Financial Performance - Cal-Maine Foods' net sales for Q2 FY26 were $769.5 million, a decrease of 19.4%[8] - Gross profit for Q2 FY26 was $207.4 million, down 41.8%[8] - Operating income for Q2 FY26 was $123.9 million, a decrease of 55.5%[8] - Net income attributable to Cal-Maine for Q2 FY26 was $102.8 million, down 53.1%[8] - Diluted EPS for Q2 FY26 was $2.13, a decrease of 52.3%[8] - Net cash flow from operations for Q2 FY26 was $94.8 million, down 22.8%[8] Strategic Growth & Diversification - Specialty eggs and prepared foods accounted for 46% of net sales in Q2 FY26, an increase from 31% in Q2 FY25[10, 11] - Specialty eggs represented 44% of shell egg sales in Q2 FY26, up from 32% in Q2 FY25[13, 15] - The company is investing to expand prepared foods capabilities, expecting to add 17 million pounds annually of scrambled egg production by mid-fiscal 2027[17] - A high-speed pancake line is expected to add another 12 million pounds of capacity through early fiscal 2027[17] - Crepini Foods is investing to add 18 million pounds of capacity, expanding production more than sevenfold[17] Capital Allocation - Cal-Maine repurchased 846,037 shares of its common stock during the quarter for a total of $74.8 million[23]

BBO-8520 (KRASG12C Inhibitor) - BBO-8520 demonstrated encouraging efficacy, safety, and early durability data in monotherapy [80] - In monotherapy, BBO-8520 achieved a 65% ORR (11/17 patients) and a 100% DCR (17/17 patients) in previously treated KRASG12C NSCLC patients [21] - 83% of patients eligible for 6-month follow-up remained on treatment for at least 6 months, with a 6-month PFS of 66% [23, 27] - BBO-8520 in combination with pembrolizumab showed early efficacy data and a distinct tolerable safety profile [80] - In combination with pembrolizumab, the TRAE rate was 47% (7/15 patients), with a Grade ≥3 TRAE rate of 13% (2/15 patients) [33] - Early efficacy signals were observed in resistant STK11/KEAP1 co-mutants [45, 80] BBO-11818 (panKRAS Inhibitor) - BBO-11818 demonstrated a partial response (PR) in a patient with pancreatic cancer [6, 56, 80] - BBO-11818 showed anti-tumor activity across dose levels and tumor types with tumor reductions at higher dose levels [7, 55, 80] - The company observed a differentiated safety profile in dose escalation [7, 80] BBO-10203 (RAS:PI3Kα Breaker) - BBO-10203 demonstrated a potentially differentiated safety profile without any observed events of hyperglycemia and without any enrollment restrictions on HbA1c levels [7, 80] - BBO-10203 monotherapy DCR was 62% (13/21 patients) [76]

Fiscal First Quarter 2026 Performance - Average daily sales ("ADS") increased by 4% year-over-year, aligning with the midpoint of the company's outlook[6] - Gross margin was 40.7%, meeting the midpoint of the projected range[6] - Reported earnings per share (EPS) was $0.93, while adjusted EPS reached $0.99, representing year-over-year increases of 12% and 15%, respectively[6] - Reported operating margin increased by 10 bps year-over-year, and adjusted operating margin rose by 40 bps year-over-year, surpassing the midpoint of the outlook[6] - The company returned approximately $62 million to shareholders through dividends and share repurchases[6] Segment and Initiative Performance - Core Customers' ADS grew by approximately 6% year-over-year, outperforming the total company's growth for the second consecutive quarter[13] - National Accounts returned to growth, with ADS improving by approximately 3% year-over-year[13] - Sales from In-Plant programs increased by 13% year-over-year, accounting for 20% of total sales[29] - Sales through vending machines grew by 9% year-over-year, representing 19% of total sales[29] Balance Sheet and Cash Flow - Free cash flow decreased year-over-year, resulting in a free cash flow conversion of 14%[31] - Net debt increased by $28 million due to higher debt levels and lower cash on hand[31] - The company maintains a healthy balance sheet, with a net debt to EBITDA ratio of 1.2x[31] Second Quarter 2026 Outlook - The company expects ADS to increase by 3.5% to 5.5% year-over-year[40] - Adjusted operating margin is projected to be between 7.3% and 7.9%[40]

Financial Performance - Sales increased by 16% from Q2 FY25 to Q2 FY26[9] - Adjusted EBITDA increased by 23% from Q2 FY25 to Q2 FY26[9] - Adjusted EPS increased by 31% from Q2 FY25 to Q2 FY26[9] - Parts Supply sales increased by 29% from Q2 FY25 to Q2 FY26[28] - Integrated Solutions sales increased by 8% from Q2 FY25 to Q2 FY26[38] - Adjusted operating margin increased from 92% to 102%[24] Acquisitions and Strategic Initiatives - Acquired ADI, a distributor of electronic components and assemblies, with $149 million in sales and $15 million in EBITDA[9, 13] - Acquired HAECO Americas, the 2nd largest independent North American heavy maintenance provider, securing $850 million+ in new multi-year contracts[9, 15] - Announced an agreement to acquire Aircraft Reconfig Technologies for $35 million[9, 20] Balance Sheet and Leverage - Net leverage decreased by 109x since the Product Support acquisition[41] - The company is targeting a net leverage ratio of 20x – 25x[42, 46] Guidance - Q3 FY26 total sales growth is projected to be 20%-22%, with organic sales growth of 8%-11%[53]

Financial Performance - Penguin Solutions' net sales for Q1 FY26 were $343 million, a 1% increase year-over-year (YoY)[10] - The non-GAAP gross margin was 30.0%, a decrease of 0.8 percentage points YoY[10] - Non-GAAP operating income reached $42 million, up 1% YoY, with a non-GAAP operating margin of 12.1%, up 0.1 percentage points YoY[10] - Non-GAAP diluted earnings per share (EPS) remained flat YoY at $0.49[10] Segment Performance - Advanced Computing net sales were $151 million in Q1, up 9% compared to Q4 FY25[25] - Integrated Memory revenue was $137 million in Q1, a significant increase of 41% YoY[27] - Optimized LED net sales were $55 million in Q1, down 18% YoY, but achieved an operating income of $3.5 million, up 24% sequentially[30] Balance Sheet and Cash Flow - Net accounts receivable stood at $342 million[43] - Inventory was valued at $213 million[43] - Cash, cash equivalents, and short-term investments totaled $461 million at the end of the period[43] - Net cash from operating activities from continuing operations was $31 million[43] Stock Repurchase - Penguin Solutions repurchased 791,000 shares for $15 million in Q1 FY26[46] - Since April 2022, the company has repurchased 7.4 million shares for a total of $128 million[46] FY26 Outlook - Penguin Solutions anticipates net sales growth of 6% YoY, with a potential variance of +/- 10%[48] - The projected gross margin is 29% +/- 1%[48] - Operating expenses are expected to be $250 million +/- $10 million on a non-GAAP basis[48] - Non-GAAP diluted earnings per share are forecasted at $2.00 +/- $0.25[48]

ARO-INHBE Clinical Data - ARO-INHBE achieved a mean maximum reduction of 85% in serum Activin E after a single 400 mg dose, with a maximum observed reduction of 94%[80, 147] - ARO-INHBE monotherapy reduced visceral fat by 9.9% after a single dose at week 16 and 15.6% after two doses at week 24[82, 85, 147] - In obese diabetic patients, ARO-INHBE combined with tirzepatide doubled weight loss compared to tirzepatide alone, showing a 9.4% weight loss at week 16 versus 4.8% with tirzepatide alone[103, 105, 147] - Combination therapy with ARO-INHBE and tirzepatide in obese diabetic patients resulted in a 23.2% reduction in visceral fat, a 15.4% reduction in total fat, and a 76.7% reduction in liver fat, approximately a 3-fold improvement compared to tirzepatide alone across these measures[106, 107, 148] ARO-ALK7 Clinical Data - ARO-ALK7 demonstrated a mean reduction of 88% in ALK7 mRNA, confirming the TRiM platform's ability to silence adipocyte gene expression, with a maximum reduction of 94%[135, 148] - ARO-ALK7 showed a rapid dose-dependent reduction in visceral fat of up to 14% (placebo-adjusted) after a single dose[137, 148] General Summary - Both ARO-INHBE and ARO-ALK7 demonstrated favorable safety profiles in their respective monotherapy and combination therapy trials[113, 139] - The company plans to initiate Phase 2b studies as soon as possible and expand the obesity pipeline with new targets, including dimers[151] - Arrowhead's growth drivers in 2026 and beyond include potential multi-billion-dollar opportunity from Phase 3 studies of plozasiran in severe hypertriglyceridemia, first clinical readout of ARO-DIMER-PA targeting PCSK9 and APOC3 in 2H 2026, and emerging CNS pipeline with systemic delivery via SC administration[155]

Strategic Partnership with TPG - TPG will acquire approximately 6.5% common equity stake in JFI at $106.03 per share, totaling $500 million at close[7] - Jackson will receive $150 million of TPG common equity at $65.82 per share[7] - TPG's AUM managed by TPG needs to reach $4 billion by the end of year 2 and $12 billion by the end of year 5[7] - TPG is a leading global alternative asset management firm with $286 billion of AUM[12] Formation of Hickory Re - Hickory Re is a Michigan-based captive reinsurer 100% owned by Brooke Re[18] - Hickory Re will reinsure new FA and FIA sales, initially reinsuring $1.2 billion inforce FA/FIA block[18] - Initial capitalization of Hickory Re is $650 million, including $150 million from JFI and $500 million from TPG investment in JFI common equity[10, 18] Financial Impact and Outlook - Expect capital capacity and efficiency to write $10-15 billion of cumulative FA and FIA sales over the medium-term[23] - Actuarial assumption review is expected to have an after-tax impact to Brooke Re equity of approximately $(350) million[26] - Brooke Re continues to be well capitalized relative to regulatory requirements[26]

Strategic Partnership - TPG and Jackson have established a long-term strategic investment management partnership [2, 12] - TPG will manage select general account assets of Jackson's subsidiaries [4] - TPG will invest $500 million in Jackson common stock, representing approximately 65% pro forma ownership [13] - Jackson will receive $150 million of TPG common stock [13] Investment Management Agreement (IMA) - TPG and Jackson will enter into a long duration, auto-renewing investment management agreement [13] - The minimum allocation is $12 billion, with a path to scale to at least $20 billion over time [13] - The initial focus will be on Investment Grade Asset Based Finance (IG ABF) and Direct Lending [13] - A minimum fee of 50 bps is applicable throughout the life of the partnership [17, 21] TPG Credit Expansion - The partnership more than doubles TPG's insurance commitments with 100% fee-paying capital [19] - TPG expects to raise approximately $20 billion of credit capital in 2025 [39] - Total TPG Credit AUM has grown 44% since the end of 2023 [39]

Second Quarter FY 2026 Earnings Results January 6, 2026 Forward looking statements Notice Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives o ...

ATI-052: Anti-TSLP x IL-4Rα Bispecific Antibody Program Highly Potent and Bioactive Investigational Product Candidate January 6, 2026 Disclaimer and Cautionary Note Regarding Forward-Looking Statements Any statements contained in this presentation that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipate," "believe," "expect," "intend," "may," ...