Financial Data and Key Metrics Changes - The company reported record quarterly revenues of $690,000, representing a 43% increase year-over-year and a 10% increase sequentially [17] - Gross margins remained strong at 63%, with gross profit increasing to $433,000 from $315,000 [19] - Adjusted EBITDA loss was the best in the company's history at $1.2 million, compared to $1.4 million in the previous year [7][20] Business Line Data and Key Metrics Changes - Evolved revenue increased by 77% and accounted for 85% of total sales in Q3 [17] - E-commerce sales represented 54% of total revenue, up 55% year-over-year [17][18] - Municipal revenue grew 139% year-over-year, driven by deployments in major cities [11][18] Market Data and Key Metrics Changes - Retail sales surged by 254% year-over-year, primarily due to expanded adoption through Ace Hardware and Bradley Caldwell [11][18] - Pest management professionals (PMP) accounted for 19% of sales, up 29% year-over-year and 72% sequentially [18][14] Company Strategy and Development Direction - The company aims to achieve profitability through high-margin revenue growth and efficient expense management [6][8] - Expansion into brick-and-mortar retail is being pursued, with discussions ongoing for test deployments in Lowe's stores [24] - The company is focusing on increasing production capacity and operational efficiency to meet future demand [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the cash position of over $10 million, indicating a potential path to profitability without further equity offerings [8][20] - The adoption of the evolved rodent birth control solution is seen as a game-changer, with a large addressable market and regulatory tailwinds [22] Other Important Information - The company faced legal challenges from Levitech regarding alleged IP infringement, which management described as baseless [34] - Recent field trials in Somerville and Cambridge are progressing well, with expectations for future orders based on positive results [35] Q&A Session Summary Question: Will the company's products be available in Lowe's brick-and-mortar stores? - The company is in discussions for a test deployment in about 100 stores, with expectations for late Q2 [24] Question: What growth is expected from PMP-driven sales? - PMP is a key growth channel, with significant growth anticipated as awareness of birth control in pest management increases [25] Question: How much of the revenue was from e-commerce? - E-commerce accounted for 54% of quarterly revenue, consistent with previous quarters [26] Question: Is there a plan to adjust pricing for Evolve? - The company is comfortable with the current pricing strategy but may consider discounts for large orders in the future [27] Question: What is the progress in international markets? - The company received approval for distribution in New Zealand and is working on obtaining approvals in other countries [29][30] Question: Can you provide details on the legal expenses? - The company is facing a lawsuit from Levitech, which management believes is an attempt to hinder their business [34] Question: What revenue is expected from recent field trials? - It is too early to project revenues, but positive results from trials are expected to lead to future orders [35]

Financial Data and Key Metrics Changes - The company reported approximately $15 million in recognized revenue for Q3 2025, a significant increase from approximately $2 million in the prior quarter, indicating strong growth in revenue generation [22][31] - Non-GAAP adjusted operating expenses for Q3 were $67.7 million, up from $51.7 million in Q2, driven by increased engineering service costs and general administrative costs [26][27] - Capital expenditures for Q3 were approximately $259 million, down from $323 million in Q2, reflecting the ebb and flow of capital commitments [28] Business Line Data and Key Metrics Changes - The company secured over $1 billion in total contracted revenue commitments from commercial partners, highlighting the growth of its commercial ecosystem [10][17] - The company has signed definitive commercial agreements with Verizon and Saudi Telecom Group, expanding its partnerships to nearly 3 billion subscribers globally [6][18] Market Data and Key Metrics Changes - The company is targeting full geographic coverage of the continental United States and expanding its services in the Middle East and North Africa through partnerships with major mobile network operators [6][19] - The company anticipates launching its Block 2 Bluebird satellites starting in December 2025, with plans for five launches by the end of Q1 2026 [12][53] Company Strategy and Development Direction - The company aims to deepen its partner ecosystem through definitive commercial agreements and has established a robust spectrum strategy to enhance its competitive advantage [10][14] - The company is focused on scaling its manufacturing and launch operations to support a constellation of over 100 satellites, enhancing its service capabilities globally [36][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving its launch targets and emphasized the positive momentum in commercialization efforts, particularly in the U.S. government sector [24][53] - The company highlighted the importance of its recent funding activities, which provide flexibility for future growth and expansion into new markets [43][44] Other Important Information - The company has a vertically integrated manufacturing process, with plans to increase its manufacturing cadence to six satellites per month by the end of 2025 [11][12] - The company has developed a comprehensive global spectrum strategy, securing access to significant spectrum resources to support its operations [14][15] Q&A Session Summary Question: What is the difference in processing capacity between Block 2 FPGA satellites and Block 2 ASICs? - The company has improved processing capacity tenfold, with the new satellites expected to reach up to 10 gigahertz [37][38] Question: Is the company weighing the benefits of AI for its spectrum management? - The company is actively implementing AI for managing and administrating spectrum, enhancing efficiency [38][39] Question: Will the company structure a future launch event for retail shareholders? - The company plans to invite retail investors to upcoming launches, similar to previous events [40][41] Question: Why was additional capital raised despite being fully funded? - The company raised additional capital to enhance flexibility and accelerate growth beyond initial market plans [42][43] Question: Are the satellites for the EU constellation incremental to the existing plan? - The satellites for the EU constellation are part of the existing plan and not incremental [55][56]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $60.2 million, exceeding the high end of the guidance range of $60 million [5][17] - Adjusted EBITDA was $4.8 million, significantly above the high end of the guidance range, reflecting strong cost discipline [5][17] - Recurring revenue accounted for 92% of total revenue, amounting to $55.1 million [17] - Cash on the balance sheet at the end of Q3 was $107 million [18] Business Line Data and Key Metrics Changes - Revenue from hosted services was $51.2 million, down 18% year-over-year [17] - Professional services revenue was $9 million, down 23% year-over-year [18] - Average revenue per customer increased by 6% year-over-year to $665,000 [18] - RPO (Remaining Performance Obligations) declined to $182 million [18] Market Data and Key Metrics Changes - U.S. revenue was $37 million, representing 61% of total revenue, while international revenue was $23.2 million, or 39% of total revenue [18] - Net revenue retention improved to 80.4%, up from 78.2% in the previous quarter [18] Company Strategy and Development Direction - The company has closed a debt refinancing agreement and executed a cost restructuring to reduce cash burn, stabilizing its financial foundation [4][15] - The launch of the Conversation Simulator product aims to address challenges in deploying and scaling AI and human agent workforces, representing a significant new opportunity [8][10] - The partnership with Google enhances the company's market reach and product offerings, particularly through the integration with Google's RCS platform [6][14] Management's Comments on Operating Environment and Future Outlook - Management noted a shift in customer conversations towards increased confidence in the company's financial stability, leading to improved renewal discussions [12][14] - The company raised its full-year revenue guidance to a range of $235 million-$240 million and adjusted EBITDA guidance to $7.5 million-$12.5 million, reflecting better-than-anticipated performance [15][19] - The company expects to see continued strong adoption of its generative AI capabilities and early traction with the Conversation Simulator [14][15] Other Important Information - The market for training, simulation, and compliance related to AI and human agents is projected to grow from $10 billion today to $20 billion by 2030 [11] - The company signed a total of 28 deals in the quarter, including two new logos and 26 expansions and renewals, indicating a sequential increase in total deal value of 14% [16] Q&A Session Summary Question: What drove the upside in the quarter? - Management indicated that the upside was primarily due to timing, with some deals recognized in Q3 that would have otherwise occurred in Q4, along with variable revenue [22][23] Question: What is the competitive landscape for the Conversation Simulator? - Management noted that while there are competitors, LivePerson uniquely addresses both human and bot training, providing a comprehensive customer experience perspective [24][25][26] Question: What are the implications of the cost restructuring? - The cost restructuring effects began in Q3 and are expected to fully materialize in Q4 and for the full year 2026, contributing to improved EBITDA guidance [27]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $7.4 million, a 9.6% decrease from the prior year quarter, but a 44.9% increase compared to Q2 2025 [3] - Year-to-date revenue reached $20.8 million, which is 7.1% higher than the same period in 2024 [3] - Gross profit for the quarter was $2.4 million, with a gross margin of 32.7%, compared to $1.8 million and 21.5% in the prior year quarter [8][9] - Net income for Q3 2025 was $384,000 or $0.06 per diluted share, compared to $203,000 or $0.03 per diluted share in Q3 2024 [9] Business Line Data and Key Metrics Changes - Revenue from the CVD equipment segment was primarily driven by three key customers, representing approximately 55% of total revenue for the quarter [8] - The SDC segment reported $1.7 million in revenue, down slightly from $1.9 million in Q3 2024 due to fewer contracts in progress, but it continues to have a strong backlog [8] Market Data and Key Metrics Changes - Orders for Q3 totaled $2.2 million, primarily driven by demand in the SDC segment for gas delivery systems [3] - Total orders for the first nine months of 2025 were $9.5 million compared to $21 million in the same period last year [3][4] Company Strategy and Development Direction - The company is implementing a comprehensive transformation strategy to reduce fixed operating costs and create a more agile organization [4] - Key elements of the transformation include transitioning to outsourced fabrication for certain components and a workforce reduction expected to save approximately $2 million annually starting in 2026 [4][5] - The focus remains on core strengths such as engineering design, assembly, test, installation, and customer service while exploring strategic alternatives for certain businesses and product lines [5] Management's Comments on Operating Environment and Future Outlook - Management noted that bookings were influenced by external factors such as proposed tariffs, reduced U.S. government funding, and timing in product adoption within growth markets [4] - The company remains encouraged by opportunities in target markets such as aerospace and defense, industrial applications, and electric vehicle battery materials [5][6] - Management emphasized the importance of new equipment orders, cost management, and successful implementation of the transformation plan for returning to consistent profitability [10] Other Important Information - At September 30, 2025, the company held $8.4 million in cash and cash equivalents, down from $12.6 million at the end of 2024 [9][10] - The company expects to incur approximately $100,000 in severance and related charges in Q4 2025 as part of the transformation plan [10] Q&A Session Summary Question: Insights on markets for composite applications for combustion turbines - Management indicated that while ceramic matrix composites are used in hot sections of engines, future opportunities may arise in nuclear reactors and pellet encapsulation [16] Question: Details on materials outsourcing locations - Management confirmed that outsourcing will primarily focus on suppliers in the U.S. and may extend to Canada, emphasizing a mix of external and internal components [19][20]

Financial Data and Key Metrics Changes - Revenue increased by 40% year-over-year to $146.8 million for Q3 2025, compared to $105.2 million in the prior year period [15] - Net income surged to $23.9 million, a 14-fold increase from $1.6 million in the prior year [16] - Adjusted EBITDA rose 1.6 times to $24.9 million, compared to $9.6 million in the prior year [16] - Operating cash flow improved to $23.2 million, up from cash used of $12.9 million in the prior year [16] Business Line Data and Key Metrics Changes - Electric sales increased by 29% to $93.2 million, compared to $72.1 million in the prior year [14] - Coal sales rose by 42% to $68.8 million, compared to $48.3 million in the prior year [14] - Hallador Power delivered 1.6 million megawatt-hours at an average sales price of $49.29 per megawatt-hour, compared to 1.2 million megawatt-hours at $47.55 per megawatt-hour in the same period last year [11] Market Data and Key Metrics Changes - The favorable energy pricing environment was driven by traditional summer weather patterns, increased energy demand, and higher natural gas prices [14] - The company expects to produce approximately 3.8 million tons of coal in 2025, having produced 3.1 million tons through the first nine months [12] Company Strategy and Development Direction - The company submitted an application to the MISO ERIS program to add 525 megawatts of gas generation at the Merom site, indicating a strategic move to grow its generation portfolio [5] - Hallador is evaluating strategic opportunities to acquire additional dispatchable generation assets and infrastructure to diversify its portfolio and enhance growth [10] - The company is transitioning from a commodity-focused coal producer to a vertically integrated independent power producer, leveraging the energy transition to capture expanding margins in power markets [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong market signals for their product offerings and the potential for long-term arrangements [4] - The evolving energy landscape, characterized by the retirement of dispatchable generators in favor of renewables, is creating opportunities for reliable baseload generation [9] - Management does not expect Q4 2025 to replicate the exceptional performance of Q3, anticipating it will resemble Q4 2024 unless extreme weather conditions occur [24] Other Important Information - The company executed a $20 million prepaid forward power sales contract, with delivery scheduled through the first half of 2027, which is a key component of its commercial strategy [6] - Total forward energy and capacity sales position was $571.7 million as of September 30, 2025, down from $685.7 million at the end of 2024 [17] Q&A Session Summary Question: What are the main milestones for the capacity expansion? - Management indicated that the MISO expedited process will review their application, with updates expected in the coming months [21][22] Question: How has Q4 started compared to Q3? - Management noted that Q4 is expected to look similar to Q4 of 2024, with no significant catalysts anticipated to drive performance like Q3 [24] Question: What are the economics of the 525 MW expansion? - Management is still negotiating equipment and has not released specific economic details yet, but they are encouraged by market signals [29][30] Question: What impact will the recent government funding for coal have? - Management believes that government funding could be beneficial for the industry and that Hallador may qualify for some projects [31] Question: Are there any M&A opportunities being pursued? - Management stated they are primarily focused on the coal space and are encouraged by ongoing conversations regarding potential acquisitions [38][39] Question: What is the status of discussions with potential customers? - Management confirmed they are in advanced discussions with multiple parties, including utilities and data center developers, to secure agreements [45][46]

Summary of Fulgent Genetics Conference Call Company Overview - **Company**: Fulgent Genetics (NasdaqGM:FLGT) - **Date**: November 10, 2025 - **Key Speakers**: Paul Kim, Brandon Perthuis Financial Performance - **Quarterly Revenue**: $84.1 million, exceeding internal and market expectations [2] - **Gross Margins**: Improved to approximately 44% from mid-20s two years ago [4] - **Non-GAAP Income**: Positive for the quarter, with guidance raised from $320 million to $325 million for the year [2] - **Sales Team Growth**: Anticipated growth of 25% in the sales team for 2026 [6] Business Segments Performance 1. Precision Diagnostics - **Growth Rate**: 16% growth driven by reproductive health and carrier screening products [13] - **Product Expansion**: Launch of a 1,000-gene carrier screening test, the largest in the market [13] - **New Offerings**: Introduction of whole genome sequencing with RNA, increasing diagnostic yield by 15%-30% [14][20] - **Market Position**: Strong presence in infertility clinics, with plans to penetrate OB-GYN market with NIPT tests [17][18] 2. Anatomic Pathology (AP) - **Performance**: Year-over-year growth despite a temporary decline due to billing software changes [3] - **Digital Pathology Investment**: Significant investments leading to operational efficiencies and the ability to recruit pathologists remotely [7][8] - **Sales Strategy**: Revamped compensation plans to incentivize new business growth [5] 3. Biopharma Services - **Market Expansion**: Transitioned from NGS to multi-omics, increasing addressable market [25] - **Pipeline Development**: Building a robust pipeline with long sales cycles, expected to stabilize in the future [26] Strategic Initiatives - **AI Integration**: Focus on operational efficiencies through automation and AI, expected to further improve gross margins [41] - **M&A Potential**: Future acquisitions are a priority, with a focus on high-probability success targets [45] - **Cash Position**: Projected cash balance of approximately $800 million by the end of 2025, allowing for continued investment in operations and potential buybacks [31][44] Future Outlook - **2026 Expectations**: Anticipated continued growth across all business segments, with specific focus on expanding the sales team and enhancing operational efficiencies [12][30] - **Therapeutics Development**: Ongoing projects in phase two and phase one, with significant catalysts expected in 2026 [34][35] Key Takeaways - Fulgent Genetics is positioned for strong growth with a diversified portfolio across precision diagnostics, anatomic pathology, and biopharma services - The company is leveraging technology and operational efficiencies to enhance profitability and market share - Strategic investments in sales and potential M&A opportunities are expected to drive future growth and innovation [46]

Financial Data and Key Metrics Changes - Total revenue for the third quarter of 2025 was $32.1 million, down 9% year-over-year and roughly flat compared to the second quarter [14] - Total bookings for the quarter were $25.4 million, down 12% year-over-year [14] - Total recurring revenue decreased by 11% compared to the prior year, with bookings driving recurring revenue down 13% for the quarter [14] - The company recorded a net loss of $4.3 million, or $0.10 per diluted share, compared to a net loss of $200,000, or $0.00 per diluted share, in the prior year [18] - Adjusted EBITDA for the third quarter was $10.3 million, with a margin of 32%, compared to $8.6 million and a margin of 24% in the prior year [19] Business Line Data and Key Metrics Changes - ClearanceJobs revenue was $13.9 million, up 1% year-over-year and up 2% sequentially, with bookings down 7% year-over-year [14] - Dice revenue was $18.2 million, down 15% year-over-year and down 1% sequentially, with bookings down 17% year-over-year [15] - ClearanceJobs had an average annual revenue per customer of $26,600, up 7% year-over-year [15] - Dice's average annual revenue per customer was $15,727, down 4% year-over-year [16] Market Data and Key Metrics Changes - The number of new tech job postings on Dice remained around 70% of normal levels, indicating a mixed macro backdrop [11] - Approximately 10% of job postings on Dice required at least one AI skill at the beginning of 2024, which has now risen above 50% [8] - The defense budget for fiscal year 2026 is proposed at $1.1 trillion, marking a 13% increase over the previous year, which is expected to benefit ClearanceJobs significantly [9] Company Strategy and Development Direction - The company focuses on providing software tools for employers and recruiters to find tech talent, with over 90% of revenue coming from subscriptions [5] - The integration of Agile ATS with ClearanceJobs aims to enhance the hiring workflow for cleared professionals [10] - The company is optimistic about future growth driven by the defense budget and increasing investments in technology initiatives across industries [23] Management's Comments on Operating Environment and Future Outlook - Management noted that tech hiring has stabilized despite remaining under historical levels, with a significant trend towards AI-related job postings [7] - The company anticipates that the record-breaking defense budget will drive growth for ClearanceJobs, while technology investments will create opportunities for both brands [23] - Management expressed confidence in the resilience of their subscription model and margin structure [13] Other Important Information - The company repurchased 741,000 shares for $2.1 million under its stock repurchase program [22] - The company is targeting total capital expenditures in 2025 to range between $7 million and $8 million, down from $13.9 million last year [21] Q&A Session Summary Question: What is driving the Dice margin expansion? - Management indicated that the margin expansion was due to headcount vacancies being backfilled and efficient cost allocation to capitalized development costs [28] Question: What was the $9 million write-off related to? - The write-off was related to the Dice trade name, which experienced revenue declines [31] Question: How is the government shutdown impacting bookings? - Management noted that smaller and mid-sized defense contractors have become more conservative, but larger firms remain bullish due to their stronger balance sheets [39] Question: What is the status of the new Dice platform migration? - Over half of the customers have migrated to the new platform, and management does not foresee churn risk with the remaining customers [41] Question: How is the company addressing customer acquisition costs with the new platform? - The introduction of a monthly subscription option has made it easier for customers to sign up, leading to an increase in new customer signings [56]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenues of $122 million, a slight increase of approximately 1% year-on-year compared to $121 million in the prior year, and a sequential growth of 2% from Q2 [10] - Adjusted EBITDA grew by 9% year-on-year, indicating healthy margin expansion, while the company posted a net loss of $77 million primarily due to an $80 million non-cash impairment [11] - The company reaffirmed its full-year 2025 guidance, expecting broadly flat revenues compared to the prior year and an increase in adjusted EBITDA to over $85 million [9] Business Line Data and Key Metrics Changes - The company is focusing on four key areas: revamped go-to-market strategy, product innovation, operational efficiency, and audience engagement strategies [8][9] - The consolidation of intelligence and advisory brands under the Omdia banner is already yielding results in client clarity and cross-selling opportunities [11][12] - The launch of the Informa TechTarget portal has increased intent data signals by over 40% and improved performance in ROI reporting [12] Market Data and Key Metrics Changes - The B2B technology market is valued at approximately $5 trillion, with forecasts indicating it could double by 2034 [6] - The company estimates its addressable market at around $20 billion, with only 2.5% market share currently penetrated, indicating significant growth potential [7] Company Strategy and Development Direction - The company aims to leverage its scale and breadth to become an indispensable partner in the technology industry, focusing on AI, cybersecurity, and channel markets [6][8] - The strategy includes enhancing product offerings through AI-driven solutions and improving operational efficiencies to unlock cost savings [9][14] - The company is actively working on providing conversational AI interfaces to enhance customer engagement and data accessibility [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying strength of the combined platform and the effectiveness of strategic initiatives, noting a positive trajectory in revenue growth [10][18] - The company is optimistic about capitalizing on opportunities in the evolving technology landscape, particularly in AI and digital transformation [14][18] - Management highlighted the importance of building strong relationships with clients, which are foundational to the company's success [19] Other Important Information - The editorial teams have won 47 awards for their B2B journalism, emphasizing the value of trusted information in the market [12][13] - The company is seeing a two- to three-times higher membership conversion rate from AI-driven traffic compared to traditional search [17] Q&A Session Summary Question: What are you seeing regarding traffic driven by AI LLMs? - The company has seen increased traffic from answer engines, with a conversion rate to members two to three times higher than from traditional search [21][22] Question: How would you characterize the revenue trends year to date? - Management indicated that Q2 and Q3 revenues are back to a normalized run rate, with Q4 expected to show a 15% sequential increase due to event-based revenue from Canalys [23][24] Question: Can you comment on the pipeline for potential acquisitions? - Currently, the focus is on aligning and integrating existing assets, with serious consideration for acquisitions expected in the second half of next year [30]

Financial Data and Key Metrics Changes - For Q3 2025, total revenue was $1.1 million, a significant increase from $0.1 million in Q3 2024 [22] - Total operating costs and expenses decreased to $6.5 million from $47.8 million year-over-year, representing an 86% reduction [23] - Net loss from continuing operations was $13.1 million, compared to a net loss of $48.3 million in Q3 2024 [23] - Cash, cash equivalents, and investments as of September 30, 2025, totaled $121.1 million, extending the cash runway into 2028 [24] Business Line Data and Key Metrics Changes - The sale of FibroGen China to AstraZeneca was completed for approximately $220 million, providing access to cash and extending the company's runway [5][21] - The company is progressing with FG3246 and FG3180 in metastatic castration-resistant prostate cancer (MCRPC), with a phase two trial initiated [5][10] - Roxadustat is on track for a pivotal phase three trial for lower-risk myelodysplastic syndromes (MDS), with a regulatory path established following a successful FDA meeting [18][19] Market Data and Key Metrics Changes - The total addressable market for FG3246 in MCRPC is estimated to be over $5 billion annually [8] - Approximately 49,000 patients in the US are affected by anemia associated with lower-risk MDS, highlighting a significant market opportunity for Roxadustat [16] Company Strategy and Development Direction - The company aims to advance its mid and late-stage clinical development programs for FG3246 and Roxadustat, focusing on innovative treatment options for cancer and anemia [25] - The strategy includes leveraging the sale of FibroGen China to support US development initiatives and reduce fixed costs [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to advance meaningful therapeutic options and create shareholder value [6] - The company anticipates reporting top-line results from the investigator-sponsored trial of FG3246 in combination with enzalutamide in Q1 2026 [25] Other Important Information - The company has a clear regulatory path for Roxadustat, with plans to submit the phase three trial protocol by the end of 2025 [19][25] - The company has reduced its total operating costs and expenses guidance for 2025 to between $50 million and $60 million, reflecting a 70% reduction from 2024 [24] Q&A Session Summary Question: Congratulations on closing the $220 million deal with AstraZeneca - Management acknowledged the transformative nature of the transaction [26] Question: What proportion of patients might be screened out due to thrombotic risk in the Roxadustat trial? - Management indicated that it is too early to estimate the proportion, as it depends on FDA alignment and trial data [29] Question: What is the estimated cost of the phase three trial for Roxadustat? - The estimated cost is between $50 to $60 million, assuming an enrollment of about 200 patients [29] Question: Can you provide more details on the top-line data expectations from the IST study for FG3246? - Management expects encouraging results consistent with previous efficacy estimates, particularly focusing on patient history with ARPIs [37] Question: Is the $63 million liability related to milestone payments for the ADC asset? - Management clarified that the liability is related to royalties from the royalty financing with NovaQuest Capital Management [39] Question: When will the decision be made regarding the phase three trial for Roxadustat? - Management expects to have clarity on the path forward by the second quarter of next year [44]

Financial Data and Key Metrics Changes - The company presented its annual financial report for the year ending June 30, 2025, but no specific financial data or key metrics were discussed during the meeting [5][6]. Business Line Data and Key Metrics Changes - There were no specific discussions regarding changes in data or key metrics for various business lines during the meeting [6][8]. Market Data and Key Metrics Changes - No specific market data or key metrics changes were mentioned in the meeting [6][8]. Company Strategy and Development Direction and Industry Competition - The meeting focused on formal resolutions and did not provide insights into the company's strategic direction or competitive landscape [5][6]. Management's Comments on Operating Environment and Future Outlook - Management did not provide comments on the operating environment or future outlook during the meeting [6][8]. Other Important Information - The meeting was conducted online, allowing shareholders to participate virtually and submit questions [2][3]. - Voting on resolutions was conducted by poll, with approximately 50.11% of the issued capital represented by proxies [5][6]. Q&A Session Summary Question: Any questions on the financial report? - No questions were raised regarding the financial report [7]. Question: Any questions on the management of the company? - No questions were raised regarding the management of the company [8]. Question: Any questions on the re-election of Dr. Jeremy Levin? - No questions were raised regarding the re-election of Dr. Jeremy Levin [11]. Question: Any questions on the re-election of Ms. Cathy Connell? - No questions were raised regarding the re-election of Ms. Cathy Connell [14]. Question: Any questions on the adoption of the remuneration report? - No questions were raised regarding the adoption of the remuneration report [16]. Question: Any questions on the issue of options to Lawrence Goslin? - No questions were raised regarding the issue of options to Lawrence Goslin [18]. Question: Any questions on the issue of options to Ms. Cathy Connell? - No questions were raised regarding the issue of options to Ms. Cathy Connell [20]. Question: Any questions on the issue of options to Dr. Jeremy Levin? - No questions were raised regarding the issue of options to Dr. Jeremy Levin [23].