Financial Data and Key Metrics Changes - The company reported a Gross Transaction Value (GTV) of $9.85 billion for Q4 2025, representing a 14% year-over-year increase, marking the strongest growth in three years [21] - Orders reached 89.5 million, up 16% year-over-year, while the average order value decreased by 1% year-over-year [21] - GAAP net income was $81 million, down 46% year-over-year, primarily due to higher G&A expenses related to non-recurring legal matters [23] - Adjusted EBITDA grew 20% year-over-year to $303 million, with operating cash flow of $184 million, also up 20% year-over-year [23] Business Line Data and Key Metrics Changes - Advertising and other revenue grew 10% year-over-year, driven by strong GTV performance and an increase in active brand partners to over 9,000 [22] - Transaction revenue grew 13% year-over-year, representing 7.1% of GTV, which remained flat year-over-year [21] - The enterprise platform powered more than 380 grocery e-commerce sites, with significant growth opportunities identified [9] Market Data and Key Metrics Changes - The company noted that grocery remains a massive and fragmented market, still early in its online journey, which presents significant growth opportunities [7] - The company has expanded its reach to more than 2,200 retail banners across nearly 100,000 locations [8] Company Strategy and Development Direction - The company's strategy focuses on being the trusted platform for grocery needs, providing technology for grocers, and being the preferred advertising ecosystem for brands [8] - The company is leveraging generative AI to enhance execution across its platform, driving efficiency and compounding advantages [8][14] - The company aims to accelerate its growth and capitalize on the omnichannel transformation of grocery [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive durable, profitable growth, citing strong momentum and a positive outlook for Q1 2026 [6][24] - The company anticipates GTV for Q1 2026 to range between $10.125 billion and $10.275 billion, representing year-over-year growth of 11%-13% [25] - Management acknowledged the competitive landscape but emphasized the company's strong market position and differentiation [39] Other Important Information - The company will transition to an annual shareholder letter starting Q1 2026, aiming for a more holistic assessment of its long-term strategy [3] - The company repurchased $1.4 billion of shares in 2025, including $1.1 billion in Q4 alone [24] Q&A Session Summary Question: How should we think about the scope of the opportunity in marketplace and enterprise adoption? - Management highlighted that both marketplace and enterprise segments are growing, with enterprise providing deeper strategic conversations and technical integrations with retailers [30] Question: What has driven the acceleration in business metrics? - Management noted strong user growth and engagement, with 26 million customers using the platform in 2025 and record retention rates [36] Question: Can you discuss the stronger-than-expected advertising performance? - Management attributed the strong advertising performance to GTV growth and a diversification strategy that has expanded the advertising ecosystem [46] Question: How are you approaching international growth? - Management expressed optimism about international markets, noting that many retailers are still underdeveloped in e-commerce, presenting a significant opportunity [50] Question: What is the strategy regarding price parity initiatives? - Management indicated that retailers adopting price parity tend to outperform those with markups, and they are actively discussing pricing strategies with partners [60] Question: What updates can you provide on Instacart+ adoption? - Management reported that Instacart+ continues to represent the majority of GTV and orders, with paid members showing higher engagement and retention [67]

Financial Data and Key Metrics Changes - Twilio reported record revenue of $1.4 billion in Q4 2025, representing a 14% year-over-year increase on a reported basis and 12% on an organic basis [5][13] - For the full year, revenue reached $5.1 billion, reflecting a 14% reported growth and 13% organic growth [13] - Non-GAAP income from operations for Q4 was $256 million, up 30% year-over-year, while full-year non-GAAP income from operations was $924 million, a 29% increase [16][17] - Free cash flow for Q4 was $256 million, and for the full year, it was $945 million, up 44% year-over-year [5][14] Business Line Data and Key Metrics Changes - Voice revenue growth accelerated to the high teens in Q4, driven by strong adoption of voice AI, which saw revenue growth above 60% year-over-year [14][16] - Messaging revenue growth was solid, particularly during Cyber Week, contributing to an overall growth of 18% for the year [15][16] - Software add-on revenue grew over 20% year-over-year, with Verify leading the growth at more than 25% for two consecutive quarters [15][16] Market Data and Key Metrics Changes - The number of large deals closed (over $500,000) increased by 36% year-over-year in Q4 [7] - Twilio's multi-product customer count grew by 26% year-over-year, indicating a shift towards selling solutions rather than just products [8] - During Cyber Week, Twilio sent 6.99 billion messages, a 34.5% year-over-year increase, and handled 1.07 billion calls, up 58% year-over-year [9] Company Strategy and Development Direction - Twilio aims to become a foundational infrastructure layer in the age of AI, focusing on delivering essential infrastructure for communications powered by contextual data and automation [6][12] - The company is transitioning from selling features to selling solutions, as evidenced by the growth in multi-product adoption and strategic partnerships [8][12] - Twilio's innovation strategy is centered around AI, with plans to launch new products that enhance customer engagement and trust [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum into 2026, with a robust innovation roadmap and a focus on creating amazing experiences for brands [12][24] - The company anticipates reported revenue growth of 11.5%-12.5% and organic growth of 8%-9% for the full year 2026, reflecting broad-based trends [21][23] - Management acknowledged the impact of increased carrier fees on margins but emphasized that these fees do not affect the ability to generate profit dollars [22][24] Other Important Information - Twilio completed $198 million in share repurchases in Q4 and $855 million for the full year, representing 90% of 2025 free cash flow [18][19] - The company achieved its first full year of GAAP profitability, with GAAP income from operations of $158 million [14][17] Q&A Session Summary Question: What drove the voice strength in Q4? - Management noted broad adoption of voice across customer cohorts, with significant contributions from self-service and ISV channels [27][28] Question: Can you provide visibility on Q1 guidance? - Management expressed confidence in Q1 guidance, citing strong growth across products and sales channels [30][31] Question: What is driving messaging growth excluding A2Ps? - Management indicated broad-based strength across products, with messaging performing well [41][42] Question: What is the outlook for RCS adoption? - Management highlighted rapid growth in RCS, emphasizing its potential for marketing-oriented use cases [46][48] Question: How does Twilio differentiate from competitors? - Management attributed success to differentiated technology, strong developer experience, and continuous innovation [51][52] Question: Where is the stronger growth coming from in voice AI? - Management indicated that both enterprise and voice AI companies are contributing to growth, with enterprise expected to drive more durable volume [59][60]

Financial Data and Key Metrics Changes - Revenue in Q1 of fiscal 2026 increased more than four times to $21.4 million compared to $4.6 million in Q1 of fiscal 2025 [16] - Gross margin increased significantly to 78.6% in Q1 of fiscal 2026 from 24.5% in Q1 of fiscal 2025, primarily driven by staking revenue from the Solana treasury strategy [16] - Net loss for Q1 of fiscal 2026 was approximately $585.6 million, compared to a net loss of $0.7 million in Q1 of fiscal 2025, largely due to a decline in the fair value of SOL holdings [18] Business Line Data and Key Metrics Changes - Forward held approximately 6,962,501 Solana as of December 31, 2025, with over 99% staked, generating a staking yield between 6.5% and 7.2% [13] - Fully diluted SOL per share increased from 0.0604 at the end of September 2025 to 0.0624 as of December 31, 2025, representing a growth of roughly 13% in the fiscal first quarter [14] Market Data and Key Metrics Changes - Solana continues to lead in decentralized exchange trading volumes, active users, and developer engagement, demonstrating resilience and performance [6][7] - Institutional engagement has expanded significantly, with major financial institutions integrating Solana into their operations, such as WisdomTree launching regulated tokenized funds on Solana [7] Company Strategy and Development Direction - The company aims to build a permanent capital vehicle that participates directly in the growth of the Solana ecosystem, evolving beyond a treasury into an active value-generating business [5] - Forward Industries is focused on compounding SOL per share by engaging directly in economic activities on-chain rather than relying solely on passive exposure [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in the market but emphasizes that Solana is now being evaluated based on actual performance rather than theoretical scalability [6] - The company believes that the opportunity in front of Solana is increasingly clear, with significant growth in stablecoins, payments, and DeFi applications [7] Other Important Information - Forward became one of the first public companies to have its SEC-registered shares live on a public blockchain, allowing eligible non-US holders to use tokenized shares as collateral in DeFi [8][9] - The company launched fwdSOL, a proprietary liquid staking token, representing approximately 25% of its SOL holdings, allowing for efficient deployment of staked SOL [9][10] Q&A Session Summary Question: How has the company navigated recent token price volatility? - Management noted that SOL is down approximately 70% from its all-time high, which is typical in the crypto market, and emphasized maintaining a clean balance sheet to avoid risks faced by competitors [19][20] Question: What is the company's approach to potential M&A? - The company is looking for accretive acquisitions and is well-positioned to capitalize on opportunities due to its lack of institutional debt, allowing it to play offense in a dislocated market [23][24] Question: How should shareholders view SOL per share as a performance metric? - Management indicated that SOL per share growth is a key performance indicator, with a target to consistently generate returns greater than the staking yield [24] Question: What factors influence capital allocation decisions? - The company evaluates capital allocation based on market conditions, trading premiums or discounts, and the relative value of potential M&A opportunities [38][39] Question: How do staking yields trend with network usage? - Management clarified that increased validator participation does not impact yields for stakers, and as network activity grows, yields are expected to increase due to higher transaction fees [43][44]

JFrog (NasdaqGS:FROG) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAndrew Sherman - DirectorBrian Essex - Executive DirectorEamon Coughlin - VP in Software Equity ResearchEd Grabscheid - CFOJason Ader - Partner and Co-Group Head of Technology, Media, and CommunicationsJeffrey Schreiner - Head of Investor RelationsJonathan Ruykhaver - Managing DirectorMiller Jump - Equity Research AssociateOscar Saavedra - Equity Research Associate in SoftwareRadi Sultan - Director in Software Equi ...

Roku (NasdaqGS:ROKU) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAnthony Wood - Founder and CEOCharlie Collier - President, Roku MediaDan Jedda - CFO and COOJason Helfstein - Head of Internet ResearchMatthew Condon - Director Equity Research - InternetConference Call ParticipantsCory Carpenter - Internet & Video Games Equity Research AnalystLaura Martin - Media Research AnalystMichael Morris - Managing Director and Senior Equity Research AnalystRob Sanderson - Managing Director, ...

Financial Data and Key Metrics Changes - Twilio reported record revenue of $1.4 billion in Q4 2025, representing a 14% year-over-year increase on a reported basis and 12% on an organic basis [5][13] - For the full year, revenue reached $5.1 billion, reflecting a 14% reported growth and 13% organic growth [13] - Non-GAAP income from operations for Q4 was $256 million, up 30% year-over-year, while for the full year, it was $924 million, a 29% increase [14][17] - Free cash flow in Q4 was $256 million, and for the full year, it was $945 million, up 44% year-over-year [5][14] - The company achieved its first full year of GAAP profitability with $158 million in GAAP income from operations [14] Business Line Data and Key Metrics Changes - Voice revenue growth accelerated to the high teens in Q4, driven by strong growth from voice AI customers, which saw revenue growth above 60% year-over-year [14][16] - Messaging revenue growth was solid, aided by high volumes during Cyber Week and the holiday season [14] - Software add-on revenue grew over 20% year-over-year, with Verify growing more than 25% for the second consecutive quarter [15] - Self-serve revenue grew 21% for the full year, while ISV revenue grew 24% [15] Market Data and Key Metrics Changes - The number of large deals closed (over $500,000) increased by 36% year-over-year in Q4 [7] - During Cyber Week, Twilio sent 6.99 billion messages, a 34.5% year-over-year increase, handled 1.07 billion calls (up 58% year-over-year), and processed 75.1 billion emails, a 14.6% increase year-over-year [9] Company Strategy and Development Direction - Twilio aims to be a foundational infrastructure layer in the age of AI, moving beyond just providing communication channels [6][12] - The company is focused on delivering essential infrastructure powered by contextual data and evolving automation, such as Voice AI, to help customers build personalized relationships [7][12] - A strategic partnership with AEG was signed to enhance real-time, personalized communications for live events [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain momentum into 2026, supported by a robust innovation roadmap [12][23] - The company anticipates reported revenue growth of 11.5%-12.5% and organic revenue growth of 8%-9% for the full year 2026 [21] - Management noted that while pass-through fees from U.S. carriers will impact margin rates, they will not affect the ability to generate profit dollars [22] Other Important Information - Twilio's stock-based compensation as a percentage of revenue decreased to 11.3% in Q4, down 180 basis points year-over-year [18] - The company completed $198 million in share repurchases in Q4 and $855 million for the full year, representing 90% of 2025 free cash flow [18][19] Q&A Session Summary Question: What drove the voice strength in Q4? - Management noted broad adoption of voice across customer cohorts, with significant strength in self-service and ISV communities [27][28] Question: Can you provide visibility on the Q1 guidance? - Management expressed confidence in the Q1 guidance, citing broad-based strength across products and sales channels [30][31] Question: What is driving the growth in messaging? - Management indicated broad-based strength across multiple products, contributing to messaging growth [42] Question: How is Twilio positioned regarding RCS adoption? - Management acknowledged rapid growth in RCS, emphasizing its potential for marketing-oriented use cases and high open rates [46][48] Question: What differentiates Twilio from competitors? - Management highlighted Twilio's differentiated technology, strong developer experience, and continuous innovation as key competitive advantages [51][52]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue grew 13% to $751 million, with organic growth of 6.6% and M&A contributing over five percentage points to the top line [31] - Full year 2025 revenues surpassed $3 billion, up 21% year-over-year, driven by organic growth of 10.1% and significant contributions from M&A [4][32] - Adjusted EBITDA for 2025 grew 19.2% to $967 million, with an adjusted EBITDA margin of 31.7%, slightly down from 32.2% in the prior year [4][32] - Adjusted earnings per share increased by 9.5% to $1.96 [4][32] Business Line Data and Key Metrics Changes - The property business experienced a modest decline, particularly in Q4 where pricing dropped by 25%-35% on large accounts [16][17] - The casualty practice had a strong year, with significant price increases in high-hazard lines exceeding 10% [18] - Delegated authority revenue doubled over the last two years to $1.4 billion, now representing 47% of total revenue [8] Market Data and Key Metrics Changes - The insurance market is currently experiencing significant volatility, with rapid shifts in pricing and market sentiment [6][7] - The company noted a trend of admitted carriers re-entering certain segments, particularly on smaller accounts, but this has not significantly impacted overall rates [25] - The construction segment remains strong, although macroeconomic pressures have delayed project timelines [53][56] Company Strategy and Development Direction - The company is launching Project Empower, a three-year restructuring program aimed at improving efficiency and creating headroom for additional investment [10][36] - A $300 million share repurchase program has been authorized, reflecting confidence in the company's valuation and long-term outlook [12][34] - The focus remains on strategic investments in growth, talent acquisition, and innovation, particularly in AI and technology [29][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth in property despite near-term pricing pressures, citing factors like increased demand for E&S solutions [17] - The company anticipates high single-digit organic revenue growth for 2026, reflecting current market conditions and continued property pricing pressures [37] - Management emphasized the importance of maintaining strong relationships with clients and adapting to market changes to capture new business opportunities [49] Other Important Information - The company completed five acquisitions in 2025, contributing to a diversified platform with over 300 products [9][25] - The adjusted effective tax rate was 26% for both the quarter and the full year, with expectations for a similar rate in 2026 [33] Q&A Session Summary Question: Can you elaborate on the organic growth guidance for 2026? - Management noted that property pricing declines are expected to continue, impacting overall growth expectations, which are now set at high single digits for 2026 [41][43] Question: How does the company view AI's impact on the brokerage sector? - Management views AI as an ally that will enhance efficiency and client service, emphasizing the importance of relationships and expertise over technology alone [48][50] Question: What is the outlook for the construction segment? - The construction segment remains strong, with a robust pipeline, although macroeconomic pressures have caused delays in project timelines [52][56] Question: How does the share repurchase program fit into the company's M&A strategy? - Management clarified that the share repurchase program does not diminish the commitment to M&A, which remains a top priority for capital allocation [59][60] Question: What are the expectations for client demand in the current environment? - Management indicated that while there are no measurable trends of clients buying less coverage, the structure of demands is changing, with higher retention levels in certain accounts [62][63]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were approximately $693 million, a 3.9% increase from $668 million in Q4 2024. On a currency neutral basis, this represents a 1.7% year-over-year increase driven by the clinical diagnostics segment [11] - Full year net sales for 2025 were $2.583 billion, a 0.7% increase from $2.567 billion in 2024. On a currency neutral basis, sales were essentially flat compared to 2024 [17] - Q4 GAAP gross margin was 49.8%, down from 51.2% in Q4 2024. Non-GAAP gross margin was 52.5%, compared to 53.9% in the previous year [13][14] - Full year non-GAAP gross margin was 53.3%, down from 55% in 2024, primarily due to reduced fixed manufacturing absorption and higher material costs [19] Business Segment Data and Key Metrics Changes - Clinical diagnostics segment sales in Q4 2025 were approximately $425 million, an 8.4% increase from $393 million in Q4 2024, driven by higher sales of quality control and blood typing products [13] - Life science segment sales in Q4 2025 were $268 million, a 2.6% decrease from $275 million in Q4 2024, attributed to a constrained academic research and biotech funding environment [11] - The ddPCR portfolio posted mid-single-digit year-over-year growth in Q4, driven by the success of the QX700 platform [12][7] Market Data and Key Metrics Changes - Currency neutral sales decreased in the Americas, partially offset by increased sales in EMEA and Asia Pacific [12] - In biopharma, funding conditions improved in the second half of 2025, with expectations for a modest recovery in 2026 [9] - Cautious spending persisted in academia and government, impacting instrument demand [8] Company Strategy and Development Direction - The company plans to advance several product launches in 2026, including an IVD version of the QX600 and additional high-value ddPCR assays [10] - Focus on disciplined innovation is central to the long-term growth strategy, with an emphasis on operational performance and margin expansion [10][31] - The company is actively looking for additional assets to accelerate top-line growth and margin expansion [30] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of stabilization across core markets, with improvements in NIH funding and biopharma funding [28] - The company remains focused on driving long-term value and is seeing the impact of a performance-related approach [29] - Management expressed confidence that actions taken will translate into improved financial results over time [10] Other Important Information - Free cash flow for Q4 2025 was $119 million, compared to $81 million in Q4 2024. Full year free cash flow improved to approximately $375 million versus $290 million in 2024 [23] - The company retired 1.2 million shares through its buyback program at a total cost of approximately $296 million during 2025 [23] Q&A Session Summary Question: About the ddPCR business growth - Management indicated that the strong quarterly growth was driven by the QX700 platform and the conversion of qPCR applications to ddPCR, with ongoing reagents being a significant part of the portfolio [34][35] Question: Process chromatography changes - Management explained that recent changes in vaccine production strategies impacted demand, leading to a conservative outlook for the process chromatography segment [37][38] Question: Operating margins outlook - Management acknowledged the impact of process chromatography on operating margins and indicated that while some costs from Q4 are not expected to recur, they are being realistic in their guidance [39][40] Question: Clinical diagnostics growth - Management attributed muted growth in clinical diagnostics to a mix of portfolio performance and geographic factors, particularly reliance on China [58][59] Question: Buyback strategy - Management clarified that the lack of buybacks in Q4 does not signal any specific strategy, as they are looking at opportunities opportunistically [63][64]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $349 million, up 15.6% year-over-year [24] - Q4 non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15% [24] - Full year revenue growth was 15% with a non-GAAP operating margin expansion of 400 basis points [8][24] - Free cash flow for Q4 was $90 million, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth [29] Business Line Data and Key Metrics Changes - The U.S. general contractors segment remains a cornerstone of growth, with 3 new ENR 400 logos added in Q4 [8] - Procore Pay saw strong momentum, ending the year with nearly 450 customers, representing over 70% year-over-year growth [27] - The number of customers spending more than $1 million in ARR grew by 34% year-over-year, totaling 115 customers [26] Market Data and Key Metrics Changes - International revenue grew 14% year-over-year, impacted by currency headwinds, but grew 15% on a constant currency basis [24] - Current RPO grew 22% year-over-year, and current deferred revenue grew 18% year-over-year [24] Company Strategy and Development Direction - The company aims to lead in the AI era, focusing on driving efficiency across the construction lifecycle [6][22] - Plans to launch a suite of specialized products for owners, including portfolio management and asset management, to meet evolving needs [12] - The acquisition of Datagrid is expected to enhance Procore's AI capabilities and product synergies [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Procore's future, emphasizing the importance of customer relationships and operational efficiency [5][7] - The company is well-positioned for durable growth and margin expansion, with a focus on innovation and execution [22][23] - Management acknowledged ongoing headwinds in the construction environment but highlighted strong operational performance [8][30] Other Important Information - Procore for Government achieved FedRAMP Moderate authorization, opening opportunities with U.S. federal and state government customers [12] - The company is focused on limiting share count dilution, with a weighted average diluted share count growth of less than 1% in Q4 [29] Q&A Session Summary Question: Customer conversations regarding AI and competition - Management noted that customers are focused on construction and expect their tech vendor to leverage AI effectively, with clear adoption of Procore AI among customers [38][39] Question: Trends in volume commitments during the Q4 renewal cycle - Management indicated continued strength in ACV commitments, reflecting ongoing share gain and growth from a strong Q4 bookings quarter [62] Question: Monetization strategy for Procore AI - Management stated that establishing a compelling ROI is crucial, with plans to include AI offerings in upcoming bundles and explore consumption-based models [73] Question: Capacity and resource adequacy for future growth - Management confirmed sufficient capacity for fiscal 26, focusing on productivity increases and leveraging AI for operational improvements [75][76]

Financial Data and Key Metrics Changes - As of December 31, 2025, the company had $61.8 million in cash, cash equivalents, and marketable securities, reflecting a focus on cash preservation measures to enhance operational efficiency and extend runway [10][59]. Business Line Data and Key Metrics Changes - The company completed the randomized portion of the PALISADE-3 phase 3 trial in social anxiety disorder and is now focused on the ongoing PALISADE-4 trial, implementing refinements based on insights from PALISADE-3 [5][8]. - The open-label extension of PALISADE-3 and PALISADE-4 is ongoing, designed to evaluate the safety and tolerability of fasedienol in real-world situations [7][8]. Market Data and Key Metrics Changes - The company received an official USAN adoption statement designating PH80 as rafisolone, a hormone-free, nonsystemic intranasal product candidate for treating moderate to severe vasomotor symptoms due to menopause, with plans to submit an IND to the FDA in the first half of 2026 [9][10]. Company Strategy and Development Direction - The company aims to deliver transformative treatments for social anxiety disorder, focusing on the totality of data from the PALISADE program to support potential new drug applications to the FDA [8][11]. - The strategy includes leveraging artificial intelligence and machine learning to analyze data from the PALISADE studies to optimize statistical models and improve understanding of drug response [6][40]. Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of understanding the drivers of both fasedienol and placebo responses to inform regulatory strategies and enhance the likelihood of successful outcomes in clinical trials [6][32]. - The company remains committed to addressing the significant unmet need in social anxiety disorder and is focused on disciplined, data-driven approaches in its clinical development [10][11]. Other Important Information - The company is actively refining its operational strategies based on insights from previous trials to mitigate high placebo responses and improve trial execution [27][29]. - Management clarified that any modifications to the statistical analysis plan (SAP) would require FDA resubmission and alignment before database lock [18][41]. Q&A Session Summary Question: Insights from PALISADE-3 data - Management indicated that while top-line results have been released, detailed analysis of individual curves and subgroup responses is ongoing [13][14]. Question: Modifications to the SAP and FDA communication - Any future changes to the SAP would require resubmission to the FDA, and the current enrollment target would remain unchanged [20][21]. Question: Enrollment status for PALISADE-4 - Enrollment for PALISADE-4 is proceeding as planned, with no observed impact from recent announcements [38]. Question: Regulatory path forward if PALISADE-4 is successful or fails - Management stated that regulatory outcomes depend on the totality of data and the weight of evidence, and they are focused on aligning their strategies accordingly [31][32]. Question: Impact of blinded data on confidence in PALISADE-4 - Management refrained from commenting on the blinded data from PALISADE-4 [33]. Question: Clarification on shares outstanding - The weighted average shares for the quarter included pre-funded warrants, leading to a higher average than the shares outstanding at the end of the quarter [51][53].