Financial Data and Key Metrics Changes - As of December 31, 2025, the company had a cash balance of approximately $7 million [13] - Consolidated operating expenses for the three months ended December 31, 2025, were approximately $2.06 million, an increase of $250,000 or 13.6% compared to the same period last year [13] - The operating loss for the quarter increased to $2.06 million compared to $1.81 million in the prior year period [13] - For the nine-month period, operating expenses decreased significantly to $5.36 million, down $1.98 million or 27% from $7.34 million last year [15] Business Line Data and Key Metrics Changes - The company is advancing its Hemopurifier platform while maintaining disciplined cost control [5] - Continued enrollment and treatment progress in the Australian oncology trial, with two Hemopurifier treatments completed in the second cohort [7][9] - The R&D team is exploring the compatibility of the Hemopurifier with a simplified blood treatment system, which could enhance clinical and commercial flexibility [10] Market Data and Key Metrics Changes - There has been an uptick in the number of interested potential participants in the Australian oncology trial since contracting with TrialFax and Dedicated for advertising and pre-screening [8] - The study is designed to examine the number of Hemopurifier treatments needed to decrease extracellular vesicle concentrations and improve the body's ability to attack tumor cells [9] Company Strategy and Development Direction - The company is focused on advancing the Hemopurifier platform and exploring its potential as a multi-indication therapeutic [5] - The integration of the Hemopurifier with the SLAMB system could facilitate its use in oncology units and infusion centers, reducing invasiveness for patients [23][24] - The company aims to build on preclinical data in Long COVID and explore other indications related to extracellular vesicles [11][12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of cost containment while advancing clinical trials and R&D efforts [27] - The company is currently focused on completing the Australian trial and is not planning to expand to other regions like India at this time [75][78] Other Important Information - The next earnings call for the fiscal fourth quarter, ending March 31, 2026, will coincide with the filing of the annual report in June 2026 [16] Q&A Session Summary Question: Clarification on Cohort 2 treatment duration - The follow-up period remains the same, but participants in Cohort 2 will receive two Hemopurifier treatments instead of one [19] Question: Impact of SLAMB system on treatment administration - The SLAMB system would allow for a less invasive catheter insertion, making it easier for patients and hospital staff to administer treatments [24] Question: Cost-effective approach in R&D - The company is trying to keep costs down by conducting work in-house and limiting outside lab involvement while still advancing research [27] Question: Timeline for Data Safety Monitoring Board's decision - The board is expected to provide a decision on advancing to the third cohort on the same day or the next business day after their meeting [36] Question: Need for Cohort 3 - Management believes it is important to investigate the third cohort to assess the potential benefits of three treatments compared to two [62] Question: Regulatory hurdles for SLAMB system integration - The SLAMB system is not yet approved, and the company would need to conduct safety tests before using it with the Hemopurifier [47]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues reached $2.49 billion, reflecting a year-over-year increase of 28.9% and exceeding guidance of $2.3 billion to $2.4 billion [18] - For the fiscal year 2025, total revenue was $9 billion, with a non-GAAP gross margin of 64.6% and an operating margin of 48.2% [6][22] - Net income for Q4 was $1.05 billion, marking the first time the company surpassed $1 billion in net income for a quarter [22] - Diluted earnings per share for Q4 was $0.82, up 24.2% year-over-year, while for the fiscal year, it was $2.98, a 28.4% increase [23] Business Line Data and Key Metrics Changes - Cloud and AI titans contributed 48% to annual customer sector revenue, while enterprise and financials accounted for 32%, and AI and specialty providers contributed 20% [7] - Services and subscription software represented approximately 17.1% of revenue in Q4, down from 18.7% in Q3 [18] - The core sector revenue was driven by high-performance switching, contributing 65% of total revenue [9] Market Data and Key Metrics Changes - International revenues for Q4 were $528.3 million, or 21.2% of total revenue, up from 20.2% in the previous quarter [19] - The company reported strong growth in both Asia and Europe, with international growth exceeding 40% annually [6] Company Strategy and Development Direction - The company aims for aggressive growth in AI networking, raising its 2026 revenue guidance to $3.25 billion for AI centers and maintaining a goal of $1.25 billion for cognitive campus and branch [27] - The strategy includes expanding into new markets and enhancing product offerings, particularly in AI and cloud networking [12][14] - The company is focused on maintaining its leadership in high-performance switching and expanding its partnerships with AI and cloud titans [9][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 25% annual growth in 2026, despite challenges related to supply chain constraints and rising costs [17][28] - The company is optimistic about the demand for networking solutions driven by AI and cloud technologies, indicating a growing total addressable market exceeding $100 billion [17] - Management acknowledged the impact of inflation and supply chain issues on operations but emphasized a commitment to innovation and customer satisfaction [16][28] Other Important Information - The company repurchased $620.1 million of its common stock in Q4 at an average price of $127.84 per share, with a total of $1.6 billion repurchased in fiscal year 2025 [23][24] - The total deferred revenue balance increased to $5.4 billion, with product deferred revenue rising by approximately $469 million compared to the previous quarter [26] Q&A Session Summary Question: What are the factors affecting the potential new 10% customers? - Management indicated that acceptance criteria and timing are critical factors, along with demand and supply chain considerations [33] Question: What is the cautious outlook for the rest of the year? - Management clarified that visibility is affected by customer CapEx and the timing of new product shipments, particularly related to AI [41] Question: Can you quantify the revenue and gross margin impact from memory dynamics? - Management acknowledged challenges in the memory market and indicated that while they are comfortable with their guidance, there may be price increases for certain products [50][51] Question: How much of the AI revenue guidance is based on scale-up networking opportunities? - Management noted that current configurations are a mix of scale-out and scale-up, with expectations for significant growth in AI networking [58] Question: How does the company plan to participate in the build-out of model builders' infrastructure? - Management highlighted the importance of network infrastructure for model builders and indicated plans to collaborate with cloud titans [64]

Expedia Group (NasdaqGS:EXPE) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAriane Gorin - CEOEric Sheridan - Managing DirectorLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing DirectorNaved Khan - Managing DirectorRob Bevegni - VP of Investor RelationsScott Schenkel - CFOConference Call ParticipantsConor Cunningham - Director and Travel and Transports AnalystDeepak Mathivanan - Senior Equity Research AnalystJed Kelly - Managing Director and Equity Re ...

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $17.6 million and full-year revenue of approximately $71.6 million, representing about 11% growth over 2024 [5][11] - Full year gross margin was 82.1%, down from 85.8% in 2024, reflecting inventory reserves and product mix changes [12] - Fourth quarter gross margin was 81.2%, compared to 87.6% for the same period last year [13] Business Line Data and Key Metrics Changes - Approximately 90% of revenue comes from about 200 burn and trauma centers, with a focus on increasing adoption and utilization of products like RECELL, Cohealyx, and PermeaDerm [6][7] - The Cohealyx I post-market study is fully enrolled, and the PermeaDerm I study is nearing full enrollment, with data expected later in 2026 [8] Market Data and Key Metrics Changes - Six of the seven Medicare administrative contractors have published payment rates for RECELL procedures, which is expected to restore confidence among clinicians [6] - The company is taking a disciplined distributor-led approach in select international markets, focusing on establishing operational readiness [9] Company Strategy and Development Direction - The company aims to drive disciplined execution, refine commercial focus, and position for growth in 2026, with a strategy centered around an integrated platform of products [4][10] - The company expects full year revenue of $80 million to $85 million in 2026, representing growth of approximately 12% to 19% over 2025 [10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of predictable reimbursement for products and the need for increased adoption and utilization by clinicians [6][18] - The company is focused on maintaining disciplined control of operating costs and supporting revenue growth with a stable cost structure [17] Other Important Information - The company refinanced its debt through a new credit facility, which provides more flexibility and reduces covenant risk [15][16] - The fourth quarter marked the third consecutive quarter of improvement in net cash use, declining from $10.1 million in Q2 to $5.1 million in Q4 [15] Q&A Session Summary Question: Guidance on revenue covenants and growth pace - Management clarified that the $15.4 million covenant is not a guidance figure and that they expect growth to continue from Q4 into Q1 and throughout the year [20][21] Question: Reimbursement dynamics affecting 2025 - Management confirmed engagement with all seven MACs and expressed optimism about the seventh MAC publishing payment rates soon [30][31] Question: Customer experience with Cohealyx and PermeaDerm - Management discussed the process of working with champions in accounts to facilitate the adoption of Cohealyx and PermeaDerm, noting early positive experiences [37][38] Question: Drivers of growth for 2026 guidance - Management indicated that growth will come from increased utilization within existing accounts and contributions from Cohealyx and PermeaDerm [49]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported worldwide revenue of $1.26 billion, a 13% increase from $1.11 billion in Q4 2024, with organic growth at 12% [17] - U.S. revenue reached $892 million in Q4 2025, up 11% from $803 million in Q4 2024 [17] - International revenue grew 18% to $368 million in Q4 2025, with organic growth at 15% [18] - Gross profit for Q4 was $799.8 million, representing 63.5% of revenue, an increase from 59.4% in Q4 2024 [19] - Operating income was $331.5 million, or 26.3% of revenue, compared to $209.5 million, or 18.8% of revenue in Q4 2024 [20] - Adjusted EBITDA for Q4 was $422.2 million, or 33.5% of revenue, up from $300.1 million, or 27.0% of revenue in Q4 2024 [20] - The company closed the quarter with approximately $2 billion in cash and cash equivalents, indicating strong financial flexibility [21] Business Line Data and Key Metrics Changes - The rollout of the Dexcom G7 15-Day system has received positive feedback, enhancing customer experience and potentially increasing market share [8][9] - The company is focusing on expanding its product portfolio, including the introduction of Stelo and a new CGM system in international markets by 2026 [14] Market Data and Key Metrics Changes - The international business showed particular strength in Germany, the United Kingdom, and France, with France being one of the fastest-growing markets due to Type 2 access expansion [18] - The company anticipates that international market opportunities could surpass the U.S. market in the future [14] Company Strategy and Development Direction - The company aims to be the premier glucose sensing solution, focusing on improving sensor accuracy, reliability, and connectivity [8] - A strategic priority is to enhance customer experience across all stakeholders, including prescribers and caregivers, through new digital support systems and AI integration [9] - The company plans to expand its international market share by increasing awareness and access to CGM technology globally [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in metabolic health management, particularly with upcoming Medicare coverage for Type 2 non-insulin users, which could provide access to approximately 12 million people [28] - The company expects total revenue for 2026 to be in the range of $5.16 billion to $5.25 billion, reflecting growth of 11%-13% [22] - Management highlighted the importance of maintaining gross margin improvements and operational efficiencies while investing in new product launches and manufacturing capabilities [23] Other Important Information - The company has surpassed $1 billion in free cash flow for the first time in 2025, indicating strong cash generation capabilities [22] - An Investor Day is planned for May 2026 to provide further details on the company's outlook [16] Q&A Session Summary Question: Discussion on the glucose journey and potential coverage - Management believes the company is in the early stages of addressing metabolic health issues, with significant growth opportunities as coverage expands for Type 2 non-insulin users [26][28] Question: CMS proposal for Type 2 non-insulin coverage - Management is optimistic about upcoming CMS coverage decisions and expects to see results from a randomized control trial in mid-2026 [32][35] Question: Impact of the 15-Day product on margins and new markets - The 15-Day product is expected to contribute to margins over time, with significant opportunities for international expansion [38][41] Question: Operating expenses and investment in manufacturing - The increase in operating expenses is primarily due to investments in the new Ireland manufacturing facility, which will enhance future production capabilities [46][49] Question: Utilization rates among different user segments - Utilization rates remain stable across various user segments, with high rates observed in Type 1 and Type 2 insulin users [52][54] Question: 2026 revenue outlook and new patient dynamics - Revenue growth will depend on patient retention, utilization, and pricing, with expectations for continued strong performance in new patient additions [60][62] Question: International growth strategy and competition - The company aims to close the revenue gap with competitors by expanding coverage and product offerings in international markets [82][84]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $20.1 million, up 16% sequentially and 30% year-over-year, exceeding guidance [20] - Full year 2025 total revenue was $70.6 million, a 22% increase year-over-year [20] - Annual contract value plus royalties reached $83.6 million, a 28% year-over-year increase, marking a new record [21] - Remaining performance obligations (RPO) totaled $117 million, representing a 32% year-over-year increase, another record high [21] - Non-GAAP gross profit for Q4 was $18.5 million, with a gross margin of 92% [22] - Non-GAAP operating loss for Q4 was $2.2 million, above the top end of guidance [24] - GAAP net loss for Q4 was $8.5 million, with a diluted net loss per share of $0.19 [25] Business Line Data and Key Metrics Changes - The royalty stream increased by 50% year-over-year, with Q4 setting a new record [20] - FlexGen, an AI-driven smart NoC IP product, saw strong customer adoption, licensed for over 30 production device deployments [11] - Ncore, a cache coherent interconnect IP product, also experienced strength in licensing across various edge and server applications [12] Market Data and Key Metrics Changes - The largest impacts on revenue were seen in enterprise computing, automotive, and consumer electronics markets [7] - The number of large royalty reporters tripled in the last two years, indicating a diversified customer base [20] Company Strategy and Development Direction - The acquisition of Cycuity enhances Arteris' product portfolio, focusing on semiconductor cybersecurity assurance [8] - The company aims to address market concerns about increasing cybersecurity threats in semiconductor designs [9] - Arteris is positioned to support semiconductor applications in the AI era across various sectors, including automotive and aerospace [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting to report a non-GAAP operating profit as early as Q4 2026 [28] - The company anticipates continued strong demand for its products driven by the rise of AI and efficient data movement in semiconductors [7] Other Important Information - Free cash flow was positive at $3 million for Q4 and $5.3 million for the full year [26] - The company ended the year with $59.5 million in cash and no financial debt [26] Q&A Session Summary Question: Cross-sell opportunities and customer segments - Management highlighted that hardware security assurance is a growing issue, opening significant cross-sell opportunities across various semiconductor companies [30][31] Question: NXP's expanded use of Arteris solutions - Management confirmed that NXP is now using four solutions, indicating increased interest in deploying a complete suite of offerings [34][35] Question: Strength in royalties and market segments - Management noted that the growth in royalties is attributed to both customer diversification and the increase in large royalty reporters across various segments, particularly automotive [37][38] Question: Impact of security acquisition on P&L - Management clarified that approximately $7 million of the projected revenue for 2026 is expected from the Cycuity acquisition, with a slight contribution to operating loss anticipated [45][46]

Financial Data and Key Metrics Changes - The company reported $166 million in revenue for Q4 2025, representing a 1% increase year-over-year and exceeding the high end of guidance [20][21] - Full-year revenue for 2025 was $599 million, excluding $44 million from patent litigation settlements [6][20] - Gross margin improved to 68% in Q4 2025 from 67% in the prior year, driven by lower inventory write-downs and reduced royalty costs [22] Business Line Data and Key Metrics Changes - Total consumables revenue increased by 6%, with single-cell consumables revenue up 3% and spatial consumables revenue up 14% [21] - Single-cell consumables volumes grew at a double-digit rate each quarter, primarily due to the adoption of the lower-cost FLEX assay [7][21] - Instrument revenue declined by 36%, with Chromium instruments down 44% and spatial instruments down 30% [21] Market Data and Key Metrics Changes - Revenue from the Americas declined by 6%, while EMEA and APAC regions grew by 7% and 9%, respectively [22] - The Americas faced challenges due to a subdued funding environment, while EMEA benefitted from late-quarter orders [22] Company Strategy and Development Direction - The company aims to leverage advancements in AI and biology measurement technologies to drive growth, focusing on large-scale studies and translational research [12][14] - Plans to enhance clinical applications of single-cell and spatial analysis through collaborations with academic medical centers [17][49] - The company is committed to continuous innovation and expects 2026 to be a pivotal year for new product capabilities [18] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging operating environment in 2025, with subdued customer spending and ongoing funding uncertainties impacting purchasing decisions [6][19] - Despite these challenges, the company is optimistic about future growth driven by strong demand for its solutions and a solid financial position [11][19] - The outlook for 2026 includes revenue guidance of $600 million to $625 million, reflecting a stable funding environment and anticipated growth in consumables [24] Other Important Information - The company increased its cash balance by over $100 million year-over-year, reflecting disciplined cost management [11][23] - The launch of the FLEX APEX assay is expected to drive significant adoption and new applications in the single-cell market [9][41] Q&A Session Summary Question: Can you comment on ordering patterns and expectations for academic and pharma? - Management indicated that the environment remains steady but cautious, with ongoing uncertainty in academic funding impacting customer sentiment [30] Question: Was volume growth enough to offset pricing in single-cell consumables? - Management noted that in Q4, single-cell consumables saw over 30% volume growth, contributing to overall revenue growth despite pricing pressures [36] Question: What are the expectations for the clinical translational space? - The company is excited about future clinical applications and is pursuing a hybrid strategy to enable clinical evidence generation while supporting existing customers [49] Question: How is the company addressing competitive dynamics? - Management expressed confidence in their competitive position, highlighting continuous innovation and the strong performance of the Xenium platform [77] Question: What are the plans for cash generated in 2026? - The company aims to maintain a strong balance sheet to pursue strategic investments and opportunities as they arise [62]

Financial Data and Key Metrics Changes - The company reported $166 million in revenue for Q4 2025, representing a 1% increase year-over-year and exceeding the high end of guidance [20][21] - Full-year revenue for 2025 was $599 million, excluding $44 million from patent litigation settlements [6][20] - Gross margin for Q4 was 68%, up from 67% in the prior year, driven by lower inventory write-downs and reduced royalty costs [22] - Operating expenses decreased by 18% in Q4, primarily due to lower legal and personnel costs [23] Business Line Data and Key Metrics Changes - Total consumables revenue increased by 6%, with single-cell consumables revenue up 3% and spatial consumables revenue up 14% [21] - Single-cell consumables volumes grew at a double-digit rate each quarter, driven by the adoption of newer, lower-cost products like Flex [7][21] - Spatial consumables revenue growth was driven by strong demand for Xenium, with existing customers increasing utilization [8][21] Market Data and Key Metrics Changes - Revenue from the Americas declined by 6%, while EMEA and APAC regions grew by 7% and 9%, respectively [22] - The Americas faced challenges due to a subdued academic and government funding environment, while EMEA performed better than expected due to late-quarter orders [22] Company Strategy and Development Direction - The company aims to leverage advancements in AI and biology measurement technologies to drive growth, focusing on large-scale studies and partnerships [12][14] - There is a strategic push into clinical applications, with collaborations to generate clinical evidence and support diagnostic applications [17][51] - The company plans to continue investing in innovation while managing costs effectively to strengthen its financial position [11][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remained challenging, with subdued customer spending and ongoing funding uncertainties impacting purchasing decisions [6][19] - Despite these challenges, there is optimism about underlying demand and the potential for growth in 2026, with revenue guidance set at $600 million to $625 million [24][25] - Management expressed confidence in the company's position and the opportunities ahead, particularly in AI-driven projects and translational research [18][56] Other Important Information - The company increased its cash balance by over $100 million year-over-year, reflecting disciplined cost management [11][23] - The launch of the Flex Apex assay is expected to drive significant growth in single-cell applications [9][42] Q&A Session Summary Question: Can you comment on ordering patterns and expectations for academic and pharma? - Management indicated that the environment remains steady but cautious, with ongoing uncertainty in academic funding impacting customer sentiment [30] Question: How did volume growth and pricing impact single-cell consumables? - Management noted that reaction growth was 22% for the full year, with Q4 seeing over 30% volume growth due to the Flex assay [36] Question: What are the expectations for clinical translational space? - Management is excited about the potential for clinical applications and is pursuing initiatives to generate clinical evidence while also enabling existing customers [51] Question: How is the company addressing competitive dynamics? - Management feels confident in its competitive position, citing continuous innovation and strong customer feedback on products like Xenium [76] Question: What are the plans for cash generation and investment? - Management emphasized the importance of maintaining a strong balance sheet to pursue strategic opportunities and investments in innovation [63]

Financial Data and Key Metrics Changes - Total revenue for Q1 2026 was $3.9 million, up from $3.8 million in the prior year period [12] - Subscription revenue was $3.2 million, compared to $3.0 million in the prior year, representing 81% of total revenue [12] - Services revenue increased to $758,000 from $743,000 in the prior year [12] - Gross profit rose to $2.6 million from $2.5 million, with a gross profit margin of 66% [13] - Net loss improved to $100,000 from a loss of $600,000 in the prior year [14] - Adjusted EBITDA was positive at $122,000, compared to a negative $193,000 in the prior year [14] Business Line Data and Key Metrics Changes - Core products accounted for 60% of total revenue, growing 17% to $2.4 million from $2.0 million [6] - HawkSearch represented 63% of subscription revenue, increasing to $2 million from $1.9 million [6] - Average ARR per customer increased by 12% to $28,000 from $25,000 [7] - Average subscription per customer rose to $33,000 from $30,000 [7] Market Data and Key Metrics Changes - New customer acquisition continued to grow, with 13 new licenses sold, totaling $1.2 million in contract value [7] - More than half of new license sales included AI products [7] - HawkSearch was ranked number 1 in Gartner's 2025 Critical Capabilities Report, indicating strong market positioning [8] Company Strategy and Development Direction - The company aims to increase HawkSearch and core products to over 70% of overall revenue this year [11] - Focus on product innovation, customer success, and delivering shareholder value [16] - Investments in AI and a clean product architecture enable rapid product releases [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth and success in 2026, with expectations for revenue growth and product innovation [16] - The total addressable market remains unchanged, with a strong focus on B2B manufacturing and distribution [40][52] - Anticipated growth rates for HawkSearch are expected to reach 20% this year [50] Other Important Information - Cash at the end of Q1 2026 was $1.5 million, with total assets of $15.7 million [14][15] - The company has no significant debt or contingent payments remaining from previous transactions [14] Q&A Session Summary Question: Clarification on ARR figures - Management confirmed that the average ARR per new customer is $28,000, up from $25,000, and overall revenue per customer is now $33,000 [21][31] Question: Impact of increasing average package on market reach - Management stated that the total addressable market has not changed, and customers are now more willing to adopt AI add-ons [40][44] Question: Competitive landscape changes - Management noted that top competitors remain the same, but differentiation is achieved through analytics and a data lake for customer data [46][47] Question: Expectations for future growth rates - Management expects continued growth in ARR and HawkSearch, with a solid pipeline of new customers [50][52] Question: Marketing spend effectiveness - Management indicated that marketing dollars are being spent effectively, with plans to invest more in successful campaigns [58][61] Question: Stability of gross margin - Management expects gross margins to remain stable in the mid-60s range, with subscription margins around 70% [64][72]

Financial Data and Key Metrics Changes - As of December 31, 2025, the company had a cash balance of approximately $7 million [13] - Consolidated operating expenses for Q3 2026 were approximately $2.06 million, an increase of $250,000 or 13.6% compared to the same period last year [13] - The operating loss for the quarter increased to $2.06 million compared to $1.81 million in the prior year period [13] - For the nine-month period, operating expenses decreased significantly to $5.36 million, down $1.98 million or 27% from $7.34 million last year [14] Business Line Data and Key Metrics Changes - The company is advancing its Hemopurifier platform while maintaining disciplined cost control, with ongoing enrollment in the Australian oncology trial [5] - The second cohort of the oncology trial has seen two patients treated with Hemopurifier, with a third patient expected to be treated by the end of February [6][7] Market Data and Key Metrics Changes - There has been an uptick in the number of interested potential participants in the Australian oncology trial since contracting with TrialFax and Dedicated for recruitment [8] - The trial is designed to examine the number of Hemopurifier treatments needed to decrease extracellular vesicle concentrations and improve immune response against tumor cells [9] Company Strategy and Development Direction - The company is focused on advancing the Hemopurifier platform and exploring its compatibility with a simplified blood treatment system, which could enhance clinical and commercial flexibility [5][10] - Aethlon Medical is also exploring the potential of the Hemopurifier in treating conditions beyond oncology, including Long COVID and other diseases associated with extracellular vesicles [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing progress in the Australian oncology trial and the potential for the Hemopurifier to be integrated into oncology units and infusion centers, reducing invasiveness for patients [22][24] - The company is committed to cost containment while advancing its research and development efforts, particularly in the context of Long COVID [26] Other Important Information - The scientific rationale and full design of the Australian oncology trial have been published in a peer-reviewed journal, indicating the company's commitment to transparency and scientific rigor [10] - The next earnings call for the fiscal fourth quarter is scheduled to coincide with the filing of the annual report in June 2026 [16] Q&A Session Summary Question: Clarification on Cohort 2 treatment duration - Management confirmed that participants in Cohort 2 will receive two Hemopurifier treatments, maintaining the same follow-up period as Cohort 1 [19] Question: Impact of SLAMB system on treatment administration - The SLAMB system is expected to simplify the administration of Hemopurifier treatments, making it less invasive for patients and easier for hospital staff [22][24] Question: Cost-effective approach in R&D - Management emphasized the importance of cost containment while advancing research, focusing on in-house work and limiting external lab involvement [26] Question: Timeline for Data Safety Monitoring Board's decision - Management anticipates a decision from the Data Safety Monitoring Board on whether to advance to the third cohort on the same day or the next business day after the meeting [34] Question: Need for Cohort 3 - Management believes it is essential to conduct Cohort 3 to fully assess the efficacy of three treatments, based on historical data suggesting that more treatments may yield better results [60] Question: Regulatory hurdles for SLAMB system integration - The SLAMB system is not yet approved, and the company will need to conduct safety tests and treatments before integration with the Hemopurifier [45]