Summary of VSE Corporation FY Conference Call Company Overview - **Company**: VSE Corporation (NasdaqGS: VSEC) - **Industry**: Aerospace and Defense - **Focus**: Transitioned from a defense contractor to a commercial and business aviation aftermarket-focused business over the last five years, with revenue growth from under $150 million to over $1.1 billion in 2025 [3][4] Key Points and Arguments Transformation and Growth - VSE has undergone a significant transformation, focusing on commercial and business aviation, which has led to substantial revenue growth [3] - The company announced a major acquisition of PAG, which is expected to enhance its MRO (Maintenance, Repair, and Overhaul) capabilities and expand margins to over 20% within 24 months [4] Acquisition Strategy - The PAG acquisition was pursued proactively, with extensive pre-diligence conducted over nearly a year [5][6] - The integration of PAG is expected to create synergies, particularly in cost management, with a clear plan for integration over the next 24 months [28][29] Competitive Landscape - VSE competes with large companies like Boeing, Airbus, HEICO, and AerSale in the distribution segment, and various OEMs in the MRO segment [12][13] - The company has a competitive advantage in the business and general aviation sector, particularly in rotorcraft, due to its extensive capabilities [14] Proprietary Solutions and IP - VSE is developing proprietary content and IP-related work, including OEM solutions and DER (Designated Engineering Representative) repairs, to enhance its service offerings [17][18] - The company aims to support OEMs by providing aftermarket solutions that help them monetize their products effectively [15][21] Market Dynamics - The business and general aviation market is seen as attractive due to its steady growth and the ability to create competitive moats through technical capabilities [36][37] - VSE is focused on building long-term relationships with OEMs, with over 80% of new business wins coming directly from them [16] Supply Chain and Labor Challenges - The company faces ongoing supply chain challenges and a labor shortage in the technical servicing sector, which could impact growth rates [46][47] - VSE is actively managing these challenges by finding alternatives and ensuring efficient operations [46] Financial Outlook - VSE aims to maintain a leverage ratio under 3.5x and expects to be free cash flow positive by 2025, with improved cash flow profiles due to the less working capital-intensive nature of MRO compared to distribution [53][54] - The company is open to pursuing additional acquisitions post-PAG integration, particularly smaller MRO shops that can be integrated quickly [57] Additional Important Insights - Customer reactions to the PAG acquisition have been positive, with excitement around the expanded capabilities and investments in assets [30] - VSE's operational efficiency and technical expertise in distribution are highlighted as key competitive advantages [38][39] - The company is focused on creating a cohesive aftermarket service model that integrates new parts, used parts, and repair services [22][23]

TD Cowen 47th Annual Aerospace & Defense Conference February 11, 2026 I N T R O D U C T I O N Steve Gitlin Vice President, Investor relations 2 This presentation may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be ide ...

Summary of Ameriprise Financial Conference Call Company Overview - **Company**: Ameriprise Financial - **Core Businesses**: - Wealth management with over $1.1 trillion in assets under advisory - Global asset management platform with more than $700 billion in assets under management (AUM) - Insurance business [3][4] Key Points and Arguments Integrated Business Model - Ameriprise emphasizes its integrated business model that leverages capabilities across its three core businesses, contributing to its resilience and growth during various market cycles [4][5] Performance Metrics - Ameriprise has been the best-performing financial stock in the S&P 500 since its spin-off from American Express in 2005 [6][10] Market Sensitivity and Interest Rates - The company has reduced its reliance on short-term earnings to the lowest level possible, anticipating three Federal Reserve interest rate cuts in the current year [12] - Current off-balance sheet short-term cash is approximately $7 billion, with a duration of 3.8 years and an average earning rate of around 5% [12][13] Wealth Management Business - The wealth management business operates on a stewardship model focused on meeting client needs profitably and efficiently [14] - The bank has reached nearly $23 billion in assets, contributing to the profitability of the wealth management segment [15] Competitive Landscape - The competitive environment for financial advisors is described as aggressive, with increased pressure from independent broker-dealers (IBDs) and private equity firms [27][29] - Ameriprise is adjusting its value proposition to attract and retain advisors amidst competitive offers [19][20] Advisor Growth and Net New Assets - The company added 91 advisors last quarter and aims for continued growth, targeting a 4% increase in net new assets [21][22] - Ameriprise has the highest organic advisor growth in the industry, which is crucial for net new asset accumulation [21] General and Administrative Expenses - G&A expenses are expected to grow at a rate of 0%-2%, with a focus on re-engineering processes rather than just cost-cutting [26] Asset Management Business - The asset management segment is working towards positive net flows, with a focus on improving performance and launching new products [58][59] - Approximately 15%-17% of asset management activity is derived from the wealth management business, providing a competitive advantage [56] Insurance Business - The insurance segment has decreased in size but remains important for providing solution sets to clients [60][62] - The company has adjusted its risk profile and is focused on maintaining quality service without pursuing acquisitions in the insurance sector [63][64] Capital Management - Ameriprise has about $2 billion in excess capital and returned 88% of its capital to shareholders through dividends and buybacks in 2025 [66] - The company plans to opportunistically increase buybacks in favorable market conditions while continuing to invest in business growth [67][68] Additional Important Insights - The launch of Signature Wealth aims to enhance the integration of wealth management and asset management services, providing a seamless investment strategy for clients [44][46] - The recent partnership with Huntington Bank, involving $20 billion in assets and 260 financial advisors, highlights Ameriprise's competitive edge in expanding client relationships [49][50] - The company is actively managing its advisor recruitment and retention strategies to ensure competitiveness in a changing market landscape [19][20]

Summary of Praxis Precision Medicines Conference Call Company Overview - **Company**: Praxis Precision Medicines (NasdaqGS:PRAX) - **Event**: Guggenheim Emerging Outlook, Biotech Summit 2026 - **Date**: February 11, 2026 - **Key Executives Present**: Marcio Souza (CEO), Tim Kelly (CFO) Core Industry Insights - **Focus Area**: Central Nervous System (CNS) disorders, specifically essential tremor and epilepsy treatments - **Market Potential**: Approximately 2-2.5% of the U.S. population is affected by essential tremor, indicating a significant patient base requiring treatment [9][10] - **Current Treatment Landscape**: There are no effective and safe treatments available for essential tremor, highlighting a substantial unmet medical need [10] Key Points Discussed - **Ulixacaltamide Hydrochloride**: - A potential drug for essential tremor, expected to be a significant advancement in treatment options [9][10] - Positive results from the Essential3 program were highlighted, indicating meaningful benefits for patients [11] - **Patient Population**: - Between 1 and 2 million patients in the U.S. are actively seeking treatment for essential tremor [16] - 80,000 prescriptions are written monthly by neurologists for essential tremor, indicating strong demand [14] - 70% of patients have family members also affected by essential tremor, suggesting a broader market potential [19] - **Commercial Strategy**: - The company plans to deploy a robust sales force to effectively reach physicians across the U.S. [21] - Emphasis on mobilizing patients to participate in clinical studies, achieving recruitment rates 5-7 times faster than larger competitors [24] - The launch strategy will include extensive patient messaging and ensuring coverage from payers [27] - **Pricing Strategy**: - Initial pricing discussions suggest a potential range of $40,000 to $60,000 per year for ulixacaltamide, with considerations for patient copay management [43][44] - The company aims to avoid leaving money on the table to ensure continued innovation [41] Regulatory and Development Updates - **NDA Filing**: - The company is on track to file for ulixacaltamide in mid-February 2026, with confidence in meeting regulatory requirements [47][52] - Two NDAs are being filed simultaneously, indicating a significant operational effort [60] - **Emerald Study**: - The EMERALD study for expanding indications in developmental and epileptic encephalopathies (DEE) is progressing well, with expectations for positive outcomes [64][66] - The study is anticipated to finalize in the second half of the year, potentially qualifying for expedited review under the STAR program [67] Financial Position - **Funding**: - The company has approximately $1.5 billion in cash, providing a strong runway to support drug launches and operations through 2028 [90] - **Priority Vouchers**: - The company is eligible for two priority review vouchers, which could enhance its market positioning for rare disease treatments [90] Additional Considerations - **Market Dynamics**: - The company acknowledges the competitive landscape for epilepsy treatments but believes there is ample opportunity for multiple successful products [78] - **Combination Therapies**: - Future treatments may involve combination therapies, particularly for severe cases, indicating a strategic approach to patient care [86] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Praxis Precision Medicines' focus on addressing significant unmet needs in CNS disorders and its proactive approach to market entry and patient engagement.

Summary of Conference Call on GRI Bio Company Overview - **Company**: GRI Bio - **Industry**: Biopharmaceuticals, specifically focusing on treatments for inflammatory, fibrotic, and autoimmune diseases [2][3] Core Points and Arguments Pipeline and Lead Programs - GRI Bio is advancing a pipeline of immune modulators targeting inflammatory, fibrotic, and autoimmune diseases [3] - The lead program, **GRI-0621**, is an oral RAR beta gamma agonist aimed at treating idiopathic pulmonary fibrosis (IPF) [3][4] - A second program, **GRI-0803**, targets regulatory T-cells and is focused on systemic lupus erythematosus (SLE) [15] Phase 2A Study Results - GRI Bio recently reported positive Phase 2A data for GRI-0621 in IPF, a chronic progressive pulmonary disease with a median survival of 3-5 years [4][5] - The study involved 35 subjects, with a 2:1 randomization between active and control arms, and 80% of subjects were on background therapy with approved drugs [5][6] - Primary endpoints were safety and tolerability, with secondary endpoints focusing on biomarkers and exploratory endpoints on lung function [6] Efficacy and Safety - GRI-0621 was found to be safe and well-tolerated, with no overlapping gastrointestinal toxicities compared to standard care [6][7] - Positive trends were observed in biomarkers related to collagen turnover and immunomodulation, suggesting potential disease-modifying activities [8] - Lung function data showed a 95% increase in subjects preserving or increasing forced vital capacity (FVC) and a 60% decrease in subjects experiencing significant decline in FVC [9][14] Comparison with Current Treatments - Current approved drugs for IPF slow disease progression but do not significantly impact survival and have serious side effects, leading to high discontinuation rates [5][17] - GRI Bio aims to not only slow decline but potentially reverse disease progression, indicating true disease-modifying potential [17][19] Future Directions and Partnerships - GRI Bio is preparing for a Phase 2B study and is open to strategic partnerships to support the next stage of development [20] - The company is also advancing the GRI-0803 program, with plans to file an IND for SLE later this year [21] Additional Important Information - The biopharmaceutical market for IPF treatments is substantial, with current drugs generating over $4 billion annually despite their limitations [5] - The company has a library of about 500 proprietary compounds, indicating a robust pipeline for future development [4] - The focus on biomarkers and their correlation with clinical outcomes is a key aspect of GRI Bio's strategy, providing confidence in the potential for meaningful clinical impacts [17]

Summary of Inventiva's Conference Call Company Overview - **Company**: Inventiva (NasdaqGM:IVA) - **Event**: 2026 Conference at Guggenheim's Emerging Outlook Biotech Conference - **Key Speaker**: CEO Andrew Obenshain Industry Context - **Industry**: MASH (Metabolic Dysfunction-Associated Steatotic Liver Disease) - **Market Potential**: The MASH market is evolving with recent clinical successes, including two approvals and a billion-dollar market potential for F2 and F3 patients. The diagnosis rate is increasing, with over 15 million patients in the U.S. and 375,000 addressable patients in F2 and F3 categories [2][10]. Core Points and Arguments - **Clinical Trials**: Inventiva is preparing for a Phase 3 trial readout for lanifibranor, a pan-PPAR agonist targeting F2 and F3 patients. The trial is fully enrolled, and data cleaning is underway [3][8]. - **Market Positioning**: Lanifibranor is expected to be used alongside GLP-1 treatments, with a significant effect size of 18% after 6 months compared to 12% for Rezdiffra after 12 months [11][12]. - **Patient Demographics**: The patient population is split between non-diabetics (40%) and diabetics (60%). Lanifibranor is particularly beneficial for diabetic patients due to its ability to reduce HbA1c levels [10][12]. - **Trial Design**: The NATiV3 study is designed conservatively, allowing for a dropout rate of up to 30%, with current rates below this threshold [13][14]. The trial includes a randomized design with a focus on both fibrosis and steatosis improvement [16][18]. - **Safety and Tolerability**: Lanifibranor is a novel chemical entity designed to mitigate historical safety concerns associated with PPARs. Weight gain is a potential side effect, but 50% of patients experience no weight gain, and 20% have modest gains [30][32]. Additional Important Insights - **Strategic Partnerships**: There is a cautious sentiment in the pharmaceutical industry regarding PPARs due to past experiences. However, positive Phase 3 data could overcome these concerns [41]. - **Future Trials**: Inventiva plans to conduct an F4 outcomes trial with lanifibranor, focusing on patients with portal hypertension [42][43]. - **Cash Runway**: The company has structured its finances to support operations through Q3 2027, with a potential third tranche of funding of EUR 118 million contingent on positive trial data [55]. Conclusion Inventiva is positioned to make significant strides in the MASH market with lanifibranor, backed by a strong clinical trial framework and a clear understanding of market dynamics. The upcoming Phase 3 data will be crucial for the company's future and potential partnerships.

4Q and 12M 2025 FINANCIAL RESULTS Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, our ability to complete customary acquisition closing conditions, those relate ...

Douglas Emmett (DEI) Overview Fully-Integrated Operating Platform ✓ Includes in-house leasing, space planning, legal, construction and design ✓ Major competitive advantage with our small affluent tenants ✓ Lowers operating, G&A, leasing and tenant improvement costs Strong Internal and External Growth ✓ Better long-term rent growth and less volatility than other gateway markets ✓ Our leases benefit from strong 3% to 5% annual rent increases ✓ Strong portfolio growth since IPO: office up 56% and multifamily u ...

Summary of Savara's Conference Call Company Overview - **Company**: Savara - **Focus**: Single asset company specializing in orphan rare pulmonary diseases - **Key Asset**: MOLBREEVI, targeting autoimmune pulmonary alveolar proteinosis (APAP) [3][4] Core Points and Arguments - **Regulatory Progress**: - Resubmitted Biologics License Application (BLA) for MOLBREEVI in December, expecting FDA acceptance soon [3][4] - Anticipates priority review due to Breakthrough Therapy Designation, with PDUFA date projected for August [4] - Plans to file Marketing Authorization Applications (MAAs) in Europe and the UK by the end of Q1 [4] - **Manufacturing Changes**: - Shifted to Fujifilm as the primary drug substance manufacturer after a refusal to file due to manufacturing data issues [5][6] - Alignment achieved with FDA on analytical comparability protocol with Fujifilm [6][8] - **Clinical Data**: - Strong Phase 3 results published in the New England Journal, with DLCO as the primary endpoint showing statistical significance at 24 weeks [9][10] - Key secondary endpoints also demonstrated clinical benefit, including SGRQ and exercise tolerance tests [10][11] - **Market Potential**: - Identified approximately 5,500 diagnosed patients in the U.S., with a goal to confirm 1,000 patients by the end of 2025 [18][19] - Market is concentrated, with top 500 accounts representing about two-thirds of the market [19][20] - **Commercial Strategy**: - Partnering with PANTHERx, a specialty pharmacy, to facilitate product launch and patient access [21] - Ongoing disease awareness campaigns targeting both physicians and patients to increase diagnosis and treatment uptake [24][25] - **Pricing Strategy**: - Pricing corridor established between $400,000 and $500,000 per patient per year, with payers showing willingness to cover under typical prior authorization criteria [32] - **International Plans**: - Plans to commercialize in Europe and the UK independently, with a similar market opportunity as the U.S. [33] - Japan's market strategy remains under evaluation, with potential differences in approach compared to Europe and the UK [35] Additional Important Information - **Patient Awareness**: - Disease awareness campaigns have successfully identified newly diagnosed patients, indicating a potential for higher prevalence than previously estimated [25][27] - **Financial Position**: - Well-funded with $264 million on the balance sheet and potential for $75 million in royalties upon FDA approval [39] - Restructured debt facility allows for up to $150 million in non-dilutive capital upon FDA approval [39] - **Upcoming Catalysts**: - Anticipated updates regarding FDA decision by the end of January, with a focus on maintaining communication with stakeholders [38]

Tenax Therapeutics Conference Call Summary Company Overview - **Company**: Tenax Therapeutics (NasdaqCM:TENX) - **Focus**: Development of levosimendan for heart failure patients with pulmonary hypertension (PH-HFpEF) [4][3] Key Points and Arguments Clinical Trials and Development - **Phase 3 Trial**: Initiated a global Phase 3 trial of levosimendan in heart failure patients with PH, with a recruitment period expected to last two years [4][5] - **First Trial**: Nearing completion of recruitment for a Phase 2 trial in the US and Canada, targeting 230 randomized subjects, with data expected in the second half of the year [4][5] - **Unique Aspects of LEVEL Study**: The LEVEL study tested invasive hemodynamics under exercise conditions, which is unprecedented in this patient population [23][25] Market Opportunity - **Market Size**: Estimated multi-billion dollar commercial opportunity, with over 2 million patients in the US and a similar number in Europe suffering from PH-HFpEF, and no approved therapies available [14][12] - **Intellectual Property**: Strong IP position for levosimendan in treating PH-HFpEF enhances commercial potential [14][12] Drug Mechanism and Efficacy - **Mechanism of Action**: Levosimendan acts as a vasodilator, reducing preload in patients, which is crucial for those with elevated wedge pressure [8][11] - **Clinical Outcomes**: In the Phase 2 trial, patients showed a 29-meter improvement in the six-minute walk test and significant reductions in wedge pressure without changes in cardiac output [11][11] Patient Recruitment and Study Design - **Patient Cohorts**: The trial is recruiting a broad cohort, including both Cpc-PH and Ipc-PH phenotypes, which allows for a larger patient population [17][19] - **Study Duration**: The upcoming trial will last 26 weeks, compared to 12 weeks for the previous study, allowing for more comprehensive data collection [61][63] Safety and Compliance - **Open-Label Extension (OLE)**: Patients transitioning from IV to oral levosimendan showed high acceptance, with 18 out of 19 agreeing to switch to the oral formulation [35][39] - **Patient Feedback**: Positive anecdotal feedback from patients regarding the oral formulation, with improvements noted in KCCQ scores and BNP levels [45][41] Competitive Landscape - **Differentiation**: Tenax's product profile is distinct from competitors, with demonstrated improvements in six-minute walk distance and exercise hemodynamics, and an oral therapy option compared to subcutaneous alternatives [110][112] - **Market Position**: The company believes it has a strong competitive edge due to its broader patient recruitment strategy and unique drug delivery method [112][110] Additional Important Information - **Regulatory Considerations**: The FDA values symptom-addressing data, which could support approval based on KCCQ improvements, although the primary endpoint remains the six-minute walk test [29][32] - **Adaptive Trial Design**: The company implemented a blinded sample size reassessment to ensure adequate power for detecting meaningful changes in the primary endpoint [64][66] This summary encapsulates the critical insights from the Tenax Therapeutics conference call, highlighting the company's strategic direction, market potential, and clinical development efforts.