Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $35.3 million, a year-over-year growth of approximately 142% compared to $14.6 million in Q4 2024, primarily driven by the inclusion of Markforged, which contributed $20.7 million [23] - Gross profit for Q4 was $17.6 million, with an adjusted gross margin of approximately 49.7%, compared to $5.3 million and 36.3% in the prior year quarter [23] - For the full year 2025, revenue was $102.4 million, representing approximately 77% year-over-year growth compared to $57.8 million in 2024 [26] Business Line Data and Key Metrics Changes - The SMT business was a meaningful contributor to both Q4 and full year 2025, expanding relationships with tier-one customers across multiple regions [14] - The composite and metal manufacturing platform gained momentum in defense-related applications, with strong engagements supporting long-term advanced manufacturing initiatives [10] Market Data and Key Metrics Changes - Momentum during Q4 was broad-based, with strength in advanced electronics, aerospace, automotive, defense, food and beverage, and next-generation computing infrastructure industries [6] - Tariff uncertainty eased as the year progressed, although cautious capital spending continues to create variability in certain sectors [8] Company Strategy and Development Direction - The company streamlined operations, reduced cash burn, and aligned resources around forward-leaning industries and technologies with strong long-term opportunities [4] - A focus on helping customers accelerate towards scalable production, leveraging advanced hardware, specialized materials, and software for secure, repeatable production environments [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive momentum and potential for 2026, highlighting revenue growth, reduced expenses, and strategic customer wins [31] - The company expects revenue for 2026 in the range of $130 million to $140 million, representing over 30% growth at the midpoint compared to 2025 [28] Other Important Information - The company began reporting as a U.S. domestic issuer as of January 1, 2026, aligning its reporting and governance with U.S. market standards [17] - A material weakness in internal control over financial reporting was identified, but no errors in previously issued financial statements were found [19] Q&A Session Summary Question: Concerns about Markforged revenue comparison - Management clarified that the year-over-year revenue growth includes consolidated business after the acquisition, and the sequential growth in Q4 over Q3 reflects continued improvement in key areas [35] Question: Share repurchase program discontinuation - Management indicated that there are better uses for cash at this point, with further clarity expected in the second quarter [37] Question: Concerns about the effectiveness of cash deployment - Management acknowledged the concern but emphasized that more information would be provided in the next quarter [40]

Financial Data and Key Metrics Changes - The company reported a cash burn of approximately $5.7 million for the year, with fixed operating expenses around $10 million [38][39] - After accounting for investments in clearing operations and PatentVest, the effective cash burn was reduced to $1.7 million [39] - The company anticipates a significant reduction in operating expenses to about $6 million annually post spin-out of its clearing platform and PatentVest [39][41] Business Line Data and Key Metrics Changes - MDB Capital Holdings has successfully launched 18 IPOs, with all but one trading at a significant premium to their IPO prices, indicating strong market performance [6] - The company aims to scale its operations to launch 3-5 companies per year, enhancing its impact and portfolio for investors [5][41] Market Data and Key Metrics Changes - The company has been investing approximately $4 million annually in MDB Direct and PatentVest, which are seen as valuable independent assets [20][37] - The market for patent prosecution in the U.S. is estimated to be between $10 billion and $15 billion, presenting a significant opportunity for growth [30] Company Strategy and Development Direction - The company is focusing on leveraging AI to enhance its operational efficiency and reduce the time required to prepare companies for public offerings, potentially compressing timelines from months to weeks [11][18] - MDB Capital Holdings is exploring strategic partnerships to monetize its clearing operations and PatentVest, aiming for a public offering in 2027 [62] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the future, citing the potential for all four principal assets to achieve billion-dollar valuations [48] - Concerns were raised about macroeconomic risks and the challenges faced by microcap companies in the current market environment [42] Other Important Information - The company is in discussions to spin out its clearing operations and PatentVest as independent entities, which are expected to enhance shareholder value [62] - The management highlighted the importance of addressing distribution challenges to successfully launch new companies [66] Q&A Session Summary Question: Can you talk about ClearSign, HeartBeam, and Buda? - ClearSign is on a commercialization journey with promising prospects. HeartBeam has received FDA approval for a groundbreaking ECG device, while Buda is positioned to lead in the fresh juice market, capitalizing on a growing consumer trend [50][51][54] Question: What is the outlook for eXoZymes regarding dilution? - eXoZymes is expected to have minimal dilution due to its capital-efficient operations and significant opportunities in NCT and cannabinoids [58][60] Question: How will the spin-out of PatentVest impact shareholders? - Both MDB Direct and PatentVest are wholly owned by the company, and the goal is to secure funding and take them public, which could provide significant value to shareholders [62] Question: What does the deal pipeline look like for the next 12-24 months? - The company anticipates a strong deal pipeline but emphasizes the need to solve distribution challenges to successfully launch new companies [64][66] Question: How does the company view the SaaS model for PatentVest? - The management believes that SaaS will be overshadowed by AI advancements, as AI can significantly enhance the efficiency of patentability analysis [68][70]

Financial Data and Key Metrics Changes - Fourth quarter revenues increased by 25% year-over-year to $9.1 million, within management guidance [7][11] - Full year revenues reached $34.5 million, up 37% from the previous year [9] - Gross margins for Q4 were 58%, up 100 basis points year-over-year, and 59% for the year, up 400 basis points [9][12] - Net losses for Q4 totaled $2.2 million, improving from a net loss of $3 million in the same period last year [12][13] - Cash and cash equivalents as of December 31, 2025, were $23 million, compared to $2.4 million a year earlier [13] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) products division, led by the VINIA platform, is expected to achieve profitability in 2026 [6][7] - The D2C business generated $30.6 million in revenue for the year, establishing it as the number one resveratrol polyphenol brand in the U.S. [15] - The CDMO business generated approximately $2 million in third-party revenue in 2025, with total activity reaching about $9 million when including internal manufacturing [29] Market Data and Key Metrics Changes - The VINIA brand has over 85,000 active users, with the website vinia.com contributing approximately 80% of revenues [11][14] - Amazon sales account for about 20% of total sales revenue, contributing to growth [14] Company Strategy and Development Direction - The company aims to democratize life-changing compounds from plants and is focused on expanding its dual growth engines: D2C products and CDMO services [4][6] - The launch of VINIA Blood Flow Hydration is a major focus for 2026, targeting a broader consumer demographic [17][21] - The company plans to enter multi-billion-dollar categories with VINIA Plus products, combining VINIA with synergistic nutraceutical ingredients [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the ongoing conflict in the Middle East, ensuring continuous operations [9] - The company is optimistic about the growth potential of both the D2C and CDMO businesses, with significant investments planned for 2026 [38][59] - Management highlighted the importance of leveraging the unique characteristics of VINIA to drive growth and customer acquisition [16][25] Other Important Information - The company is transitioning its manufacturing center of excellence into the CDMO organization to enhance operational efficiency [6][28] - The CDMO division is evolving from a traditional service model to forming strategic partnerships with customers, enhancing long-term value creation [29][34] Q&A Session Summary Question: Update on the CDMO business and Tate & Lyle contract - Management highlighted significant progress in the CDMO sector and expressed optimism about the Tate & Lyle contract, emphasizing the focus on resource allocation and investment in capabilities [41][42][43] Question: Pipeline expectations for CDMO - Management confirmed that they are continuing to build the pipeline while also focusing on advancing existing projects to the commercial stage, expecting revenue growth from both [53][56] Question: Marketing strategy for VINIA and expected effects - Management noted that the Blood Flow Hydration product is appealing to multiple consumer segments and is optimistic about the marketing shift towards younger demographics [61][64] Question: Revenue phasing expectations for 2026 - Management indicated that revenue growth will be nonlinear, with Q1 expected to show moderate growth, followed by acceleration in Q2 and beyond [69][70] Question: Gross margin expectations for segments - Management anticipates improvements in gross margins throughout the year, particularly in the D2C segment, while acknowledging the lumpiness in the CDMO segment [72][74]

Financial Performance - Q4 revenues declined approximately 9.8% year-over-year, primarily due to supply chain constraints affecting ECD product deliveries [4] - Full year 2025 revenue grew approximately 4.9% to $11.3 million, driven by services revenue expansion, while product revenue growth was modest due to supply chain issues [6] - Q4 2025 net loss widened to $11 million, reflecting lower revenue and continued gross margin pressure [5] - Full-year loss increased to approximately $33.8 million, with a weighted average loss per share of $4, which decreased by approximately 63.5% year-over-year [8] Business Lines - The services business remained materially unchanged, while operating expenses in Q4 increased approximately $3.8 million year-over-year due to higher R&D and SG&A investments [4][5] - R&D spending reflects a commitment to advancing next-generation platforms, while SG&A increased due to investments in talent and organizational capabilities [5][7] Market Data - The company raised $42.2 million through financing activities, significantly strengthening its balance sheet [9] - The total addressable market (TAM) remains at $230 billion, with the acquisition of Event Risk expected to enhance market penetration and growth opportunities [25][27] Company Strategy and Industry Competition - The company aims to become the nation's first Autonomous Security Force, focusing on providing a complete managed service solution rather than disparate technology products [12][14] - The acquisition of Event Risk is seen as a transformative move to enhance service offerings and market competitiveness [12][26] - The company is actively looking for additional accretive acquisition opportunities to bolster technology and remote monitoring capabilities [47] Management Commentary on Operating Environment and Future Outlook - Management acknowledges ongoing supply chain volatility due to geopolitical factors and is implementing strategies to mitigate these issues [18][20] - The company is optimistic about future growth, emphasizing execution and technology development as key drivers for success [13][50] - Key milestones for 2026 include monitoring revenue growth, technology development, and successful integration of the acquired company [50][52] Other Important Information - The company is focused on improving operational efficiency and scaling its platform to enhance financial performance over time [9][54] - Management expressed excitement about upcoming product launches and the potential for accelerated growth in the coming quarters [13][51] Q&A Session Summary Question: What is the timing of supply chain issues clearing up? - Management forecasts continued volatility in the supply chain due to various factors, including geopolitical instability and component shortages [18][19] Question: Is the move to the Sunnyvale facility complete? - The move is mostly done, with some challenges regarding landlord flexibility, but overall progress is satisfactory [23] Question: How has the acquisition of Event Risk expanded the potential market? - The TAM remains unchanged at $230 billion, but the ability to penetrate the market more effectively has increased significantly [25][27] Question: What is the expected sales pipeline for the new services? - The focus is on aggregate total revenue growth rather than individual unit sales, emphasizing the importance of providing comprehensive solutions [34][35] Question: Will the company announce contracts for the Knightscope Security Force? - This is still to be determined, as the company is considering a thoughtful approach to branding and public relations [42] Question: What is the timeline for integration of Event Risk? - Integration is progressing smoothly, with a focus on finance, HR, and IT functions first, followed by marketing and branding [43][46] Question: Are there plans for more M&A in the next year? - The company is actively looking for accretive opportunities, particularly in technology and remote monitoring [47][48]

Financial Performance - Q4 revenues declined approximately 9.8% year-over-year, primarily due to supply chain constraints affecting ECD product deliveries [4] - Full-year revenue grew approximately 4.9% to $11.3 million, driven by services revenue expansion, while product revenue growth was modest due to supply chain issues [6] - Full-year loss increased to approximately $33.8 million, reflecting modest revenue growth and continued gross margin pressure [8] - Operating expenses for Q4 increased approximately 12.1% year-over-year, driven by higher R&D and SG&A investments [7] Business Lines - The services business remained materially unchanged, while product revenue growth was hindered by supply chain-related constraints [4][6] - R&D spending increased significantly to support the advancement of next-generation platforms, indicating a focus on long-term growth [5][8] Market Data - The total addressable market (TAM) remains at $230 billion, with the acquisition of Event Risk expected to enhance market penetration and growth opportunities [25][27] - The company aims to transition from a technology-only provider to a managed service provider, which is anticipated to accelerate market growth [28][35] Company Strategy and Industry Competition - The company is focused on becoming the nation's first Autonomous Security Force, leveraging technology and managed services to address client needs [12][13] - The acquisition of Event Risk is seen as a transformative move to enhance service offerings and market competitiveness [12][25] Management Commentary - Management acknowledges ongoing supply chain volatility and is implementing strategies to mitigate its impact [18][20] - The company expresses optimism about future growth, emphasizing the importance of execution and technology development [13][58] Other Important Information - The company raised $42.2 million through financing activities, strengthening its balance sheet [9] - The integration of Event Risk is progressing smoothly, with a focus on aligning organizational culture and go-to-market strategies [43][46] Q&A Session Question: What is the timing of supply chain issues clearing up? - Management forecasts continued volatility in the supply chain due to macro events and is actively working to manage these challenges [18][20] Question: Is the move to the Sunnyvale facility complete? - The move is mostly complete, with some challenges regarding landlord flexibility, but overall progress is satisfactory [23] Question: How has the acquisition of Event Risk expanded the potential market? - The TAM remains unchanged, but the ability to penetrate the market and accelerate growth has significantly increased [25][27] Question: What is the expected sales pipeline for the new business lines? - The focus is on aggregate total revenue growth rather than individual unit sales, emphasizing the importance of providing comprehensive solutions [34][35] Question: Will contracts for the Knightscope Security Force be announced when won? - This is still to be determined, as the company is considering a thoughtful approach to branding and public relations [42] Question: What are the key milestones investors should watch for in 2026? - Key milestones include regulatory filings, technology development progress, and product launches, which will indicate the company's growth trajectory [50][52]

Financial Data and Key Metrics Changes - Q4 revenues declined approximately 9.8% year-over-year, primarily due to supply chain constraints affecting ECD product deliveries [4] - Full year 2025 revenue grew approximately 4.9% to $11.3 million, driven by services revenue expansion [6] - Q4 2025 net loss widened to $11 million, reflecting lower revenue and continued gross margin pressure [5] - Full-year loss increased to approximately $33.8 million, driven by modest revenue growth and elevated investment levels [8] - Operating expenses for Q4 increased approximately 64.9% year-over-year to $9.7 million, driven by higher R&D and SG&A investments [5] Business Line Data and Key Metrics Changes - Services revenue expanded in Machine-as-a-Service ASR offerings and full-service maintenance plans, while product revenue growth was modest due to supply chain issues [6] - R&D spending increased significantly, reflecting the company's commitment to advancing next-generation platforms [5][7] - SG&A expenses saw a decrease of approximately $1.8 million, indicating progress in optimizing the cost structure while investing in growth [7] Market Data and Key Metrics Changes - The total addressable market (TAM) remains at $230 billion, with the acquisition of Event Risk expected to enhance market penetration capabilities [26] - The company aims to transition from a technology-only provider to a managed service provider, which is anticipated to accelerate growth [29] Company Strategy and Development Direction - The company is focused on becoming the nation's first Autonomous Security Force, integrating technology and human resources to provide comprehensive security solutions [12][14] - The acquisition of Event Risk is seen as a transformative step to enhance service offerings and market efficiency [12] - Future growth is expected to be driven by improved execution, technology development, and integration of services [49][52] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing supply chain volatility due to geopolitical factors and component shortages, but anticipates slightly better outcomes in the coming year [18][22] - The company is optimistic about future growth, citing a healthy sales pipeline and the potential for accelerated market penetration [40] - Management emphasizes the importance of focusing on total revenue growth and solving client problems rather than merely selling products [35][36] Other Important Information - The company raised $42.2 million through financing activities, strengthening its balance sheet [9] - The integration of the Event Risk acquisition is progressing smoothly, with a focus on aligning finance, HR, and IT functions [43][45] Q&A Session Summary Question: Timing of supply chain issues clearing up - Management forecasts continued volatility in the supply chain due to various factors, including geopolitical instability and component shortages [18][19] Question: Status of the move to Sunnyvale facility - The move is mostly complete, with some challenges regarding landlord flexibility, but overall progress is satisfactory [24] Question: Market expansion post-acquisition - The TAM remains unchanged at $230 billion, but the ability to penetrate the market is expected to accelerate due to the acquisition [26][28] Question: Sales pipeline expectations - The sales pipeline is described as healthy, with a focus on execution and integration of services [40] Question: Timeline for integration of Event Risk - Integration is progressing smoothly, with finance and HR functions prioritized, and expected to take a couple of quarters [43][45] Question: Future M&A plans - The company is open to exploring accretive acquisition opportunities, particularly in technology and remote monitoring [46][48] Question: Key milestones for investors in 2026 - Investors should watch for regulatory filings, technology development progress, and product launches as indicators of the company's performance [49][51]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $28.1 million, a slight decrease from $28.3 million in 2024, indicating stability despite operational challenges [12][14] - Fourth quarter revenue decreased by 14.8% to $7.7 million compared to $9.1 million in the prior period, primarily due to the expiration of contracts and lower treatment volumes [11][12] - Gross margin for the fourth quarter was approximately $906 thousand or 12%, down from 35% in Q4 2024, reflecting lower treatment volumes and a shift towards direct patient services [12] - Net loss attributable to the company improved to $631 thousand or $0.09 per diluted share, compared to a net loss of $1.6 million or $0.23 per diluted share in the prior year [12] Business Line Data and Key Metrics Changes - Revenue from direct patient care services increased by 23.7% to $15.5 million, while leasing revenue declined to $12.6 million, reflecting the company's strategic transition [13] - LINAC revenue increased by 35.4% to $11.5 million, while Gamma Knife revenue decreased by 5.5% to $9.2 million, and proton beam radiation therapy revenue declined by 26% to $7.4 million [13] - LINAC treatment sessions more than doubled to 28,147 in 2025, marking the first full year of operations for both Puebla and Rhode Island centers [13] Market Data and Key Metrics Changes - The international business remains a strong contributor, with successful operations in Puebla, Mexico, and leadership positions in Ecuador and Peru [9] - The company is expanding its footprint in international markets, including the development of a new center in Guadalajara, Mexico, expected to begin operations in 2026 [9] Company Strategy and Development Direction - The company is focused on strengthening health system partnerships, which are key to its long-term strategy and operational foundation [4] - A transition towards a direct patient care model is underway, which now represents the majority of revenue and provides a more stable platform for growth [4][6] - Future growth initiatives include increasing treatment volumes, driving operational efficiencies, and expanding through disciplined development [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as physician turnover and reimbursement dynamics but emphasized decisive actions taken to address these issues [5][10] - The company is optimistic about 2026, citing a strong foundation for future growth supported by partnerships and expanded clinical capacity [10][47] - Management is engaged with lending partners to enhance capital structure and support long-term growth initiatives [6][15] Other Important Information - The company ended the year with approximately $3.7 million in cash, down from $11.3 million at the end of 2024, primarily due to capital expenditures related to expansion [14][15] - Total debt at year-end was approximately $17.3 million, with discussions ongoing regarding amendments to the credit facility [15] Q&A Session Summary Question: Will the company be able to offset temporary revenue distortions by referring patients between centers in Rhode Island? - Management confirmed that leveraging infrastructure across a larger footprint is part of the strategy in Rhode Island [18][19] Question: What is the timeline for constructing the new facility in Rhode Island and staffing it? - The Bristol facility is expected to come online in late 2027, with staffing initiatives starting several months in advance [20][21] Question: Why were the expired contracts not disclosed earlier? - Management clarified that the expiration of contracts was mentioned in past calls, and the health systems opted to update equipment independently [25][29] Question: Will the company be profitable in 2026? - Management refrained from speculating on profitability for 2026, citing foundational issues that have been addressed [30][32] Question: Is the company constrained from buying back stock due to credit agreements? - Management indicated that a stock buyback program has not been a priority and is unlikely to change under current lender conditions [41]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $28.1 million, a slight decrease from $28.3 million in 2024 [12][14] - Fourth quarter revenue decreased by 14.8% to $7.7 million compared to $9.1 million in the prior period, primarily due to the expiration of three Gamma Knife contracts and lower proton beam radiation therapy volumes [11] - Gross margin for Q4 was approximately $906,000 or 12%, down from 35% in Q4 2024, reflecting lower treatment volumes and a shift towards direct patient services [12] - Net loss attributable to the company improved to $631,000 or $0.09 per diluted share in Q4, compared to a net loss of $1.6 million or $0.23 per diluted share in the prior year [12] Business Line Data and Key Metrics Changes - Revenue from direct patient care services increased by 23.7% to $15.5 million, while leasing revenue declined to $12.6 million [13] - LINAC revenue increased by 35.4% to $11.5 million, while Gamma Knife revenue decreased by 5.5% to $9.2 million, and proton beam radiation therapy revenue declined by 26% to $7.4 million [13] - LINAC treatment sessions more than doubled to 28,147 in 2025, marking the first full year of operations for both Puebla and Rhode Island centers [13] Market Data and Key Metrics Changes - The international business remains a strong contributor, with successful operations in Puebla, Peru, and leadership positions in Ecuador and Peru [9] - The company is developing a new center in Guadalajara, Mexico, expected to begin operations in 2026, which represents significant future opportunity [9] Company Strategy and Development Direction - The company is focused on strengthening health system partnerships, expanding clinical capabilities, and enhancing patient access to advanced cancer care [4] - A strategic transition towards a direct patient care model is underway, which now represents the majority of revenue and provides a stable platform for long-term growth [4][10] - Future priorities include increasing treatment volumes, driving operational efficiencies, and expanding the footprint through disciplined development [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges in 2025, including physician turnover and reimbursement dynamics, but emphasizes decisive actions taken to address these issues [5][10] - The company is optimistic about 2026, supported by strengthened partnerships and a clear development pipeline [10][48] - Management remains focused on delivering high-quality cancer care and creating long-term value for shareholders [48] Other Important Information - The company ended the year with approximately $3.7 million in cash, down from $11.3 million at the end of 2024, primarily due to capital expenditures related to expansion [14][15] - Total debt at year-end was approximately $17.3 million, with ongoing discussions with lenders regarding amendments and potential restructuring of credit facilities [15] Q&A Session Summary Question: Will the company be able to offset equipment upgrade impacts by referring patients between centers in Rhode Island? - Management confirmed that leveraging infrastructure across a larger footprint is part of the strategy in Rhode Island [18][19] Question: What is the timeline for constructing the new facility in Rhode Island and staffing it? - The Bristol facility is expected to come online in late 2027, followed by the proton facility in 2028, with staffing starting several months in advance [20][21] Question: Why were the expired contracts not disclosed earlier? - Management explained that the expiration of contracts was mentioned in past calls, and the health systems opted to update equipment themselves [25][28] Question: Will the company be profitable in 2026? - Management refrained from speculating on profitability for 2026, emphasizing that foundational issues have been addressed [30][32] Question: Is the company constrained from buying back stock due to credit agreements? - Management indicated that the company has not been interested in a stock buyback program and that current lender conditions make it unlikely to change [40][42]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 decreased by 14.8% to $7.7 million compared to $9.1 million in Q4 2024, primarily due to the expiration of Gamma Knife contracts and lower proton beam radiation therapy volumes [12] - For the full year 2025, total revenue was $28.1 million, slightly down from $28.3 million in 2024 [13] - Gross margin for Q4 2025 was approximately $906 thousand or 12%, down from 35% in Q4 2024, reflecting lower treatment volumes and a shift towards direct patient services [13] - Net loss attributable to the company improved to $631 thousand or $0.09 per diluted share, compared to a net loss of $1.6 million or $0.23 per diluted share in the prior year [13] - Adjusted EBITDA for the full year was $5.5 million, down from $8.9 million in 2024 [16] Business Line Data and Key Metrics Changes - Revenue from direct patient care services increased by 23.7% to $15.5 million, while leasing revenue declined to $12.6 million [14] - LINAC revenue increased by 35.4% to $11.5 million, while Gamma Knife revenue decreased by 5.5% to $9.2 million, and proton beam radiation therapy revenue declined by 26% to $7.4 million [14] - LINAC treatment sessions more than doubled to 28,147 in 2025, marking the first full year of operations for both Puebla and Rhode Island centers [14] Market Data and Key Metrics Changes - The international business remains a strong contributor, with successful operations in Puebla, Mexico, and leadership positions in Ecuador and Peru [10] - The company is developing a new center in Guadalajara, Mexico, expected to begin operations in 2026, which represents significant future opportunity [10] Company Strategy and Development Direction - The company is focused on strengthening health system partnerships, expanding clinical capabilities, and enhancing patient access to advanced cancer care [4] - A transition towards a direct patient care model is underway, which now represents the majority of revenue and provides a stable platform for long-term growth [4] - Future priorities include increasing treatment volumes, driving operational efficiencies, and expanding the footprint through disciplined development [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025, including physician turnover and reimbursement dynamics, but emphasized decisive actions taken to address these issues [5] - The company is optimistic about 2026, citing a strong foundation for future growth supported by partnerships and expanded clinical capacity [11] - Ongoing discussions with lenders regarding capital structure enhancements are constructive, aiming to support long-term growth initiatives [6] Other Important Information - The company ended 2025 with approximately $3.7 million in cash, down from $11.3 million at the end of 2024, primarily due to capital expenditures related to expansion [16] - Total debt at year-end was approximately $17.3 million, with certain financial covenants not met due to lower profitability and higher operating costs [17] Q&A Session Summary Question: Will the company be able to offset revenue declines from expired contracts by referring patients between centers in Rhode Island? - Management confirmed that leveraging infrastructure across a larger footprint is part of the strategy in Rhode Island [21] Question: What is the timeline for constructing the new facility in Rhode Island and staffing it? - The Bristol facility is expected to come online in late 2027, followed by the proton facility in 2028, with staffing initiatives starting several months in advance [22] Question: Why were the expired contracts not disclosed earlier? - Management explained that the expiration of contracts was previously mentioned, and the health systems opted to update their equipment independently [28][31] Question: Will the company be profitable in 2026? - Management refrained from speculating on profitability for 2026, emphasizing that foundational issues have been addressed [35] Question: Is the company constrained from buying back stock due to credit agreements? - Management indicated that the company has not been interested in a stock buyback program and that current lender conditions make it unlikely to change this stance [44]

Financial Data and Key Metrics Changes - As of December 31, 2025, cash and cash equivalents were $8.8 million, reflecting disciplined cash management and net proceeds from warrant exercises and targeted ATM usage during the year [18] - Research and development expenses for 2025 were $7.8 million, significantly lower than 2024, primarily due to the completion of the OVATION 2 study [18] - General and administrative expenses decreased by 8% year-over-year through streamlined operations [19] - Net loss for 2025 was $14.5 million or $6.83 per share, compared to $18.6 million or $16.94 per share in 2024, indicating meaningful improvement driven by cost discipline [19] Business Line Data and Key Metrics Changes - The proprietary IL-12 immunotherapy, IMNN-001, is advancing in the OVATION 3 pivotal Phase III study, with strong momentum following the transformational year in 2025 [4][5] - The OVATION 2 study demonstrated a median overall survival benefit of 14.7 months, with patients treated with PARP inhibitors showing a median increase in overall survival of more than two years [7][8] Market Data and Key Metrics Changes - Enrollment in the OVATION 3 trial is ahead of plan, with seven clinical sites actively enrolling patients and up to 43 additional centers under evaluation [10] - The trial design includes interim analyses for early efficacy stopping rules, providing 95% power on the primary endpoint of overall survival [11] Company Strategy and Development Direction - The company is focused on advancing the OVATION 3 study while navigating a challenging capital markets environment, emphasizing a multi-pronged financing strategy [15][16] - The strategic reorganization aims to reduce non-essential costs and sharpen operational focus exclusively on the OVATION 3 trial [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing momentum of the OVATION 3 trial and the potential for significant value creation for shareholders [15][75] - The company is encouraged by continued interest in potential non-dilutive partnerships for its TheraPlas technology platform and IMNN-001 [16] Other Important Information - The Phase II MRD study has successfully capped enrollment at 30 patients, aligning with the overall survival benefits shown in the OVATION 2 study [12] - The company is actively considering expanding trial sites internationally, with discussions ongoing for potential sites in Canada and Europe [69] Q&A Session Summary Question: Has the final data from OVATION 2 been presented to the FDA? - Management has not yet presented the OS data to the FDA but is excited about the continued improvement and plans to replicate findings in the Phase III trial [24] Question: What are the potential interim analysis cut points for the OVATION 3 trial? - The first interim analysis is expected about a year after full enrollment, designed to allow for quicker action if a significant effect is observed [35] Question: Will there be updates from the MRD study in 2026? - Updates will depend on interactions with the study PI, with ongoing discussions about presenting insights to the medical community [46] Question: How is the Phase III trial being financed? - The trial is structured traditionally with contracts for start-up fees and fees as patients are treated, leveraging standard care payments where possible [71]