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 ...

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]

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 Highlights - CompoSecure 将与 Husky Technologies 合并，交易价格约为 50 亿美元[13]，相当于 Husky 2026 年预计净调整后 EBITDA 的 11.2 倍[13]，约为 4.45 亿美元[13] - 预计交易完成后第一年，CompoSecure 的盈利将增加 20% 以上[13] - 该交易预计将于 2026 年第一季度完成[13] Husky Technologies Overview - Husky 是全球领先的工程设备和售后服务制造商，拥有约 13,500 个已安装系统[13] - Husky 的售后市场零件和服务收入占比约为 65%[13] - Husky 在约 135 个国家拥有超过 3,500 名客户[19] - Husky 2025 财年预计收入约为 15.82 亿美元[19]，同比增长约 6%[19]，净调整后 EBITDA 约为 4 亿美元[19]，净调整后 EBITDA 利润率约为 25%[19] Pro Forma Company Financials - 合并后的公司 2026 年预计收入约为 22.25 亿美元[24]，净调整后 EBITDA 约为 6.35 亿美元[24]，净调整后 EBITDA 利润率约为 29%[24] - CompoSecure 业务的经常性收入占比约为 75%[15]，自由现金流转化率约为 94%[24] - Husky 业务的售后市场经常性收入占比约为 65%[15]，自由现金流转化率约为 87%[24] Transaction Funding and Ownership - 该交易的资金来源包括约 20 亿美元的普通股私募[13]，约 20 亿美元的债务[13]，以及 Platinum Equity 约 10 亿美元的股权转入[13] - 交易完成后，现有 CompoSecure 股东将持有合并后公司约 44.5% 的股份[36]，Platinum Equity 将持有约 19% 的股份[36]，私募投资者将持有约 36.5% 的股份[36]

Transaction Overview - The transaction represents an enterprise value of approximately $12.8 billion[10] - The deal is a stock-for-stock transaction with an exchange ratio of 1.45 shares of SM Energy for each Civitas share[10] - Pro forma ownership will be 48% for SM Energy and 52% for Civitas[10, 12] Scale and Production - The combined company will have approximately 823,000 net acres[13] - Q2'25 net production is estimated to be 526 Mboe/d[13] - Year-end 2024 estimated net proved reserves are 1,476 MMBoe[13] Synergies and Financial Impact - The merger is expected to generate annual run-rate synergies of approximately $200 million to $300 million by 2027[30, 42] - The synergies are expected to come from overhead/G&A, D&C/Operational costs, and cost of capital[30] - The combined company aims to achieve a net leverage ratio of 1.0x by year-end 2027[32] Capital Allocation - The company plans to maintain a sustainable quarterly fixed dividend of $0.20 per share[35]

Vispa-cel (CB-010) for r/r LBCL - Vispa-cel demonstrated an 86% Overall Response Rate (ORR) in the optimized profile group [30, 84] - Vispa-cel achieved a 63% Complete Response (CR) rate in the optimized profile group [30, 84] - Vispa-cel showed a 53% 12-month Progression-Free Survival (PFS) rate in the optimized profile group [30, 84] - Caribou Biosciences anticipates initiating a pivotal phase 3 clinical trial for Vispa-cel in 2L LBCL CD19-naïve patients [3] CB-011 for r/r MM - CB-011 achieved a 92% Overall Response Rate (ORR) in BCMA-naïve patients at the recommended dose for expansion (RDE) [91] - CB-011 demonstrated a 75% ≥ Complete Response (CR) rate in BCMA-naïve patients at the RDE [91] - CB-011 showed a 91% Minimal Residual Disease (MRD) negativity rate in evaluable BCMA-naïve patients at the RDE [91] - 7 out of 12 patients achieved ≥VGPR (Very Good Partial Response) at ≥6 months with CB-011 at the RDE [91] Financial Position - Caribou Biosciences expects to report approximately $159.2 million in cash, cash equivalents, and marketable securities as of September 30, 2025 [3, 137, 138] Manufacturing - Vispa-cel manufacturing has the potential for 96% lower COGS (Cost of Goods Sold) than current autologous CAR-T cell therapies [15, 80]

Financial Performance - Total net product revenue reached $171.0 million, a 63% year-over-year increase[12, 27] - AUVELITY net product sales were $136.1 million, representing a 69% year-over-year growth[12, 27, 46] - SUNOSI net product revenue amounted to $32.8 million, a 35% year-over-year increase[12, 27, 56] - SYMBRAVO net product sales were $2.1 million[12, 27] - Cash and cash equivalents stood at $325.3 million as of September 30, 2025[12] Pipeline Development & Regulatory Milestones - An sNDA for AXS-05 in Alzheimer's disease agitation has been submitted to the FDA[12, 25, 74] - An NDA submission for AXS-12 for cataplexy in narcolepsy is anticipated in 4Q 2025[12, 25, 109] - A Phase 3 trial of solriamfetol in children and adolescents with ADHD is anticipated in 4Q 2025[12, 25, 82] Strategic Focus & Market Potential - The company is targeting therapeutic areas with high unmet needs, with potential approvals through 2028[11] - The company estimates a combined peak sales potential of >$16 billion across its pipeline[21]

Contract Overview - IREN secured a $9.7 billion AI cloud contract [1,9,14] - The contract includes $5.8 billion in GPU capex, including ancillaries [14] - The contract term is 5 years, with phased starts targeted in 2026 [9,14] - A 20% prepayment is included, credited to years 3-5 [9,14] Financial Projections - The estimated project EBITDA margin is approximately 85% [11] - The annualized run-rate revenue (ARR) is $1.94 billion [11] - The company projects $2.5 billion ARR, including other customers [25] Data Center Infrastructure - IREN is building 200MW of data centers for AI cloud services [9,16] - The estimated all-in capex is $14-16 million per MW (IT load) [19] - The company has 750MW of available power in Childress, Texas [20,22]

Financial Highlights - Net income reached $403 million, a 42% increase compared to $283 million in the prior year quarter[6,7] - Core income increased by 40% to a record $409 million, compared to $293 million in the prior year quarter[6,7] - Year-to-date core income also hit a record $1,025 million, up 5%[6,7] - Net investment income rose by 2% to $638 million pretax, with fixed income securities and other investments contributing $567 million and limited partnerships and common stock contributing $71 million[6] Property & Casualty (P&C) Operations - P&C core income was $456 million, up from $346 million, driven by lower catastrophe losses, improved underwriting results, and higher net investment income[6] - The P&C combined ratio improved to 928%, compared to 972% in the prior year quarter, including a 15 points catastrophe loss impact compared with 58 points in the prior year quarter[6] - P&C segments, excluding third party captives, saw gross written premium growth of 2% and net written premium growth of 3%[6] Life & Group (L&G) and Long-Term Care (LTC) - Life & Group experienced a core loss of $22 million, compared to a loss of $9 million in the prior year quarter[6] - Individual LTC policies have declined by 50% (~96000 policies) since 2015 with stable open claim counts[28] - Group LTC policies have declined 48% (~111000 insureds) since 2015 from active management with claim counts remaining stable[34] Capital and Dividends - Book value per share was $4183, while book value per share excluding AOCI was $4630, an 8% increase from year-end 2024 adjusting for $338 of dividends per share paid[6] - The Board of Directors declared a regular quarterly cash dividend of $046 per share[6]

Financial Performance - Q3 2025 - Loews Corporation's net income increased to $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share, in Q3 2024[13] - The company repurchased 0.9 million shares at a cost of $85 million since June 30, 2025[13] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024[13] - Dividends from subsidiaries totaled $189 million in Q3 2025[13] - The company held $3.6 billion in cash and investments at the parent company level as of September 30, 2025[8, 13] Subsidiary Highlights - CNA's net income attributable to Loews increased 43% year-over-year due to improved Property and Casualty underwriting results[17] - Boardwalk's net income improved 22% year-over-year due to increased transportation revenues[17] - Boardwalk executed a precedent agreement for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity[17] - Loews Hotels' results improved year-over-year due to new properties and higher average daily rates and occupancy in Orlando[17] CNA Financial Highlights - CNA's net written premiums increased to $2.437 billion in Q3 2025 from $2.360 billion in Q3 2024[29] - CNA's invested assets (fair value) increased to $50.536 billion as of September 30, 2025, from $47.482 billion as of December 31, 2024[29] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $541 million in Q3 2025 from $474 million in Q3 2024[32] - Boardwalk's net income attributable to Loews increased to $94 million in Q3 2025 from $77 million in Q3 2024[32]