatives [30][31] - **Investment Criteria**: The company has established a higher bar for capital investments, prioritizing projects with strong returns and operational efficiencies [30][31] Market Share and Subscriber Growth - **Subscriber Strategy**: BCE is focused on profitable subscriber growth, emphasizing the importance of maintaining a strong brand and reducing churn [9][28] - **Fiber Penetration**: The company aims to increase fiber penetration significantly, with a target of over 50% market share in areas where fiber is available [29] Conclusion - **Future Outlook**: BCE is positioned for positive growth in free cash flow by 2026, with a clear strategy to execute its plans in fiber expansion, technology solutions, and capital allocation [32][33]

Summary of Vizsla Silver's Feasibility Study and Convertible Notes Offering Company Overview - **Company**: Vizsla Silver - **Industry**: Silver and Gold Mining - **Project**: Panuco Mine in Mexico Key Points from the Feasibility Study - **Feasibility Study Significance**: The study positions Panuco as a tier-one asset of global significance, with plans to become a leading silver and gold producer globally [2][3] - **Production Goals**: Internal goal to reach 50 million ounces of production in the next 10 years, primarily from the Panuco mine [3] - **Financial Metrics**: - Post-tax NPV of $1.8 billion - Post-tax IRR of 111% - Initial capital cost of $238.7 million - NPV to CapEx ratio of 7.5 times [22][49] - **Production Estimates**: - Average payable silver equivalent production of 20.1 million ounces over the first five years - Life of mine production of 17.4 million ounces per annum [22][24] - **Cost Structure**: - All-in sustaining cost of $10.61 per ounce - Operating cost of $85.11 per ton milled [24][46] Financing Details - **Bond Issuance**: Closing of a $300 million bond issuance, the largest in the silver industry, fully financing the Panuco project [5][12] - **Financial Flexibility**: The bond can be settled in cash, stock, or a combination, allowing for flexibility without diluting equity [6][10] - **Comparison to Previous Financing**: The bond replaces a previously announced Macquarie facility, providing lower cost of capital and fewer restrictions [9][10] Project Development and Timeline - **Permit Timeline**: Expecting permits by mid-2026, with construction planned for the second half of 2026 [15][19] - **Test Mine Development**: Ongoing test mine operations to de-risk the project and prepare for production [16][56] - **Infrastructure and Community Engagement**: Strong local community ties with 70% of the workforce sourced locally and significant investments in community projects [20][19] Exploration and Growth Potential - **Land Package Expansion**: The land package has quadrupled since 2024, with less than 70% mapped and only 28% of known veins explored [17][65] - **Future Exploration Plans**: Continued exploration in the wider property, including the Lagara project and Santa Fe, with systematic exploration planned [66][63] Conclusion - **Investment Opportunity**: Vizsla Silver presents a compelling investment opportunity with robust financial metrics, a strong production profile, and significant growth potential in the silver mining sector [14][16]

Summary of Vizsla Royalties Update / Briefing Company Overview - **Company**: Vizsla Royalties (OTCPK:VROY.F) - **Industry**: Silver and Gold Mining - **Key Project**: Panuco Mine in Mexico Core Points and Arguments 1. **Feasibility Study Results**: The recently published feasibility study positions Panuco as a tier-one asset with a post-tax NPV of $1.8 billion and a post-tax IRR of 111% on an initial capital cost of $238.7 million, indicating strong project economics [22][51][24] 2. **Production Goals**: The company aims to become a 50 million-ounce producer over the next decade, primarily driven by the Panuco mine [3] 3. **Bond Issuance**: Vizsla closed a $300 million bond issuance, the largest in the silver industry, providing sufficient capital to advance the Panuco project with a 5% coupon and a five-year maturity [5][6][12] 4. **Operational Flexibility**: The bond structure allows for cash, stock, or a combination settlement, providing flexibility without diluting equity, which is crucial for shareholder value [6][10][11] 5. **Cost Efficiency**: The all-in sustaining cost is projected at $10.61 per ounce, with operating costs at $85.11 per ton milled, reflecting the asset's quality and proximity to infrastructure [24][46] 6. **Production Timeline**: The company expects to receive necessary permits by mid-2026, allowing construction to proceed in the second half of 2026, with first silver production targeted by the end of 2027 [15][16][14] 7. **Community Engagement**: Vizsla has invested $8.6 million in local infrastructure projects and maintains a workforce composed of 70% local community members [20][19] 8. **Exploration Potential**: Less than 70% of the property is mapped, with only 28% of known veins explored, indicating significant upside potential for future resource expansion [17][65] Additional Important Content 1. **Management Team**: The leadership team includes experienced professionals with extensive backgrounds in mining and project delivery, enhancing confidence in project execution [4][3] 2. **Environmental Considerations**: The company has submitted an environmental impact assessment and secured long-term operating agreements with local communities, emphasizing sustainability [19][20] 3. **Infrastructure Advantages**: The Panuco project benefits from excellent site access, including proximity to a deep-water port and established power lines, which will facilitate operations [18][19] 4. **Future Growth Opportunities**: The company is exploring additional properties within its land package, with ongoing drilling programs aimed at expanding resources and reserves [62][63][64] This summary encapsulates the key insights from the Vizsla Royalties update, highlighting the company's strategic direction, financial health, and growth potential within the silver mining industry.

Summary of Apollo Global Management (NYSE: APO) Update / Briefing November 24, 2025 Company Overview - **Company**: Apollo Global Management - **Business Segment**: Retirement Services - **Focus**: Profitable growth and value creation in the retirement income market Key Points and Arguments Industry Context - The retirement income market is projected to grow significantly, with a 40% increase in the population over 65 by 2050, indicating a sustained demand for guaranteed retirement income [4][4] - The company emphasizes the societal need for retirement services, stating that the market will not peak until 2050 [4][4] Business Strategy - Apollo has developed a robust origination machinery for investment-grade assets, which is crucial for success in the retirement services sector [5][5] - The company focuses on originating investment-grade assets rather than below investment-grade assets, which are deemed less capital productive [5][5] - A stable source of liabilities is essential, with the company preferring to originate liabilities rather than purchase them in the secondary market [6][6] Financial Performance - Apollo originated $273 billion of assets in the last 12 months, with $190 billion being A-rated investment grade [21][21] - The company expects to produce approximately $880 million of spread-related earnings in Q4 2025 and anticipates a 10% growth in spread-related earnings through 2029 [25][25] - The company has faced headwinds in 2024 and 2025, including interest rates and asset prepayment, but these are expected to dissipate [24][24] Competitive Advantages - Apollo's unique position allows it to originate private investment-grade assets, which are increasingly in demand [12][12] - The company has a fortress balance sheet with $35 billion of statutory capital and lower leverage than peers, providing a competitive edge [32][32] - Apollo's origination capabilities are unmatched in the industry, allowing it to capture a larger share of the market [10][10] Market Dynamics - The company highlights the importance of private assets in the current market, noting that the demand for private credit is expanding [12][12] - The media's portrayal of private credit is often misleading, conflating it with riskier segments, while Apollo maintains a focus on investment-grade private assets [16][16] Future Outlook - The company is optimistic about growth opportunities, particularly in the retail annuity market, where it has become the largest player [36][36] - Apollo plans to expand its market presence, particularly in Asia-Pacific and new markets like stable value and structured settlements [43][43] - The management team believes that the best is yet to come for Athene, Apollo's retirement services arm [43][43] Risk Management - Apollo emphasizes a disciplined approach to risk management, opting to take less risk during periods of market volatility [26][26] - The company has a strong performance culture focused on long-term growth rather than short-term gains [32][32] Additional Important Insights - The company has a self-funded model with predictable and stable liabilities, which is a significant advantage in the retirement services market [29][29] - Apollo's operational efficiency is highlighted by the fact that it has fewer employees today than when it acquired Aviva USA, yet it has significantly increased its origination volume [31][31] - The company is actively working to improve its distribution channels and expand its market share in the annuity space [36][36] This summary encapsulates the key points discussed during the Apollo Global Management update, focusing on the company's strategic positioning, financial performance, competitive advantages, and future growth prospects in the retirement services industry.

Cogeco Communications Conference Summary Company Overview - **Company**: Cogeco Communications (OTCPK:CGEA.F) - **Date**: November 24, 2025 - **Speaker**: Patrice Ouimet, CFO Key Points Industry and Strategic Positioning - **Wireless Deployment**: Cogeco has launched a wireless service in Canada as an MVNO, offering 4G and 5G services bundled with internet subscriptions, which is a significant strategic shift for the company [2][4][5] - **Bundling Strategy**: The company aims to achieve a bundling rate of 15%-20% over several years, similar to large US players, with initial projections indicating a slow start [4][5] - **Churn Reduction**: The bundling of services is expected to reduce customer churn, although the benefits are still being evaluated [5] Fiber Competition - **Market Stabilization**: Recent observations indicate that fiber competition in Canada is stabilizing, with less aggressive promotions from major competitors like Bell and TELUS [6][7] Brand Strategy - **Cogeco Brand Expansion**: The company has launched its Cogeco branded internet service in Montreal and acquired Axio to target a younger demographic with a digital-only brand [8][9] U.S. Market Dynamics - **Subscriber Trends**: There are signs of improvement in subscriber trends in the U.S., particularly in Ohio, where the company has invested in network capacity and stability [11][12] - **Competitive Strategies**: Different strategies are employed based on regional competition, with a focus on high-speed internet offerings [13][14] Network Evolution - **Selective Fiber Conversion**: Cogeco is converting coax lines to fiber selectively, targeting areas with higher market penetration to optimize costs [16][17][18] Operational Efficiency - **Streamlining Plan**: The company is in the second year of a three-year transformation plan aimed at improving operational efficiencies and decision-making [19][20] - **Cost Reduction Initiatives**: Implementation of AI and chatbots has improved customer service efficiency and satisfaction [21][22] Capital Expenditure and Growth - **Reduced CapEx Expectations**: The company anticipates a return to lower capital intensity, which may impact future growth slightly, but ongoing builds in new neighborhoods will continue to drive growth [23][24][25] - **Free Cash Flow Guidance**: The company is on track to achieve CAD 600 million in free cash flow by fiscal 2027, aided by reduced CapEx and lower interest costs [27][28] Spectrum Assets - **Spectrum Utilization**: Cogeco owns valuable C-band spectrum and plans to use it for MVNO access and potential monetization strategies, although current regulations limit certain actions [29][32][33] Capital Allocation Strategy - **Leverage and Buyback Plans**: The company aims to maintain a long-term leverage target of three times EBITDA and is considering reactivating buyback programs once leverage is reduced [34][35] Additional Insights - **Customer Satisfaction**: The focus on preventative maintenance and customer service improvements has led to increased customer satisfaction metrics [22] - **Future Discussions**: Internal discussions regarding long-term capital allocation strategies and leverage targets are ongoing, influenced by economic conditions [35]

TELUS Conference Call Summary Company Overview - **Company**: TELUS (NYSE: TU) - **Date**: November 24, 2025 - **Speaker**: Doug French, CFO Key Points Industry and Competitive Landscape - TELUS focuses on three pillars: best networks, best products, and best customer service [4][5] - The competitive intensity in the mobile industry has eased since May, with a quieter Black Friday compared to previous years [7][8] - Pricing in Canada has decreased significantly, with rates down over 70% compared to initial asks, indicating a need for correction due to higher delivery costs [8][9] Financial Performance and Growth - Wireless Average Revenue Per User (ARPU) is showing slow and steady improvement, expected to continue into 2026, although still negative [12][13] - In Q3, TELUS added 40,000 internet subscribers, with growth evenly split between Eastern and Western Canada, and across business segments [16][17] - Fixed data revenue growth has slowed to 1%, primarily due to pressures in the business sector, while consumer internet revenue remains strong at over 6% [26][28] Fiber Deployment Strategy - TELUS is expanding fiber deployment into Eastern Canada, aligning with its capital intensity objectives [20][21] - The company aims to bundle internet services with existing wireless customers in the East, enhancing service offerings [24] AI and Digital Growth - TELUS aims to grow AI-enabling revenue from $800 million to $2 billion over the next few years, with significant contributions from TELUS Digital and B2B growth [31][32] - The company is leveraging its data centers for AI and compute services, with partnerships with NVIDIA and HP to enhance capabilities [33][34] Health Care and Monetization - TELUS Health is projected to grow significantly, with a valuation exceeding $5 billion, and potential partnerships to enhance commercial efficacy [40][41] - The integration of acquisitions is expected to yield synergies and improve profitability [40] Future Outlook - The company anticipates strong EBITDA growth driven by health care, technology, and digital initiatives, while managing ARPU challenges [44][48] - TELUS plans to monetize assets, including real estate and copper footprint, to support its deleveraging strategy and maintain dividend commitments [49][50] Capital Expenditure and Financial Strategy - TELUS maintains a capital intensity target of 10%, with a focus on efficient capital management and revenue generation from new investments [39][50] - The company is committed to reducing its Dividend Reinvestment Plan (DRIP) to zero by the end of 2027 [50] Additional Insights - TELUS is focused on improving customer service and reducing churn rates, with ongoing investments in digital and AI technologies [5][46] - The company is optimistic about the growth trajectory in health care and technology sectors, which are expected to contribute positively to overall performance [44][45]

Summary of MBX Biosciences Conference Call Company Overview - **Company**: MBX Biosciences - **Focus**: Building a leading biopharmaceutical company focused on endocrine and metabolic diseases with three clinical-stage programs aimed at multi-billion dollar markets [2][44] Key Programs and Developments - **Canvuparatide**: - Recently released outstanding phase two data for a once-weekly PTH replacement therapy in hypoparathyroidism [2] - Anticipated end of phase two meetings with FDA and EMA in Q1 2024 [3] - Phase three registration study initiation expected in Q3 2024 [3] - **MBX 4291**: - A GLP-1 GIP coagonist prodrug with a potential once-monthly dosing schedule for obesity [3][4] - 12-week MAD results expected in Q4 2024, aiming to demonstrate better tolerability and weight loss compared to competitors [5][10] - Unique PK profile with a flat peak-to-trough ratio observed in non-human primate studies, suggesting improved tolerability [9][10] Market Position and Strategy - **Obesity Market**: - The obesity candidate MBX 4291 is positioned to leverage the growing demand for once-monthly dosing in the obesity treatment landscape [4][5] - The company aims to address adherence challenges seen with current incretin therapies, which have high discontinuation rates [17][18] - **Competitive Landscape**: - The company is focused on differentiating its products through better tolerability and convenience, which are critical for chronic use [17][18] - Market research indicates that a well-tolerated drug with comparable weight loss could be considered best in class [18][37] Financial and Operational Outlook - **Funding**: - The company has secured funding into 2029, supporting ongoing clinical trials and pre-commercial activities [3][46] - **Regulatory Strategy**: - Plans to engage with regulatory agencies to discuss trial designs and endpoints, including stratification for PTH levels and urine calcium changes [31][32] Other Programs - **Imapextide and PBH Program**: - Phase two study focusing on pharmacodynamic effects, aiming to increase glucose nadir while reducing insulin peak [40] - Safety profile indicates benign nature of injection site reactions, which are not expected to impede prescribing if approved [41][42] Underappreciated Aspects - **Platform Technology**: - The potential of MBX's clinically proven platform technology for gradual controlled release is highlighted as a key differentiator [44][46] - **Pipeline Value**: - The company emphasizes the value inflection points across its pipeline programs, positioning itself favorably in the market [46] Conclusion - MBX Biosciences is poised for significant developments in 2024, with multiple catalysts expected across its pipeline, particularly in obesity and endocrine therapies. The focus on tolerability and convenience in drug administration is central to its strategy in a competitive market.

Summary of Vivesto's Business Update Conference Call Company Overview - **Company**: Vivesto - **Focus**: Oncology-driven biotech company specializing in innovative treatments for both human and veterinary medicine, particularly in cancer treatment [2][3] Key Programs Paccal Vet - **Description**: A proprietary formulation of paclitaxel designed for veterinary use, specifically targeting hemangiosarcoma in dogs and solid tumors in cats [7][22] - **Current Studies**: - **Dog Study**: Ongoing pilot study for dogs with splenic hemangiosarcoma, with 13 out of 18 dogs recruited. Expected top-line data in Q2 2026. Interim results show a median overall survival of 138 days compared to 60-86 days for standard care [24][25] - **Cat Study**: Dose-finding study for cats with various solid tumors, with 8 out of 12 cats recruited. Preliminary results indicate good tolerability and some clinical responses [26][28] Cantrixil - **Description**: A new proprietary chemotherapy agent targeting hematological cancers, currently in late-stage preclinical development [8][60] - **Focus**: Acute myeloid leukemia (AML), with plans to enter clinical development after 2026. Cantrixil has shown synergistic effects when combined with standard care agents [62][63] Market Dynamics - **Veterinary Oncology Growth**: The global companion animal health market is estimated to grow to $40 billion annually, driven by increased pet ownership and willingness to invest in advanced therapies [15][10] - **Unmet Medical Needs**: There is a significant demand for effective cancer treatments in veterinary medicine, with a high lifetime risk of cancer in pets, particularly in older dogs [16][17] Financial Strategy - **Capital Raise**: Vivesto is planning a rights issue fully supported by existing shareholders, expected to provide funding until mid-2027. Proceeds will support ongoing studies and regulatory activities [11][12] - **Partnership Opportunities**: The company aims to initiate partnering activities for both Paccal Vet and Cantrixil to enhance development speed and commercialization [12] Regulatory Support - **Designations**: Paccal Vet has received MUMS designation from the FDA, providing incentives for development in veterinary oncology. The EMA has also granted limited market classification [49][50] Conclusion - Vivesto is positioned at a critical juncture with a focused oncology strategy, strong backing from shareholders, and promising clinical data for its key programs. The company aims to address significant unmet medical needs in both human and veterinary oncology, with a clear path towards market approval and potential partnerships to enhance its capabilities [3][11][60]