Fourth-Quarter 2025 Supplemental Presentation February 12, 2026 including our most recent Forms 8-K, 10-K, and 10-Q. "Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations. "Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisitio ...

Summary of Conference Call with Boundless Bio Company Overview - **Company**: Boundless Bio - **CEO**: Zach Hornby Industry Insights - **Focus**: Oncology and cancer treatment - **Unmet Need**: Significant unmet need exists for patients with oncogene amplification, which accounts for approximately 25% of all cancer cases. These patients currently lack effective standard care and have worse survival outcomes compared to those with tumors driven by gene fusions or point mutations [5][3][4]. Core Concepts Discussed - **ecDNA**: - Stands for extrachromosomal DNA, which is a unique feature of cancer cells that allows for genomic diversity and tumor survival [7][9]. - Found in 15%-17% of tumors at diagnosis, ecDNA plays a critical role in oncogene amplification [10]. - **Spyglass Platform**: - A platform developed by Boundless Bio to study ecDNA and identify potential therapeutic targets. It includes hundreds of in vitro models and thousands of in silico models to analyze the effects of pharmacological inhibition on ecDNA-positive and negative tumor models [10][11]. Product Development - **BBI-940**: - A novel kinesin-targeting compound developed through the Spyglass platform. It has recently received IND acceptance and is set to enter Phase 1 clinical trials [12][13]. - The compound is designed to degrade a kinesin that is essential for the movement of ecDNA during cell division, which is not essential in healthy cells, potentially leading to a favorable therapeutic index [16][13]. Clinical Trial Design - **Phase 1 Study**: - The study will enroll patients with two subtypes of breast cancer: ER-positive, HER2-negative and a specific subset of triple-negative breast cancer (TNBC LAR) [24][25]. - The trial will focus on pharmacokinetics (PK), pharmacodynamics (PD), safety, and tolerability, with an aim to achieve 70% target degradation for efficacy [34][40]. - FGFR1 amplification will be a key biomarker for patient selection, particularly in ER-positive breast cancer, where it is associated with rapid resistance to existing therapies [26][27]. Market Potential - **Breast Cancer**: - The breast cancer market is significant, and the company anticipates good enrollment for the trial due to the large patient population [40]. - FGFR1 amplification is found in about 15% of ER-positive breast cancer patients at baseline, increasing to 30% upon resistance to treatment [30][26]. Future Directions - **Additional Opportunities**: - Beyond breast cancer, Boundless Bio is exploring other tissue-specific cancers that may respond to BBI-940, with ongoing preclinical profiling [41]. - **Pipeline Expansion**: - The company has identified approximately a dozen additional targets related to ecDNA biology for future drug discovery efforts, contingent on the success of the current clinical study and available resources [42][43]. Financial Outlook - **Cash Runway**: - Boundless Bio projects its balance sheet will extend into the second half of 2028, allowing for potential capital-raising events based on clinical data generated by mid-next year [43]. Conclusion - The conference highlighted Boundless Bio's innovative approach to addressing significant unmet needs in cancer treatment through the development of BBI-940 and the utilization of the Spyglass platform to target ecDNA-driven oncogene amplifications. The company is positioned to make impactful advancements in oncology, particularly in breast cancer, while maintaining a focus on financial sustainability and future growth opportunities.

Introduction Safe Harbor: Forward-Looking Statements These slides and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical facts contained in these slides and the accompanying oral presentation, including statements regarding Yelp Inc.'s ("Yelp" or the "Company") future operations, future performance, expected financial results and future financial position, future revenue and revenue growth rates, future share repurchase activity, strateg ...

Summary of DBV Technologies Conference Call Company Overview - **Company**: DBV Technologies (NasdaqCM:DBVT) - **Focus**: Immunology, specifically food allergies in children - **Lead Product**: Viaskin Peanut, aimed at treating peanut allergies in children aged 1-7 Key Points Product Development and Regulatory Filings - **BLA Filings**: Two Biologics License Applications (BLAs) are planned for 2026: - **Children aged 4-7**: Expected filing by mid-2026 - **Children aged 1-3**: Expected filing by the end of 2026 - **FDA Designation**: The product has received breakthrough designation from the FDA and will seek priority review for the first filing [1][2][3] Market Opportunity - **Prevalence of Food Allergies**: Approximately 670,000 children in the U.S. have diagnosed peanut allergies: - 390,000 children aged 4-7 - 280,000 children aged 1-3 - **Response Rates**: In the 1-3 age group, the response rate was 67% for active treatment compared to 33.5% for placebo, with a 22.4% delta [24][25] Clinical Trial Insights - **VITESSE Trial**: The largest trial for peanut allergy with 654 patients, showing a placebo-adjusted efficacy of 32 points [13][14] - **Long-term Benefits**: Open-label extensions indicate improved efficacy and safety over time, with 68% of children in the 1-3 age group able to consume significant amounts of peanuts without anaphylaxis after three years of treatment [25][26] Competitive Landscape - **Comparison with IgE Blockade**: DBV Technologies focuses on desensitization, which is seen as disease-modifying, while IgE blockade is viewed as a temporary solution [5][7][58] - **Palforzia Comparison**: DBV believes Viaskin Peanut is superior due to its ease of use and lower risk of anaphylaxis compared to Palforzia, which requires frequent physician visits and has a higher rate of anaphylaxis during treatment [63][64] Commercial Strategy - **Target Audience**: Approximately 4,500 allergists and immunologists in the U.S. will be targeted for prescribing [43] - **Sales Force**: Estimated need for 50-70 sales representatives to reach the target audience effectively [46] - **Pricing Strategy**: While no final price has been set, Palforzia's pricing at around $1,000 per month is considered a reference point [47][48] Future Directions - **Expansion Plans**: After the approval of Viaskin Peanut, the company plans to pursue other allergies, with cow's milk allergy as the next target [82] - **Manufacturing Capacity**: Current manufacturing is sufficient for initial launch, but plans to triple capacity in the coming years are in place [83] Financial Position - **Funding**: As of Q3, the company has $320 million, which is deemed sufficient to support the launch in 2027 and necessary investments [88][91] Additional Insights - **Engagement with Families**: The company emphasizes the importance of communication with families and patient advocacy groups, as parents of children with food allergies are highly engaged [46] - **Safety Profile**: The Viaskin Peanut patch has shown no severe adverse events in clinical studies, which may lead to a cleaner label compared to other treatments [74][75] This summary encapsulates the critical aspects of DBV Technologies' conference call, highlighting the company's strategic direction, product development, market potential, and competitive positioning in the food allergy treatment landscape.

2025 Year-End Earnings Webinar February 12, 2026 8-K Date: February 12, 2026 Forward-Looking Statements Information in this communication, other than statements of historical facts, may constitute forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements about the benefits of the proposed transaction between NorthWestern and Black Hil ...

Aclaris Therapeutics Conference Call Summary Company Overview - **Company**: Aclaris Therapeutics (NasdaqGS: ACRS) - **Focus**: Clinical stage biopharmaceutical company specializing in large molecule and small molecule therapeutics [4][5] Key Developments and Programs Large Molecule Therapeutics - **TSLP Monoclonal Antibody**: Currently in a 90-patient study for moderate to severe atopic dermatitis (AD), with results expected in late 2026 [4] - **Bispecific Antibody**: Built off the TSLP monoclonal antibody with an IL-4R construct, showing highly positive pharmacokinetic/pharmacodynamic (PK/PD) data [4][5] - **Phase 1b Studies**: Ongoing studies for severe AD and moderate asthma, with readouts also expected in late 2026 [5] Small Molecule Therapeutics - **ITK Franchise**: Lead molecule 2138 is an ITK JAK3 inhibitor, ready for Phase IIb trials. The company is selecting a lead indication for this asset [5][6] - **Next Generation ITK**: Development of super selective ITK inhibitors, with IND enabling discussions ongoing [6] Clinical Data and Efficacy - **Bosakitug (TSLP-targeted monoclonal)**: Demonstrated a 94% EASI-75 response and an 88% IGA 0/1 in previous studies, indicating strong efficacy [9][10] - **Bispecific Antibody**: Achieved a 26-day half-life and demonstrated effective inhibition of TSLP and IL-4R, with a goal of maximizing response in AD and asthma [14][15][17] Safety and Tolerability - **Injection Site Reactions (ISRs)**: Most common adverse event observed, generally mild and resolving without intervention [20][21] - **Overall Safety Profile**: Data from chronic toxicity studies and Phase 2a trials indicate a clean safety profile for lead compounds [73] Competitive Landscape and Market Opportunities - **JAK Inhibitor Market**: Aclaris aims to differentiate its products by focusing on more selective ITK inhibitors, which may have fewer immunosuppressive effects compared to traditional JAK inhibitors [35][63] - **Potential Indications**: Considering various inflammatory disorders, including alopecia and lichen planus, as potential targets for 2138 [45][46] Future Catalysts - **Upcoming Trials**: Phase 1b studies for AD and asthma are expected to provide significant data on efficacy and safety [24][28] - **IND Filing**: Planned for the next generation ITK compound towards the end of the year, with expectations to catch up to competitors [75] Conclusion Aclaris Therapeutics is positioned to make significant advancements in the biopharmaceutical space with its innovative therapies targeting atopic dermatitis and asthma. The company is focused on maximizing efficacy while maintaining a favorable safety profile, with several key trials and developments on the horizon.

UroGen Pharma Conference Call Summary Company Overview - **Company**: UroGen Pharma (NasdaqGM:URGN) - **Founded**: In Israel, addressing unmet needs in treating urothelial cancers - **Technology**: RTGel platform, a reverse thermal gel that allows sustained release of medications in the bladder [5][6] Core Products - **Commercial Assets**: - **Jelmyto**: Approved for low-grade upper tract urothelial carcinoma (6,000 patients in the U.S.) - **ZUSDURI**: Recently approved for low-grade intermediate-risk bladder cancer (60,000 patients in the U.S.) [7][8] Market Opportunity - **Patient Demographics**: - 60,000 newly diagnosed recurrent patients annually, with 68% having two or more recurrences [16] - 20,000 recurrent newly diagnosed patients, with a significant prevalent pool of low-grade intermediate-risk patients [16] - **Unmet Medical Need**: Historically, treatment was limited to surgical intervention (TURBT), leading to high recurrence rates [13][14] Product Launch and Performance - **ZUSDURI Launch**: - Initial revenue of $1.8 million, with October revenue reaching $4.5 million, indicating strong early performance [19] - Permanent J-code introduced in January, expected to accelerate uptake [36] - **Market Penetration**: - Estimated peak sales potential for ZUSDURI is over $1 billion, requiring only 20% market share to achieve this [37] Clinical Data and Feedback - **Efficacy**: - ZUSDURI demonstrated an 80% complete response rate, with 80% of those patients maintaining response at 12 months [25] - 90% of patients preferred ZUSDURI over TURBT based on patient-reported outcomes [25] - **Physician Feedback**: Positive reception from physicians, with many expressing enthusiasm for a non-surgical treatment option [22][25] Competitive Landscape - **Positioning**: UroGen believes ZUSDURI is the best treatment option due to its non-surgical nature and compelling clinical data [45] - **Market Growth**: The entry of additional treatments is seen as beneficial for overall market growth, with UroGen confident in its unique offering [44] Future Developments - **Next Generation Products**: - UGN-103 and UGN-104 are in development for broader applications in bladder cancer [48][51] - UGN-501, an oncolytic virus, is being explored for potential use in other cancers beyond urothelial [52] - **Long-term Strategy**: UroGen aims to diversify its portfolio while maintaining a focus on urothelial and specialty cancers [52] Financial Guidance - **Revenue Guidance**: UroGen is not providing specific revenue guidance for the upcoming year but is confident in continued growth based on current trends [39][63] Summary of Key Metrics - **ZUSDURI Market Size**: 60,000 patients, with a potential peak sales of $1.2 billion at 20% market share [37] - **Jelmyto Growth**: Continued single-digit growth, with increased physician engagement [55] This summary encapsulates the key points discussed during the UroGen Pharma conference call, highlighting the company's innovative approach to treating urothelial cancers and its strategic market positioning.

Summary of Graham Corporation Conference Call Company Overview - **Company Name**: Graham Corporation - **Industry**: Defense, Energy, Process, and Space - **Core Products**: Mission-critical vacuum systems and heat transfer systems for various industries including petrochemical, refining, and defense [2][3] Key Points Business Model and Strategy - Graham has a diversified portfolio with a 50/50 split between defense and commercial sectors, providing stability and visibility with over two years of backlog [3][4] - The company has invested approximately $42 million in capital expenditures (CapEx) to enhance its operations, targeting a return on invested capital (ROIC) greater than 20% [4][12] - The defense segment accounts for about 60% of the portfolio, focusing on nuclear submarines and aircraft carriers, with 80% of work being sole source [4][5] Financial Performance - Revenue increased by 21% in the latest quarter, driven primarily by a 31% growth in the defense sector [22][23] - Adjusted EBITDA rose to $6 million, a 50% increase year-over-year, with a year-to-date increase of 30% [25] - The company aims for low- to mid-teen EBITDA margins (13%-15%) by fiscal year 2027 [26] Backlog and Growth - The backlog reached a record $516 million, with 85% related to defense contracts, providing long-term visibility for investments [28] - The book-to-bill ratio for the first nine months of the year is 1.6, indicating strong demand in defense and space sectors [27][29] Recent Developments - Graham recently acquired FlackTek for $35 million, enhancing its capabilities in mixing technology, which is expected to open new market opportunities [18][19] - The company is focusing on operational improvements, including a new Navy facility that will reduce product lead times from two years to one year [12][14] Market Dynamics - The company is experiencing sluggishness in its legacy energy and process business due to geopolitical tensions and lower gas prices, but is offsetting this with growth in defense and new energy sectors [27] - Graham is also exploring opportunities in space cooling, leveraging its cryogenics experience to meet increasing demand for power density in space applications [47][48] Cultural and Operational Changes - There is a cultural shift within the company towards a growth-oriented mindset, with improved employee engagement and a focus on continuous improvement [60][61] - The company is transitioning from a legacy ERP system to a modern one, which is expected to enhance operational efficiency [60] Additional Insights - The company is working on developing commercially available products that can command higher margins, moving away from the constraints of build-to-print contracts [39][40] - Graham's legacy business still constitutes a significant portion of revenue, but the company is positioning itself for future growth through innovation and market expansion [63][64] This summary encapsulates the key points discussed during the conference call, highlighting Graham Corporation's strategic direction, financial performance, and market opportunities.

Moog (NYSE:MOG.A) FY Conference Summary Company Overview - **Company**: Moog Inc. - **Industry**: Aerospace and Defense - **Conference Date**: February 12, 2026 Key Points Company Performance and Strategy - Moog has been focusing on improving its operating margin, which has remained around 10% for a decade despite strong organic growth [6][5] - The leadership team initiated a transformation strategy in 2023, emphasizing pricing and simplification to enhance financial performance [6][5] - The company has set a three-year guidance up to fiscal 2026, aiming to drive change and improve margins [6][5] Transformation Initiatives - **80/20 Initiative**: A key focus has been on the 80/20 principle, which helps identify core customers and products that drive profitability [17][20] - **Portfolio Shaping**: Moog is actively disposing of non-core businesses, particularly those in the $10-$50 million range that do not align with performance goals [7][8] - **Footprint Rationalization**: The company is consolidating manufacturing resources to eliminate duplicative operations, particularly in the U.S. and Europe [11][12] - **Focused Factories**: Moog is restructuring factories to specialize in either industrial or defense products, reducing operational complexity [15][16] Customer and Product Rationalization - The company has shifted its philosophy from treating all customers equally to prioritizing high-value customers, leading to better resource allocation [25][26] - Moog has identified less profitable products and is either repricing them or phasing them out, focusing on more lucrative offerings [34][35] Financial Performance - Moog reported a $200 million revenue from missile programs in fiscal 2025, with expectations to grow to $250 million in fiscal 2026, reflecting a growth rate of over 20% [111][112] - Recent orders from Lockheed Martin include two contracts exceeding $100 million each, highlighting operational excellence and customer satisfaction [89][91] Market Position and Growth Opportunities - Moog is involved in multiple missile programs, including PAC-3 and THAAD, positioning itself well for future growth in defense markets [101][110] - The company is exploring strategic acquisitions to enhance capabilities and expand its market presence, particularly in Europe [190][200] Challenges and Mitigation Strategies - Moog has faced tariff impacts, approximately 80 basis points, but has implemented strategies to mitigate these effects, including working with airlines to streamline documentation processes [140][146] - The company is adjusting its supply chain to avoid tariffs by processing products outside the U.S. when feasible [146][153] Future Outlook - The leadership team is focused on continuous improvement and integrating the 80/20 initiative into all business processes [66][68] - Moog aims to balance capital deployment between organic growth, dividends, and opportunistic share repurchases [209][212] - Upside opportunities for sales and earnings are anticipated from acceleration in defense markets and robust commercial aftermarket activity [213][216] Additional Insights - The cultural shift towards the 80/20 initiative has gained momentum within the organization, fostering a mindset focused on impactful decision-making [40][42] - The company is committed to maintaining operational excellence, as evidenced by its recognition from Lockheed Martin for 100% on-time delivery and quality [93][95]

Summary of Tango Therapeutics Conference Call Company Overview - **Company**: Tango Therapeutics (NasdaqGM:TNGX) - **New CEO**: Malte Peters, who has been a board member since 2018 and emphasizes continuity in strategy following the transition from former CEO Barbara. Key Priorities and Strategic Focus - **Regulatory Approval**: The primary focus is to achieve regulatory approval for vopimetostat, either as a monotherapy or in combination with RAS inhibitors [4][5]. - **Clinical Development**: Transitioning Tango into a late-phase drug development company is a key priority, with a pivotal trial protocol developed for second-line pancreatic cancer [4][6]. Clinical Trials and Data - **Pivotal Trial for Pancreatic Cancer**: A pivotal trial protocol for second-line pancreatic cancer has been developed, with positive feedback from the FDA regarding trial design and statistical analysis [6][11]. - **Combination Trials**: A combination trial of vopimetostat with RevMed's RAS inhibitors (daraxonrasib and zoldonrasib) has been initiated, showing early signs of clinical activity [6][16]. - **Monotherapy Study**: A 300-patient study is planned, focusing on progression-free survival (PFS) and overall survival [9][12]. - **Promising Data**: Previous monotherapy data indicated a 25% overall response rate (ORR) and approximately 7 months PFS in pancreatic cancer [12]. Market and Competitive Landscape - **Global Trial Design**: The study will be conducted globally, including the USA, Europe, and Asia Pacific, to enhance patient recruitment [11]. - **Chemo-Free Regimen**: There is significant interest in developing a chemotherapy-free regimen for pancreatic cancer, which could greatly benefit patients [37][41]. - **Comparison with Competitors**: Tango is pursuing a different strategy than competitors like BMS, focusing on non-chemotherapy combinations due to scientific and financial considerations [40][41]. Future Directions and Opportunities - **Expansion into Other Tumor Types**: The company is exploring opportunities in other tumor types with MTAP deletions, showing promising signals in head and neck cancer [45][46]. - **TNG456 Development**: The TNG456 clinical trial is in dose escalation, with plans to explore its potential in glioblastoma and non-small cell lung cancer [42][43]. - **Combination with Abemaciclib**: There are plans to pursue a combination with abemaciclib based on preclinical data suggesting potential benefits [49]. Upcoming Updates - **Data Releases**: Updates on pancreatic cancer monotherapy data, combination data with Revolution Medicines, and TNG456 dose escalation data are expected later this year [51][56]. Conclusion - **Exciting Year Ahead**: The company anticipates a year filled with significant developments and data releases, positioning itself for potential breakthroughs in cancer treatment [56].