WhiteHorse Finance, Inc. Earnings Presentation Quarter Ended December 31, 2025 NASDAQ: WHF (Common Stock) NASDAQ: WHFCL (7.875% Notes due 2028) Important Information and Forward Looking Statements References in this presentation to "WHF", "WhiteHorse Finance", "we", "us", "our" and "the Company" refer to WhiteHorse Finance, Inc. This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company o ...

Fourth Quarter and Full Year 2025 Results March 2, 2026 Forward-Looking / Cautionary Statements – Certain Terms Forward-Looking Statements: Information set forth in this communication, including financial estimates and statements as to the effects of the Berry Merger, constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward- looking stateme ...

Editas Medicine FY Conference Summary Company Overview - **Company**: Editas Medicine (NasdaqGS:EDIT) - **Stage**: Preclinical stage company - **Lead Asset**: EDIT-401, targeting hyperlipidemia with a potential 90% reduction in LDL cholesterol [2][10] Core Strengths - **Mechanistic Approach**: Focused on CRISPR therapeutics to increase disease-mitigating proteins by editing non-coding DNA [2][4] - **In Vivo Delivery**: Simplifies treatment for patients and healthcare systems, enhancing the value proposition for payers [3][5] - **Funding**: Financially supported until Q3 2027, allowing for continued development of EDIT-401 [4][54] Key Challenges - **CRISPR Space**: General challenges in the CRISPR field, although recent positive developments in Intellia's TTR program provide some optimism [3][4] Differentiation in Gene Editing - **Editing Strategy**: Unique approach using CRISPR to augment biology rather than just knockdown, targeting non-coding DNA to regulate protein expression [8][9] - **Effect Size**: EDIT-401 shows a 90% reduction in LDL cholesterol in non-human primates, significantly outperforming existing therapies like PCSK9 antagonism [10][11] Clinical Development - **Proof of Concept Timeline**: Human proof of concept data expected by the end of 2026, with filings for IND or CTA anticipated mid-year [27][28] - **Target Population**: Focus on heterozygous familial hypercholesterolemia (HEFH) patients and those with established cardiovascular disease [28][33] Market Opportunity - **Patient Population**: Approximately 10 million patients in the U.S. with high cholesterol not reaching treatment goals, representing a significant market [33][34] - **Competitive Edge**: Aiming for a 70%-90% reduction in LDL cholesterol, which aligns with evolving treatment goals in Europe [34][35] Future Pipeline - **Additional Programs**: Continued optimization of hematopoietic stem cell (HSC) programs for sickle cell disease and thalassemia, alongside liver-targeted therapies [39][40] Intellectual Property and Manufacturing - **Patent Dispute**: Ongoing legal matters regarding foundational IP, with optimism for a favorable outcome [45][46] - **Manufacturing Strategy**: Outsourced model for LNP manufacturing, leveraging expertise gained during the pandemic to control costs [48][49] Financial Position - **Cash Balance**: Ended 2025 with $65 million, with a runway extending into Q3 2027 [54] Conclusion - **Transformative Potential**: EDIT-401 represents a significant advancement in CRISPR technology, with the potential to change treatment paradigms for hyperlipidemia and improve patient outcomes [56]

Summary of Agilon Health FY Conference Call (March 02, 2026) Company Overview - **Company**: Agilon Health (NYSE: AGL) - **Industry**: Healthcare Services - **Business Model**: Partnering with physician groups and health systems to support approximately 2,200 primary care physicians (PCPs) and over 500,000 Medicare Advantage (MA) members in transitioning to value-based care through a specialized platform and operational support [1][1]. Key Financial Highlights - **Fourth Quarter Results**: Cost trends increased year-over-year from mid-5% to 6.5%, driven by unique inpatient cases totaling over $6.5 million [4][4]. - **2026 EBITDA Guidance**: Aiming for break-even EBITDA, supported by: - Effective growth rate benchmark of over 9% [5][5]. - Disciplined contracting approach, impacting 80% of contracts, resulting in $125 million medical margin improvement year-over-year [6][6]. - Anticipated 40 basis points improvement in risk adjustment due to clinical pathways implemented, particularly in heart failure [7][7][8][8]. - Administrative cost improvements of $35 million [9][9]. Cost Trends and Challenges - **Inpatient and Part B Costs**: Notable increases in costs, particularly in oncology, with trends in the 10% range over the past 15-18 months [11][12]. - **Future Cost Projections**: For 2026, a gross cost trend of 7.5% and a net cost trend of 7% are anticipated, reflecting ongoing elevated cost trends [13][14]. Data and Risk Management - **Data Pipeline**: Enhanced capabilities for calculating member-level risk scores, with 85% of members on the new data pipeline, improving visibility into medical expenses and cost trends [16][17][18][18]. - **Cash Position**: Ended 2025 with a cash balance of $125 million, improved from a previous estimate of $100 million, providing flexibility for 2026 operations [20][21]. Market Dynamics and Enrollment Trends - **Medicare Advantage Enrollment**: Observed low single-digit growth, indicating potential structural slowing in the market, but long-term growth in Medicare is expected due to demographic trends [28][29]. - **Payer Relationships**: Positive partnerships with payers, with increased financial incentives for superior quality performance, reflecting a constructive negotiation environment [43][44]. Clinical Programs and Operational Efficiency - **Clinical Pathways**: Expansion of clinical programs, including COPD and dementia, alongside the existing heart failure program, aimed at reducing costs and improving patient outcomes [36][37]. - **Cost Management**: Ongoing efforts to right-size the cost structure in response to membership changes, with a focus on leveraging AI for operational efficiencies [37][38]. Future Outlook - **Transformational Path**: The company is on a path of transformation, with significant progress made in 2025 and ongoing initiatives to enhance profitability in 2026 and beyond [51][51]. - **CEO Search**: The board is actively engaged in a thorough search process for a new CEO, with both internal and external candidates being considered [50][50]. This summary encapsulates the key points discussed during the Agilon Health FY Conference Call, highlighting the company's financial performance, market dynamics, operational strategies, and future outlook.

Summary of Orthofix Conference Call Company Overview - **Company**: Orthofix - **Industry**: Medical Devices, specifically focused on orthopedic and spinal solutions Key Points and Arguments 1. **Q4 Performance**: Orthofix reported strong operational progress in Q4, demonstrating effective strategy implementation with growth in Bone Growth Therapies and U.S. Limb Reconstruction business, alongside improved performance in the spine segment [2][4] 2. **Financial Metrics**: The company achieved its eighth consecutive quarter of EBITDA margin expansion and positive free cash flow, indicating financial discipline and scalability of its business model [2][8] 3. **2026 Guidance**: The company anticipates 5.5% pro forma growth at the midpoint, with 70 basis points of adjusted EBITDA margin expansion and free cash flow positivity expected in fiscal year 2026 [4] 4. **Segment Growth Expectations**: - Bone Growth Therapies expected to grow above market rates - U.S. Limb Reconstruction projected to return to double-digit growth in the second half of the year - Spine segment expected to show improved performance throughout the year [5][6] 5. **Channel Optimization**: The company has completed distributor transitions and channel upgrades, which are expected to yield benefits in the long term, although the timeline for long-range goals has been pushed from 2027 to 2028 [10][11] 6. **Distributor Relationships**: Over 75% of business now comes from top 30 distributors, up from less than 50% in 2024, indicating successful channel consolidation [12] 7. **7D Technology**: The 7D system has seen a 30% increase in earn-out placements compared to 2024, with strong usage and attachment to other products [16] 8. **Biologics Focus**: The company is re-energizing its biologics business after experiencing softness, with internal changes and increased investment in clinical data [23] 9. **Limb Reconstruction Segment**: The segment was renamed from orthopedics to better reflect strategic focus, emphasizing high-value clinical areas such as limb preservation and complex fracture management [26] 10. **Market Opportunity**: The U.S. limb reconstruction market is viewed as a significant growth opportunity, with a total addressable market (TAM) of $2.6 billion [27] 11. **Product Launches**: Upcoming launches include the TRULOC-L Elevate product line and Fitbone bone transport, with a focus on automating procedures [28] 12. **M&A Strategy**: The company is open to tuck-in acquisitions but is currently focused on generating positive free cash flow and strengthening its balance sheet [32] 13. **Long-term Outlook**: Orthofix is positioned as a stronger company with a focus on innovation, financial discipline, and a compelling growth story for long-term shareholder value [33] Additional Important Content - The company is shifting its strategy from capital sales to an earn-out program, which may impact growth in certain areas but is expected to benefit spine fixation business [6] - The discussion around radiation exposure in operating rooms has become more prominent, aligning with the benefits provided by the 7D system [19] - The company sees opportunities beyond the spine channel, particularly in limb reconstruction, indicating a diversified approach to growth [24] This summary encapsulates the key insights and strategic directions discussed during the Orthofix conference call, highlighting the company's operational progress, financial health, and market opportunities.

Summary of Verrica Pharmaceuticals FY Conference Call Company Overview - **Company**: Verrica Pharmaceuticals (NasdaqGM: VRCA) - **Product**: YCANTH, a treatment for molluscum contagiosum, a childhood disease affecting approximately 6 million children annually [3][4] Key Points and Arguments Product Value Proposition - YCANTH addresses a significant unmet need in treating molluscum contagiosum, which historically had no effective treatment options [3] - The disease typically lasts over 13 months, but YCANTH can control or clear it in 1 to 2 treatments [4] Adoption and Market Strategy - The company has seen more than double the dispensed units over the past year, indicating increased adoption [5] - Focused on improving the workflow for clinicians to access YCANTH, including expanding access points from medical to pharmacy benefits [6][7] - Implemented a maximum co-pay of $25 for commercially insured patients to enhance affordability [8][9] Targeting Clinicians - The company has refined its targeting strategy for clinicians, utilizing regional conferences and trade shows to reach previously untapped markets [11] - Sales representatives are empowered to engage with various healthcare providers, including pediatricians and dermatologists, to increase treatment adoption [12][14] Sales Force Dynamics - The sales force has been gradually expanded from 35-45 to 50 representatives, focusing on territories with proven demand [38][41] - New representatives are onboarded with existing reps to leverage established relationships, enhancing the speed of market penetration [44] Financial Performance and Projections - The consensus for YCANTH sales in 2026 is projected to be over $30 million, with expectations for continued growth as new customers are onboarded [46] - Inventory management has stabilized, aligning more closely with actual demand [48] Competitive Landscape - The company acknowledges competition from compounded cantharidin but believes YCANTH's FDA approval and quality differentiate it in the market [60][62] - The presence of competitors like Palvella (ZILZUMI) is seen as beneficial for raising awareness of the treatment options available for molluscum contagiosum [72] Pipeline Development - The company is advancing its pipeline, including a Phase III trial for common warts, which is expected to leverage the same clinician base as YCANTH [76][81] - The basal cell carcinoma program (VP-315) has shown promising results, with over 50% of lesions histologically cleared in Phase II trials [85] Future Opportunities - The company is exploring international markets, with plans to file for YCANTH in Europe, indicating potential for global expansion [88] Additional Important Insights - The company is focused on ensuring patient access and affordability while navigating the complexities of insurance coverage and pharmacy relationships [20][21] - The emphasis on clinician education and support is critical for increasing the adoption of YCANTH and ensuring positive patient outcomes [14][15][32] This summary encapsulates the key insights from the Verrica Pharmaceuticals FY conference call, highlighting the company's strategic focus on product adoption, clinician engagement, and pipeline development while addressing competitive dynamics and market opportunities.

Summary of Phathom Pharmaceuticals FY Conference Call Company Overview - **Company**: Phathom Pharmaceuticals (NasdaqGS:PHAT) - **Product**: VOQUEZNA, a first-in-class potassium-competitive acid blocker for treating gastroesophageal reflux disease (GERD) [2][3] Financial Performance - **2025 Revenue**: $175.1 million, up from $55 million in 2024 [3][4] - **2026 Revenue Guidance**: Expected to be between $320 million and $345 million, indicating a growth of over $140 million from 2025 [4][25] - **Operating Profitability**: Expected in the second half of 2026, with positive free cash flow anticipated from 2027 [4][27] - **Cash Usage**: Significant reduction in cash usage from $85 million in Q1 2025 to $5 million in the last quarter [24] Market Opportunity - **Target Market**: 22 million patients treated with prescription PPIs annually, with 40% still experiencing symptoms [5][6] - **Potential Revenue**: Estimated $1 billion opportunity in GI practices and another $1 billion in primary care [7][17] - **Prescription Growth**: 273,000 scripts last quarter, with a target of 4-6 million prescriptions per year to reach $1 billion in revenue [14][15] Product Advantages - **Mechanism of Action**: VOQUEZNA offers rapid, potent, and durable pH elevation, providing better relief for patients inadequately treated by PPIs [8][9] - **Patient Journey**: Focus on patients who have failed PPI therapy and are experiencing significant pain, leading to referrals to gastroenterologists [10][11] Sales Strategy - **Sales Organization Realignment**: Shifted focus to GI practices, with 70% of sales calls now targeting GI specialists [12][13] - **Top Prescribers**: The top 300 GI writers have converted about 20% of their prescriptions to VOQUEZNA, with plans to expand this rate across the GI community [18] Regulatory and Competitive Landscape - **IP and Exclusivity**: VOQUEZNA has a 10-year exclusivity under the GAIN Act, preventing generic entry until May 2032 [29][30] - **Market Assessment for OTC**: Exploring potential for over-the-counter sales post-2033, but currently focused on prescription market [36] Patient Retention and Feedback - **Prescription Persistence**: Majority of patients fill multiple prescriptions, with an average of 6-7 refills in the first year [33] - **Feedback Loop**: Importance of physician feedback from patients to drive adoption and confidence in prescribing VOQUEZNA [38][39] Conclusion - **Growth Trajectory**: Phathom Pharmaceuticals is on a solid growth trajectory with a clear path to profitability, focusing on the GI market and leveraging the unique advantages of VOQUEZNA to capture significant market share [28]

Inventiva (NasdaqGM:IVA) FY Conference March 02, 2026 10:30 AM ET Company ParticipantsDavid Nikodem - Head of Investor RelationsJason Campagna - Chief Medical OfficerConference Call ParticipantsRitu Baral - Managing Director and Senior Biotechnology AnalystRitu BaralLet's try this again. Let's go ahead and get started. Thank you everyone for joining us for the Inventiva Fireside Chat at the TD Cowen Healthcare Conference this year. I'm covering analyst Ritu Baral, with us from Inventiva, we have CMO Jason C ...

Summary of Traeger, Inc. Special Meeting of Stockholders Company Overview - **Company**: Traeger, Inc. (NYSE: COOK) - **Meeting Date**: March 2, 2026 - **Format**: Virtual meeting conducted via live webcast Key Proposals Discussed 1. **Reverse Stock Split Proposal** - Approval of amendments to the amended and restated certificate of incorporation to implement a reverse stock split of common stock at a ratio ranging from 1 for 10 to 1 for 50, as determined by the board of directors in its discretion [5][6] 2. **Adjournment Proposal** - Approval of the adjournment of the special meeting, if necessary, to solicit additional proxies if there are not sufficient votes to approve the reverse stock split proposal [5][7] Voting and Meeting Proceedings - **Voting Process**: Polls opened at 8:30 A.M. Mountain Time on March 2, 2026, and closed at 8:34 A.M. [3][6] - **Quorum**: A quorum was present, allowing the meeting to proceed [4] - **Preliminary Results**: The proposal for the reverse stock split was approved, and the adjournment proposal was also approved [6][7] - **Final Vote Tally**: To be published within four business days in a current report on Form 8-K filed with the Securities and Exchange Commission [7] Additional Information - **Management Team Present**: CEO Jeremy Andrus, CFO Joey Hord, and General Counsel Courtland Astill were present during the meeting [2] - **Questions from Stockholders**: No questions were submitted during the meeting [8] - **Closing Remarks**: The meeting concluded with thanks to stockholders for their attendance and interest in the company [9][10]

Jade Biosciences (NasdaqCM:JBIO) FY Conference March 02, 2026 10:30 AM ET Company ParticipantsAndrew King - Chief Scientific Officer and Head of Research and DevelopmentBrad Dahms - CFOConference Call ParticipantsTyler Van Buren - Managing Director and Senior Equity Research AnalystNone - AnalystTyler Van BurenThere we go. All right. Good morning, everyone. Welcome again to TD Cowen's 46th Annual Healthcare Conference. Tyler Van Buren here, Senior Biotech Analyst at TD Cowen. For our next session, I'm very ...