e.l.f. Beauty (NYSE:ELF) 2026 Conference February 19, 2026 04:00 PM ET Company ParticipantsKory Marchisotto - CMOMandy Fields - CFOTarang Amin - Chairman and CEONone - Video NarratorOperatorGood afternoon, everyone. It's my pleasure to welcome e.l.f. Beauty back to CAGNY. They are a category disruptor in beauty, owning the number one brand by unit share in U.S. color cosmetics and three of the fastest-growing skincare brands. The company has been busy since the last time they were on the CAGNY stage. They c ...

US Foods Conference Call Summary Company Overview - **Company**: US Foods (NYSE: USFD) - **Market Cap**: Over $20 billion - **Sales**: More than $39 billion in fiscal 2025 - **Adjusted EPS Growth**: Increased over 26% in fiscal 2025 - **Industry Position**: Only pure-play, US-focused, broadline food service distributor with national scale [1][2] Core Industry Focus - **Target Segments**: - Independent restaurants - Healthcare - Hospitality - **Revenue Contribution**: - Restaurants: 56% - Healthcare and Hospitality: 27% - Combined, these segments represent 83% of total revenue [3][6] Strategic Pillars - **Four-Pillar Strategy**: Culture, Service, Growth, and Profit [4] - **Execution Focus**: Emphasis on operational rigor and consistent execution to drive top and bottom line growth [23] Financial Performance - **Revenue Growth**: Compounded annual growth rate (CAGR) of 5% over the last three years [21] - **Adjusted EBITDA**: Achieved record-adjusted EBITDA of $1.93 billion with a margin expansion of 30 basis points [20] - **Cash Flow**: Generated $1.4 billion in operating cash flow in 2025, with significant capital returns to shareholders [22][26] - **Market Share**: Gained 600 basis points of market share since 2019, now at 38% for the big three players in the industry [8][35] Growth Drivers - **Digital Innovation**: - Industry-leading digital ecosystem with platforms like MOX and Vitals, enhancing customer service and operational efficiency [10][11] - MOX platform has an 86% customer satisfaction rate and has reduced sales workload by 30% [15] - **Exclusive Brand Portfolio**: Represents 35% of revenue, with a penetration rate of 54% in independent restaurants [14][51] - **Pronto Platform**: Achieved $1 billion in revenue, tripling in the last three years, targeting smaller, more frequent deliveries [17][18] Market Trends - **Food Service Growth**: The food service distribution market grew from $306 billion in 2019 to $377 billion in 2025, a 23% increase [7] - **Consumer Behavior**: Despite economic pressures, consumers continue to dine out, indicating resilience in the food service industry [55][56] Future Outlook - **2026 Guidance**: - Sales growth of 4%-6% - Adjusted EBITDA growth of 9%-13% - Adjusted diluted EPS growth of 18%-24% [28][29] - **Long-Term Strategy**: Committed to generating over $4 billion in deployable capital from 2025 to 2027, with significant investments in business reinvestment and shareholder returns [31] Key Differentiators - **Scale and Focus**: Unique position as the only national scale distributor focused solely on the US market [9] - **Service Excellence**: Continuous improvement in service levels, aiming to maintain customer loyalty and satisfaction [41] Additional Insights - **Operational Efficiency**: Use of AI and automation to enhance service delivery and inventory management [43][44] - **Market Fragmentation**: The food service distribution industry remains highly fragmented, providing opportunities for continued share growth [9] This summary encapsulates the key points from the US Foods conference call, highlighting the company's strategic focus, financial performance, growth drivers, and future outlook.

RXO Conference Call Summary Company Overview - **Company**: RXO (NYSE:RXO) - **Industry**: Trucking and Freight Brokerage Key Points Demand Environment - The freight market is experiencing a prolonged soft demand environment, described as a "freight recession" lasting three and a half years [4][5] - Consumer confidence is low, with goods versus services mix at 15-year lows [4] - Recent indicators show cautious optimism, including the highest ISM reading in four years and a bounce back in consumer confidence [5] - Q1 2026 volume is expected to decline by 5%-10% year-over-year, consistent with trends from Q4 2025 [8][9] Supply Environment - Industry-wide tender rejections have increased from mid-single digits to 14% in February, indicating a tightening supply despite soft demand [6][7] - New government regulations have removed significant supply from the market, creating a fragile balance between supply and demand [6][7] Financial Outlook - Adjusted EBITDA for Q1 2026 is projected to be between $5 million and $12 million, reflecting pressures from supply shocks and a soft demand environment [12][14] - The brokerage business operates on 72% contractual agreements, which can lead to margin squeezes during supply shocks [13][14] - RXO's late-stage sales pipeline is up more than 50% year-over-year, indicating potential for growth despite current market conditions [10][11] Growth Opportunities - RXO has historically outgrown the truckload market and is positioned to continue this trend, particularly in the brokerage segment [10][11] - The company is focusing on expanding its LTL (Less Than Truckload) business, which has shown significant growth and higher margins compared to truckload [58][60] - The consolidation of smaller brokers due to regulatory changes presents an opportunity for RXO to capture market share [65][66] Industry Dynamics - The trucking industry is expected to see further consolidation, with larger players acquiring smaller brokers unable to compete [64][65] - Brokerage penetration in the market has increased from 5% to 20% over the past 20 years, with projections suggesting it could reach mid- to high 20% in the next five years [66] Technology and AI Integration - RXO emphasizes the importance of relationships and service in its business model, while also investing heavily in technology and AI to enhance operational efficiency [75][76] - The company aims to decouple headcount growth from volume growth, improving productivity and margins [78] Financial Structure - RXO has restructured its revolving credit facility to increase flexibility and reduce interest expenses by approximately 35 basis points [89] Conclusion - RXO is navigating a challenging freight environment with a focus on growth through strategic investments in technology and market share expansion, particularly in the LTL segment. The company is well-positioned to capitalize on industry consolidation and regulatory changes that may benefit larger, compliant brokers.

Cloudastructure (NasdaqCM:CSAI) Conference Call Summary Company Overview - **Company**: Cloudastructure - **Industry**: AI-powered cloud video surveillance and remote guarding - **Headquarters**: Palo Alto, California - **Public Listing**: NASDAQ - **Key Technology**: AI-driven surveillance platform that allows remote guards to monitor multiple camera feeds and intervene in real-time, boasting a 98% crime deterrence rate [3][6] Core Points and Arguments Revenue Growth - **2025 Performance**: Achieved approximately 270% year-over-year revenue growth, exceeding $5 million in organized revenue, with Q4 showing a 306% increase year-over-year [7][8] - **Key Growth Drivers**: - Established traction in the multifamily housing sector, facilitating expansion within property management firms [8] - Entry into new verticals such as transportation, logistics, and construction [8] Competitive Advantages - **Differentiation**: Cloudastructure's solution is noted for its effectiveness compared to competitors, with a focus on real video footage for training AI models, enhancing threat detection capabilities [9][10] - **Human-in-the-Loop**: The integration of remote guards allows for real-time assessment of potential threats, providing a significant advantage over competitors relying solely on AI [10][11] Technology Innovations - **Recent Innovations**: Introduction of mobile surveillance trailers, powered enclosure technology, and proprietary video compression that reduces bandwidth usage by up to 50% [12][15] - **Impact on Growth**: Innovations are expected to enhance competitive positioning and unit economics, particularly in construction and commercial properties [15] Customer Acquisition and Market Strategy - **Customer Growth**: Reported a 74% increase in customer base in 2025, with contracts with six of the top ten multifamily property management firms in the U.S. [18][20] - **Sales Strategy**: Divided sales organization into two groups focusing on existing markets for expansion and new markets for customer acquisition [19] - **Market Potential**: Current customer base represents a total addressable market of approximately $1 billion, with significant opportunities for growth in new verticals [20] Financial Performance and Projections - **Recurring Revenue**: Recurring services are expected to grow significantly, with a current run rate of approximately $1.7 million annually, indicating strong revenue visibility [38][39] - **Gross Margin Improvement**: Margins improved from 17% in 2024 to 45% in 2025, with expectations for continued growth as the business scales [37][38] - **Cash Position**: Ended Q3 with $6.4 million in cash, with access to additional capital through various facilities if needed [46][47] Return on Investment (ROI) - **Customer ROI**: Demonstrated significant ROI for customers, with one example showing a 43% ROI in the first year and 133% ongoing, highlighting the value of the service in reducing crime and improving quality of life [40][41] Other Important Insights - **Sales Cycle**: The average sales cycle in the multifamily market is about nine months, but has shortened as trust in the brand has grown [23] - **Market Trends**: Increasing demand for cloud-based architecture and remote monitoring solutions as traditional physical security methods become less effective [25][26] - **Future Milestones**: Investors should look for new customer wins, expansion in existing accounts, new product introductions, and positive financial results in 2026 [51] This summary encapsulates the key points discussed during the conference call, providing insights into Cloudastructure's business model, growth strategies, competitive advantages, and financial outlook.

Clorox Company Conference Call Summary Company Overview - **Company**: Clorox - **Industry**: Health and Hygiene, Household Essentials - **Key Executives**: Linda Rendle (Chair and CEO), Luc Bellet (EVP and CFO) Core Points and Arguments Digital Transformation and Operational Efficiency - Clorox has undergone a significant digital transformation, enhancing its operating model to improve efficiency and decision-making [1][3] - The company has fully rebuilt gross margins through its Holistic Margin Management program, which supports EBIT margin expansion of 25-50 basis points annually [1][24] - Clorox's portfolio consists of leading brands, with 80% holding the number one or two market share positions in their categories [5][6] Consumer Insights and Market Trends - Consumers are currently under stress, with nearly 90% engaging in value-seeking behaviors [11] - Historical spending on household essentials remains stable at 12%-14% of consumer budgets over the last 20 years, indicating a consistent demand for these products [6] - The rise of mental health awareness and the desire for comfort and joy in home environments are influencing consumer behavior [12][13] Innovation and Product Development - Clorox has strengthened its innovation pipeline, with a focus on faster idea generation and higher consumer appeal [30][32] - The company is launching Clorox Pure, a new allergen neutralizer, addressing a significant unmet need in the allergy remedies market, projected to grow by 20% in the next two years [33][34] - The Scentiva platform has been relaunched, doubling household penetration and expanding into new segments [41] Acquisition of GOJO Industries - Clorox is in the process of acquiring GOJO Industries, the maker of PURELL, which is expected to enhance Clorox's health and hygiene segment [52][53] - The acquisition will increase Clorox's health and hygiene sales to over 50% of total company sales, with GOJO expected to grow mid-single digits to high single digits [65] Financial Performance and Outlook Recent Performance - Clorox's organic sales growth has been mixed, with expectations for growth between -1.5% to +2.5% for the fiscal year [60] - The company has successfully rebuilt gross margins after a decline of 800 basis points during the inflationary cycle [63] Long-term Financial Goals - Clorox targets long-term sales growth of 3%-5% and EBIT margin expansion of 25-50 basis points [61] - The company has a disciplined approach to capital allocation, focusing on reinvestment, dividends, and share repurchase programs [66] Additional Important Insights - Clorox is leveraging AI and data analytics to enhance personalization in marketing, with 70% of marketing now personalized based on digital signals [21] - The company is adapting to e-commerce trends, achieving a 19% growth in e-commerce sales with leading retailers [49] - Clorox is focusing on sustainability and operational excellence as part of its strategic playbook [5][6] This summary encapsulates the key points discussed during the Clorox conference call, highlighting the company's strategic initiatives, market insights, and financial outlook.

Cannara Biotech Update Summary Company Overview - **Company**: Cannara Biotech (OTCPK: LOVF.F) - **Industry**: Cannabis - **Focus**: Canadian cannabis market with a strategy centered on operational efficiency and brand strength Key Points and Arguments Business Model and Strategy - Cannara operates as a second mover in the cannabis industry, focusing on sustainable margins and operational efficiency rather than rapid expansion [3][4] - The company has three flagship brands: Nugz, Tribal, and Orchid, which cover multiple categories and price points while maintaining quality [4][9] - Cannara has built a disciplined operating model that emphasizes market discipline, low-cost production, and a consumer-first approach [6][7] Production Capacity and Facilities - Cannara currently operates two facilities in Quebec with an annual production capacity of approximately 50,000 kilograms, with plans to expand to 100,000 kilograms [5][19] - The Valleyfield post-processing facility is under construction and is expected to unlock additional capacity by the end of fiscal 2026 [6][8] - Incremental capacity growth is planned through activating existing grow rooms rather than building new facilities, ensuring capital efficiency [21][22] Financial Performance - In fiscal 2025, Cannara reported gross revenues of CAD 150.053 million and net revenues of CAD 108 million, with a gross margin of 41% [15] - The company achieved an 86% increase in Adjusted EBITDA, totaling CAD 28.1 million at a 26% margin [15] - For Q1 2026, net revenues were CAD 30.1 million, reflecting a 20% year-over-year growth, with a gross margin of 45% and an Adjusted EBITDA of CAD 8.8 million at a 29% margin [16] Market Position and Share - Cannara's national retail market share increased from 2.9% in fiscal 2024 to 4.1% in Q1 2026, with significant gains in Quebec where it holds a mid-teen market share [10][11] - The company is positioned to capture market share from both smaller and larger competitors, particularly those distracted by international opportunities [43] Capital and Investment Strategy - Cannara achieved OTCQX qualification and is seeking conditional approval for listing on the TSX, which would enhance visibility and liquidity [8][14] - A recent CAD 6.3 million private placement was completed at a 16% premium to the share price, strengthening the balance sheet for future growth [8][14] - The company plans to allocate approximately CAD 30 million for capital expenditures over the next few years to support expansion [45] Risk Management and Inventory Control - Cannara employs a disciplined approach to inventory management, adjusting production based on market demand to avoid overproduction [48][49] - The company is focused on maintaining gross margins between 40% and 45%, with strategies in place to remain competitive on pricing without sacrificing quality [37][38] Future Outlook - Cannara's growth strategy is centered on the Canadian market, with plans to double its market share and expand its product offerings [30][34] - The company is exploring potential international opportunities but remains committed to its core Canadian operations [35][36] Leadership and Governance - The leadership team, including CEO Zohar Krivorot, emphasizes disciplined execution and long-term value creation [24][25] - The board includes members with extensive experience in public company governance and regulatory compliance, providing a competitive advantage [25] Additional Important Insights - Cannara's brands have received recognition in industry awards, validating their market position and consumer appeal [7] - The company is focused on genetic innovation to enhance product offerings and maintain competitive margins [39][41] - Cannara's operational model is designed to be replicable, with potential for future expansion into international markets as conditions allow [62]

Regal Rexnord Conference Call Summary Company Overview - **Company**: Regal Rexnord - **Industry**: Power transmission and automation solutions Key Points Company Transformation - Regal Rexnord has undergone significant transformation over the past seven years, shifting from a commodity product supplier to a technology-driven solutions provider [2][3] - Gross margins improved from 26% to 38%, with a target of reaching 40% [2] - The company has decentralized operations into 20 divisions, enhancing strategic focus and market growth [3] Strategic Focus - The company emphasizes the 80/20 principle, focusing on high-value customers and products, which has been ingrained in the company culture [5][6] - Regal Rexnord has successfully integrated acquisitions from Rexnord and Altra, achieving $325 million in synergies and a path to $250 million in incremental cross-sell by 2028 [8][9] Market Position and Growth - Approximately 40% of Regal's portfolio is correlated with the Purchasing Managers' Index (PMI) [14] - The company aims to double its solution sales, which currently contribute high single digits to growth, by 2027 [19] - Regal is transitioning from short-cycle to longer-cycle projects, with a third of its business now in long-cycle segments [27] Financial Targets - The company targets a gross margin of 40% and an adjusted EBITDA margin of 25% by 2027 [32] - Current gross margins are around 38%, with expectations to reach 39% by the end of the year, despite challenges from tariffs and supply chain issues [33][34] Data Center Market - Regal is experiencing strong demand in the data center market, with a current funnel of $600 million in potential orders [42] - The company has expanded its facilities in Canada and Texas to support this growth, with expectations to ship the majority of orders by 2027 [39][41] Product Development and Innovation - Regal is developing modular solutions for data centers, responding to customer demands for integrated systems rather than individual components [38] - The EPOD product line is expected to achieve a 20%+ EBITDA margin, with potential for improvement as production ramps up [46] Segment Performance - The Industrial Power Solutions (IPS) segment is expected to see low single-digit organic growth, influenced by market conditions and order trends [59][60] - The Power Electronics Solutions (PES) segment is critical for the overall portfolio, providing cash flow to support acquisitions, despite facing challenges in the residential HVAC market [62][63] Automation and Future Opportunities - Regal is well-positioned in the automation market, particularly in defense and motion control, with a strong order momentum [68][70] - The company is exploring humanoid robotics, leveraging its existing product lines to create integrated solutions [80][81] Conclusion - Regal Rexnord is poised for growth with a strong focus on solutions, strategic acquisitions, and market expansion, particularly in the data center and automation sectors. The company is navigating current market challenges while setting ambitious financial targets for the coming years [12][92]

Summary of OSI Systems Conference Call Company Overview - **Company**: OSI Systems - **Divisions**: Three main divisions - Security, Optoelectronics, and Healthcare - **Security Division**: Largest, over two-thirds of revenue, focuses on security detection for cargo, vehicle inspection, and aviation - **Healthcare Division**: Smallest, sells patient monitoring and cardiology equipment, with about half of its revenue being recurring - **Optoelectronics Division**: Supplies sensors and electronic components to OEMs across various industries, representing about a quarter of revenues [2][4][5] Key Points and Arguments Security Division Growth - Recent growth driven by international contracts, particularly in Mexico, with three contracts totaling approximately $900 million expected to generate significant revenue in fiscal 2024 and 2025 [7] - Anticipated shift towards stronger domestic growth in the U.S., driven by border initiatives and substantial orders from Customs and Border Protection (CBP) [9][10] - The "One Big Beautiful Bill" allocates $1-$1.1 billion for Non-Intrusive Inspection (NII) scanning equipment, which aligns with OSI's offerings [12] - Historical success with CBP, capturing 40%-45% of overall awards, positioning OSI favorably for future contracts [14] Competitive Landscape - Main competitors include Leidos and Smiths Detection, with OSI's broad technology approach providing a competitive edge [20][22] - OSI's strategy includes combining various technologies to offer tailored solutions, enhancing market share in cargo and vehicle inspection [22][23] AI and Technology Integration - OSI has incorporated AI into its products, positioning itself as an early adopter in the industry, with ongoing investments in R&D for product development and cybersecurity [25] Golden Dome Initiative - OSI is well-positioned for the Golden Dome initiative, having acquired RF technology that aligns with the program's requirements [30] - The company is expanding manufacturing capacity in Texas to support anticipated growth from this initiative [31] Revenue and Margin Dynamics - Service revenue is growing at an accelerated rate, with margins over 10 percentage points higher than product revenue, leading to overall operating margin expansion [33][35] - Transitioning to a "security as a service" model, allowing for long-term contracts and recurring revenue at higher margins [38][39] International Market Presence - Strong presence in the Middle East, EU, UK, and Latin America, with significant growth opportunities in India and other regions [55][56] - Demand driven by global security concerns and the need for automated security solutions [61][62] Healthcare Division Outlook - New leadership and significant R&D investments are expected to enhance the healthcare division, which has the highest contribution margins among OSI's divisions [134] Financial Health and Cash Flow - Anticipated inflection point in free cash flow generation due to strong profits and normalization of accounts receivable from contracts in Mexico [115] - Clean balance sheet with modest net leverage, allowing for potential acquisitions while maintaining financial stability [136] Other Important Insights - OSI's unique approach to combining product sales with service contracts has created a robust recurring revenue model, enhancing customer retention and long-term profitability [80] - The company is focused on strategic M&A to complement organic growth, emphasizing the importance of selecting the right opportunities [105][111] Conclusion - OSI Systems is positioned for significant growth driven by domestic and international opportunities, technological advancements, and a strong focus on recurring revenue models, with a clean balance sheet supporting future investments and acquisitions [138]

Carrier Global (NYSE:CARR) 2026 Conference Summary Company Overview - **Company**: Carrier Global Corporation - **Date**: February 19, 2026 - **Speakers**: Dave Gitlin (CEO), Patrick Goris (CFO) Key Industry Insights Growth Strategy - Carrier aims to achieve accelerated growth through new product development, aftermarket services, and system-related growth, targeting a growth algorithm of 6%-8% once market conditions improve [3][4] - The company anticipates facing a market headwind of 3-4 points in 2026, particularly in the CSA RLC business, which is projected to decline in high single digits [4][6] Market Conditions - The residential HVAC market is expected to decline by 10%-15% in 2026, with Carrier projecting a high single-digit decline for itself due to destocking effects [13][62] - The company is actively monitoring inventory levels and market indicators to better anticipate market fluctuations [8][10] Product Development and Market Position - Carrier has introduced new products in the data center segment, significantly increasing market share from 10% to nearly 40% in water-cooled chillers [31][32] - The company is focusing on system-level differentiation, integrating traditional cooling with advanced technologies like AI and digital twins [34][126] Financial Performance and Projections Revenue and Margins - The company expects attractive incrementals in the second half of 2026, with sales in the residential segment projected to increase by double digits [18][19] - Operating margins have improved significantly, with data center orders in Q4 up 400% compared to previous periods [32] Cost Management - Carrier anticipates a net headwind of $60 million from material costs (steel, copper, aluminum) in 2026, offset by a price increase of approximately one point [104][106] - The company has implemented productivity measures to mitigate cost impacts, including redesigning products and optimizing logistics [104][112] Regional Insights North America - The Americas commercial HVAC segment has shown strong growth, particularly in data centers, with orders up over 80% in Q4 [29] - The company is optimistic about the recovery of the residential market, contingent on factors like existing home sales and new construction [70] Europe - In Europe, the market is currently challenging, with a projected decline of 5%-10% in 2026. However, new product introductions and system sales are expected to drive future growth [39][40] - The company is preparing for a significant new product launch aimed at capturing market share amid changing subsidy levels [42][46] Asia and Emerging Markets - Carrier is expanding its presence in Asia, particularly in India and the Middle East, where demand for commercial HVAC is strong [76][78] - The company is optimistic about growth opportunities in Japan, especially in the data center sector [80] Innovations and Future Trends - Carrier is focusing on integrating home energy management systems (HEMS) with HVAC solutions to reduce grid demand during peak hours [126] - The company is investing in AI to enhance customer service and operational efficiency, aiming to leverage data for predictive maintenance and improved aftermarket services [99][100] Conclusion - Carrier Global is strategically positioned to navigate current market challenges while focusing on innovation and growth in key segments. The emphasis on system-level differentiation and proactive cost management will be critical as the company aims to achieve its long-term growth objectives.

Summary of Olema Pharmaceuticals Conference Call Company Overview - **Company**: Olema Pharmaceuticals (NasdaqGS:OLMA) - **Focus**: Improving standard of care for patients with ER-positive, HER2-negative breast cancer - **Lead Asset**: Palazestrant, a complete estrogen receptor antagonist, administered as a once-daily oral pill [3][6] Clinical Trials - **OPERA-01**: Phase 3 trial comparing palazestrant monotherapy to fulvestrant or exemestane in second- or third-line settings, results expected in Fall 2026 [3][19] - **OPERA-02**: Phase 3 trial evaluating palazestrant in combination with ribociclib in first-line treatment, results anticipated around 2028-2029 [4][31] - **OP-3136**: An oral KAT6 inhibitor currently in Phase 1, moving to Phase 2, exploring both monotherapy and combination therapy with palazestrant [4][65] Key Differentiators of Palazestrant - **Complete Estrogen Receptor Antagonism**: Unlike other therapies, palazestrant fully inhibits estrogen receptor signaling, which is crucial for treating ER-positive breast cancer [6][7] - **Pharmacokinetics**: Palazestrant has a longer half-life (8 days) and better pharmacokinetic properties compared to other SERDs, allowing for sustained receptor blockade [8][9] - **Combination Therapy**: Palazestrant can be combined with other agents without dose reduction, enhancing its therapeutic potential [9][17] Competitive Landscape - **lidERA Trial**: Roche's trial demonstrated the efficacy of giredestrant, raising questions about the competitive positioning of palazestrant [10][12] - **PersevERA Trial**: Ongoing discussions about the implications of this trial for palazestrant's market positioning, especially if it shows positive results [11][17] Market Potential - **Second-Line Market**: Estimated at $5 billion annually, with a significant unmet need in the ESR1 wild-type population, which is currently unaddressed [19][20] - **Approval Bar**: A 2-month increase in median progression-free survival (PFS) over standard care is required for approval in OPERA-01 [20][26] Future Plans - **Commercial Strategy**: Olema plans to file for approval in the U.S. and EU independently, while seeking a collaborator for global marketing [30][75] - **Pipeline Expansion**: Olema continues to explore additional research programs focused on breast cancer and other indications [71] Considerations for Adjuvant Trials - **Potential for Future Trials**: Discussions on the feasibility of conducting adjuvant studies based on the outcomes of ongoing trials, particularly if positive results are seen in the persevERA trial [72][76] Conclusion - Olema Pharmaceuticals is positioned to make significant advancements in the treatment of ER-positive, HER2-negative breast cancer with its lead asset, palazestrant, and is actively navigating the competitive landscape while preparing for future trials and market entry strategies [3][30][71]