Exelixis FY Conference Summary Company Overview - Exelixis is a midsized commercial-stage biotech company focused exclusively on oncology, navigating the discovery, clinical, regulatory, and commercial landscape for 25 years [3][4][6] Financial Performance - Q3 2025 net product revenue reached $543 million, primarily driven by success in kidney cancer treatments [4] - Total revenues for the quarter were slightly below $600 million, with global revenues for the brand at $760 million, indicating blockbuster status [5] Product Highlights Cabometyx (Cabo) - Cabo has achieved over 40% market share in new patient starts for kidney cancer, with a 50% quarter-over-quarter growth [4][9] - The company anticipates exceeding $100 million in sales for Cabo in neuroendocrine tumors (NET) for the full year [7] - 80% of the NET prescriber population has previously used Cabo, indicating strong familiarity and confidence in the product [12] Zanzalintinib (Zanza) - Zanza is positioned as a key pipeline product, with positive data recently presented at ESMO for colorectal cancer [14][17] - The potential market opportunity for Zanza in the U.S. is estimated at $1 billion, with expectations for growth as therapies improve [18] - The company plans to initiate a post-chemo adjuvant study (STELLAR-316) early next year, targeting high-risk patients post-surgery [18][24] Strategic Initiatives - Exelixis aims to build a pipeline of franchise molecules, leveraging the success of Cabo to develop additional products [5][19] - The company is expanding its salesforce to enhance its presence in the gastrointestinal (GI) space, anticipating the launch of two drugs in successive years [9][11] - The focus is on creating value for patients and shareholders through disciplined expense management and strategic investments in marketing and sales [6][11] Market Dynamics - The competitive landscape for colorectal cancer treatments is evolving, with physicians showing interest in non-chemotherapy regimens [16][17] - Exelixis is exploring partnerships, such as with Merck for a Zanza-Belzutifan combination, to enhance its competitive positioning in renal cell carcinoma (RCC) [31][34] Future Outlook - The company is optimistic about its growth trajectory, aiming to increase its market share and expand its product offerings across various oncology indications [19][30] - Upcoming R&D day is expected to provide further insights into the company's pipeline and strategic direction [35]

Bio-Techne Conference Call Summary Company Overview - **Company**: Bio-Techne (NasdaqGS: TECH) - **Date**: November 10, 2025 - **Key Speakers**: Kim Kelderman, Jim Hippel, Dave Clair Key Points Financial Performance - **Organic Growth**: The company reported a negative 1% organic growth in the top line, primarily due to a $7 million impact from larger orders in GMP proteins not repeating year over year [3][10] - **EBITDA Margins**: The EBITDA margin stood at 29.9%, indicating strong operational performance despite headwinds [6] Market Dynamics - **Pharmaceutical Market**: Continued to show double-digit growth, with positive trends in funding and deal activity [4] - **Academic Market**: Flat performance, but core business showed strength [4] - **Regional Performance**: - **Europe**: Mid-single digit growth as expected [4] - **U.S.**: Negative low single digits, but showing improvement [4] - **China**: Two consecutive quarters of growth, indicating a positive trend [4] Business Segments - **Core Business**: Flat performance, recovering from previous quarters [5] - **Growth Verticals**: - **Gene Therapy**: Added numerous customers in cell therapy [5] - **Protein Analytics**: Mid-single digit growth [5] - **Molecular Diagnostics**: Mid-single digit growth, with a significant 34% growth in the same quarter last year [5] GMP Proteins - **Customer Concentration**: Two major customers accounted for a significant portion of GMP protein revenue, with a $12 million headwind expected in the next quarter [16] - **Market Conditions**: The biotech market showed improvement, moving from negative 30% to negative 19% [11] Product Innovations - **New Product Introductions**: Strong pipeline of new products across various lines, including ELA and Western Blot instruments, expected to drive future growth [32][33] - **Organoid Market**: The organoid business is projected to grow significantly, with a current estimated revenue of $50 million and a CAGR of 20% [51][52] Future Outlook - **Growth Projections**: The company anticipates low single-digit growth for the year, with expectations for improvement in the second half due to easing headwinds and market stabilization [55][59] - **China Market**: Optimism about sustained growth in China, with a focus on gradual recovery [60][61] Margin Expansion Opportunities - **Divestitures**: The divestiture of Exosome and exiting low-margin businesses like fetal bovine serum are expected to enhance margins [62] - **Operational Efficiency**: Ongoing efforts to optimize manufacturing and improve collaboration across business units are anticipated to drive margin improvements [63][64] Conclusion - Bio-Techne is navigating a challenging market environment with a focus on innovation, customer acquisition, and operational efficiency. The company is optimistic about future growth, particularly in the organoid and cell therapy markets, while managing the impacts of customer concentration and market fluctuations.

Summary of Alnylam Pharmaceuticals Conference Call Company Overview - **Company**: Alnylam Pharmaceuticals (NasdaqGS:ALNY) - **Event**: UBS Healthcare Conference - **Date**: November 10, 2025 Key Highlights from the Conference Call Financial Performance - **Third Quarter Earnings**: Alnylam reported $300 million in cardiomyopathy (CM) revenue for Q3, doubling the $150 million from Q2, leading to an upgraded full-year guidance by $275 million [6][11][24] - **Five-Year Goals**: The company has achieved its five-year goals set for 2025, including: - 500,000 patients on RNAi therapeutics - Six commercial products launched - 20 clinical programs - 40% compound annual growth rate (CAGR) in top-line growth - Non-GAAP profitability [10][11] Product Launch and Market Dynamics - **Cardiomyopathy Launch**: The launch has seen strong early momentum, with successful access to 170 health systems and first-line access to payers, primarily in a Medicare population (80%) [15][18][29] - **Pricing Strategy**: Alnylam anticipates a mid-single-digit year-over-year price decline for the TTR business in 2025, while volume growth is expected to offset the price decline [24][26] Pipeline and Future Goals - **2030 Goals**: The company plans to announce new goals at the JPMorgan conference, focusing on TTR leadership, pipeline progression, and financial profile evolution [12][14] - **Next-Generation Products**: Zilebesiran is expected to achieve over 95% TTR reduction with a twice-annual dosing regimen, with ongoing studies in both cardiomyopathy and hereditary polyneuropathy [32][33] Competitive Landscape - **Market Positioning**: Alnylam is focused on first-line positioning against competitors, with expectations of expanding the market pie rather than just taking market share [30][45] - **Combination Therapy**: The company is preparing for a potential shift towards combination therapies as Tafamidis goes generic, leveraging data from ongoing studies [45][46] Early-Stage Pipeline - **Mivelsiran**: Targeting amyloid precursor protein for Alzheimer's and cerebral amyloid angiopathy, with promising early results [48][49] - **Huntington's Disease**: The company is optimistic about its differentiated approach targeting both full-length and variant proteins [50][52] - **ALN-6400**: Aiming to be a universal hemostatic agent, with initial focus on hereditary hemorrhagic telangiectasia [54] Additional Insights - **Value-Based Agreements**: Alnylam has implemented value-based agreements with payers to ensure patient compliance and reduce costs associated with non-compliance [29] - **Patient Enrollment**: The company is confident in its ability to enroll patients in ongoing studies without significant impact from competitive dynamics [36] This summary encapsulates the key points discussed during the conference call, highlighting Alnylam Pharmaceuticals' financial performance, product launches, pipeline developments, and strategic positioning in the market.

Incyte FY Conference Summary Company Overview - **Company**: Incyte (NasdaqGS: INCY) - **Date of Conference**: November 10, 2025 Key Industry Insights Hematology and Oncology Focus - Incyte is primarily identified as a hematology company, focusing on myeloproliferative neoplasms (MPNs) with three targeted therapies in mid to late stages of development [4][5] - The company aims to transition from nonspecific symptomatic therapies to mutation-specific targeted therapies, which is expected to be a significant growth driver [4][5] R&D Capabilities - Incyte's R&D organization is described as high-quality and efficient, with a focus on fewer, higher-quality investments rather than diffuse spending [5][6] - The company plans to streamline costs while ensuring critical initiatives are funded adequately [5][6] Pipeline Opportunities Jakafi and Antibody Product Candidate 989 - Jakafi remains a leading JAK inhibitor, but the antibody product candidate 989 is positioned as a potential superior alternative for essential thrombocythemia (ET) and myelofibrosis (MF) [9][10] - The commercial opportunity for 989 in ET is estimated at $5 billion, while in MF, it is projected at $2.5 billion, with expectations of capturing significant market shares [11][12] Clinical Data and Future Trials - Phase one data for 989 shows promise in normalizing platelet counts and improving symptoms in ET and MF patients [13][14] - A phase three program for 989 is expected to start in mid-2026, with more data to be presented at the upcoming ASH meeting [10][11][14] Collaboration and Development Strategy - Incyte has partnered with Enable Injections to develop a subcutaneous formulation of 989, aiming to enhance patient convenience and adherence [21][23] - The acquisition of a JAK2 selective inhibitor is part of a broader strategy to provide comprehensive treatment options for MPNs [26][28] Inflammatory Portfolio Povorcitinib - Povorcitinib is being developed for immune-mediated skin conditions, with a focus on hidradenitis suppurativa (HS) [29][30] - The drug shows rapid pain relief and significant skin clearance rates, with potential to capture a substantial market share [31][33] Commercial Synergies - Incyte aims to leverage existing infrastructure from its Opzelura product to create commercial synergies with Povorcitinib, enhancing operational efficiency and market reach [34] Financial Performance and Growth Projections Opzelura - Opzelura has shown strong growth, with a reported 30% increase in revenue compared to the previous year, and is projected to reach peak sales of $1.5 billion in atopic dermatitis (AD) alone [36][37] Nectimbo - Nectimbo is off to a strong start in the GVHD market, with annualized sales expected to approach $200 million by year-end [40] - The product is primarily used in third-line therapy, with ongoing studies to demonstrate its utility in combination with Jakafi [41][43] Conclusion - Incyte is strategically positioned in the hematology and oncology sectors, with a robust pipeline and a focus on targeted therapies. The company is actively pursuing collaborations and acquisitions to enhance its product offerings and market presence, while also demonstrating strong financial growth across its portfolio.

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $141.4 million, an increase of 25.4% year-over-year, driven by strong student start growth [28] - Net income for the quarter was $3.8 million, compared to $4 million in the prior year, while adjusted net income increased to $6.3 million, or $0.20 per diluted share, representing a 54.9% increase [31] - Adjusted EBITDA grew by 65.1% to $16.9 million, up from $10.2 million last year, highlighting operational leverage [30] Business Line Data and Key Metrics Changes - Student starts for the quarter were approximately 6,400, reflecting a 6% growth, primarily in skilled trades, which saw an 11.8% increase in starts [28][29] - Healthcare and Other Professions programs experienced a 13.7% decline in starts, attributed to the discontinuation of smaller non-core programs [29][30] - Average student population grew nearly 20%, with an ending population of about 18,200 compared to 15,600 in the prior year [28] Market Data and Key Metrics Changes - The company opened new campuses in East Point, Georgia, and Houston, Texas, contributing to strong start growth [7][10] - The new Rowlett, Texas campus is expected to open in early 2027, with a capacity for over 1,600 students [11] - The healthcare segment, while facing challenges, is expected to grow with the re-enrollment of students in the Paramus Nursing program starting January 2026 [15][22] Company Strategy and Development Direction - The company is focused on expanding its presence in skilled trades, with plans for new campuses and program expansions [10][12] - The Lincoln 10.0 hybrid teaching platform is enhancing instructional efficiencies and organizational productivity [9][30] - The company aims to achieve $25 million-$30 million in annualized revenue and $7 million-$10 million in EBITDA for new campuses by their fourth year of operation [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for skilled trade training, driven by economic factors and government actions impacting student loans [10][20] - The company is optimistic about achieving its revised financial targets for 2027, projecting revenue exceeding $600 million and adjusted EBITDA over $90 million [36][37] - Management noted that the current operating environment has not negatively impacted the business, despite challenges faced by competitors [20][60] Other Important Information - The company is exploring corporate development activities, including acquisitions and joint ventures, to enhance its growth strategy [17] - The focus on high school outreach programs is expected to increase enrollment from high school students [16][24] - The company plans to host an investor analyst day at its new Nashville campus in March 2026 [26] Q&A Session Summary Question: Clarification on 2026 adjusted EBITDA guidance - The adjusted EBITDA guidance for 2025 includes approximately $10 million in pre-opening costs, and the expectation for 2026 is to exceed the $90 million target even without those add-backs [38][39] Question: Drivers of strong performance in Q3 - The strong performance was driven by robust student interest and the success of new campuses and programs, with a forecast of 15%-20% growth in Q4 starts [40][41] Question: Timeline for expanding RN programs - The process to offer RN programs is state-by-state and could take 12 to 48 months, with applications already submitted in several states [42][43] Question: Clarification on 2027 revenue guidance - The new guidance of exceeding $600 million in revenue includes contributions from all announced campuses, including Rowlett [44] Question: Future growth expectations in healthcare - The core healthcare programs, LPN and medical assisting, are expected to continue growing, especially with the reopening of the Paramus campus [45][46] Question: Military enrollment statistics - Currently, military students represent about 5-6% of total enrollment, primarily utilizing GI Bill benefits [58][59]

Summary of Dyne Therapeutics FY Conference Call Company Overview - **Company**: Dyne Therapeutics (NasdaqGS:DYN) - **Industry**: Biotechnology, focusing on neuromuscular diseases such as Duchenne Muscular Dystrophy (DMD), Myotonic Dystrophy Type 1 (DM1), and Facioscapulohumeral Muscular Dystrophy (FSHD) [3][4] Key Points and Arguments Market Validation and Competitive Landscape - Recent acquisition in the biotechnology space is seen as a validation of the therapeutic areas Dyne is targeting, particularly DMD, DM1, and FSHD [3][4] - The approach using TfR1 receptor is highlighted as a next-generation method compared to competitors like Avidity, which uses a monoclonal antibody approach [3] DMD Program Insights - Dyne's upcoming DMD data is anticipated to be released in December, with expectations of significant functional improvements based on previous data [5][6] - Dyne 251 has shown dystrophin levels approximately 10 times higher than Eteplirsen, with non-muscle-adjusted dystrophin levels at 3.7% and muscle-adjusted at 8.7% [5][8] - The FDA's accelerated approval (AA) for DMD is supported by the high levels of dystrophin observed, which are critical for regulatory considerations [8] Safety Monitoring - Dyne is actively monitoring safety in real-time during the study, with no significant changes reported since the last update in March [9][10] Enrollment and Operational Challenges - The DM1 program has faced delays in enrollment, particularly in Europe, but corrective actions have been taken to add more sites and increase patient capacity [21][24] - Current enrollment is approximately 50% complete, with ongoing efforts to expedite the process [26] Market Opportunity - In the U.S., there are about 1,600 DMD patients, with an estimated 400-500 currently on Eteplirsen. There is potential for rapid switching to Dyne's treatment due to the convenience of a once-every-four-weeks administration [17][18] - There is a significant market of patients who have not pursued existing treatments, presenting an opportunity for Dyne to capture this demographic [18] Clinical Endpoint Strategy - Dyne aims to define clinically meaningful endpoints for their phase three trials, focusing on features that matter to patients, such as CNS-related outcomes and functional abilities [34][35] Cost Structure and Financial Considerations - Dyne's cost structure is influenced by the preparation for launching two drugs and conducting two phase three trials, leading to higher costs compared to competitors [41][42] Future Outlook - Dyne is optimistic about the upcoming DMD data and is working diligently to meet enrollment targets for DM1, with guidance suggesting early Q2 for further updates [25][38] Additional Important Insights - The MDHI (Myotonic Dystrophy Health Index) shows significant improvement in patient-reported outcomes, indicating potential benefits for CNS-related issues [32] - Dyne's technology is noted for its ability to penetrate the CNS, which could be crucial for addressing the needs of patients with CNS-related symptoms [33] This summary encapsulates the key discussions and insights from the Dyne Therapeutics FY Conference Call, highlighting the company's strategic positioning, clinical developments, and market opportunities in the biotechnology sector.

Third Quarter 2025 Results November 10, 2025 Q3 2025 RESULTS │ 1 Agenda Today's Speakers Mark Hill Group COO & Interim President and CEO Graham Shuttleworth Senior EVP & CFO Q3 2025 RESULTS │ 2 Q3 2025 Highlights 1 2 Safety & Health 3 Operational Highlights 4 Group Financial Highlights 5 Capital Allocation 6 Regional Results 7 2025 Guidance 8 Q&A Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this presentation, including any information as t ...

Summary of Spyre Therapeutics FY Conference Call Company Overview - **Company**: Spyre Therapeutics (NasdaqGS:SYRE) - **Date**: November 10, 2025 - **Focus**: Development of biologic therapies for inflammatory bowel disease (IBD) and rheumatic diseases Key Points IBD Development Strategy - Spyre is conducting two major phase two trials: the **Skyline Study** for IBD and the **Skyway Study** for rheumatic diseases [2][4] - The Skyline Study focuses on three biologic targets: **alpha-4 beta-7**, **TL1A**, and **IL-23**, with long-acting versions expected to be administered quarterly or biannually [2][3] - The company believes these long-acting antibodies could exceed the efficacy of first-generation therapies in the IBD market [2][3] Combination Therapies - Spyre is exploring combination therapies in IBD, testing pairwise combinations of the three antibodies [3] - The company asserts that their long-acting combinations are uniquely differentiated in the market [3][9] - The Skyline Study will include both monotherapy and combination therapy assessments, with an emphasis on objective measures of efficacy [11][12] Clinical Trial Details - The Skyline Study consists of approximately **100 patients** across three cohorts, with each arm having over **30 patients** [15] - Initial readouts are expected to focus on induction efficacy at **week 12**, with further data on maintenance to follow [13][12] - Enrollment is anticipated to include a **50/50 mix** of naive and refractory patients [18][29] Market Potential - The IBD market is projected to be around **$30 billion**, with Spyre aiming to develop leading products in this space [44] - A **10 percentage point delta** in clinical remission compared to existing therapies is considered a significant market shift [32][33] Rheumatic Diseases - The Skyway Study targets three rheumatic diseases: **rheumatoid arthritis**, **psoriatic arthritis**, and **axial spondyloarthritis** [4][39] - Spyre believes its TL1A molecule has advantages over competitors, with a cleaner safety profile and improved dosing convenience [37][38] Financial Position - Spyre recently raised approximately **$300 million**, bringing its total cash reserves to nearly **$800 million**, sufficient to fund operations for over a year [49] Competitive Landscape - The company is closely monitoring competitors like J&J and Roche, particularly regarding their combination therapy studies [43][23] - Spyre's approach to combination therapies is seen as more favorable compared to competitors that mix different dosing intervals [9][27] Future Outlook - Six readouts are expected next year from both IBD and rheumatic disease trials, with the potential for significant market impact if results are favorable [5][41] - The company is open to partnerships for certain products based on trial outcomes [44] Risks and Challenges - The development of biospecific therapies is viewed as riskier compared to Spyre's co-formulation approach, particularly concerning immunogenicity [46][47] Conclusion Spyre Therapeutics is positioned to make significant advancements in the treatment of IBD and rheumatic diseases through its innovative biologic therapies and combination strategies. The upcoming clinical trial readouts and the company's strong financial position suggest a promising outlook for future growth and market presence.

Summary of Absci's Healthcare Innovation Conference Call Company Overview - **Company**: Absci - **Industry**: Biopharmaceuticals, specifically focusing on generative AI drug creation and antibody development - **Key Personnel**: Sean McClain (CEO), Zach Johansson (CFO and CBO) [1][2] Core Technology and Strategy - Absci originally focused on protein-protein interactions and has evolved to utilize generative AI for drug creation, particularly antibodies [3][4] - The company aims to target hard-to-drug biological targets, such as GPCRs and ion channels, leveraging their technology to create first-in-class and best-in-class assets [5] Lead Programs ABS-201 - **Target**: Prolactin receptor - **Indications**: - Androgenic alopecia (common baldness affecting 80 million Americans) - Endometriosis (to be discussed in future updates) [6][7] - **Mechanism**: Blocking the prolactin receptor can transition hair follicles from a catagen state (apoptosis) to an active growth state, showing superior efficacy compared to minoxidil in preclinical studies [6][10] - **Clinical Timeline**: - First participant dosing expected in December 2023 - Proof of concept readout anticipated in the second half of 2024 [6][13] Market Opportunity - The hair regrowth market is seen as a significant opportunity, with patients willing to pay out of pocket for effective treatments [7][10] - Current treatments like minoxidil and finasteride have limitations, including side effects and lack of condition modification [10][11] - The proposed treatment could provide long-lasting results with just two to three injections, potentially offering benefits for up to three years [11][17] Competitive Landscape - The hair regrowth market has seen little innovation, primarily dominated by finasteride and minoxidil [10] - Absci's approach is condition-modifying, which could differentiate it from existing treatments [11] - The company plans to engage both physicians and direct-to-consumer strategies for commercialization [17][18] Financial Position - As of Q2, Absci had approximately $117.5 million in cash and equivalents, with an additional $64 million raised in July 2023 [42][43] - The current financial runway extends into the first half of 2028, allowing for the advancement of multiple programs [42] Upcoming Catalysts - Key upcoming events include: - Large pharma partnership announcement in the near term - Entry into the clinic with ABS-201 in December 2023 - Interim readout on the alopecia trial in the second half of 2024 [44] Additional Insights - The company is exploring other indications and potential partnerships, particularly in inflammatory bowel disease (IBD) [31][32] - There is a focus on safety and efficacy, with ongoing discussions about the mechanism of action and potential side effects of blocking the prolactin receptor [23][24] Conclusion Absci is positioned to make significant advancements in the biopharmaceutical industry with its innovative approach to drug development, particularly in the hair regrowth market. The upcoming clinical trials and potential partnerships could enhance its market presence and financial stability.

Financial Data and Key Metrics Changes - The company reported distributable earnings (DE) of $1.49 per share and GAAP net income of $0.19 per share, with lower GAAP earnings impacted by $0.04 of depreciation and $0.03 of dilution from new acquisitions [5][6] - Total assets reached a record $29.9 billion at quarter-end, reflecting a strong diversification across business lines [6][12] - The company ended the quarter with $2.2 billion of total liquidity and maintained a stable debt-to-undepreciated equity ratio of 2.5 times [12][13] Business Line Data and Key Metrics Changes - Commercial and residential lending contributed $159 million of DE, with commercial lending originating $1.4 billion of loans [6][10] - The property segment, including the new net lease platform, reported DE of $28 million, with the acquisition of Fundamental Income Properties contributing $10 million of DE for the partial quarter [8][9] - Infrastructure lending saw a record commitment of $791 million, maintaining a steady portfolio balance of $3.1 billion [11][12] Market Data and Key Metrics Changes - The company noted improving stability in credit market performance, with expectations for rates to fall into the low 3% range by late 2026 [14][15] - The U.S. office exposure decreased to 8% of total assets, down from 9% in the previous quarter [17] - The multifamily market is experiencing a bifurcated recovery, with significant variations in rent growth across different cities [49][50] Company Strategy and Development Direction - The company aims to leverage its diversified business model to maintain flexibility and durability in various market conditions [15][20] - The acquisition of Fundamental is seen as a strategic move to enhance long-term growth, despite short-term dilution [24][25] - The focus remains on scaling the new net lease business and enhancing recurring cash flow through long-term leases [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, anticipating a normalization of earnings as new investments are deployed [5][35] - The company expects to navigate through current challenges and emerge with stronger fundamentals by 2026 [28][29] - Management highlighted the importance of maintaining a fortress balance sheet to capitalize on future opportunities [30][31] Other Important Information - The company executed $3.9 billion of capital markets transactions, including term loan repricings and high-yield issuances, which improved the average corporate debt maturity to 3.8 years [13] - The company is investing in technology and artificial intelligence to enhance operational efficiency and decision-making [22] Q&A Session Summary Question: Near-term DE expectations and dividend coverage - Management indicated that earnings are expected to ramp up steadily, with a focus on deploying capital effectively [34][35] Question: Credit migration and reserve building - Management noted that while some loans have been downgraded, they do not expect significant losses and are closely monitoring the situation [36][38] Question: REO and non-accruals resolution timeline - A three-year plan is in place to resolve REO and non-accruals, with expectations for a steady cadence of dispositions [41] Question: Multifamily market outlook - Management expressed cautious optimism for the multifamily sector, anticipating a drop in supply and potential rent increases in 2026 [49][50] Question: Competition and market dynamics - Management acknowledged increased competition in the market but emphasized their strong origination pipeline and ability to maintain trend returns [59][64]