Bexobrutideg Clinical Trial Updates - Bexobrutideg demonstrates rapid and durable clinical responses in relapsed/refractory CLL, with updated findings from an ongoing Phase 1a study presented at EHA 2025[5,9] - Bexobrutideg shows high clinical activity and tolerable safety in an ongoing Phase 1a/b study in patients with Waldenström macroglobulinemia (WM)[5,9] - In CLL patients, the objective response rate (ORR) was 80.9% (95% CI: 66.7–90.9), with 1 (2.1%) complete response (CR) and 37 (78.7%) partial responses (PR)[24] - In WM patients, the objective response rate (ORR) was 84.2%, with 2 (10.5%) very good partial responses (VGPR) and 11 (57.9%) partial responses (PR)[47] Bexobrutideg Safety and Tolerability - Bexobrutideg is well-tolerated in patients with relapsed/refractory CLL, with purpura/contusion (45.8%), diarrhea (31.3%), and fatigue (31.3%) being the most common treatment-emergent adverse events (TEAEs)[22] - In WM patients, the most common TEAEs were petechiae (27.3%), diarrhea (22.7%), and purpura/contusion (18.2%), with a favorable safety profile and no new safety signals[45] Bexobrutideg Mechanism and Market Potential - Bexobrutideg is a novel small molecule BTK degrader that can overcome treatment-emergent BTKi resistance mutations and disrupt BTK scaffolding[15,54] - The total BTKi sales were $10.6 billion in 2024 and projected worldwide sales for BTK-targeting agents in CLL are expected to exceed $15 billion by 2028[75] - Nurix is advancing bexobrutideg in CLL with a first pivotal study to be initiated in 2025, positioned to lead a new class of therapeutics in CLL[66] Regulatory Designations - Bexobrutideg has received U S Fast Track Designation from the FDA for CLL (January 2024) and WM (December 2024)[62,61] - Bexobrutideg has received EU PRIME designation from EMA in November 2024[62]

Barostim Device & Clinical Trial Results - Barostim improves exercise capacity in HFrEF patients, showing a 19%-20% improvement versus the control arm in clinical trials[19, 37] - The BeAT-HF pivotal trial demonstrated a clinically meaningful improvement of 60 meters in exercise capacity and a -14 point change in quality of life for Barostim patients[27, 28] - The BeAT-HF pivotal trial showed a 25% reduction in NT-proBNP levels with Barostim, which is considered clinically meaningful[34] Market Opportunity & Patient Identification - The initial annual market opportunity for Barostim in the U S and the five largest EU countries is estimated at $2 9 billion[44] - The U S market consists of 6 3 million patients, while the 5 EU countries have 8 6 million patients[42] - The initial addressable patient incidence rate is 55,000 patients per year in the U S and 61,000 patients per year in the 5 EU countries[42] - Patient identification for Barostim is straightforward, based on NYHA II/III symptoms, LVEF ≤ 35%, and NT-proBNP < 1600pg/ml[47] Commercial Strategy & Financial Performance - The company aims to add 3 new account managers every quarter to create new territories and activate implanting centers[58] - The goal is to have 5 active implanting centers per territory, with each center implanting 12 Barostim units per year[58] - Full year 2022 revenue was $7 0 million - $7 1 million, with US HF revenue at $5 9 million (+118%)[67] - The company projects total revenue between $35 0 million and $38 0 million for the full year of 2023[68]

Market Opportunity & Disease Burden - Heart failure affects over 6 million people in the U S [9], leading to over 1 1 million hospital discharges and over 1 3 million emergency room visits annually [11] - The annual costs associated with heart failure are expected to reach $70 billion by 2030 in the U S [11] - The U S annual net addressable market for Barostim is estimated at $2 2 billion, assuming an average selling price (ASP) of $29,000 [37] Barostim Therapy & Clinical Evidence - Barostim is presented as a neuromodulation therapy designed to improve heart failure symptoms [8] - Barostim implantation is a 60-minute procedure with a 97% freedom from major complications [46, 48] - Real-world evidence demonstrates an 85% relative reduction in hospital visits per year post-Barostim implant (average 1 92 years) compared to pre-implant (12 months) [67] Financial Performance & Guidance - Worldwide revenue for 2024 was $51 3 million, representing 31% growth [87, 88] - The gross margin for 2024 was 84% [87, 88] - The company's revenue guidance for full year 2025 is $55 0 – $58 0 million, with a gross margin of 83% – 84% and operating expenses of $95 0 – $98 0 million [90]

Market Opportunity & Growth - The worldwide spine market is a \$10 billion market[6], while the addressable orthobiologics market is \$2.5 billion[6] - Xtant Medical's FY2024 revenue was \$117.3 million, a 28% increase over FY2023[6] - The company expects FY2025 revenue to be between \$126 million and \$130 million[6] Product Portfolio & Strategy - Xtant Medical offers a full-service product offering including cervical fusion, posterior thoracic fusion, TLIF/PLIF/ALIF lumbar fusion, sacroiliac fusion, biologics, and fixation[19] - The company is vertically integrated in all five orthobiologics categories[7, 17] - Xtant Medical's current portfolio addresses the entire \$2.5 billion orthobiologics market[25] Distribution & Expansion - Xtant Medical has an established distribution network with 450 IDN contracts and 670+ independent distributors[6] - The company aims to expand its distribution network by signing new IDN and GPO agreements and attracting additional independent rep agencies[46] Acquisition & Financials - The company focuses on profitability and self-sustainability[17], with positive Adjusted EBITDA and operating cash flow in Q4 2024[8] - Inorganic growth through acquisitions is key to achieving long-term goals[47]

Investment Rationale & Financial Strength - The company is an industry leader in rapid point-of-care infectious disease testing and DNA/RNA sample self-collection, stabilization, and preparation products[5] - The company has a strong balance sheet with over $178 million in cash and investments, no debt, and sustainable profitability[5, 63] Molecular Solutions Growth - Molecular solutions are experiencing growth from existing customers and increased demand from emerging genetic testing offerings and large studies[19] - In November 2017, the company announced a $143 million supply agreement for OrageneDx to a leading consumer genomics customer, over several years, with minimum annual purchase requirements[24] - The company's products drive scalability and access to donors in human genome testing[27] Infectious Disease Solutions & Market Opportunities - Approximately 36.7 million people are living with HIV, and there were 1.8 million new infections in 2016[46] - An estimated 71 million people globally have chronic hepatitis C infection, with approximately 399,000 deaths each year from HCV[56] - The company was awarded a $10.4 million BARDA contract for Ebola and $16.6 million BARDA contract for Zika[60, 61]

Financial Performance & Guidance - Q1 revenue reached $30.1 million, exceeding consensus estimates[10] - Q2 revenue guidance is projected between $40.0 million and $42.0 million, with net income of approximately $0.02 per share[11] - Full-year revenue guidance is set at $170 million to $175 million, with net income between $0.22 and $0.24 per share[11] - The company held $183.6 million in cash and investments as of March 31, 2019[11] Market Growth - Microbiome market revenue increased by 83% compared to Q1 2018[11] - Genomics sales in Asia increased by 231% compared to Q1 2018[11] - Domestic HCV revenues increased by 12% compared to Q1 2018[11] - International HCV sales increased by 119% compared to Q1 2018, primarily in Asia and Eastern Europe[11] Strategic Focus - The company is an industry leader in DNA/RNA sample self-collection, stabilization, and preparation products, as well as rapid point-of-care infectious disease testing[8] - The company is expanding further in established markets with strong demand for OraQuick HIV Self Test and OraQuick HCV test[8]

COVID-19 Related Opportunities - OraSure has multiple near-term COVID-19 opportunities, including two oral fluid self-collection devices for molecular testing that have received EUAs and CE-IVD marks[3] - The company is pursuing EUA for a lab-based oral fluid antibody test and developing a rapid antigen self-test[3] - OraSure is expanding manufacturing capacity to meet anticipated demand for COVID-19 tests, aiming to reach 55 million total tests per year by Q1 2021 and 70 million total tests per year by Q3 2021[28] - The company aims to increase total capacity for all molecular collection kits to 75 million units per year by Q2 2021 and 80 million kits per year by Q3 2021[29] - OraSure is also expanding capacity for Sars-Cov-2 Oral Fluid Antibody Tests from 10 million units per year to 20 million tests per year by Q4 2021[29] HIV Self-Testing - 21% of the 38 million people with HIV do not know their status, highlighting the need for accessible testing[32] - OraSure is the international HIV self-test market share leader with oral fluid self-collection and in-home results[33] - The Plan for America continues with $267 million in FY 2020 funding and a meaningful increase proposed for FY 2021 to end the HIV epidemic[35] Other Growth Drivers - Market leading microbiome products and services offer tremendous growth potential[3] - The company has $263.7 million in cash on the balance sheet with no debt, supporting ongoing business development activities[3] - Multiple research reports project mid-teens growth for the microbiome market from 2019-2024[39]

Investment Highlights - OraSure Technologies (OTI) is positioned to return to growth in its core business in 2025[5] - OTI has a differentiated product pipeline aligned with long-term healthcare trends, with potential product milestones expected to accelerate growth in 2025 and beyond[5] - OTI has an opportunity for significant operating margin leverage as volumes grow[5] - As of Q3 2024, OTI has $279 million of cash and no debt[5, 37] Strategic Transformation - OTI is focused on strengthening its foundation, elevating core growth, and accelerating profitable growth[7, 42] - OTI aims to improve access, quality, and value of healthcare with innovation in effortless tests and sample management solutions[9] - OTI is expanding its diagnostics portfolio with new tests and next-generation platform expansion, prioritizing instrument-free tests[12, 13] - OTI's acquisition of Sherlock Biosciences strengthens and broadens its diagnostic portfolio with molecular testing capabilities[19] - OTI anticipates submitting Sherlock's disposable self-test for CT/NG to the FDA by the end of 2025, targeting a $1.5 billion and growing market[22] Financial Performance - OTI is targeting a path to 50% adjusted gross margin[40] - The company's non-GAAP gross margin was 40% in FY23 and an estimated 40% in FY24[38] - Core revenue was $143 million in FY23 and an estimated $138 million in FY24, while COVID-19 revenue was $115 million in FY23 and an estimated $45 million in FY24[38]

Financial Highlights - Eledon had $1402 million in cash, cash equivalents, and short-term investments as of December 31, 2024[6] - The company forecasts sufficient funds to support operations through the end of 2026[6] Tegoprubart Clinical Development - The Phase 2 BESTOW trial of tegoprubart in kidney transplantation has completed enrollment, with top-line data expected in 4Q 2025[8] - Interim data update from the investigator-sponsored Phase 2 trial in islet cell transplantation for Type 1 diabetes is expected in Q4 2025[8] - A Phase 1b kidney transplant trial is ongoing, with an interim data update expected in mid-2025[8] Kidney Transplantation Market - The U S Medicare expenditure for end-stage renal disease and transplant is $50+ billion annually, including kidney transplantation costs of $440,000+ per transplant[23] - The global organ transplant immunosuppressant market size is estimated at $53+ billion[23] - Approximately 60% of organ transplants in the U S are kidney transplants[15] - Over 30-50% of kidney transplants fail within 10 years on the current standard of care immunosuppression[25] Islet Cell Transplantation - Approximately 2 million Americans live with Type 1 diabetes (T1D)[58] - Around 12% of people with T1D experience recurrent severe hypoglycemic events annually[58]

Transaction Overview - CoreWeave will acquire Core Scientific in an all-stock transaction at a fixed exchange ratio of 0.1235 CoreWeave share per Core Scientific share[9] - The acquisition is expected to result in CoreWeave owning less than 10% of the combined entity at close[9] - The deal is expected to close in Q4 2025, subject to regulatory approval and customary closing conditions[9] Financial Impact and Synergies - The acquisition is projected to immediately eliminate over $10 billion in future lease overhead for existing contractual sites[9] - CoreWeave anticipates over $500 million in fully ramped, annual run rate cost savings by the end of 2027 through streamlined operations[9, 22] - The transaction is expected to be leverage neutral, while providing access to diverse financing sources at a more attractive cost of capital[9] Assets and Capacity - Core Scientific's assets include over $760 million in fixed assets and right-of-use assets, and over $770 million of cash and liquid digital assets[10] - Core Scientific has a current portfolio of 1.3GW of power capacity with over 1GW of potential expansion gross power available[10] - Core Scientific has approximately 500MW of mining data center gross power capacity, which can be optionally converted to HPC[11] Strategic Benefits - The acquisition will give CoreWeave direct control over approximately 1.3GW+ of gross power, with the majority already under CoreWeave contract[18] - CoreWeave can unlock approximately $5B of committed capex for more efficient financing[25] - CoreWeave will gain greater control over a critical power footprint and optionality for future power capacity[15]