Financial Data and Key Metrics Changes - Consolidated revenues for Q2 FY2025 increased by 23% to $187.1 million compared to $151.5 million in the prior year [14] - Net earnings for the quarter increased by 47% to $26.6 million or $2.44 per diluted share, compared to $18.1 million or $1.64 per diluted share in the prior year, marking the highest quarterly net earnings in the company's history [15] Business Segment Data and Key Metrics Changes - Irrigation segment revenues increased by 11% to $148.1 million compared to $133 million in the prior year, with North America Irrigation revenues decreasing by 7% to $77.1 million [16] - International Irrigation revenues increased by 42% to $71 million, driven by large projects in the MENA region [17] - Infrastructure segment revenues more than doubled to $38.9 million from $18.5 million in the prior year, primarily due to the completion of a large Road Zipper project valued at over $20 million [19] Market Data and Key Metrics Changes - In North America, no meaningful improvement in market conditions is expected in the near term, with USDA forecasting a 29% increase in net farm income primarily due to higher government support payments [9] - Internationally, particularly in developing regions, continued growth is expected driven by project activity focused on food security and water resource conservation [10] Company Strategy and Development Direction - The company is focused on growing its Road Zipper system leasing business for a higher and more stable margin profile [7] - A comprehensive action plan has been implemented to address potential cost impacts from tariffs, including supplier negotiation and strategic inventory placement [12] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the Road Zipper project sales pipeline despite challenges in predicting the timing of large projects [6] - The company anticipates stable demand for irrigation equipment in the second half of FY2025, pending significant storm damage activity [9] Other Important Information - Total available liquidity at the end of Q2 was $236.7 million, including $186.7 million in cash and equivalents [20] - The company is evaluating the potential impact of additional or retaliatory tariffs and has a structure in place to react quickly [12] Q&A Session Summary Question: Insights on international revenue recognition timing - The company shipped more of the large project than originally anticipated, but this does not affect expectations for future quarters [26] Question: Details on tariff exposure and actions - The biggest impact is expected on the Irrigation business, with a marginal increase in cost of goods projected [30][32] Question: Margin performance in the Irrigation segment - Margins in North America remained comparable to last year, with volume leverage from international projects helping to offset gross margin dilution [38][40] Question: Impact of tariffs on agricultural economy - Potential disruptions in US agricultural exports could impact pricing and customer sentiment, but government support is expected if needed [45][46] Question: Pricing expectations in the domestic irrigation market - The company has already taken pricing actions based on increased steel costs and believes it can pass these costs along to customers [53][54] Question: Potential benefits of retaliatory tariffs for investment in Brazil - The company is positioned to react quickly to any increase in demand in Brazil, leveraging its global footprint [56][57]

Financial Data and Key Metrics Changes - In Q3 2025, net sales increased by 4% year-over-year, with volume growth of 9% primarily due to recovering from the previous year's ERP transition and new customer contracts [26][12] - Adjusted EBITDA grew by 6% to $364 million, driven by higher sales volumes and lower manufacturing costs [31][32] - Price mix declined by 5% compared to the prior year due to competitive pricing strategies [27][28] Business Line Data and Key Metrics Changes - North America net sales grew by 4%, with volume improving by 8%, although offset by soft restaurant traffic trends [27][28] - International segment sales increased by 5%, with volume up by 12%, despite weak restaurant traffic in key markets [30] - Adjusted EBITDA for North America increased by $15 million to $301 million, while the international segment saw a decline of $8.5 million to $93 million [34] Market Data and Key Metrics Changes - QSR traffic in North America declined by 2%, with hamburger chains experiencing a 6% drop in February [28][29] - The company anticipates a mid-single-digit percent decline in potato prices for the 2025 crop in North America, with flat prices expected in Europe [19][20] Company Strategy and Development Direction - The company is focusing on a value creation plan with the help of Alex Partners to optimize operations and drive growth [9][10] - A restructuring plan is in place to achieve at least $55 million in pre-tax savings for fiscal 2025 [12][51] - The company aims to enhance customer relationships and innovate product offerings to meet evolving market demands [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macroeconomic environment and consumer uncertainty, which is impacting restaurant traffic [13][18] - The company expects continued pressure on pricing and margins due to competitive dynamics and inflationary costs [44][45] - Despite these challenges, management remains optimistic about long-term growth opportunities through customer engagement and operational efficiencies [53][54] Other Important Information - The company ended Q3 with approximately $1.1 billion in liquidity and a net debt of $4.2 billion, maintaining a leverage ratio of 3.4 times [35][36] - Capital expenditures for the year are projected to be $750 million, down from the previous year [38] Q&A Session Summary Question: Impact of crop prices on QSR contract negotiations - Management indicated that customer contract negotiations will begin in the summer, and while potato prices are expected to decline, other inflationary costs will also impact negotiations [57][58] Question: Opportunities with Alex Partners - The focus is on cost savings, productivity, and a data-driven approach to identify growth opportunities across the P&L [61][63] Question: Gross margin expectations for Q4 - Management explained that higher fixed cost absorption and other input costs will pressure gross margins, with a forecasted decline of around 700 basis points [69][71] Question: Connell plant future plans - The company has decided not to sell the Connell plant and is conducting a strategic review of other options [100][101] Question: Weakness in QSR traffic - Management attributed the decline in QSR traffic to macroeconomic uncertainty and is monitoring demand signals closely [108][109] Question: Changes in QSR operations and competitive threats - The company is adjusting contract schedules and is open to new ideas as customers seek to drive traffic to their restaurants [138][139]

Financial Data and Key Metrics Changes - Total revenue increased by 23% year over year to $22.4 million, with a 5% organic growth excluding contributions from adaptive learning and insights and medical communication business units [7][18] - Diluted EPS was 15 cents, adjusted diluted EPS was 31 cents, and adjusted EBITDA was $6.6 million, or 29% of revenue [7][27] - Total gross margin for the quarter was 59%, down from 72% in the prior year, primarily due to increased costs of revenues [24][27] Business Line Data and Key Metrics Changes - Software revenue grew by 16% in the second quarter, representing 60% of total revenue, while services revenue increased by 34%, accounting for 40% of total revenue [18][24] - The quantitative systems pharmacology (QSP) business unit saw revenue surge by 89%, driven by a model license for atopic dermatitis [12][19] - Clinical pharmacology and pharmacometrics (CPP) business unit revenues grew by 9%, while physiologically-based pharmacokinetics (PBPK) software revenue grew by 1% [13][22] Market Data and Key Metrics Changes - The company ended the quarter with a backlog of $20.4 million, up 18% compared to the first quarter and up 13% year over year [17][24] - Renewal rates for software customers remained strong at 90% based on fees and 84% based on accounts [20][22] Company Strategy and Development Direction - The company is focused on ramping up its Alley and MC business units, expanding cross-selling opportunities, and targeting an adjusted EBITDA margin of 35% to 40% [33][30] - The management emphasized a disciplined approach to executing effectively in challenging environments while being prepared to capitalize on any increase in customer spending [10][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains cautious, with customers taking a cost-conscious approach to spending [7][29] - The company reaffirmed its fiscal year 2025 guidance, expecting total revenue between $90 million to $93 million, with year-over-year growth of 28% to 33% [31][33] Other Important Information - The increase in total operating expenses was 46% of revenue compared to 48% last year, with R&D expenses at 10% of revenue [25][26] - The company ended the quarter with $21.4 million in cash and short-term investments, remaining well-capitalized with no debt [28] Q&A Session Summary Question: Can you talk about the software organic revenue growth and the fee renewal rate decline? - Management indicated that software organic growth was 8% excluding proficiency software contribution, and the renewal rate declined due to one large account renewal that occurred after the quarter [38][39] Question: How do you reconcile good software growth with clients being slow to start new projects? - Management explained that while clients are cautious with service budgets, they continue to invest in software infrastructure, leading to strong software performance [42][43] Question: What are your thoughts on tariffs affecting the biopharma sector? - Management acknowledged that while tariffs could impact global pharma businesses, the drug development approval process is primarily funded through fees, which mitigates some risks [47][48] Question: Can you provide more color on the services side and cross-selling opportunities? - Management noted that proficiency and medical communications had good contributions, with a focus on expanding existing client relationships through cross-selling [55][57] Question: How should we think about the timing of deliverables for the PBPK partnership? - Management indicated that the project extends over 12 months, with a six-month engagement process prior to the agreement [90] Question: How do you see the impact of FDA disruptions on biosimulation adoption? - Management stated that while FDA disruptions are distracting, they do not believe it will significantly slow down the adoption of biosimulation [81][82]

Financial Data and Key Metrics Changes - Q4 2024 global total revenue reached $58.6 million, a 29% increase compared to Q4 2023, marking the best fourth quarter since Q4 2019 [9] - Q4 2024 global operating income was $1.5 million, up $8.5 million or 122% from a loss of $7 million in Q4 2023, representing the first positive operating income since Q4 2019 [9] - Q4 2024 adjusted EBITDA increased over 400% to $6.8 million from a negative $2.2 million in Q4 2023, the highest fourth quarter EBITDA since Q4 2019 [9] - For the full year 2024, total revenue was $210.5 million, a 5% decrease from 2023, with a global operating loss of $14 million, up 17% from the previous year [14][56] Business Line Data and Key Metrics Changes - Global cinema revenue in Q4 2024 was $54.6 million, a 30% increase from Q4 2023, representing just under 84% of pre-pandemic Q4 2019 levels [9] - Global real estate revenues in Q4 2024 were $5.2 million, a 14% increase over Q4 2023, with operating income rising 148% to $1.4 million [12][46] - The U.S. cinema revenue increased by 24% to $29.3 million in Q4 2024, the highest since Q4 2019, while the full-year U.S. cinema revenue decreased by 12% to $99.9 million [35][38] Market Data and Key Metrics Changes - Australian cinema revenue increased 37% to $21.4 million in Q4 2024, with operating income rising 254% to $1.7 million [41] - New Zealand cinema revenue increased 53% to $3.8 million in Q4 2024, with operating income increasing 228% to $504,000 [41] - The occupancy rate of the third-party tenant portfolio in Australia/New Zealand was 96% [12] Company Strategy and Development Direction - The company aims to reduce debt as a top priority for 2025 while planning upgrades for at least four theaters [74] - Management is assessing the global real estate portfolio to identify assets for sale to generate liquidity for debt repayment [16] - The focus remains on curating original series and programming compelling content to engage audiences and boost ticket sales [26] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the 2023 Hollywood strikes and the impact on the first part of 2024, but expressed optimism for the remainder of 2025 with an exciting film lineup [23] - The company expects the first quarter of 2025 to be disappointing compared to last year due to a softer film slate, but anticipates improvements later in the year [23] - Management highlighted the importance of recalibrating occupancy costs with landlords to reflect current attendance levels [34] Other Important Information - The company sold its Culver City office building for $10 million, which will reduce interest expenses [16] - The real estate division's operating income in Q4 2024 was the best since Q3 2019, driven by improved live theater operations and rent revenue [46][49] - The company is working on monetizing additional real estate assets, including properties in Wellington and Cannon Park [50][51] Q&A Session Summary Question: What are your capital allocation priorities for 2025? - The highest priority is to reduce debt while planning upgrades for theaters, subject to box office performance [74] Question: What are the recent underperforming theater closures and expected savings? - One U.S. cinema will close in April 2025, expected to save $500,000 to $1 million annually; another small theater in New Zealand closed with expected savings of $100,000 to $200,000 [76][77] Question: Is the Australian cinema development project in Noosa still on track? - The project is still in planning phases, with an expected opening pushed to 2027 [80] Question: Why did the company fail to engage with investors in 2024? - Discussions are underway to fulfill commitments for non-deal roadshows in 2025 and participation in a microcap virtual conference [82]

Financial Data and Key Metrics Changes - Preliminary first quarter 2025 revenue was $37.9 million, up 28% year-over-year but down 6% sequentially from Q4 2024 [18] - Sold 73 LDDs, up 11% year-over-year but down 12% from Q4 2024 [18] - Sold 27,579 LALs, up 36% year-over-year but down 5% sequentially from Q4 2024 [19] - Revised revenue guidance for 2025 from $185 million to $197 million down to $160 million to $175 million, reducing implied growth from 32%-41% to 14%-25% [19] - Gross margin guidance remains unchanged at 71%-73% [20] Business Line Data and Key Metrics Changes - LDD installed base reached 1,044 units, up 43% year-over-year and 8% sequentially [18] - LALs per LDD per month saw a year-over-year drop, indicating a decline in same-store sales [10][11] Market Data and Key Metrics Changes - The premium IOL market has weakened, impacting LAL sales and leading to a decline in procedure volumes [10][14] - The overall premium IOL market has been less sensitive to macroeconomic trends compared to other procedures like LASIK [11][12] Company Strategy and Development Direction - The company is focusing on refining clinical education and practice adoption programs to address procedural declines [15] - Plans to support new customer business models that offer centralized third-party light treatment options [16] - European regulatory approval for LDD and LAL has been achieved, with a focus on building clinical expertise in Europe [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need to reset 2025 guidance due to macroeconomic headwinds and competitive product launches [17] - Confidence remains in the long-term opportunity to reshape the premium IOL market despite current challenges [17][22] Other Important Information - Customer satisfaction is at an all-time high of 97%, indicating strong support for the company's technology [22] - Noncash stock-based compensation expense is projected to increase due to higher-than-anticipated option grants [21] Q&A Session Summary Question: Guidance and underlying assumptions - Management indicated that the lack of significant increase in LAL procedures in March impacted guidance, reflecting a change in expected sales [26] Question: Components of the miss in Q1 - Management noted a confluence of factors including macroeconomic conditions and competitive product launches as contributors to the Q1 miss [32] Question: Utilization rates by cohort - Management confirmed that utilization rates have been consistent across cohorts, with no major disparities noted [38] Question: Product pipeline and competition - Management expressed confidence in their product pipeline, stating that no direct competition to LAL is anticipated [41] Question: Impact of competitor recall - Management acknowledged the potential for opportunity but noted uncertainty regarding the duration of the impact [70] Question: LDD demand and market conditions - Management expects LDD sales to increase in 2025 but acknowledges that overall demand may be affected by the premium IOL market's softness [76]

Financial Data and Key Metrics Changes - Fiscal second quarter sales were $892 million, a decline of 4.7% year-over-year [32] - Average daily sales decreased by 5.5% sequentially, despite January and February outperforming historical trends [32] - Gross margin was 41%, down 50 basis points year-over-year, while adjusted operating margin was 7.1%, a decline of 340 basis points year-over-year [36][38] - GAAP earnings per share were $0.70 compared to $1.10 in the prior year quarter, and adjusted earnings per share were $0.72 compared to $1.18 in the prior year [38] Business Line Data and Key Metrics Changes - In-plant program count increased by 24% year-over-year to 387 programs, and total installed vending machines grew by 9% to over 28,000 machines [10] - Average daily sales in vending were up 1% year-over-year, representing 18% of total company net sales [35] - Sales through in-plant programs also grew 1% year-over-year, accounting for approximately 18% of total company net sales [35] Market Data and Key Metrics Changes - The industrial production (IP) readings across most top manufacturing end markets continued to contract, impacting performance [18] - Customer sentiment and future outlook have shown improvement, with recent MBI readings hovering around 50 [18] Company Strategy and Development Direction - The company is focused on improving execution and returning to growth despite a soft demand environment [8] - Key initiatives include enhancing the website for better customer experience, expanding the OEM product line, and maintaining momentum in high-touch solutions [11][17] - The company is navigating the tariff landscape with a playbook covering purchasing, pricing, and assortment management [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about future prospects, citing a solid long-term manufacturing outlook and improving execution [19] - The near-term environment remains choppy, but the company feels well-positioned to navigate uncertainties [19] Other Important Information - The company repurchased approximately 158,000 shares during the quarter, returning about $60 million to shareholders [41] - Capital expenditures increased to $30 million, with free cash flow conversion at approximately 63% for the fiscal second quarter [40] Q&A Session Summary Question: Thoughts on top-line guidance for the back-half - Management indicated that the guidance assumes some potential softening in end markets but remains focused on share gain initiatives [52][54] Question: Details on recent price increases - The price increase in late March was small, primarily covering items where the company is the importer of record, with an estimated 0.5% impact on the top line [66] Question: Update on digital KPIs and sales expectations - Management noted improvements in conversion rates and average order value, indicating positive momentum in digital performance [116] Question: Insights on individual end markets, particularly automotive and aerospace - Management acknowledged continued softness in heavy manufacturing but noted progressive improvement, especially in aerospace [91][92] Question: Impact of in-plant and vending growth on margins - Management indicated that while in-plant and vending programs may pressure gross margins initially, they are expected to benefit operating margins in the long run [145][150]

Financial Data and Key Metrics Changes - The company reported a free cash flow conversion of 125% and has paid down $500 million in debt over the last 12 months [27][28] - Inflation for the quarter came in at around 4%, consistent with expectations for the full year [71][73] Business Line Data and Key Metrics Changes - Snack volumes increased by 4% in Q3, contrasting with broader industry trends, attributed to a focus on healthier snacking options [107][111] - The gap between shipments and consumption in grocery and snacks was primarily due to seasonal shipment timing differences [14][20] Market Data and Key Metrics Changes - The company noted challenges in the convenience store channel, which has seen weaker performance due to stretched consumer budgets [22][86] - Consumption trends remain strong overall, despite some channel-specific weaknesses [21][88] Company Strategy and Development Direction - The company is prioritizing returning volume to growth over gross margin expansion, focusing on maintaining strong consumer relationships [64][66] - Ongoing modernization efforts in the supply chain are expected to enhance operational efficiency [35][37] Management's Comments on Operating Environment and Future Outlook - Management highlighted the dynamic macro environment, with ongoing monitoring of inflation, tariffs, and consumer sentiment impacting future guidance [12][45] - The company anticipates continued strong consumption in Q4, with improvements in shipment volumes expected [48][101] Other Important Information - The company is actively monitoring state-level legislation regarding food additives, but most of its portfolio does not contain synthetic dyes, minimizing potential impacts [92][93] - Capital expenditure guidance was lowered by $40 million for the current year, primarily due to timing rather than project cuts [29][31] Q&A Session Summary Question: Insights on fiscal 26 guidance and macro dynamics - Management indicated that it is too early to provide guidance for fiscal 26, emphasizing the need to monitor external factors [10][12] Question: Gap between shipments and consumption in grocery - The gap was attributed to seasonal shipment timing, with no significant underlying issues affecting overall consumption [14][20] Question: Confidence in hitting leverage targets - The company expressed confidence in cash flow performance and debt reduction, with updates expected in July [26][28] Question: Impact of convenience store performance - Management acknowledged challenges in the convenience store channel but noted strong overall consumption across other channels [22][21] Question: Expectations for inflation and pricing strategies - The company is assessing various levers to manage costs, including productivity programs and alternative suppliers [75][73] Question: Changes in consumer behavior - Management noted ongoing value-seeking behavior among consumers, which has been a trend for the past two years [86][88] Question: Impact of state-level legislation on additives - The company is monitoring state-level legislation but indicated that most of its products are not affected due to the absence of synthetic dyes [92][93]

Financial Data and Key Metrics Changes - Consolidated sales decreased by 5.1% for the first quarter, primarily due to a comparison of 13 weeks this year to 14 weeks in the previous fiscal year [11][26] - On a normalized basis, sales revenue for the first quarter increased by 2.2% [12][27] - Consolidated gross margins increased by 170 basis points, primarily due to better margins in the wholesale segment [27] - Consolidated operating income was $2.5 million compared to a loss of $2.4 million in the previous year [28] Business Line Data and Key Metrics Changes - Wholesale orders decreased by 8.4% for the quarter, or 1.4% normalized for the extra week [13] - Orders from the store network increased by 4.2% on a normalized basis [13] - Retail gross margins fell modestly, but cost reductions contributed to improved results [15] - E-commerce sales increased by 36% due to investments in BassettFurniture.com [16] Market Data and Key Metrics Changes - The sales environment was more challenging in February, with the President's Day promotional event not as successful as last year [12][13] - Orders from the traditional wholesale business decreased by 10% on a normalized basis, with February being the slowest month of the quarter [14] Company Strategy and Development Direction - The strategic plan for 2025 aims to weather slow housing sales and maintain a disciplined focus on growth [10] - The company is incorporating more technology into the customer experience and fine-tuning marketing efforts [10] - Investments in omnichannel strategies are expected to drive growth in traffic and conversions [17] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer confidence has been declining, impacting business trends [11][40] - The company is preparing to address the implications of new tariffs on materials and products [23][24] - Management expressed confidence in the steps taken to run efficiently through the current economic challenges [11][36] Other Important Information - The board of directors approved a regular quarterly dividend of 20 cents per share [25] - The company plans to invest between $8 million and $12 million in capital expenditures for store remodels and technology [35] Q&A Session Summary Question: Changes in business trends due to consumer confidence drop - Management observed a spike in sales post-election but noted a return to last year's pace as the year progressed [40] Question: Health of inventory and impact of tariffs - Increased inventory was driven by new collections rather than a conscious effort to stockpile against tariffs [43][44] Question: Sustainability of gross margins - Management indicated that current gross margins are among the highest achieved but do not expect them to increase further in the short term [55] Question: Plans for addressing tariffs - The company is considering various strategies, including potential price increases, but has not finalized a plan [57] Question: New store openings and design studios - Management sees significant growth potential in the design studio program and is working on new store leases [60][66]

Financial Data and Key Metrics Changes - Revenue increased by 11.2% to $438 million, while NOI rose by 7.1% to $366 million [6][17] - Occupancy in the operating portfolio surged by 400 basis points to 98.3% by year-end [7] - G&A expenses increased due to the transition to a public company, with costs expected to normalize by Q2 2025 [20] Business Line Data and Key Metrics Changes - Colombia experienced 8.3% revenue growth, driven by $1.5 million increase in rental income [18] - Peru recorded an 18% revenue increase, primarily due to the stabilization of two buildings [19] - Costa Rica's revenue rose by 8.7%, fueled by the stabilization of a specific building [19] Market Data and Key Metrics Changes - The company captured mark-to-market spreads exceeding 25% compared to expiring leases [8] - The logistics space demand is strong, with nearly all development portfolio pre-leased and 100% occupancy in the operating portfolio [15] Company Strategy and Development Direction - The company aims to remain a preferred logistics solutions provider as it expands into Mexico through a joint venture [9][11] - The development of Parquet Logistico Callao is being accelerated, showcasing the company's ability to deliver landmark logistics facilities [14] - The focus is on domestic consumption-driven logistics space demand in foundational markets like Costa Rica, Peru, and Colombia [13] Management's Comments on Operating Environment and Future Outlook - Management is cautious about U.S. tariff policies affecting Mexico's nearshoring sector, leading to selective investment strategies [12] - The company sees significant long-term upside in emerging economies due to low e-commerce penetration [13] - Confidence in LPA's intrinsic value is reflected in the decision to purchase LPA shares [15][16] Other Important Information - The company secured a $25 million fixed-rate loan to support the construction of new Class A warehouses [21] - The joint venture in Mexico is expected to enhance LPA's reach and operational capabilities in the region [10] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management indicated that the strong demand for logistics space and ongoing projects will support revenue growth moving forward [21] Question: How is the company addressing rising G&A expenses? - Management noted that the increase in G&A expenses is due to the transition to a public company and is expected to normalize by mid-2025 [20]

Financial Data and Key Metrics Changes - The company reported negative revenue of €7.2 million for 2024, a significant decrease from €36.2 million in 2023, primarily due to the transfer of NanoRay 312 study sponsorship to Johnson & Johnson [36][37] - The net loss attributable to shareholders increased by 72% year-over-year to €68.1 million, or €1.44 per share, compared to a net loss of €39.7 million, or €1.08 per share, in 2023 [40][41] - Cash and cash equivalents decreased to €49.7 million as of December 31, 2024, down from €75.3 million at the end of 2023, but are expected to fund operations into mid-2026 [42] Business Line Data and Key Metrics Changes - The company signed a licensing agreement with Johnson & Johnson, which includes a $20 million milestone payment related to NanoRay 312 progress [28] - R&D expenses totaled €40.5 million for 2024, up from €38.4 million in 2023, driven by increased clinical development activities [39] - Selling, general, and administrative expenses decreased to €20.5 million in 2024 from €22 million in 2023, mainly due to one-off fees incurred in 2023 [40] Market Data and Key Metrics Changes - The collaboration with Johnson & Johnson is expected to address over 100,000 patients in the US and EU5 for lung and head and neck cancers, representing a potential market of €10 billion [11] - The company is actively exploring further financing options, preferably non-dilutive, to extend cash visibility into 2027 [30][88] Company Strategy and Development Direction - The company is focused on advancing its collaboration with Johnson & Johnson and developing its new platform, Curadime, which is expected to be applicable across multiple therapeutic areas [10][22] - The amended licensing agreement with Johnson & Johnson is designed to reduce cash burn and extend the company's cash runway to mid-2026 [29][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing clinical trials and the potential for positive data readouts in the near future, particularly for the NanoRay 312 and lung cancer studies [44][48] - The company is in a "de-risked situation" regarding the NBT-XR3 program, with significant progress made in partnerships and clinical development [93] Other Important Information - The company has added two new board observers to its board, indicating ongoing governance improvements [25] - The company is working on its internal pipeline and has signed multiple Material Transfer Agreements (MTAs) with biotech and pharma companies [97] Q&A Session Summary Question: Details on the phase two CONVERGE study by J&J - Management stated that the trial has started and is progressing well, but specific timelines for initial data are not yet available [54][55] Question: Upcoming pancreatic cancer data presentation - The upcoming data will include full efficacy and safety results, as well as potential biomarkers, which were not detailed in the previous press release [58][59] Question: Remaining costs for the NanoRay study - The remaining costs are relatively immaterial, with the majority now covered by Johnson & Johnson, and any future payments expected to be in the single-digit millions [65][69] Question: Recent communication with the FDA - Management reported no delays in meetings or interactions with the FDA, indicating that the program is well engaged [67] Question: Long-term R&D initiatives beyond NBT-XR3 - Management highlighted the Curadime platform as a key area for future development, alongside ongoing work on the NBT-XR3 program [73][76]