Transaction Overview - Kimberly-Clark is acquiring Kenvue to create a global health & wellness leader [20, 96] - Kenvue shareholders are expected to receive $3.50 in cash and 0.14625 K-C shares for each Kenvue share, representing total consideration of $21.01 per share [91] - Post-transaction, current K-C shareholders are expected to own approximately 54%, while current Kenvue shareholders are expected to own approximately 46% [91] - The transaction values Kenvue at a headline multiple of 14.3x Kenvue LTM Adjusted EBITDA, or an effective multiple of 8.8x post-synergies [91] Strategic Rationale - The combined company will have approximately $32 billion in revenue and ~$7 billion in EBITDA pre-synergies [30, 76, 77] - The combination offers exceptional complementarity across categories and critical markets [23] - The combined company will have 10 iconic $1B+ brands [75] - Kimberly-Clark can scale Kenvue in China, Mexico, S Korea and Indonesia [90] - Kenvue can scale Kimberly-Clark Categories in India and Western Europe [90] Synergy Opportunities - The transaction is expected to generate total synergies of approximately $2.1 billion [85, 91] - Cost synergies are estimated at ~$1.9 billion, driven by COGS optimization (30%), sales, marketing and trade spend optimization (30%), and G&A optimization (40%) [85, 87] - Margin flow through from revenue synergies is estimated at ~$0.2 billion [85] - The estimated cash cost to achieve synergies is $2.5 billion [88]

Financial Performance - Net sales reached $288.8 million, a 14.0% year-over-year increase[15] - Adjusted EBITDA was $54.6 million, an increase of $11.1 million year-over-year[15] - Adjusted EBITDA margin was 18.9%, a 170 bps increase year-over-year[15] - Operating cash flow was $66.8 million, an increase of $10.7 million year-over-year[15] Retail Growth - Total household penetration increased by 10%[15] - Total buy rate increased by 4%[15] - MVP (Most Valuable Pet Parents) household penetration increased by 15%[15] - Cubic feet increased by 12%[15] - Store count increased by 7%[15] - Total distribution points increased by 13%[15] - Ecommerce share of sales is 14%[15] Strategic Initiatives - The company expects to spend approximately $140 million in capital expenditures in 2025[31] - The company is adapting its model to the current environment by focusing on targeted marketing, affordability/value portfolio, and expanding visibility and availability[17, 16] - The company aims for a 48% adjusted gross margin target and a 22% adjusted EBITDA margin target[78] Market Position - Freshpet holds a 3.9% market share of the total U S dog food category, which is valued at approximately $38 billion[33] - Freshpet accounts for 95% of the fresh/frozen dog food market in measured channels[35]

Clinical Trial Updates - Phase 3 SENTRY试验的顶线数据预计在2026年3月公布[8, 25] - Phase 3 XPORT-EC-042子宫内膜癌试验的顶线数据预计在2026年中期公布[8, 67] - 评估SPd治疗复发性多发性骨髓瘤患者的3期全球研究(XPORT-MM-031/EMN29)的顶线数据预计在2026年上半年公布[70, 73] - SENTRY (XPORT-MF-034) 是一项针对JAKi初治骨髓纤维化患者，Selinexor联合Ruxolitinib的3期试验，已于2025年9月完成患者招募，共353名患者[23, 24] Commercial Performance - 2025年第三季度，美国XPOVIO净产品收入为3200万美元，比2024年第三季度的2950万美元增长8.5%[37] - 公司重申2025年全年净产品收入指导范围为1.1亿美元至1.2亿美元[37, 54] - 社区环境持续驱动约60%的美国整体净产品收入[37] Financial Highlights - 2025年第三季度总收入为4400万美元，高于2024年第三季度的3880万美元[51] - 预计现有流动资金，在计入2025年10月8日宣布的融资交易的影响后，足以支持公司计划运营至2026年第二季度[53] - 研发和SG&A费用预计为2.35亿美元至2.45亿美元[54] Myelofibrosis Market Opportunity - Selinexor联合Ruxolitinib疗法在美国市场可能达到每年约10亿美元的净销售额峰值[41, 43] - 约75%的患者有意愿接受联合治疗[42]

Financial Highlights - ECARX achieved Q3 revenue of $219.9 million, an increase of 11% year-over-year[18] - The company's gross profit for Q3 was $47.6 million, with a gross margin of 22%[20] - ECARX reported a net profit of $0.9 million in Q3, marking the first time the company has turned profitable[20] - Adjusted EBITDA for Q3 was $8.3 million, a significant improvement compared to previous quarters[109] Products and Operations - ECARX's products are integrated into approximately 10 million vehicles as of September 30, 2025[18] - Antora shipments reached a record high of 196,000 units in Q3[18] - The company serves 18 OEMs across 28 vehicle brands as of September 30, 2025[20] Financial Reporting Change - ECARX changed its reporting currency from Chinese Renminbi (RMB) to U S Dollars (USD) during the quarter[7]

Transaction Overview - Coeur will acquire all outstanding common shares of New Gold, valuing the transaction at approximately $7 billion based on New Gold's basic common shares outstanding[18] - New Gold shareholders will receive 04959 of a Coeur share for each New Gold share, implying a consideration of $851 per New Gold share, representing a 16% premium[18] - Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively[18] Combined Company Financial Highlights (2026E) - The combined company is expected to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow[10] - The combined entity is projected to have $390 million in cash[40] - The combined entity is projected to have $761 million in debt[40] Production and Revenue - The combined company is expected to produce approximately 20 million ounces of silver, 900000 ounces of gold, and 100 million pounds of copper[12] - The combined company's 2026 estimated gold equivalent production is 1243 Koz Au Eq[46] - Gold is expected to account for 72% of the combined 2026 estimated revenue, silver 20%, and copper 8%[13] New Gold Asset Overview (YTD 2025) - New Afton's operating cash flow is $197 million and free cash flow is $115 million[21] - New Afton's copper production is 391 million pounds and gold production is 502K ounces[21] - Rainy River's operating cash flow is $412 million and free cash flow is $215 million[28] - Rainy River's gold production is 1958K ounces[28]

Oncology Program Highlights - Pumitamig is executing a broad pan-tumor development plan, with potential launches before the end of the decade[12] - The company is progressing late-stage trials for FixVac and iNeST mRNA cancer immunotherapies, with recent randomized Phase 2 updates[12] - Pumitamig has registrational trials ongoing in 3 high-impact tumors, including SCLC, with broad pan-tumor applicability with standard-of-care chemotherapy[19] - BNT111 FixVac Phase 2 data in PD-(L)1 melanoma showed a statistically significant improvement in ORR of 181% versus an assumed historical control ORR of 10%[30] Financial Performance - The company reported revenues of €1519 million for the three months ended September 30, 2025, compared to €1245 million in 2024[37] - Research and development expenses were €565 million for the quarter[37] - The company has a strong balance sheet with approximately €167 billion in total cash and cash equivalents plus security investments as of September 30, 2025[12, 38] - The company increased its full-year 2025 revenue guidance to €2600 – €2800 million and reduced R&D expenses guidance to €2000 – €2200 million[39]

Transaction Overview - Kimberly-Clark is acquiring Kenvue to create a global health & wellness leader[20, 96] - Kenvue shareholders are expected to receive $3.50 in cash and 0.14625 K-C shares for each Kenvue share, representing total consideration of $21.01 per share[91] - Post-transaction, current K-C shareholders are expected to own approximately 54%, while current Kenvue shareholders are expected to own approximately 46%[91] - The transaction is expected to close in the second half of 2026[91] Strategic Rationale - The combination aims to drive growth, innovation, and market strength[23] - The combined company will have sales of $32 billion and EBITDA of $7 billion pre-synergies[30, 76, 77] - The combined company will have 10 iconic brands with over $1 billion in sales each[75] - Kimberly-Clark can scale Kenvue in China, Mexico, S Korea and Indonesia[90] - Kenvue can scale Kimberly-Clark categories in India and Western Europe[90] Synergy Opportunities - The transaction is expected to generate approximately $2.1 billion in total synergies[85] - Cost synergies are estimated at $1.9 billion, driven by optimization in COGS, sales, marketing, trade spend, and G&A[85, 87] - Margin flow through from revenue synergies is estimated at $0.2 billion[85] - The estimated cash cost to achieve synergies is $2.5 billion[88]

TScan Therapeutics, Investor Call November 3, 2025 Investor call November 3, 2025 Disclaimers and forward-looking statements This presentation and accompanying discussion contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding the Company's plans, progress, expectations, and timing relating to the Company's hematologic malignancies program, including updated manufacturing process res ...

Business Expansion & Contracts - Signed a 15-year data center campus lease with Amazon Web Services for AI workloads, estimated contract value of ~$5.5 billion[11, 23] - Secured a 1 GW site in Colchis expected to energize in 2028, supported by a signed Direct Connect Agreement with AEP[14, 18] - Signed a 10-year lease with Fluidstack, including a $1.4 billion backstop from Google, for 244 MW gross capacity[23, 25, 33] Bitcoin Mining Performance - Exceeded Q3 2025 hashrate projections, achieving a total self-mining hashrate of ~23.6 EH/s[20, 25] - Bitcoin self-mined in Q3 2025 was ~689 BTC, a ~35% increase compared to ~509 BTC in Q2 2025[49] - All-in electricity cost per BTC in Q3 2025 was $34,189, a ~25% increase from $27,324 in Q2 2025[25, 49] Financial Highlights - Revenue increased to ~$72 million in Q3 2025, a ~65% increase from ~$44 million in Q2 2025[49] - Non-GAAP Adjusted Earnings were ~$41 million in Q3 2025, a ~34% increase from ~$30 million in Q2 2025[49] - Cash and cash equivalents increased to ~$1.2 billion in Q3 2025, a ~1,826% increase from ~$63 million in Q2 2025, primarily from net proceeds of 2031 Notes[49]

Transaction Overview - Coeur will acquire all outstanding common shares of New Gold, valuing the transaction at approximately $7 billion based on New Gold's basic common shares outstanding[18] - New Gold shareholders will receive 04959 of a Coeur share for each New Gold share held, implying a consideration of $851 per New Gold share, a 16% premium[18] - Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively[18] Combined Company Highlights - The combined company will have an approximate $20 billion market capitalization with seven North American operations[10] - The combined company is expected to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow in 2026[10] - The combined company is expected to produce approximately 20 million ounces of silver, 900000 ounces of gold, and 100 million pounds of copper[12] Production and Financial Metrics - New Afton Mine's YTD 2025 production includes 391 million pounds of copper and 50200 ounces of gold, with revenue of $323 million, operating cash flow of $197 million, and free cash flow of $115 million[21] - Rainy River Mine's YTD 2025 production includes 195800 ounces of gold, with revenue of $657 million, operating cash flow of $412 million, and free cash flow of $215 million[28] Synergies and Benefits - The transaction is expected to be accretive to Coeur's per share net asset value, operating cash flow, and free cash flow metrics[10] - New Gold shareholders will gain exposure to a combined entity with greater scale and operating diversification, reducing risk[17] - The combined company is expected to have a 2026E EBITDA margin of 66%, compared to Coeur's standalone 61%[52]