Summary of Revolution Medicines FY Conference Call Company Overview - **Company**: Revolution Medicines (NasdaqGS:RVMD) - **Focus**: Development of daraxonrasib for pancreatic cancer and other RAS-driven cancers Key Points Industry and Product Development - **Ongoing Trials**: The company is conducting pivotal studies for daraxonrasib, particularly focusing on pancreatic cancer with the RESOLUTE 302 trial nearing completion of enrollment [1][2] - **Patient Population**: The phase one/two trial patient population is similar to those in phase three trials, with slightly worse prognostic factors, suggesting a representative sample for the upcoming phase three study [2] Trial Mechanics and Endpoints - **Primary Goal**: The main goal of the RESOLUTE 302 trial is to demonstrate an overall survival (OS) benefit, which is prioritized by the FDA for pancreatic cancer [4] - **Statistical Modeling**: The trial is powered for OS, with a high likelihood of reaching significance for progression-free survival (PFS) in interim analyses [5] - **Hierarchical Testing Strategy**: The trial will first evaluate the G12 mutation subset (85% of pancreatic cancer cases) before analyzing broader RAS mutation groups [6] Regulatory Designations - **Breakthrough Therapy Designation**: Daraxonrasib has received breakthrough therapy designation and orphan drug designation, which may accelerate the regulatory review process [9] - **Priority Review Voucher**: The company has received a priority review voucher, potentially allowing for a streamlined review process post-NDA filing [10] Future Trials and Strategies - **First-Line Pancreatic Cancer**: Plans to initiate the RESOLUTE 303 study, a three-arm trial comparing standard chemotherapy, daraxonrasib monotherapy, and daraxonrasib plus chemotherapy [11][12] - **Efficacy Data**: Phase one/two data showed promising overall response rates (ORR) of approximately 47% for monotherapy and 55% for combination therapy with gemcitabine [13] Treatment Paradigm - **RAS-Driven Cancers**: The underlying biology of pancreatic cancer is RAS-driven, leading to the design of trials that leverage effective RAS inhibitors [14] - **Patient-Centric Approach**: The company emphasizes providing multiple treatment options to cater to diverse patient needs and preferences [17][18] Other Cancer Studies - **Non-Small Cell Lung Cancer**: The RESOLVE 301 study is enrolling patients with any RAS mutation, targeting a significant portion of non-small cell lung cancer cases [25][26] - **Combination Therapies**: Plans to initiate a registration study in first-line non-small cell lung cancer combining daraxonrasib with chemotherapy and pembrolizumab [27][31] New Developments - **Zoldonrasib**: A RAS G12D-selective ON inhibitor is being developed, with potential applications in combination with daraxonrasib and aggressive chemotherapies [39][41] - **Clinical Strategy**: The company is exploring various combination regimens to maximize treatment efficacy for patients with RAS mutations [42] Additional Insights - **Market Positioning**: The company aims to differentiate its products in a competitive landscape by combining therapies that enhance patient outcomes [31][35] - **Long-Term Vision**: Revolution Medicines is focused on addressing unmet needs in RAS-driven cancers, with ongoing evaluations of its pipeline and potential new therapies [35][36]

Summary of Travere Therapeutics FY Conference Call Company Overview - **Company**: Travere Therapeutics (NasdaqGM:TVTX) - **Market Cap**: Approximately $3 billion [39] Industry Focus - **Primary Focus**: Rare kidney diseases, specifically IgA nephropathy and Focal Segmental Glomerulosclerosis (FSGS) - **Key Products**: Filspari (for IgA nephropathy) and pegtibatinase (for classical homocystinuria) Key Points and Arguments FSGS Developments - **Unmet Need**: FSGS represents a high unmet need in nephrology, with no approved medications currently available [6][21] - **FDA Review**: A PDUFA date for the FSGS supplemental new drug application (SNDA) is set for January 13, 2026, with expectations that the review process is on track [3][44] - **Patient Population**: Approximately 30,000 addressable patients for FSGS compared to 70,000 for IgA nephropathy, with a faster progression rate in FSGS [14] - **Treatment Urgency**: The urgency to treat FSGS patients is higher due to rapid progression to kidney failure [14] Competitive Landscape - **Market Dynamics**: Travere is optimistic about paving the way for other companies to enter the FSGS space, viewing potential competitors as complementary rather than direct threats [22] - **Current Competitors**: Limited direct competition exists, with only one other therapy in phase three trials [22] IgA Nephropathy Insights - **Market Growth**: The number of approved therapies for IgA nephropathy has increased to four, enhancing treatment options for patients [24] - **Guideline Changes**: New KDIGO guidelines recommend aggressive treatment strategies, which are positively impacting prescribing patterns [25][26] Financial Position - **Cash Reserves**: The company ended the quarter with $255 million in cash, with a pro forma basis nearing $300 million, indicating a strong financial position [42] - **Investment Plans**: Plans to invest in evidence generation, operationalizing phase three for pegtibatinase, and supporting FSGS uptake [42][43] Future Catalysts - **Upcoming Events**: Key upcoming events include the PDUFA date for FSGS on January 13, 2026, and updates on IgA nephropathy performance and pegtibatinase study restart [44] Pegtibatinase Program - **Patient Population**: Estimated 7,000-10,000 patients in the U.S. with classical homocystinuria, with potential for higher numbers due to missed diagnoses [37] - **Manufacturing Challenges**: The program faced manufacturing challenges but is now on track to reinitiate phase three enrollment next year [38] Additional Important Insights - **Regulatory Environment**: The FDA is focused on spurring innovation in the rare kidney space, which is encouraging for Travere's upcoming applications [12] - **Payer Considerations**: The lack of specific diagnostic codes for FSGS may complicate payer responses, but the high cost of untreated patients may lead to broader acceptance [20][21] This summary encapsulates the critical insights and developments discussed during the Travere Therapeutics FY Conference Call, highlighting the company's strategic direction and the evolving landscape of rare kidney disease treatments.

Summary of Stoke Therapeutics FY Conference Call Company Overview - **Company**: Stoke Therapeutics (NasdaqGS:STOK) - **Industry**: Biotechnology, focusing on genetic diseases, specifically Dravet syndrome and other haploinsufficient diseases Key Points and Arguments Leadership Transition - Ian Smith transitioned from interim CEO to full-time CEO, having been associated with Stoke for nearly three years, including roles as a board member and advisor [2][3] Product and Pipeline - The primary focus is on a treatment for Dravet syndrome, a genetic disorder characterized by severe seizures due to a lack of NAV1.1 protein in the brain, caused by a mutated SCN1A gene [6][10] - The treatment aims to upregulate the NAV1.1 protein, addressing the root cause of the disease, leading to significant reductions in seizure frequency (up to 80-85% median reduction) and potential improvements in neurodevelopment [10][11] - The company is currently in Phase 3 trials, with a pipeline that includes other haploinsufficient diseases in Phase 1 or preclinical stages [4][6] Clinical Data and Efficacy - The treatment has shown sustained and durable reductions in seizures over nearly four years, which is unique compared to traditional anti-seizure medications [10][14] - Cognitive and behavioral improvements have been observed, with children showing enhanced communication and motor skills as measured by the Vineland 3 score [11][12] - The safety profile is generally well-tolerated, with 90% of patients from the Phase 1/2 study continuing into the open-label extension (OLE) study [13][14] Phase 3 Study Details - The Phase 3 study includes a six-week screening period, with a primary endpoint focused on seizure reduction at week 28 and secondary endpoints at week 52 [19][20] - The study is well-powered with a 90% confidence level for a 0.01 result, and over 25 patients have been dosed so far [20][23] - Full enrollment of 170 patients is expected by the second half of 2026, with data readout anticipated in the second half of 2027 [23][24] Regulatory and Commercial Strategy - The company received breakthrough therapy designation from the FDA for the treatment of Dravet syndrome in December 2024, acknowledging the safety and efficacy profile [25][26] - A multidisciplinary meeting with the FDA is scheduled for December to discuss the drug's mechanism of action and safety data, with the potential to expedite the approval pathway [25][27] - The commercial opportunity for Dravet syndrome is significant, with an estimated 15,000 to 20,000 diagnosed patients in the U.S. and a similar number outside the U.S. [31][32] Other Programs - The company is also developing a treatment for Autosomal Dominant Optic Atrophy (ADOA) in Phase I, targeting the OPA1 gene to improve mitochondrial function and vision [34][35] - A preclinical program for SYNGAP1, which involves seizures and neurodevelopment issues, is expected to have a development candidate by early 2026 [37] Financial Health - The company reported a strong financial position with approximately $400 million in cash, expected to fund operations through mid-2028, including the Phase 3 study and other programs [38] Additional Important Information - The treatment's administration involves lumbar puncture, which may lead to transient elevations in cerebrospinal fluid (CSF) protein, but no clinical manifestations have been observed [15][16] - The company is focused on educating the advocacy community and key opinion leaders to drive demand for the study [23][24]

Summary of BioNTech R&D Day Conference Call Company Overview - **Company**: BioNTech (NasdaqGS:BNTX) - **Focus**: Multi-platform oncology company with over 20 ongoing clinical Phase II and Phase III trials, alongside an infectious disease pipeline [4][5] Core Industry Insights - **Oncology Focus**: Post-COVID pandemic, BioNTech has refocused on oncology, addressing significant healthcare challenges related to individual patient variability and intratumoral heterogeneity [5][6] - **Innovative Approaches**: The company is leveraging the immune system through combination treatments, including immunomodulators and targeted therapies like antibody-drug conjugates (ADCs) [6][7] Key Product Developments - **Immunomodulators**: Focus on critical immune-oncology (IO) pathways, particularly PD-1, PD-L1, and CTLA-4 pathways [8][22] - **Bispecific Antibodies**: Introduction of Promethamyc, a bispecific PD-1/PD-L1 and VEGF antibody, which shows enhanced immune activation and tumor targeting capabilities [12][19] - **CTLA-4 Targeting**: Introduction of Cotistobat, designed to selectively deplete regulatory T cells in the tumor microenvironment, improving therapeutic index [22][24] Clinical Strategy - **Three-Wave Approach**: 1. Foundational registration trials in priority indications (e.g., non-small cell lung cancer, small cell lung cancer, triple-negative breast cancer) 2. Expansion into additional cancer indications 3. Combination therapies with novel agents [20][41] - **Clinical Trials**: Ongoing Phase III trials for various indications, with a focus on combining Pumetamik with standard chemotherapy and ADCs [27][51] Pipeline and Indications - **Lung Cancer**: Significant focus on non-small cell lung cancer and small cell lung cancer, with multiple ongoing trials and promising early data [64][75] - **Breast Cancer**: Trials targeting triple-negative breast cancer with Pumetamik plus chemotherapy [59] - **Gastrointestinal Cancers**: Ongoing trials in first-line colorectal and gastric cancer [60] Mechanism of Action Insights - **mRNA Cancer Vaccines**: Development of nanoparticulate mRNA vaccines aimed at inducing immune responses against residual tumor cells [29][30] - **ADCs**: Focus on next-generation ADCs with improved linker technology for enhanced potency and bystander activity [34][49] Financial and Strategic Position - **Cash Position**: Strong financial backing to support ongoing and future clinical trials [61] - **Vision for 2026**: Emphasis on combination therapies and personalized treatment approaches, leveraging AI for drug design and manufacturing [40][41] Conclusion - BioNTech is strategically positioned to advance its oncology pipeline through innovative therapies, robust clinical trials, and a focus on combination treatments, aiming to address significant unmet medical needs across various cancer types [61][62]

Mako Mining (OTCPK:MAKO.F) 2025 Conference November 11, 2025 09:00 AM ET Speaker0Next up, I'm excited to introduce Akiba Leisman. He's the CEO over at Mako Mining. Personally, quite curious to get an update as they recently expanded into the U.S. Akiba, I think you should be right there. Thank you so much for joining us.Speaker1Hi, thanks, Guy. Hi, my name is Akiba Leisman. I am the CEO of Mako Mining. As the slide says, we are fully funded gold growers in the Americas. We just recently completed a roughly ...

RadNet Investor Day 2025 Summary Company Overview - **Company**: RadNet - **Event**: Investor Day 2025 - **Location**: Nasdaq Marketplace, New York City Key Industry Insights - **Healthcare Transition**: The healthcare industry is shifting from hospital-centric models to ambulatory settings, driven by patient preferences for lower-cost and more efficient care options post-COVID [11][12] - **Technology Integration**: RadNet is focusing on integrating technology, particularly AI, to enhance diagnostic accuracy and efficiency, moving from reactive detection to proactive prevention [13][14] Financial Performance - **Record Quarter**: RadNet reported a record third quarter with a revenue growth of 13.4% year-over-year and EBITDA growth of 15.2% [20][21] - **Digital Health Growth**: The digital health division experienced significant growth of 51.6% compared to the previous year [20] - **Strong Balance Sheet**: The company ended the quarter with over $800 million in cash and low leverage, indicating strong financial health [22] Operational Highlights - **Procedure Volume Growth**: MRI procedures grew by 14.8% and CT procedures by 9.4% year-over-year, with PET/CT showing over 21% growth [21][22] - **Capacity Expansion**: RadNet is actively opening new DeNovo centers and has plans for 11 additional projects next year [23][24] - **Acquisition Strategy**: The company is positioned to consolidate within the industry, leveraging scale to become a low-cost provider [24] Technological Innovations - **AI in Imaging**: RadNet is utilizing AI tools to improve workflow efficiency and patient outcomes, particularly in neuroimaging and breast cancer detection [30][39] - **Lung Cancer Screening**: The company is involved in lung cancer screening initiatives in the UK, demonstrating the effectiveness of AI in improving diagnostic accuracy and efficiency [40][48] Clinical Advancements - **Neuroimaging**: AI innovations are enhancing early disease detection and workflow efficiency in neuroimaging, with significant increases in MRI brain volumes [30][34] - **Breast Cancer Detection**: RadNet is implementing advanced imaging techniques and AI to improve early detection of breast cancer, addressing the rising incidence among younger women [54][65] - **Prostate Cancer Screening**: The company is promoting combined PSA and MRI screening to reduce mortality rates in prostate cancer [66][68] Market Opportunities - **Population Health Focus**: RadNet aims to lead in population health by diagnosing diseases earlier, thus expanding its total addressable market [28][39] - **Lung Cancer Screening Market**: The UK lung cancer screening program is expected to grow significantly, with RadNet positioned to capture a large share of this market [49][52] Conclusion - RadNet is strategically positioned to leverage technological advancements and operational efficiencies to drive growth in the evolving healthcare landscape, focusing on early disease detection and improved patient outcomes while maintaining strong financial health and expanding market presence.

Summary of Ralliant's Earnings Call Company Overview - **Company**: Ralliant - **Industry**: Advanced Industrial Technology - **Key Executives**: Tami Newcombe (CEO), Neil Reynolds (CFO) - **Recent Milestone**: First earnings call as an independent public company after spinning off from Fortive on June 30th, 2023 [3][4] Core Points and Arguments Business Structure and Strategy - Ralliant has established a leadership team with deep industry knowledge and operational rigor, emphasizing stability and expertise [4][5] - The company introduced a profitable growth strategy, focusing on long-term growth vectors that align with secular trends [5][11] - Ralliant operates in two segments: Sensors and Safety Systems (60% of business) and Test and Measurement (40% of business) [8][9] Customer Base and Market Position - Ralliant serves approximately 90,000 customers globally, including major industrial and technology companies [6][8] - The company differentiates itself through precision engineering and proprietary manufacturing processes [6][7] Growth Vectors - **Defense Sector**: Anticipating a surge in demand, with a backlog nearly double the annual revenue for 2026-2028 [16][19] - **Power Grid**: Significant opportunities exist due to aging infrastructure, with 70% of the US grid over 25 years old [17][18] - **Electrification**: Growth in sectors related to electronics and precision instruments [11] Financial Performance and Projections - Ralliant reported $2 billion in revenue last year with 7,000 employees [8] - The company aims for a growth rate of 3%-5% over the next few years, with certain segments like defense and power grid showing higher growth potential [30] - The EBITDA margin for Sensors and Safety Systems is in the high 20s, while Test and Measurement targets mid-teens to low 20s [37][38] Challenges and Opportunities - The Test and Measurement segment has faced challenges but is expected to recover with new product launches and improved market conditions [31][36] - The company is adapting to changes in the China market and exploring opportunities in India and Southeast Asia [36] Capital Allocation and Investment Strategy - Ralliant plans to increase capital expenditures from 2% to 2%-3% of revenue to support growth initiatives [22] - The focus will be on organic growth, returning capital to shareholders, and potential tuck-in acquisitions [23] Additional Important Insights - Ralliant's business model is diversified both by end markets and geography, with a balanced presence in the US and international markets [7][8] - The company is committed to enhancing its service offerings by transitioning from individual sensor products to comprehensive solution packages that include analytics and software [26] - The leadership emphasizes a disciplined approach to capital allocation and operational efficiency to drive long-term value creation [11][22] This summary encapsulates the key points discussed during Ralliant's earnings call, highlighting the company's strategic direction, market opportunities, and financial outlook.

Honeywell Aerospace FY Conference Summary Company Overview - **Company**: Honeywell International (NasdaqGS: HON) - **Division**: Honeywell Aerospace - **CEO**: Jim Currier, appointed in August 2023 - **Spin-off**: Planned spin-off of Boeing as an independent entity in 2026 [2][3] Key Industry Insights Aerospace Market Position - Honeywell Aerospace is set to become one of the largest pure-play aerospace suppliers post-spin-off, allowing for focused strategic decisions [3][4] - The company aims to leverage its investment-grade balance sheet for future growth opportunities [4][5] Market Segmentation - Honeywell serves multiple end markets: commercial air transport, business aviation, and defense space [9][10] - The portfolio includes electronic solutions, digital power systems, and control systems, covering a wide range of aircraft components [10][11] Financial Performance - The company has maintained a strong operating system focused on productivity, efficiency, and margin expansion, leading to consistent margin performance [12][13] - Investments in new technologies and products are at or above industry peers, with a focus on sustaining a long-term growth profile [13][14] Market Dynamics Business Jet Market - Post-COVID, business jet flight hours surged to 20% above pre-pandemic levels but are expected to normalize to low single-digit growth [18][19] - The air transport market shows stronger growth potential, particularly in regions like Europe, the Middle East, and Asia Pacific [20][21] Aftermarket Growth - Honeywell has outpaced the aftermarket growth through investments in retrofitted modifications, which account for about 10% of total revenue [23][24] - The company has a significant software engineering workforce (approximately 11,000 engineers) to enhance value-added offerings [25][26] Supply Chain Management - The supply chain is bifurcated into electronics and mechanical segments, with electronics fully recovered while mechanical faces ongoing constraints [28][29] - Honeywell has invested over $1 billion since 2021 to enhance supply chain capacity and resilience [30][31] Defense Sector Insights - 60% of Honeywell's business is commercial, while 40% is defense, with 75% of defense revenue coming from domestic sources [34][35] - The company is well-positioned to capitalize on increased defense spending, particularly in NATO and the Indo-Pacific regions [38][39] Mergers and Acquisitions - Recent acquisitions have integrated well, exceeding performance expectations, and M&A will be a critical part of Honeywell's growth strategy moving forward [47][48] - The company has a robust pipeline of potential acquisition targets [49][50] Backlog and Future Outlook - Honeywell Aerospace has an all-time high backlog of $39 billion and a book-to-bill ratio of 1.2, indicating strong future growth potential [51][52] - The company anticipates continued growth in air transport and defense sectors, despite normalization in the business aviation market [53] Advanced Air Mobility - Honeywell has established a dedicated business unit for advanced air mobility, focusing on integrating new technologies and securing positions across various platforms [55][56] - Certification of new products is expected, with significant adoption anticipated by the mid-2030s [60][61] This summary encapsulates the key points discussed during the Honeywell Aerospace FY Conference, highlighting the company's strategic direction, market dynamics, and future growth opportunities.

GoGold Resources Conference Call Summary Company Overview - GoGold Resources operates in the mining sector, specifically focusing on silver and gold production in Mexico. The company has a history of building and operating mines, with significant experience in the region [1][2]. Financial Position - GoGold has a strong financial position with $141 million in cash and no debt [3][4]. - The company generates approximately $3 million in free cash flow per month from its tailings reprocessing operation, totaling around $40 million annually [3]. Key Projects Las Ricos Project - The Las Ricos project is a significant focus for GoGold, located in Jalisco, Mexico, with a strong potential for silver production [4][5]. - The project has 285 million ounces of silver-equivalent resources after extensive drilling [5]. - A final feasibility study has been completed, and the company is in the execution phase, having awarded contracts for engineering and construction [6][7]. Production Goals - The company aims to produce 9 million ounces of silver annually, with Las Ricos South expected to contribute an additional 7.2 million ounces [9]. - The all-in sustaining costs for production are projected to be around $12 per ounce, indicating a high-margin operation [9][11]. Construction and Development Plans - The construction of Las Ricos South is expected to take 24 months, with the first doré bar pour anticipated at the end of this period [7][11]. - Plans are in place to begin drilling at Las Ricos North to advance the project further [8][11]. Community and Environmental Relations - GoGold emphasizes strong community relations and environmental standards, which are crucial for obtaining permits in Mexico [12][13]. - The company has successfully engaged with local communities, receiving positive feedback regarding its projects [13][14]. Regulatory Environment - The permitting process in Mexico is community-focused, with the government actively seeking community input on mining projects [12][14]. - GoGold is optimistic about receiving necessary permits by the end of the year, although holiday delays may push this into the new year [14]. Operational Practices - GoGold employs best practices in tailings management, utilizing dry stacked tails and recycling water to minimize environmental impact [22][23]. - The company has a history of addressing old mining liabilities and ensuring compliance with modern environmental standards [23]. Future Outlook - GoGold is positioned for growth with plans to expand production capacity significantly over the next few years, aiming to become a top silver producer [11]. - The company is exploring financing options to support its growth while maintaining flexibility in capital structure [10].

Cardinal Health (NYSE: CAH) 2025 Conference Summary Company Overview - **Company**: Cardinal Health - **Date**: November 11, 2025 - **Key Speakers**: Aaron Alt (CFO), Matt Sims (Head of IR) Key Points Financial Performance - Cardinal Health reported strong Q1 results with all five operating segments achieving double-digit profit growth, particularly in the pharma business, which saw a profit increase of 26% [2][3][4] - The company raised its adjusted EPS guidance to $9.65-$9.85, reflecting a year-over-year growth of 17%-20% [4][5] Business Segments - **Pharma Business**: Strong demand and execution, particularly in specialty distribution, contributed significantly to profit growth [2][3] - **Other Business**: The aggregation of smaller businesses (Nuclear Precision Health, At Home, OptiFreight Logistics) saw a profit growth of 60%, partly due to the acquisition of ADSG [3][4] - **Global Medical Products and Distribution (GMPD)**: Experienced revenue growth with the Cardinal Health brand business growing at 6% for two consecutive quarters [4][5][56] Customer Onboarding and Growth Strategy - Cardinal Health onboarded $10 billion in new business in the latter half of the previous year and is on track to onboard an additional $7 billion in the first half of the current year [5][12] - The company is focusing on investing in new customers and enhancing its MSO platforms to drive future growth [5][6] Market Dynamics and Demand - Demand across all segments exceeded expectations, with notable growth in generics and specialty products [9][10] - The company noted a consistent market dynamic, indicating no dislocation between buying and selling, which contributed to strong quarterly results [10][11] Specialty Business Focus - Cardinal Health emphasizes its strength in "otherologies" (rheumatology, urology, gastroenterology) rather than oncology, which is a key differentiator in its specialty business strategy [19][20] - The company aims to leverage its distribution capabilities and technology to enhance partnerships with healthcare providers in these specialty areas [25][26] Competitive Landscape - The medical products business is undergoing competitive changes, with Cardinal Health focusing on improving its GMPD segment to maintain market share against competitors like Medline and McKesson [56][59] - The company is actively seeking opportunities arising from industry transitions, such as acquisitions and partnerships, to enhance its competitive position [60] Operational Efficiency - Cardinal Health is investing in automation and optimizing its distribution network to improve operational efficiency and reduce costs [36][37] - The company is committed to maintaining high service levels while managing costs effectively [37][39] Future Outlook - The company anticipates continued growth in its nuclear precision health business, projecting a long-term profit growth of 10% [74][75] - Cardinal Health remains confident in its long-term guidance, citing its essential role in the American healthcare system and the ongoing demand for its services [49][50] COVID-19 Impact - COVID-19 was noted as a slight headwind in Q1, but overall demand growth offset this impact [78][79] - The company expects COVID-related profits to continue declining, with a focus on broader market dynamics moving forward [79][80] Conclusion Cardinal Health's strong financial performance, strategic focus on specialty and otherologies, and commitment to operational efficiency position the company well for future growth in a competitive healthcare landscape. The ongoing investments in customer onboarding and technology enhancements are expected to drive continued success.