Financial Data and Key Metrics Changes - Q3 fiscal 2025 saw a record overall transaction volume of $16.2 million, up 8% year over year, leading to a sequential revenue increase of $1.2 million [3] - Adjusted EBITDA for the quarter was $368,000, down from $500,000 in the second quarter and also down from the previous year [5] - Operating cash flow for the quarter was $1.4 million, with cash increasing by over $200,000 to over $7.8 million at quarter end [5] Business Line Data and Key Metrics Changes - ACH revenues increased by 30% year over year, marking the eighth consecutive quarter of growth in electronic check transaction volume [16] - Card issuing generated sequential volume growth with total dollars loaded exceeding $75 million, and profitability continues to improve [17] - Output Solutions saw sequential revenue growth, with electronic-only documents delivered increasing to 20 million pieces in the quarter [19] Market Data and Key Metrics Changes - The credit card segment processed dollars up 12% and transactions processed up 75% from a year ago, with key payback revenues up 32% [8] - The PINLESS Debit offering set all-time records for both transactions and dollars processed, with growth of 96% for transactions and 87% for dollars processed year over year [16] Company Strategy and Development Direction - The company is focusing on accelerating implementations of new clients to drive volume and recurring revenue [25] - UCO One initiative aims to capture a greater share of customers' electronic payment and printing volume, with a unified platform for customer onboarding [11] - The company is exploring new product offerings, including wearables and customized solutions, to enhance market competitiveness [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong pipeline of future opportunities and the potential for a rebound in card issuing performance [4][19] - The company anticipates continued cash growth and is positioned to invest in organic expansion and strategic acquisitions [5][21] - Management noted that the recurring nature of revenue is becoming more pronounced, which is expected to support future growth [14] Other Important Information - The company completed share repurchases totaling $750,000 year-to-date, with over $3 million remaining on the current repurchase authorization [21][33] - The company is experiencing a positive momentum with record processing volumes and sustained profitability [5][22] Q&A Session Summary Question: Changes in sales cycles and future opportunities - Management indicated a strong pipeline and focus on faster implementations of sold services, with a rich sales pipeline across divisions [25][26] Question: Impact of federal government shutdown on business - Management noted increased inquiries from local governments seeking assistance during the shutdown, indicating potential business opportunities [29][31] Question: Criteria for potential M&A transactions - The company outlined strict criteria for acquisitions, focusing on synergy, favorable pricing, and avoiding problematic acquisitions [32] Question: Recurring revenue in ACH business - Management clarified that the current revenue is largely recurring, contrasting with the previous year which included one-time events [42][44] Question: Confusion regarding credit card processing volumes and revenues - Management explained that while transaction volumes were up significantly, revenue growth was more modest due to the nature of the transactions processed [49]

Financial Data and Key Metrics Changes - Group revenue increased by 17% year-over-year, while adjusted EBITDA grew by 6% in Q3 2025 [5][19] - The company reported a net loss of $789 million for the quarter, compared to a loss of $114 million in the prior year, primarily due to a non-cash impairment charge of $556 million related to regulatory changes in India [18][19] - Adjusted earnings per share grew by 29%, while loss per share increased to $3.91 from $0.58 in Q3 2024 [18] Business Line Data and Key Metrics Changes - In the US, revenue was up 9%, driven by exceptional iGaming growth of 44%, while sportsbook revenue declined by 5% [18] - International revenue increased by 21% year-over-year, with acquisitions contributing 18 percentage points to this growth [19] - iGaming performance showed strong organic growth of 10%, particularly in Turkey and Italy [12][19] Market Data and Key Metrics Changes - Average monthly players engaging with products exceeded 14 million, contributing to revenue growth [5] - The company maintained a 47% market share in net gaming revenue (NGR) in September, despite competitive pressures [11][30] - The international division's revenue reached $2.4 billion, reflecting a 21% increase, with strong performance in Turkey and Italy [19] Company Strategy and Development Direction - The company is strategically positioning FanDuel to capture emerging prediction markets with the launch of FanDuel Predicts in December [6][17] - The focus remains on state-regulated sports betting and iGaming as the most valuable long-term opportunities in the US [8] - The company plans to invest significantly in FanDuel Predicts, anticipating an incremental EBITDA cost of $40-$50 million in Q4 2025 and $200-$300 million in 2026 [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying business performance despite a reduction in full-year guidance due to customer-friendly sports results [5][21] - The competitive landscape has seen heightened generosity from competitors, impacting initial NFL season performance, but management remains optimistic about long-term growth [11][30] - The company is closely monitoring the regulatory environment in India and remains engaged with policymakers regarding potential gaming tax increases in the UK [15][16][60] Other Important Information - The company completed share repurchases totaling $225 million in Q3 and plans to continue the program into 2026, with a commitment to return $5 billion over the coming years [20][21] - The integration of recent acquisitions is progressing well, with a focus on delivering synergies and enhancing the iGaming proposition [13][14] Q&A Session Summary Question: Can you elaborate on the planned investment for FanDuel Predicts? - Management expressed excitement about the product and emphasized a disciplined approach to customer acquisition, monitoring CAC to LTV dynamics closely [25][26] Question: How widespread was the competitive generosity seen at the start of the NFL season? - Management noted that while there was heightened generosity, they maintained a disciplined investment posture and were pleased with their market share performance [30][31] Question: What is the outlook for trading in September and into Q4 in the US? - Management reported strong momentum into Q4, with double-digit handle growth and a positive start to the NBA season [30][31] Question: Can you provide insights on the prediction markets and regulatory engagement? - Management highlighted extensive engagement with stakeholders and optimism about accelerating state legalization of sports betting [34][35] Question: How do you view the competitive landscape with new partnerships like ESPN and DraftKings? - Management acknowledged the competitive dynamics but emphasized their strong product offering and successful partnerships, particularly with Amazon [56]

Financial Data and Key Metrics Changes - Research and development expenses increased to $936,000 in Q3 2025 from $931,000 in Q3 2024, and increased to $3.8 million for the nine months ended September 2025 from $3.0 million for the same period in 2024, driven by the closeout of the CardiAmp heart failure study and new enrollment in the CardiAmp heart failure II trial [14] - Selling general and administrative expenses decreased to $0.6 million in Q3 2025 from $0.8 million in Q3 2024, and decreased to $2.4 million for the nine months ended September 2025 from $2.8 million for the same period in 2024, primarily due to lower compensation and professional services [15] - Net loss was $1.5 million for Q3 2025 compared to $1.7 million for Q3 2024, and $6.2 million for the nine months ended September 2025 compared to $5.5 million for the same period in 2024 [15] - Net cash used in operations decreased to $1.5 million in Q3 2025 from $1.7 million in Q3 2024, and for the nine months ended September 2025 decreased to $4.9 million from $5.5 million for the same period in 2024 [16] Business Line Data and Key Metrics Changes - The CardiAmp heart failure II clinical study is actively enrolling, with four centers currently involved and three having randomized their first patients [8][28] - The CardiAmp cell therapy in chronic myocardial ischemia trial showed an average increase in exercise tolerance of 80 seconds and an 82% reduction in angina episodes at the six-month primary endpoint [10] Market Data and Key Metrics Changes - Japan's PMDA has shown interest in heart failure therapies due to its aging population and limited options for treatment, which may enhance the market potential for the CardiAmp system [6][38] Company Strategy and Development Direction - The company is focused on advancing regulatory submissions for the CardiAmp cell therapy and Helix delivery system, with plans for a meeting with the FDA regarding the approvability of the CardiAmp system [7][13] - The company is pursuing non-dilutive funding for the CardiALLO allogeneic mesenchymal stem cell therapy, with expectations of clarity on funding in Q1 2026 [11][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for the CardiAmp heart failure II program, citing strong clinical data and support from physicians involved in previous trials [28][38] - The company is in a waiting mode for formal clinical consultations with Japanese regulatory authorities, with most preparatory work completed [35] Other Important Information - The company ended the quarter with $5.3 million in cash, which is expected to provide a runway into Q2 2026 without additional financing [16] Q&A Session Summary Question: Clarification on CardiAmp CMI data - The CardiAmp CMI data includes five patients enrolled at their primary endpoint out to six months, with compelling results compared to previous data [18][19] Question: Recruitment challenges for CardiAmp heart failure II trial - Enrollment is proceeding smoothly, aided by cell population analysis to set dosages, with no significant challenges reported [23][24] Question: Next steps for Japanese regulatory approval - The key hurdle is a formal clinical consultation to determine if existing clinical data is sufficient for safety and efficacy in Japan [33][34]

Financial Data and Key Metrics Changes - Journey Medical reported total revenues of $17.6 million for Q3 2025, a 21% increase from $14.9 million in Q3 2024, driven by the successful launch of Amrosi [5][13] - Gross margin decreased to 67.4% in Q3 2025 from 69.4% in Q3 2024, but showed steady improvement from 63.5% in Q1 2025 and 67.1% in Q2 2025 [13][14] - The company reported a GAAP net loss of $2.3 million, or $0.09 per share, compared to a loss of $2.4 million, or $0.12 per share, in the same period last year [15] - EBITDA improved from a loss of $1 million in Q3 2024 to a loss of $500,000 in Q3 2025, with adjusted EBITDA reaching $1.7 million compared to $300,000 in the prior year [15][16] Business Line Data and Key Metrics Changes - Emrosi contributed $4.9 million to revenue in Q3 2025, a 75% increase from Q2 2025, while legacy products like Qbrexza, Accutane, and Zilxi saw a 16% year-over-year decline due to generic competition [5][6] - Total prescriptions for Emrosi grew by approximately 146% from Q2 to Q3 2025, with 18,198 prescriptions in Q3 compared to 7,394 in Q2 [6][17] - The number of unique prescribers for Amrosi increased by approximately 50% to over 2,700, indicating strong initial adoption [9][11] Market Data and Key Metrics Changes - Over $100 million of the $187 million commercial lives currently have access to Amrosi, with successful contracting with two of the three largest GPOs [7][8] - Physician feedback on Amrosi has been positive, with prescribers noting early efficacy and strong refill rates, indicating a favorable reception in the market [8][10] Company Strategy and Development Direction - The company aims to establish Amrosi as the standard of care for rosacea treatment, with expectations of peak annual net sales exceeding $200 million in the U.S. and $300 million globally [17][18] - Journey Medical is focused on disciplined expense management and margin expansion while scaling Amrosi's commercial footprint [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustainable EBITDA positivity in Q4 2025, highlighting the transformational potential of 2025 for the company [18] - The company anticipates that as drug coverage increases, reliance on the copay assistance program will decrease, with significant gains expected in 2026 [21][22] Other Important Information - The company is actively participating in dermatology medical conferences to build awareness and momentum for Amrosi [9][11] - The launch of Amrosi is expected to create a snowball effect in prescription growth as more physicians gain confidence in the product [25][26] Q&A Session Summary Question: Usage of patient assistance program for Amrosi - Management noted that the copay assistance program will see reduced reliance as reimbursement improves, with significant gains expected in 2026 [21][22] Question: Focus on breadth vs. depth of prescribers - The company is focusing on both breadth and depth, with efforts to convert new prescribers into consistent writers while expanding the prescriber base [24][25] Question: Revenue per script fluctuations - Management acknowledged variability in gross to net revenue and indicated that improvements are expected as more GPOs are contracted [29][30] Question: Launch curve expectations - Management expressed optimism about a consistently growing and potentially accelerating launch curve based on current performance [32] Question: Accutane's performance amidst generic competition - Management indicated that Accutane appears stable, with a recent uptick in performance, although competition remains a concern [33] Question: Retention rate of prescribers - Management did not provide specific retention rates but noted ongoing trial and adoption among new prescribers [37][40] Question: Qbrexza's performance and overlap with Amrosi - Management reported good growth for Qbrexza despite competition, with effective overlap in marketing strategies for both products [41][42]

Financial Data and Key Metrics Changes - The company ended Q3 2025 with $2.9 million in cash and cash equivalents, an increase from $1.9 million at the end of Q2 2025 [11] - Total operating costs were approximately $2.7 million for the quarter, down from $3 million in the prior year period, reflecting continued cost discipline [12] - The net loss for the quarter was $2.8 million, or negative $1.52 per share, compared to a net loss of $4.7 million, or negative $6.87 per share in Q3 2024 [12] - Year-to-date net loss improved to $12.3 million, or negative $7.41 per share, from $19.2 million, or negative $27.63 per share in the same period last year, a reduction of more than one-third [12] Business Line Data and Key Metrics Changes - The company successfully processed one metric ton of lithium iron phosphate (LFP) cathode scrap at pilot scale, producing battery-grade lithium carbonate validated by OEM and third-party testing [6] - The company has established MOU agreements with Mobi Robotics and Impossible Metals, extending the AquaRefining platform into deep-sea mineral feedstocks rich in nickel, cobalt, manganese, and rare earth elements [7] Market Data and Key Metrics Changes - The company regained compliance with NASDAQ listing requirements, strengthening its market position as it advances toward commercial operations [7] - The company anticipates a modest increase in cash use as it ramps up R&D, process optimization, and site readiness efforts in support of commercialization [13] Company Strategy and Development Direction - The company aims to build its first commercial-scale AquaRefining facility based on secured feedstock and market demand, emphasizing a disciplined approach to avoid unnecessary dilution [17][24] - The company sees a consolidating industry with fewer technically validated, financially strong recyclers, positioning itself as a key player in this evolving landscape [9][33] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of securing commercial partnerships and feedstock before committing to facility construction, indicating a cautious yet strategic approach [17][24] - The company expects to continue advancing multiple initiatives in commercial and strategic partnerships, with updates anticipated as early as the current quarter [37] Other Important Information - The company raised approximately $4.1 million through its ATM and equity line programs during the quarter, maintaining flexibility while supporting pilot operations and commercial planning activities [11] - A total of $17.1 million in new funding was secured, providing multiple quarters of strategic runway and flexibility [5] Q&A Session Summary Question: What are the biggest gating factors to securing the first build? - Management emphasized the importance of discipline in construction timing, aligning with market demand and feedstock certainty rather than speculation [17][18] Question: How are the partnership discussions progressing? - Management noted increasing interest from OEMs and commercial partners, with deeper engagement and validation of results from pilot operations [20][21] Question: What is the company's comfort level regarding securing feedstock? - Management expressed confidence in the availability of feedstock, highlighting the need to secure bankable contracts before proceeding with facility construction [24] Question: Can you provide more details on the nickel product pathway? - Management discussed the long-term view on nickel production and the potential for deep-sea mining, emphasizing the unique capabilities of the company to produce metals for various markets [26][27]

Financial Data and Key Metrics Changes - The company reported a significant improvement in cash position, with cash and cash equivalents as of September 30, 2025, at $227.6 million, compared to $36.1 million as of December 31, 2024 [22] - The company achieved 86% overall survival at nine months in 34 first-line pancreatic cancer patients treated with Tevid MetNib plus modified gemcitabine nab-paclitaxel, compared to approximately 47% overall survival reported for the standard of care [19][20] Business Line Data and Key Metrics Changes - The focus remains on the combination of Tevid MetNib with modified gemcitabine nab-paclitaxel as the top priority, while the combination with FOLFIRINOX is also being explored due to promising case study results [17][31] - The company is planning a phase 3 study for Tevid MetNib in combination with gemcitabine nab-paclitaxel, with the first patient expected to be dosed in mid-2026 [23] Market Data and Key Metrics Changes - The company announced a $225 million cumulative financing, including a $25 million strategic investment from Sanofi, extending the cash runway into 2029 [19][22] - The U.S. Patent Office granted a patent for Tevid MetNib, expected to provide exclusivity into 2042, with pending applications extending exclusivity into late 2044 [20] Company Strategy and Development Direction - The company aims to demonstrate Tevid MetNib's combinability across various tumor types, potentially expanding its market opportunity beyond first-line pancreatic cancer [21] - The management emphasizes the importance of overall survival data in the first-line setting as a key differentiator in the competitive landscape [35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of Tevid MetNib to provide differentiated outcomes for cancer patients, highlighting the importance of tolerability and overall survival [18][35] - The company is preparing for upcoming milestones, including regulatory feedback and updates on circulating tumor DNA data [23] Other Important Information - The company is exploring various combinations for Tevid MetNib, including with Libtayo and Olomorasib, to address different patient populations in lung cancer [50] - The management highlighted the unique mechanism of Tevid MetNib in mitigating resistance mechanisms, which could enhance its effectiveness in treating various cancers [56] Q&A Session Summary Question: Are there opportunities for PDAC in the adjuvant setting? - Management indicated that while the first-line setting is the top priority, they are considering various opportunities, including the adjuvant setting, for future exploration [27][28] Question: Will there be plans to share full data from the FOLFIRINOX combination cohort? - Management stated that sharing data from the FOLFIRINOX arm is not currently a top priority, as the focus remains on the combination with gemcitabine nab-paclitaxel [40] Question: What is the timeline for the study with Eli Lilly and how do the two combinations differ? - Management confirmed that the first patient in the study with Regeneron's Libtayo is expected to be dosed in the second half of 2026, while the timeline for the Eli Lilly study is still being determined [48][50] Question: What type of patients are best suited for the combination with FOLFIRINOX? - Management noted that Tevid MetNib could help a broad set of patients in the first-line setting without the need for genetic testing, emphasizing its potential for durability and effectiveness [54][55]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $400,000, reflecting ongoing progress in partnered programs [23] - Research and development expenses increased to $19.2 million from $18 million in the prior year, driven by external program advancements [24] - Selling, general, and administrative expenses decreased to $8.4 million from $9.3 million in the prior year, primarily due to reduced personnel-related expenses [24] - Cash, cash equivalents, and marketable securities rose to $152.5 million as of September 30, 2025, compared to $117.5 million as of June 30, 2025, indicating a strong financial position [24] Business Line Data and Key Metrics Changes - The company is prioritizing the development of ABS-201 for both androgenetic alopecia (AGA) and endometriosis, reallocating resources from ABS-101 [6][15] - ABS-201's development for AGA is on track, with a phase one/two A trial expected to initiate in December 2025 [5][9] - The company plans to initiate a phase two proof of concept clinical trial for ABS-201 in endometriosis in Q4 2026, highlighting the dual development strategy [5][22] Market Data and Key Metrics Changes - The market opportunity for ABS-201 in both AGA and endometriosis is characterized by significant unmet medical needs and poor standard of care, with both indications representing multi-billion dollar markets [8][18] - The company aims to leverage shared phase I development for ABS-201 to enhance clinical trial efficiency and speed [8] Company Strategy and Development Direction - The strategic decision to focus on ABS-201 reflects a disciplined approach to capital allocation, aiming to maximize value creation for shareholders [6][15] - The company is expanding its AI platform capabilities to enhance preclinical R&D and generate partnership interest [14] - Plans to sign one or more drug creation partnerships with large pharmaceutical companies by year-end are in place [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of ABS-201, emphasizing its best-in-class profile and the significant market opportunities in AGA and endometriosis [8][26] - The company is excited about the upcoming KOL seminar on December 11, where further details on ABS-201 will be shared [12][27] Other Important Information - The interim results from the ABS-101 phase I trial showed a favorable safety profile with no serious adverse events reported [4] - The company is also progressing additional programs, including ABS-301 and ABS-501, which are intended for partnership prior to clinical development [13][23] Q&A Session Summary Question: Details on TL1A program and endometriosis - Management confirmed that while the half-life of ABS-101 was extended compared to first-generation competitors, it fell short of second-generation programs, leading to a strategic shift towards ABS-201 for endometriosis [29][30] Question: Competitive landscape for endometriosis trial design - Management noted that the endometriosis indication is less competitive than IBD, and they are focused on a well-structured trial design to ensure robust data [31] Question: Partnering status for ABS-101 - The company plans to share recent data with potential partners in the coming weeks and is exploring first-in-class indications for ABS-101 [32][33] Question: Recruitment for AGA trial - Management expressed confidence in recruiting for the AGA trial, with multiple sites engaged and a KOL event planned to support recruitment efforts [41] Question: Efficacy timeline for AGA trial - An interim readout for the AGA trial is expected in the second half of next year, focusing on safety and tolerability [41] Question: Insights from competitor HMI-115 trial - Management highlighted the encouraging proof of concept from the HMI-115 trial, which supports the mechanism of action for ABS-201 in endometriosis [47][48] Question: Potential for ABS-201 in additional indications - While the focus remains on AGA and endometriosis, management acknowledged the potential for ABS-201 to be expanded to additional indications in the future [50]

Financial Data and Key Metrics Changes - Third quarter 2025 revenues were $11.8 million, a significant decrease from $233.6 million in Q3 2024, primarily due to the timing of orders for the developing biocosmeceutical revenue stream [5] - The company's loss from operations in Q3 2025 was $3.7 million, compared to $2.3 million in the same period of 2024 [5] - The net loss per share for Q3 2025 was $3.03, compared to a net loss of $1.13 per share in Q3 2024 [5] - The company ended the quarter with cash, cash equivalents, and marketable securities of $4.5 million, with no outstanding debt [6] Business Line Data and Key Metrics Changes - The biocosmeceutical business is gaining momentum, with a focus on rebuilding commercial infrastructure, including supply chain and sales coverage [14] - The company is working to broaden distribution capabilities beyond the exclusive agreement with Cartesa, aiming for a three-prong approach to capture a larger market share [26] Market Data and Key Metrics Changes - The global obesity market is projected to exceed $100 billion annually by the end of the decade, driven by demand for GLP-1 therapies, which the company's ThermoSTEM program aims to address [10] - The biocosmeceutical market opportunity is estimated at $63 billion, indicating significant growth potential for the company [25] Company Strategy and Development Direction - The company is focused on advancing its two core development programs: BRTX-100 for chronic lumbar disc disease and ThermoSTEM for obesity and metabolic disorders [7][10] - The management emphasizes the importance of having a commercial business capable of generating revenue alongside clinical programs, which is expected to contribute significantly in 2026 and beyond [14] - The company is committed to building a comprehensive patent portfolio to protect its intellectual property, with recent milestones achieved in Japan [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the enrollment in the BRTX-100 clinical trial, indicating that it is approaching completion and may lead to a Type B FDA meeting in December [16][39] - The management highlighted the strength of recent financing, which is expected to support the company's clinical and commercial milestones [18] - The company is optimistic about the potential for accelerated BLA approval for BRTX-100, which could significantly enhance its market position [40] Other Important Information - The company has appointed Crystal Romano as the Global Head of Commercial Operations to strengthen its commercial strategy [14] - The management is exploring direct-to-consumer opportunities for biocosmeceutical products, which could further enhance revenue streams [27] Q&A Session Summary Question: Significance of the biocosmeceuticals opportunity and market dynamics - Management indicated that the biocosmeceutical market is a $63 billion opportunity and emphasized the company's unique position in the microcap biotech space [25][26] Question: Impact of biocosmeceuticals focus on clinical development - Management clarified that resources can be managed effectively without detracting from clinical development, with potential synergies from using cell lines for both clinical and cosmetic products [31][32] Question: Update on BRTX-100 data release and enrollment - Management reported that enrollment is over three-quarters complete, with expectations to finalize enrollment soon, while data will remain blinded for strategic reasons [38][40] Question: Status of the cervical trial - Management stated that resources have not been dedicated to the cervical trial due to financial constraints, focusing instead on the lumbar spine program [45] Question: Potential for biocosmeceutical revenues in Q4 - Management expressed uncertainty about Q4 revenues but noted that some products have been sold since the new leadership was onboarded [47]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company had a cash balance of approximately $5.8 million [14] - Consolidated operating expenses for the three months ended September 30, 2025, were approximately $1.5 million, down by approximately $1.4 million, or 48%, from $2.9 million in the same period of 2024 [14][15] - Operating loss for the quarter decreased to $1.5 million compared to $2.8 million in the prior year period [16] Business Line Data and Key Metrics Changes - The company is conducting an Australian oncology trial of the chemopurifier, with three participants in cohort one completing treatments without complications [5] - The trial aims to monitor safety and feasibility, focusing on the incidence of adverse events and changes in blood tests following treatments [6][8] Market Data and Key Metrics Changes - The company is exploring the implications of extracellular vesicles (EVs) in various diseases, including Long COVID, which affects approximately 400 million individuals worldwide [11][12] Company Strategy and Development Direction - Aethlon Medical is focusing on the chemopurifier's application in oncology and Long COVID, with plans to submit preclinical data for publication [12][24] - The company is working to accelerate patient enrollment in clinical trials through various strategies, including digital marketing and additional investigative sites [6][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in recruiting patients for the oncology trial, citing the complexity of the treatment and the need for thorough explanations to potential participants [34] - The company is optimistic about the potential for EV reductions to be relevant in multiple indications, while also emphasizing the need to focus resources effectively [24][26] Other Important Information - The next earnings call for the fiscal third quarter ending December 31, 2025, will coincide with the filing of the quarterly report in February 2026 [17] Q&A Session Summary Question: Understanding recruitment for cohort two - Management discussed the importance of explaining the trial's observations to investigators to aid in patient recruitment [19] Question: Follow-up on cohort one participants - Management clarified that while they are following cohort one participants clinically, there is no additional EV or T cell data expected beyond the initial eight-week follow-up [20] Question: Timeline for completion of cohort two - Management indicated a target of one patient per month for cohort two, acknowledging potential slowdowns due to holidays [35] Question: Data implications for patient outcomes - Management expressed caution regarding the small sample size but noted directional changes in EV decreases and T cell improvements [36] Question: Stability of EV levels post-treatment - Management confirmed that EV levels decrease during treatment but may rebound after a few weeks, emphasizing the need for more treatments to achieve sustained reductions [40]

Financial Data and Key Metrics Changes - Consolidated total revenue for Q3 2025 was $347.1 million, an increase of 43.3% compared to $242.2 million in the prior year period [16] - Net loss attributable to common stockholders decreased to $9.4 million, or $0.71 per fully diluted share, compared to $15.3 million, or $1.18 per fully diluted share in the prior year [16] - Total adjusted EBITDA was $19.8 million in Q3 2025, up from $16.8 million in the prior year [16] Business Line Data and Key Metrics Changes - Infrastructure segment revenue increased 45.4% to $338.4 million from $232.8 million in the prior year quarter, driven by project timing and size at DBM Global [17] - Life sciences revenue increased 3.3% to $3.1 million from $3 million in the prior year quarter, primarily due to R2's increased sales [20] - Spectrum segment revenue decreased by $800,000 to $5.6 million, with adjusted EBITDA decreasing by $700,000 to $1 million [20] Market Data and Key Metrics Changes - DBM Global's adjusted backlog increased by approximately $500 million to just over $1.6 billion since the end of 2024 [6] - R2's year-to-date revenues increased by approximately 65% over the same period from last year, with a 206% surge in demand outside of North America [11] - Spectrum faced a challenging advertising environment, with softness in ad sales persisting through Q3 [15] Company Strategy and Development Direction - The company is focused on exiting its life science businesses, although this strategy has taken longer than expected [5] - There is an ongoing sales process for DBM Global, with expectations of benefiting from a positive macro environment in the U.S. [5] - The company is exploring strategic alternatives for HC2 Broadcasting Holdings in accordance with spectrum debt requirements [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum building for 2026, driven by a growing adjusted backlog and improving market conditions [9] - The company anticipates EBITDA to come in slightly below 2024 levels but remains encouraged by the performance of DBM Global [9] - MediBeacon's recent regulatory approval in China is expected to unlock access to a significant healthcare market [10] Other Important Information - As of September 30, 2025, the company had total principal outstanding indebtedness of $700.4 million, up $32.1 million from the end of 2024 [23] - The company had $35.5 million of cash and cash equivalents, down from $48.8 million as of December 31, 2024 [22] Q&A Session Summary - There were no questions during the Q&A session [23]