Financial Data and Key Metrics Changes - The company reported an EBITDA under management of BRL 7.4 billion, which is approximately BRL 1 billion lower than in 2024, primarily impacted by the results of MOVE, Haddad, and Raizen [3] - The net income for the period was negative BRL 1.2 billion, attributed to lower EBITDA and higher financial expenses [3] - Net debt remained relatively stable, slightly increasing compared to Q2 2025, with a debt service coverage ratio of one time [4][9] Business Line Data and Key Metrics Changes - Rumo experienced an increase in transported volumes but a reduction in average tariffs, resulting in a 4% increase in EBITDA [5] - Compass saw higher distributed volumes and an increase in the residential segment's participation, leading to a 6% growth in EBITDA [6] - Moove reported stable volumes compared to 2024, with a 13% increase in volume sold compared to Q2 2025, although EBITDA was 7% lower [7] - Raizen's sugarcane crushing increased due to favorable weather conditions, but lower sugar prices negatively affected EBITDA [8] Market Data and Key Metrics Changes - The fuel distribution segment in Raizen showed healthy margins due to operations against irregular players in Brazil [8] - The company noted a significant increase in the participation of the residential segment in Compass, which has healthier margins [6] Company Strategy and Development Direction - The company aims to improve its capital structure and has been exploring various alternatives, including potential divestments [12][14] - The focus will be on integrating new shareholders and identifying growth options while maintaining the quality of the portfolio [18][19] - The company plans to streamline operations and reduce expenses significantly, targeting a 50% reduction in annual costs at the holding company level [67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of the company following recent capital increases and the integration of new shareholders [16][18] - There is a clear commitment to resolving the capital structure and focusing on building value again after addressing current challenges [81] - The management emphasized the importance of not rushing asset sales and ensuring that divestments are made at the right price [61] Other Important Information - The company has received approximately BRL 500 million in insurance proceeds related to the reconstruction of the plant [7] - Changes in the board of directors were made in line with the new shareholders' agreement, which is expected to positively impact the company's future [33][39] Q&A Session Summary Question: Allocation rationale in terms of supply and outcome - Management explained that the recent offerings prioritized existing shareholders and were successful, with significant demand [24][25] Question: Strategy regarding subsidiary companies, particularly Raizen - Management acknowledged the need for urgent solutions for Raizen's capital structure and ongoing discussions with Shell [27][28] Question: Context of changes in directors and impact on Raizen - The changes were a consequence of new partners coming in and were seen as positive for the company's future [33] Question: Role of the holding company in the new context - The holding company will focus on creating efficiencies and will no longer be a vehicle for future investments [50] Question: Timing for new decisions about the company's portfolio - Management indicated a sense of urgency for Raizen's capital structure solutions, aiming for a resolution within six months [60] Question: Streamlining measures at the holding company level - Management confirmed that a process to streamline the structure has been mapped, with a target to cut costs by half [67][68] Question: Divestment agenda and priorities - Radar is identified as a priority for potential divestment, with further decisions based on capital allocation priorities [69]

Financial Data and Key Metrics Changes - The company concluded Q3 2025 with $182,000 in cash and cash equivalents, down from $612,000 as of December 31, 2024 [14] - Stockholders' equity increased to $77 million compared to a deficit of $203,000 as of December 31, 2024 [14] - The net loss for Q3 2025 was $77.7 million, significantly higher than the $3.1 million loss in Q3 2024, primarily due to a $74.4 million non-cash charge related to derivative liability remeasurement [14] - Revenue for Q3 2025 was $3.6 million, relatively unchanged from $3.9 million in the same period in 2024 [14] Business Line Data and Key Metrics Changes - General and administrative expenses rose to $2.6 million in Q3 2025 from $1.5 million in Q3 2024, mainly due to professional and consulting fees [15] - Operating expenses for operations and R&D were $529,000 in Q3 2025, slightly down from $535,000 in Q3 2024 [15] - Operating expenses for sales and marketing increased to $133,000 in Q3 2025 from $73,000 in Q3 2024 [15] Market Data and Key Metrics Changes - The global AI infrastructure spending is projected to reach $2.8 trillion by 2029, indicating a significant growth opportunity for the company [8][26] - The AI infrastructure market is expected to grow at a CAGR of approximately 40% through 2030, highlighting a supply-demand imbalance exceeding 1,000% [26] Company Strategy and Development Direction - The company has initiated a digital asset treasury strategy focused on Aethir's ATH token, aiming to create a strategic compute reserve to address AI infrastructure needs [3][4] - The investment in ATH tokens is expected to generate new revenue streams and long-term value for the company and its shareholders [7] - The company plans to leverage its ATH tokens for GPU leasing and other revenue-generating activities, aiming for a high single-digit yield on ATH tokens for fiscal year 2026 [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the partnership with Aethir and the potential to democratize access to AI infrastructure [8][40] - The company aims to generate cash flow while building a sustainable business model that aligns with market demands [22][40] - The management highlighted the importance of addressing the current supply chain constraints in AI infrastructure to capture market opportunities [27][29] Other Important Information - The company holds approximately 5.7 billion ATH tokens valued at approximately $145.9 million as of November 10, 2025 [17] - The strategic compute reserve is expected to facilitate access to high-performance AI infrastructure, significantly lowering costs compared to traditional cloud providers [7][23] Q&A Session Summary Question: What is the company's strategy regarding the ATH token? - The company aims to actively manage ATH tokens through staking, GPU leasing, and token rotation to maximize returns and drive cash flow [18][20] Question: How does the company plan to address the supply-demand imbalance in AI infrastructure? - The company plans to monetize its ATH holdings by renting GPUs on the Aethir network and providing AI infrastructure directly to enterprises [29][30] Question: What are the expected revenue streams from the digital asset strategy? - The company anticipates multiple revenue streams from staking, leasing, and token rotation, targeting a high single-digit yield on ATH tokens for fiscal year 2026 [20][22]

Financial Data and Key Metrics Changes - The company's third quarter revenue was $5.0 million, a decrease of $0.4 million from $5.4 million in the prior year, primarily due to $0.8 million of discontinued services with two proactive customers [7] - Gross profit increased by $0.2 million to $2.1 million in Q3 2025 compared to $1.9 million in Q3 2024, with gross margin rising to 41% from 35% [7][9] - The net loss for the quarter was $3.4 million, or $0.26 per diluted share, compared to a net loss of $2.9 million, or $0.23 per diluted share in Q3 2024 [9] Business Line Data and Key Metrics Changes - PeriShip revenue decreased approximately 14% in Q2 2025 compared to the previous year, but the revenue decline in Q3 2025 was only about 7% due to sales and marketing efforts [4] - Operating expenses decreased to $1.7 million in Q3 2025 from $2.5 million in Q3 2024, primarily due to the divestiture of the Trust Codes business and cost-cutting measures [9] Market Data and Key Metrics Changes - The transition to a new proactive shipping partner is expected to impact Q4 2025 and Q1 2026 revenues, with no guidance provided for 2026 at this time [5][8] - The company anticipates remaining cash flow positive for the full year of 2025 despite the transitional revenue impact [11] Company Strategy and Development Direction - The company is focused on transitioning to a new proactive shipping partner, which is believed to provide a better long-term platform for sustained organic growth [5][12] - The management emphasizes the importance of maintaining customer loyalty during the transition and is actively working to address customer concerns regarding the change [20][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the transition from the previous shipping partner but remains optimistic about future growth and operational efficiencies [12][33] - The company plans to provide specific guidance for 2026 in the next earnings call, indicating a commitment to transparency and strategic planning [5][33] Other Important Information - A one-time non-cash impairment expense of $3.9 million was recognized in Q3 2025, related to goodwill and intangible assets in the PeriShip business [8][9] - The company has a strong balance sheet with no bank debt and continues to explore potential M&A opportunities [12][26] Q&A Session Summary Question: Revenue contribution from the proactive business that ended in September - Management indicated that they do not have a precise figure for the revenue contribution from the proactive business that is no longer part of the mix, as it is a dynamic situation [18][22] Question: Transition of customers to the new shipping partner - Management stated that not all customers will transition to the new partner, and some may delay their transition until after the peak shipping season [20][24] Question: Potential M&A discussions - Management confirmed ongoing conversations regarding potential acquisitions but noted that timing is difficult to predict [26] Question: Operating expense improvement details - Approximately $500,000 of the operating expense reduction was associated with the Trust Codes business, with the remainder attributed to improved management of operating expenses [28]

Predictive Oncology (NasdaqCM:POAI) Q3 2025 Earnings Call November 17, 2025 09:00 AM ET Company ParticipantsRaymond Vennare - CEOJosh Blacher - CFOKyle Okamoto - CTO and AI General ManagerTom McLaughlin - CIOOperatorBefore we begin, let me quickly remind you that during the course of this presentation, the company will make forward-looking statements. We caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's project ...

Financial Data and Key Metrics Changes - The company's Q3 2025 revenue was $5.0 million, down from $5.4 million in Q3 2024, a decrease of $0.4 million primarily due to $0.8 million from discontinued services with two proactive customers [8] - Gross profit increased by $0.2 million to $2.1 million in Q3 2025 compared to $1.9 million in Q3 2024, with gross margin rising to 41% from 35% [8][10] - The net loss for Q3 2025 was $3.4 million, or $0.26 per diluted share, compared to a net loss of $2.9 million, or $0.23 per diluted share in Q3 2024 [10] Business Line Data and Key Metrics Changes - PeriShip revenue decreased approximately 14% in Q2 2025 compared to the previous year, but the gross margin improved to 35% from 33% in Q1 2025 [4] - In Q3 2025, revenue was down only approximately 7% from the prior year due to sales and marketing efforts, although these efforts only partially offset the impact of contract changes [4][5] Market Data and Key Metrics Changes - The transition to a new proactive shipping partner is expected to materially impact Q4 2025 and Q1 2026 revenues, with no guidance provided for 2026 at this time [5][9] - The company anticipates remaining cash flow positive for the full year of 2025 despite expected revenue decreases [12] Company Strategy and Development Direction - The company is focused on transitioning to a new proactive shipping partner, which is believed to provide a better long-term platform for sustained organic growth [5][13] - The management emphasizes the importance of maintaining customer loyalty during the transition period and is actively working to address customer concerns regarding the change [21][22] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the transition from the previous shipping partner and the impact on revenue, but remains optimistic about future growth opportunities [5][13] - The company plans to provide specific guidance for 2026 during the next earnings call, indicating a commitment to transparency and strategic planning [5][34] Other Important Information - A one-time non-cash impairment expense of $3.9 million was recognized in Q3 2025, related to goodwill and intangible assets in the PeriShip business [9][10] - The company has a strong balance sheet with no bank debt and continues to explore potential M&A opportunities [12][27] Q&A Session Summary Question: Revenue contribution from the proactive business that ended in September - Management indicated that they do not have a precise figure for the revenue contribution from the proactive business that is no longer part of the mix, as it is a dynamic situation [19][24] Question: Transition of customers to the new shipping partner - Management stated that not all customers will transition to the new partner, and some may delay their transition until after the peak shipping season [20][21] Question: Cash on the balance sheet and potential M&A - Management confirmed ongoing discussions regarding potential acquisitions but emphasized the difficulty in predicting timing and outcomes [27] Question: Operating expense improvement related to TrustCodes - Approximately $500,000 of operating expenses in Q3 2024 were associated with TrustCodes, contributing to the overall improvement in operating expenses [29]

Financial Data and Key Metrics Changes - The company reported an EBITDA under management of BRL 7.4 billion, which is approximately BRL 1 billion lower than in 2024, primarily impacted by the results of MOVE, Haddad, and Raizen [3][4] - The net income for the period was negative BRL 1.2 billion, attributed to lower EBITDA and higher financial expenses [3] - Net debt remained relatively stable, slightly increasing compared to Q2 2025, with a debt service coverage ratio of one time [4][9] Business Line Data and Key Metrics Changes - Rumo experienced an increase in transported volumes but a reduction in average tariffs, resulting in a 4% increase in EBITDA [5] - Compass saw higher distributed volumes and an increase in the residential segment's participation, leading to a 6% growth in EBITDA [5] - Moove reported stable volumes compared to 2024, with a 13% increase in volume sold compared to Q2 2025, although EBITDA was 7% lower [6] - Raizen's sugarcane crushing increased due to favorable weather conditions, but lower sugar prices affected EBITDA [8] Market Data and Key Metrics Changes - The fuel distribution segment in Raizen showed healthy margins due to operations against irregular players, translating into higher profitability [8] Company Strategy and Development Direction - The company aims to improve its capital structure and has been exploring divestment options while preserving the quality of its portfolio [12][16] - The focus will be on integrating new shareholders and identifying growth options without pressure to sell assets at unfavorable prices [17][36] - The holding company will no longer serve as a vehicle for future investments, emphasizing efficiency and streamlining operations [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of the company following recent capital increases and the integration of new shareholders [14][15] - There is a sense of urgency to resolve capital structure challenges, particularly for Raizen, with expectations for solutions within six months rather than years [41][42] Other Important Information - The company has received approximately BRL 500 million in insurance proceeds related to the reconstruction of the Rio de Janeiro plant [6][40] - Significant changes in the board of directors were made in line with new shareholders' contributions, aimed at streamlining operations and enhancing efficiency [27][28] Q&A Session Summary Question: What was the allocation rationale in terms of supply and the outcome? - The company prioritized existing shareholders during the capital offerings, with significant demand indicating market confidence in the company's future [20][21] Question: What is the strategy considering the subsidiary companies, particularly Raizen? - Management acknowledged the need for urgent solutions for Raizen's capital structure and ongoing discussions with Shell to find a resolution [22][23][24] Question: Can you provide context on the changes in directors and their impact on Raizen? - Changes in the board were a consequence of new partners coming in, which are expected to positively influence the company's future [26] Question: What is the role of the holding company moving forward? - The holding company will focus on creating efficiencies and will not be used as a leveraging tool for future growth [36] Question: What is the timeline for resolving investments and the company's portfolio? - Management indicated a sense of urgency to resolve capital structure issues, with no need for fire sales of assets, focusing instead on strategic divestments [41][42] Question: Can you comment on the streamlining measures at the Holdco level? - The company has mapped a process to streamline operations, aiming for a significant reduction in annual expenses [44] Question: What is the divestment agenda and order of priority? - Radar is identified as the first asset for potential divestment, with further decisions based on capital allocation priorities [46]

Financial Data and Key Metrics Changes - The company's Q3 2025 revenue was $5.0 million, down from $5.4 million in Q3 2024, a decrease of $0.4 million primarily due to $0.8 million from discontinued services with two proactive customers [7][10] - Gross profit increased to $2.1 million in Q3 2025 from $1.9 million in Q3 2024, with gross margin improving to 41% from 35% [8][10] - The net loss for Q3 2025 was $3.4 million, or $0.26 per diluted share, compared to a net loss of $2.9 million, or $0.23 per diluted share in Q3 2024 [10][11] - Adjusted EBITDA improved to $0.8 million in Q3 2025 from $0.2 million in Q3 2024 [11] Business Line Data and Key Metrics Changes - PeriShip revenue decreased approximately 14% in Q2 2025 compared to the previous year, but Q3 2025 saw a smaller decline of about 7% due to sales and marketing efforts [4][5] - Operating expenses decreased to $1.7 million in Q3 2025 from $2.5 million in Q3 2024, attributed to the divestiture of the TrustCodes business and cost-cutting measures [10][11] Market Data and Key Metrics Changes - The transition to a new proactive shipping partner is expected to impact Q4 2025 and Q1 2026 revenues, with no specific guidance provided for 2026 at this time [5][9] - The company anticipates remaining cash flow positive for the full year of 2025 despite the transitional revenue impact [12][13] Company Strategy and Development Direction - The company is focused on transitioning to a new proactive shipping partner, which is believed to provide a better platform for sustained organic growth in the long term [5][13] - The management emphasizes the importance of maintaining customer loyalty during the transition and is actively working to facilitate customer shifts to the new partner [19][30] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the transition from the previous shipping partner and the impact on revenue, but expressed optimism about future growth and operational efficiencies [3][13] - The company plans to provide specific guidance for 2026 in the next earnings call, indicating a commitment to transparency and strategic planning [5][30] Other Important Information - The company recognized a one-time non-cash impairment expense of $3.9 million in Q3 2025 related to goodwill and intangible assets in the PeriShip business [9][10] - The cash balance as of September 30, 2025, was $4.0 million, with $1 million available under a line of credit and no outstanding borrowings [11][12] Q&A Session Summary Question: What was the revenue contribution of the proactive business that ended in September? - Management indicated that they do not have a precise figure for the revenue contribution from the proactive business, as it is a dynamic situation with ongoing customer transitions [17][21] Question: Can you provide last year's Q4 revenue contribution from the FedEx business? - Management stated that all proactive customers used FedEx last year, but they cannot provide a specific percentage of Q4 revenue from that business due to customer turnover and ongoing transitions [20][22] Question: What is the status of potential M&A discussions? - Management confirmed ongoing conversations regarding potential acquisitions but noted that timing is difficult to predict [25] Question: How much of the operating expense improvement was due to TrustCodes? - Approximately $500,000 of operating expenses in Q3 2024 were associated with TrustCodes, indicating significant cost reductions in the current period [27]

Financial Data and Key Metrics Changes - The company concluded Q3 2025 with $182,000 in cash and cash equivalents, down from $612,000 as of December 31, 2024 [13] - The net loss for Q3 2025 was $77.7 million, compared to a loss of $3.1 million in Q3 2024, primarily due to a $74.4 million loss on remeasurement of a derivative liability [13] - Revenue for Q3 2025 was $3.6 million, largely unchanged from $3.9 million in the same period in 2024 [14] - General and administrative expenses increased to $2.6 million in Q3 2025 from $1.5 million in Q3 2024 [15] Business Line Data and Key Metrics Changes - The company launched a digital asset treasury strategy focused on Aethir's ATH token, representing a new business line aimed at generating revenue through AI infrastructure [3][4] - The investment in ATH tokens is expected to create a new revenue stream by converting tokens into GPU compute capacity [6][7] Market Data and Key Metrics Changes - AI infrastructure spending is projected to reach $2.8 trillion globally by 2029, indicating a significant growth opportunity for the company [7][26] - The demand for AI compute power is outpacing supply by more than 10 times, highlighting a critical market need [26][27] Company Strategy and Development Direction - The company aims to leverage its strategic compute reserve to democratize access to AI infrastructure while generating revenue [7][39] - The digital asset strategy includes passive staking, active staking, GPU leasing, and token rotation to diversify revenue sources [18][20] - The company plans to utilize ATH tokens to rent GPUs and provide AI infrastructure to enterprises, creating a virtuous cycle of revenue generation [30][39] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of building a strategic compute reserve to address the growing demand for AI infrastructure [27][39] - The company is optimistic about its partnership with Aethir and the potential for significant revenue growth in the AI infrastructure market [40] Other Important Information - The company holds approximately 5.7 billion ATH tokens with a market value of approximately $145.9 million as of November 10, 2025 [17] - The strategic compute reserve is expected to allow the company to onboard NVIDIA's latest GPUs to meet enterprise demand [39] Q&A Session Summary Question: What is the company's strategy regarding the ATH tokens? - The company plans to actively manage ATH tokens through staking, leasing, and token rotation to maximize returns and generate cash flow [18][20] Question: How does the company plan to address the supply-demand imbalance in AI infrastructure? - The company aims to stimulate supply by monetizing ATH holdings and providing GPU access to enterprises, addressing the critical shortage in AI infrastructure [27][30]

Financial Data and Key Metrics Changes - The company reported EUR 52 million in net gaming revenue for Q3 2025, which was flat compared to the prior year, impacted by unfavorable foreign exchange effects and a low sports betting margin [5][10] - Adjusted EBITDA was positive EUR 2.9 million, nearly doubling from the prior year, driven by a EUR 4 million reduction in marketing spend [11][12] - On a constant currency basis, net gaming revenue would have grown by 3% [12] Business Line Data and Key Metrics Changes - The casino segment contributed 65% to total net gaming revenue, which was 5 percentage points above normal levels, while sports betting revenue was negatively impacted [6][10] - The average monthly active customers increased by 11%, but average monthly spend per active customer decreased by 10% due to currency devaluation [8][12] - The company acquired 85,000 first-time depositors (FTDs), a 26% increase year-over-year, with the lowest cost per acquisition (CPA) since Q1 2023 at EUR 167 [8][12] Market Data and Key Metrics Changes - In Spain, net gaming revenue was EUR 22 million, a 5% increase from the prior year, driven by higher spend per active customer and a 4% increase in active customers [13] - In Mexico, net gaming revenue remained flat at EUR 27 million, with a nearly 5% devaluation of the peso impacting results; however, on a constant currency basis, revenue would have grown by 5% [14] - The company noted a decline in net gaming revenue from Colombia, impacted by a value-added tax on deposits [10][11] Company Strategy and Development Direction - The company plans to increase its share buyback program from $5 million to $7.5 million, reflecting confidence in the business outlook [9] - The management is focused on optimizing customer acquisition strategies, particularly in Mexico, while also preparing for potential impacts from a proposed increase in gaming tax rates [15][16] - The company is monitoring regulatory changes in Spain and Colombia, with a cautious approach to future investments in Colombia due to unfavorable tax conditions [49][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a re-acceleration of net gaming revenue in Q4 2025, with growth expected to continue into 2026 [6][18] - The management acknowledged challenges posed by the proposed tax increase in Mexico but remains confident in the long-term potential of the market [16][25] - The company is also exploring the use of AI tools to enhance customer experience, although current implementations have not yet met expectations [60][62] Other Important Information - The company ended Q3 2025 with EUR 48 million in total cash, with EUR 43 million available [17] - The management reiterated guidance for 2025, expecting net gaming revenue between EUR 220 million and EUR 230 million, and adjusted EBITDA in the range of EUR 10-15 million [18] Q&A Session Summary Question: Can you share thoughts on mitigating higher taxes in Mexico? - Management is reaching out to partners to explore ways to mitigate the impact of the tax increase, which is expected to be approved soon [24][25] Question: Have you been impacted by recent AML crackdowns in Mexico? - Management stated they have not been directly impacted and continue to operate within regulatory standards [28][30] Question: What is the strategy regarding customer acquisition costs? - Management noted that lower CPA has been associated with lower player value, and they are continuously optimizing acquisition strategies [34] Question: How is the marketing strategy evolving in Spain? - Management reported positive trends in KPIs in Spain and is optimistic about the business outlook following regulatory changes [42][44] Question: What are the expectations regarding VAT in Colombia? - Management is monitoring the situation closely, with the current VAT being a significant challenge for profitability [48][52]

Financial Data and Key Metrics Changes - For Q3 2025, total revenue was reported at $14.3 million, a significant increase from a negative revenue of $1.8 million in Q3 2024 [21] - Net YCANTH revenue for Q3 2025 was $3.6 million, compared to negative $1.9 million in Q3 2024, reflecting improved demand and sales [21][22] - GAAP net loss for Q3 2025 was $0.2 million, or $0.03 per share, compared to a GAAP net loss of $22.9 million, or $4.88 per share in Q3 2024 [24] Business Line Data and Key Metrics Changes - Dispensed applicator units of YCANTH reached 14,093 in Q3 2025, representing approximately 5% sequential growth over the prior quarter [11] - Year-to-date dispensed applicator units increased to 37,642 for the nine months ended September 30, 2025, a 120% increase compared to the same period in 2024 [7] Market Data and Key Metrics Changes - The company received $18 million in cash milestone payments from Torii in 2025, with $10 million received in Q3 upon approval of YCANTH for molluscum in Japan [8] - Positive feedback from the European Medicines Agency indicated no further phase 3 studies are needed for YCANTH's approval for molluscum in the EU, with a filing anticipated in Q4 2026 [9][10] Company Strategy and Development Direction - The company aims to establish YCANTH as a leading therapy for multiple skin lesions, expanding beyond dermatology into pediatric and primary care [7][10] - The development of VP-315 for basal cell carcinoma is positioned as a potential standard of care, with plans for a phase 3 study design confirmed by the FDA [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of YCANTH and the potential for VP-315, highlighting a strong foundation for future growth [4][26] - The company is focused on optimizing its cost structure while advancing its clinical programs, with expectations for continued organic growth into 2026 [19][26] Other Important Information - The company has expanded its sales force to 45 representatives, with plans to increase to 50 in 2026 [15] - A new non-dispensing pharmacy, YCANTH Rx, is expected to launch in Q4 2025 to streamline prescription processes for healthcare providers [14][15] Q&A Session Summary Question: Can you further speak to the YCANTH demand that you're seeing in Q4? - Management noted that momentum from September has continued into Q4, with expectations for increased demand as the cold and flu season approaches [31] Question: What kind of counter-detailing are you seeing, and what has been the prescriber feedback on Zelsuvmi? - Management indicated that the largest competitor remains the "watch and wait" approach, but the launch of Zelsuvmi has positively influenced the market by promoting the need for treatment [32] Question: When do you expect sales force productivity to fully ramp? - Management expects new sales representatives to become productive in early 2026, as it typically takes a few months for new hires to ramp up [36] Question: Why is there a 12-month timeline for the EU filing despite no additional clinical trials required? - Management explained that the timeline includes necessary sequential steps, such as securing a pediatric waiver, which adds time to the process [38] Question: What feedback has been received regarding YCANTH Rx? - Feedback has been positive, with the new pharmacy model expected to simplify the prescription process for clinicians and improve patient access [45] Question: How should we think about seasonality impact in Q4 sales? - Management anticipates traditional slowdowns in November and December due to holidays but expects momentum to continue into early next year [50]