The Ashton at Anderson Investor Presentation Fourth Quarter and Full Year 2025 March 11, 2026 SNDA NYSE Listed Forward-Looking Statements Explanatory Note As further described in the Company's Current Report on Form 8-K filed with the SEC on March 11, 2026, the Company completed its previously announced acquisition of CNL Healthcare Properties, Inc. ("CHP") through a series of steps ending with a forward merger of CHP with and into a subsidiary of the Company (the "CHP merger" or "merger"), with such subsid ...

March 11, 2026 Cantor Global Technology & Industrial Growth Conference New York Hilton Midtown John Young, CFO Louis Gerhardy, VP Corporate Development AMBARELLA.COM COPYRIGHT AMBARELLA 2026 AMBARELLA.COM COPYRIGHT AMBARELLA 2026 Forward-Looking Statements This presentation contains forward-looking statements that are subject to many risks and uncertainties. All statements made in this presentation other than statements of historical facts are forward-looking statements, including, without limitation, state ...

Summary of Prothena's Conference Call Company Overview - Prothena is a biotechnology company focused on diseases characterized by dysfunctional proteins, established in 2012 as a spin-out from Elan Pharmaceuticals. The company has a diverse portfolio of partnered and unpartnered programs, including multiple phase 3 studies in collaboration with major pharmaceutical companies like Roche and Novo Nordisk [6][7][8]. Key Programs and Partnerships - **Parkinson's Disease**: Prothena has a partnership with Roche for a molecule targeting alpha-synuclein, which has advanced to phase 3 studies based on promising phase 2 data [7]. - **ATTR Cardiomyopathy**: A partnered program with Novo Nordisk is also in phase 3, focusing on a disease caused by transthyretin deposition in the heart [7]. - **Tau Protein Program**: In collaboration with Bristol Myers Squibb, Prothena is developing a molecule targeting the tau protein, which has received Fast Track designation from the FDA. The phase 2 study has been fully enrolled, with data expected in the first half of next year [8][9]. - **PRX-019**: Another program with Bristol Myers Squibb is completing phase 1 studies, with a decision on moving to phase 2 expected by year-end [9][10]. Financial Highlights - Prothena anticipates generating over $100 million in milestone payments from partner programs this year, including a recent $50 million milestone from Novo Nordisk [17][18]. - The company has announced a share repurchase program of up to $100 million for 2026, which is not included in the year-end guidance of $255 million [18][19]. - The total deal with Roche includes $755 million in milestones and royalties, with $135 million received to date [36]. Market Opportunities - The peak sales potential for the partnered programs is projected at over $3.5 billion, with significant milestone payments still to be received [36][68]. - The company is actively exploring business development opportunities to expand its proprietary pipeline and leverage its CYTOPE technology for previously undruggable targets [73][74]. CYTOPE Technology - CYTOPE technology aims to target previously undruggable proteins within cells, exemplified by the TDP-43 approach, which is significant in the context of ALS [14][79]. - The technology allows for specific targeting and clearance of cytosolic aggregates without disrupting normal protein functions, demonstrating potential in both CNS and peripheral applications [81][84]. Upcoming Data Releases - Roche is expected to present additional data on the prasinezumab program at the upcoming ADPD 2026 conference, including long-term extension data from previous trials [26][28]. - Prothena is looking forward to data releases from its partnered programs, particularly the phase 2 study with Bristol Myers Squibb and the phase 3 studies with Roche and Novo Nordisk [23][41]. Conclusion - Prothena is positioned as a science-focused, pipeline-rich company with significant partnerships and a robust portfolio. The company is strategically balancing capital allocation to maximize future opportunities while advancing its proprietary technologies [68][74].

Summary of Savara's Conference Call Company Overview - **Company**: Savara - **Focus**: Orphan rare pulmonary respiratory diseases - **Lead Candidate**: MOLBREEVI (molgramostim) under FDA review with a PDUFA date of August 22, 2023 [5][17] Disease Context - **Condition**: Autoimmune Pulmonary Alveolar Proteinosis (PAP) - **Characteristics**: Rare autoimmune disease affecting individuals globally, with no specific demographic predilection [5][10] - **Symptoms**: Shortness of breath, cough, fatigue, leading to significant morbidity and debilitation [10][11] - **Current Treatment**: Limited options including supportive care and a complex procedure called whole lung lavage, which is not standardized and requires significant resources [11][12] Mechanism of Action - **MOLBREEVI**: A recombinant GM-CSF inhaled once daily, designed to overcome autoantibodies that inhibit GM-CSF from activating macrophages [13][14] Clinical Data - **IMPALA2 Trial**: The largest and longest study in autoimmune PAP, enrolling 164 subjects in a 48-week double-blind placebo-controlled trial [17][18] - **Results**: - Primary endpoint (DLco) met at 24 weeks and maintained through 48 weeks, showing statistical significance [18][19] - Secondary endpoints (SGRQ total, SGRQ activity, exercise tolerance) also showed significant improvement [19][20] - **Publication**: Data published in The New England Journal of Medicine [21] Commercial Strategy - **Prevalence Estimates**: Diagnosed prevalence in the U.S. estimated at 15-16 per million, with a total of approximately 5,500 prevalent patients identified [37][39] - **Target Audience**: Approximately 1,700 key accounts and 4,000-5,000 pulmonologists targeted for outreach [44][46] - **Testing Initiatives**: Offering a no-cost dried blood spot card antibody test to aid in diagnosis [50][51] Regulatory and Financial Position - **BLA Submission**: Recently accepted by the FDA with priority review granted; no Advisory Committee required [28] - **Cash Position**: $264 million on the balance sheet, with additional non-dilutive capital available upon FDA approval [58] - **Pricing Strategy**: Expected pricing range of $400,000-$500,000 per patient per year, with positive feedback from payers regarding budget impact [57] Launch Preparations - **Sales Force**: Approximately 27 representatives planned to target the market effectively [59] - **International Strategy**: Plans to file for MAA in Europe and the U.K., with intentions to maintain full control of the asset [55][56] Key Takeaways - Savara is positioned to address a significant unmet need in the treatment of autoimmune PAP with MOLBREEVI, supported by robust clinical data and a strategic commercial plan [5][17][57] - The company is actively preparing for a potential launch in August 2023, with a focus on patient identification and education within the pulmonology community [50][55]

Summary of Zymeworks Conference Call Company Overview - **Company**: Zymeworks - **Key Product**: Zanidatamab, a bispecific HER2 antibody developed using the Azymetric platform, which allows for advanced antibody engineering and computational biology capabilities [2][3] Financial Position - **Current Cash Position**: $271 million in cash, plus a recent $250 million royalty note, totaling over $500 million available for strategic investments [10] - **Future Milestones**: Expected $440 million in royalties from zanidatamab upon regulatory approvals, with additional $90 million for a third indication [10][12] Pipeline and Development Strategy - **Pipeline Focus**: Zymeworks aims to develop assets to inflection points and then partner them out for upfront payments while retaining long-term royalties [4][5] - **Zanidatamab**: Positioned as a transformative HER2-targeted agent with multiple mechanisms of action, showing promising data in first-line GEA and breast cancer trials [14][15][16] - **Upcoming Approvals**: Anticipated approval for zanidatamab in the second half of the year in the U.S., with Jazz Pharmaceuticals committed to filings outside the U.S. [17] Clinical Data Highlights - **GEA Study**: Positive results in progression-free survival (PFS) and overall survival (OS) when combined with checkpoint inhibitor tislelizumab [15][16] - **Folate Receptor Alpha ADC**: Early clinical data shows a wide therapeutic index and a response rate in the early 60s%, with a focus on safety and efficacy [26][28] New Molecules and Partnerships - **Pasritamig**: A T-cell engager licensed to Johnson & Johnson, currently in pivotal studies, showing manageable safety and promising efficacy [35][37] - **ZW191 (Folate Receptor Alpha)**: First asset from the wholly owned pipeline, designed to be a potential best-in-class ADC with a focus on safety and efficacy [26][28] - **ZW209 (Tri-specific)**: Expected to enter clinical trials in 2026, designed for targeted T-cell activation to enhance immune response [38] Strategic Goals - **Partnership Strategy**: Zymeworks is actively seeking partnerships for its assets, focusing on long-term royalties and reducing financial liabilities [32][33] - **Future Milestones**: Key upcoming milestones include filing for zanidatamab approval, advancing pasritamig into phase 3 studies, and sharing data from the folate receptor alpha ADC [54][55] Conclusion - Zymeworks is positioned for significant growth with a robust pipeline and strategic partnerships, focusing on innovative therapies in oncology while maintaining a strong financial position to support its development goals [5][54]

Summary of Syndax Pharmaceuticals Conference Call Company Overview - **Company**: Syndax Pharmaceuticals (NasdaqGS:SNDX) - **Stage**: Commercial-stage company with two products in the market targeting acute leukemia and chronic graft-versus-host disease (GVHD) [5][6] Key Products 1. **Revuforj**: - Indications: KMT2A and NPM1 for acute leukemia - First-year sales: $125 million, with Q4 sales of $44.2 million, showing 38% growth from Q3 [8] - Expected to be a significant growth area as it becomes standard of care [11] 2. **Niktimvo**: - Indication: Chronic GVHD, launched in early 2025 - First-year sales (11 months): $152 million, with Q4 sales of $56 million, showing 22% growth from the prior quarter [9] Market Dynamics - **KMT2A**: High medical need, with a focus on early treatment to improve patient outcomes [11] - **NPM1**: Expected to contribute significantly to new patient additions, with a larger patient population compared to KMT2A [22] - **Relapse Refractory AML Market**: Approximately 6,000-6,500 patients, with frontline AML estimated at 20,000 patients, representing a potential market of $5-$7 billion [27][28] Growth Strategy - **2026 Outlook**: Continued penetration into KMT2A and NPM1 markets, with a focus on maintaining patients on therapy and increasing duration of treatment from 4-6 months to 6-12 months [14] - **Frontline Studies**: Two pivotal studies (REVEAL and EVOLVE-2) aimed at expanding into frontline treatment, with expectations for first readouts and approvals [31][33] Physician Education and Market Presence - Extensive education programs for healthcare professionals to optimize treatment approaches [18] - Strong presence at major medical congresses (ASH, ASCO, EHA) to disseminate data and educate on new treatment modalities [19][41] Long-term Opportunities - **Menin Inhibitors**: Potential expansion into myelofibrosis and idiopathic pulmonary fibrosis (IPF), with ongoing studies to explore these indications [36][49] - **Business Development**: Focus on in-licensing and developing additional oncology molecules, while maintaining a high bar for new opportunities [53] Financial Outlook - **Profitability Roadmap**: With nearly $400 million in cash and equivalents, the company is on track to profitability, supported by the successful launches of both products [61][62] - **Operating Expenses**: Commitment to keeping operating expenses flat while generating gross profit from product sales [61] Conclusion Syndax Pharmaceuticals is positioned for significant growth with its innovative therapies in acute leukemia and GVHD, backed by strong market dynamics, a clear growth strategy, and a focus on education and data dissemination within the medical community. The company is also exploring expansion into new therapeutic areas while maintaining a path to profitability.

Summary of Mirum Pharmaceuticals Conference Call Company Overview - **Company**: Mirum Pharmaceuticals (NasdaqGM:MIRM) - **Event**: 2026 Conference on March 11, 2026 Key Points Financial Guidance and Commercial Strategy - Mirum Pharmaceuticals reiterated its revenue guidance for 2026, projecting between **$630 million and $650 million** [4] - The company is focused on funding R&D programs while maintaining durable trends in commercial performance [4] Upcoming Data Events - Key data events scheduled for Q2 2026 include: - **VISTAS PSC** top-line data, pivotal for potential NDA filing by year-end [4] - **Brelovitug** Phase 2b interim readout from the AZURE-1 study [5] - **EXPAND** top-line readout in Q4 2026 [5] EXPAND Program - The EXPAND program targets ultra-rare cholestasis conditions, with a significant portion of patients expected to be pediatric [7][9] - The potential market for LIVMARLI is projected to reach **at least $1 billion**, with EXPAND contributing approximately one-third of that [9] Geographic Expansion - LIVMARLI is currently available in **low- to mid-30 countries**, with most international sales driven by Alagille syndrome [11] - Opportunities for growth exist in regions like the Middle East and Latin America, where sales have been limited [11] Adult PFIC Market - The adult PFIC market is still in early stages, with increased genetic testing among providers expected to drive growth [12] - The company anticipates continued patient diagnosis and treatment persistence, contributing to long-term growth [13] PSC and PBC Opportunities - Approximately **60%** of diagnosed PSC patients are reported to experience meaningful itch, indicating a significant market for antipruritic therapies [19] - The company plans to conduct market development work to raise awareness of pruritus among healthcare professionals and patients [20] Launch Timeline - Following the release of top-line results, Mirum plans to engage with the FDA for pre-submission interactions, aiming for an NDA filing in the second half of 2026 and potential approval in 2027 [24] - Significant revenue contributions from new products are expected to begin in **2028** [25] Brelovitug Market Development - The company is focused on shifting testing paradigms for hepatitis delta, with a goal to increase diagnosis rates through reflex testing [30][32] - The estimated diagnosed and insured population for delta is around **15,000**, with a full prevalence of approximately **40,000** [33] Competitive Positioning - Brelovitug is positioned as a highly active regimen with a strong safety profile, focusing on endpoints linked to improved patient outcomes [37] - The company anticipates a **$750 million** floor guidance for brelovitug, based on conservative assumptions regarding market penetration [39] Future Growth and Business Development - Mirum remains active in seeking new rare disease programs, maintaining a high bar for potential acquisitions to ensure financial strength [47][48] Additional Insights - The company emphasizes the importance of patient experience and education in driving treatment uptake and market growth [18][21] - Mirum's strategy includes leveraging existing teams and distributor networks to expand market access, particularly in regions with lower GDP [44]

Summary of IonQ Conference Call - March 11, 2026 Company Overview - **Company**: IonQ (NYSE: IONQ) - **Industry**: Quantum Computing - **Key Personnel**: Inder Singh (CFO, COO), Niccolo de Masi (CEO) Core Points and Arguments - **Market Position**: IonQ has evolved significantly over the past year, transitioning from a fourth-generation quantum computer to a fifth-generation model, with plans for a sixth-generation deployment later this year and a seventh-generation roadmap established [5][6] - **Sustainable Advantage**: The company claims to have a sustainable advantage in quantum computing with a five-year roadmap to maintain its leading edge in technology [6] - **Quantum Networking and Cybersecurity**: IonQ is expanding into quantum networking and cybersecurity, recognizing the need for quantum solutions to address traditional cybersecurity threats as quantum capabilities advance [7][24] - **Quantum Sensing**: The company is also focusing on quantum sensing applications, particularly in space, to provide solutions that are resistant to interference [8][12] - **Financial Position**: IonQ has a strong cash position with no debt, allowing for long-term investments without immediate financial pressure [10] - **Customer Applications**: The company is developing applications across various sectors, including life sciences, energy, logistics, finance, and cybersecurity, indicating a broad market potential [11][12] Important but Overlooked Content - **Global Revenue**: Over 30% of IonQ's revenues come from outside the United States, with 60% being non-governmental, highlighting the company's global reach [59] - **Technological Confidence**: IonQ expresses confidence in its trapped ion technology, which is believed to offer superior fidelity and connectivity compared to superconducting approaches, especially as the industry moves towards fault-tolerant computing [41][46] - **Software Strategy**: IonQ is developing a comprehensive software strategy, including compilers and application development, to support its hardware advancements [57][58] - **Integration of Acquisitions**: The company has successfully integrated multiple acquisitions, which is crucial for scaling its operations and enhancing its technological capabilities [75] - **Encryption Timeline**: The Department of Defense anticipates that quantum computing will be able to crack encryption codes in less than three years, indicating a significant shift in cybersecurity dynamics [78][79] Future Outlook - **Milestones for Success**: IonQ aims to demonstrate revenue growth, customer adoption, and successful integration of its technology roadmap as key indicators of success over the next five years [73] - **Industry Growth**: The company believes that the quantum computing industry is not a zero-sum game, and the success of multiple players will contribute to the overall growth of the market [70][71]

JFrog Conference Call Summary Company Overview - **Company**: JFrog (NasdaqGS:FROG) - **Date**: March 11, 2026 - **Key Speakers**: Ed Grabscheid (CFO), Jeff Schreiner (IR) Industry Context - The discussion revolves around the cybersecurity and software supply chain industry, particularly focusing on the implications of AI advancements and competition from companies like Anthropic. Key Points and Arguments Market Reaction and Competition - JFrog's stock experienced a 25% decline following Anthropic's announcement of Claude Code, which was perceived as a competitive threat [1] - A large customer in the telecommunications sector was consulted to gauge market sentiment [1] Differentiation in Security - JFrog emphasizes the distinction between source code security and binary security, highlighting that binaries are exposed in the wild while source code is protected behind firewalls [3][4] - The company argues that reliance solely on source code security is insufficient, as vulnerabilities can still exist in binaries [4][5] - JFrog positions itself as the "plumbing" of software infrastructure, essential for governance and enforcement of security policies [5][7] Adoption of Security Products - Approximately 3,000 users are currently utilizing JFrog's Xray product, which is foundational for security scanning [21] - Advanced Security and Curation are add-on products, with hundreds of customers currently using them, contributing to 16% of RPO, 10% of ARR, and 7% of total revenue [21][22] - There is a noted momentum in the adoption of Advanced Security as companies consolidate point solutions into JFrog's offerings [22] Growth in SaaS Revenue - JFrog reported a 42% growth in SaaS revenue for Q4 and a 45% year-over-year growth for the year [44][45] - The increase in usage beyond minimum commitments is attributed to a push for innovation and the emergence of AI package types [45][46] - The growth is broad-based across industries, with 80%+ of Fortune 100 companies as customers [46] Customer Commitment and Guidance - JFrog is working to convert customers exceeding minimum commitments into higher annual commitments, which would provide better visibility for future guidance [47][49] - The company has adjusted its guidance philosophy to exclude large deals and usage over minimum commitments to establish a conservative growth floor of 31% year-over-year for cloud services [51][53] Future Opportunities and AI Integration - JFrog is exploring the potential for AI models to directly generate binaries, which could increase the importance of binary management [32][34] - The company is positioning itself as a universal platform for AI model storage and distribution, with existing relationships with top AI companies like NVIDIA [40][41] Governance and Compliance - JFrog is introducing governance solutions to help customers maintain records of their software development processes, addressing the need for compliance and security in AI model development [68][70] Strategic Actions - In response to market volatility, JFrog initiated a $300 million buyback program to leverage its strong cash flow and counteract negative market perceptions [62] - The company is focused on execution and maintaining its position in the market amidst competitive pressures from AI advancements [63][64] Additional Insights - The conversation highlighted the complexity of software security and the need for a nuanced understanding of the interplay between source code and binary security [25][64] - JFrog's approach to governance and security is seen as a critical differentiator in a rapidly evolving market landscape [68][70]

Franco-Nevada (NYSE:FNV) Q4 2025 Earnings call March 11, 2026 10:00 AM ET Company ParticipantsEaun Gray - Chief Investment OfficerJosh Wolfson - Managing Director and Head of Global Mining ResearchLarry Liu - Equity Research AssociatePaul Brink - President and CEOSandip Rana - CFOConference Call ParticipantsCandida Hayden - Senior Analyst of Investor RelationsHeiko Ihle - Managing Director and Senior Metals and Mining AnalystTanya Jakusconek - Managing Director and Senior Equity AnalystOperatorMorning, welc ...