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Recursion Pharmaceuticals (NasdaqGS:RXRX) FY Conference November 11, 2025 08:00 AM ET Company ParticipantsBen Taylor - CFONajat Khan - Chief R&D and Commercial OfficerConference Call ParticipantsNone - AnalystNoneThanks, everyone, for joining us for our Second Day of our Second Annual Guggenheim Healthcare Innovation Conference. I'm Bommel Devon, for those of you who may not know me, one of the biopharma Analyst here. Also, at the end of the line here, our Sydney Shepherd-Villi is also from the Guggenheim s ...

Summary of CNH Industrial Investor Day - November 11, 2025 Industry Overview - The agriculture industry is facing significant challenges due to a rising global appetite for animal and plant protein, leading to pressure on land, water, and supply [2][9] - The global agriculture market is valued at $4 trillion, supported by over 600 million farmers and directly impacting 2.5 billion people [8][9] - The United Nations projects the global population will increase from 8.2 billion to over 10.3 billion in the next 50 years, necessitating increased food production on constrained land [9][10] Company Strategy and Goals - CNH Industrial aims to be the number one or number two agricultural player in all major markets by 2030, with a focus on innovation and technology [4][8] - The company targets mid-cycle adjusted EBIT margins of 16%-17% in agriculture and plans to increase through-cycle industrial cash flow generation by 25% [4] - CNH has invested over $800 million in agricultural R&D, with 25% dedicated to precision technology, expecting to nearly double this percentage of net sales by 2030 [12] Technological Innovations - CNH is embedding AI into its products to create autonomous, predictive, and sustainable farming systems [5][12] - New product launches include medium and high horsepower tractors, such as the Case IH Puma and New Holland T7, addressing critical market gaps in Europe [6][8] - The company has introduced AI-powered precision technology updates and digital tools like FieldOps, which enhances farm management and decision-making [35][54] Environmental and Soil Health Focus - Soil health is emphasized as the most valuable asset for farmers, with a focus on preserving topsoil and minimizing compaction [11][12] - CNH's technologies aim to enhance agricultural productivity sustainably, addressing soil degradation and nutrient loss [10][12] - The company promotes collaboration among various stakeholders to innovate and improve agricultural practices [10] Customer Engagement and Partnerships - CNH highlights the importance of partnerships with farmers, showcasing testimonials from customers like Jordan Kambites, who emphasizes the role of technology in sustainable farming [20][22][24] - The company aims to provide farmers with tools to monitor and manage their operations effectively, ensuring accountability and sustainability [27][28] Future Outlook - CNH is committed to leading the transformation in agriculture through technology that enhances productivity while preserving the environment [19][40] - The company is focused on developing autonomous solutions and improving planting accuracy through active and passive implement guidance technologies [57][68] - Investment in spraying technologies, such as Sysonak, is increasing to meet the evolving needs of farmers for precise and sustainable crop management [78][79] Key Takeaways - The agriculture sector is at a critical juncture, requiring innovative solutions to meet growing food demands sustainably [2][9] - CNH Industrial is positioning itself as a leader in agricultural technology, with a strong emphasis on R&D and customer collaboration [4][12] - The integration of AI and precision technology is central to CNH's strategy, aiming to empower farmers and enhance soil health [5][12][19]

Endava (NYSE:DAVA) Q1 2026 Earnings Call November 11, 2025 08:00 AM ET Company ParticipantsMark Thurston - CFO and DirectorJohn Cotterell - Founder, CEO, and DirectorPuneet Jain - Associate of Equity ResearchLaurence Madsen - Head of Investor RelationsBryan Bergin - Managing DirectorAntonio Jaramillo - Equity Research Senior AssociateJonathan Lee - MD of Equity ResearchConference Call ParticipantsMaggie Nolan - Research Analyst of Technology, Media, and CommunicationsNate Svensson - Director and Senior Equi ...

Financial Data and Key Metrics Changes - Q3 group revenue reached $146 million, representing a year-over-year increase of nearly 355% and a quarter-over-quarter increase of 39% [7] - Annualized run rate revenue for the core business at the end of September was $551 million, with the core infrastructure business growing 400% year-over-year and 40% sequentially [7] - Adjusted EBITDA margin for the core infrastructure business expanded quarter-over-quarter to nearly 19% [7] - The company raised its 2025 CapEx guidance from approximately $2 billion to around $5 billion, reflecting strong demand outlook [10] Business Line Data and Key Metrics Changes - The core infrastructure business accounted for nearly 90% of total revenue, with significant growth attributed to capacity constraints limiting revenue growth [7] - The company sold out all available capacity in Q3, indicating strong demand for its services [2][7] Market Data and Key Metrics Changes - The company signed a major deal with Meta valued at approximately $3 billion over the next five years, following a previous deal with Microsoft valued between $17.4 billion and $19.4 billion [3][12] - The demand environment is described as overwhelming, with a 70% quarter-on-quarter expansion in pipeline generation [22] Company Strategy and Development Direction - The company is focused on building its core AI cloud business while also pursuing large long-term deals to support growth [3][4] - Plans to grow contracted power to 2.5 gigawatts by the end of 2026, up from 1 gigawatt previously discussed [4][10] - The launch of new enterprise-ready cloud platform version 3.0, called Aether, aims to expand the addressable market opportunity [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving an annualized run rate revenue of $7 billion to $9 billion by the end of 2026, driven by strong demand and capacity expansion [6][17] - The company remains focused on maintaining healthy margins and a sustainable business model while navigating the AI revolution [42][63] Other Important Information - The company is actively evaluating financing options, including corporate debt, asset-backed financing, and equity, to support aggressive growth plans [8][32] - The company plans to file a prospectus supplement for an at-the-market equity program for up to 25 million Class A shares [8] Q&A Session Summary Question: Can you tell us more about the new Meta deal? - The Meta deal is approximately $3 billion, limited by available capacity, indicating potential for larger deals if capacity were available [12][13] Question: What is included in the $7 billion-$9 billion ARR target? - The target includes contracted power and demand from AI startups and enterprises, with more than half already booked [15][17] Question: What is the timeline for infrastructure build-out? - The company is ramping up capacity in various regions, with new data centers expected to come online in 2026 [18][19] Question: How will the Microsoft and Meta deals impact revenue? - Revenue from Microsoft will ramp up in 2026, while Meta's deployments are expected to conclude in the next three months [21] Question: What does the demand environment look like? - Demand is accelerating, with a 70% increase in pipeline generation in Q3 [22] Question: What are the constraints to growing capacity? - The main bottleneck is securing power and supply chain issues, which the company is actively addressing [38] Question: How is the enterprise initiative progressing? - The company is making strides in becoming enterprise-ready, with new functionalities and compliance certifications [48][49] Question: What is the opportunity around the Token Factory? - The Token Factory aims to serve a broader set of customers, enabling enterprises to build AI applications at scale [50][52]

Summary of Cidara Therapeutics FY Conference Call Company Overview - Cidara Therapeutics is an 11-year-old biotechnology company focused on developing a universal influenza preventative, CD388, based on its Cloudbreak platform [4][5][6] Core Points and Arguments - **Clinical Development**: CD388 has progressed through preclinical testing and multiple clinical phases, with a successful phase 2b study demonstrating a 76.1% efficacy rate against influenza [7][10] - **FDA Interaction**: The FDA has recommended expanding the phase 3 trial to include high-risk populations, specifically those over 65 years old, in addition to immunocompromised individuals [10][12] - **Phase 3 Study Design**: The ongoing phase 3 study involves 6,000 participants testing the 450 mg dose of CD388 versus placebo, with an interim analysis expected by March 2026 [12][13] - **Efficacy Expectations**: The study is designed to be 90% powered to detect a 60% efficacy rate, with the potential for stronger results if the flu season is severe [12][13] - **Real-World Testing**: The phase 3 study allows for vaccination among participants to assess CD388's effectiveness in both vaccinated and unvaccinated individuals [19][20] Market Opportunity - **Target Population**: Cidara estimates over 100 million patients could be eligible for CD388, including 50 million with moderate to severe comorbidities and another 100 million at increased risk according to CDC guidelines [25][26] - **Pricing and Access**: Ongoing market research is being conducted to understand pricing and access opportunities, with updates expected at the upcoming analyst day [26][27] Manufacturing and Supply Chain - **Manufacturing Plans**: Cidara is preparing to have millions of doses ready at launch, with a focus on establishing a domestic supply chain through a contract with BARDA for onshore manufacturing [29][33] Additional Insights - **Safety and Efficacy**: CD388 is characterized as a long-acting antiviral, distinct from vaccines, and is expected to maintain efficacy throughout the flu season [7][20] - **Regulatory Support**: The FDA has indicated that the phase 2b study could support the registration package, enhancing the potential for a broad label upon approval [23] This summary encapsulates the key points discussed during the Cidara Therapeutics FY Conference Call, highlighting the company's strategic direction, clinical advancements, market potential, and operational plans.

Endava (NYSE:DAVA) Q1 2026 Earnings Call November 11, 2025 08:00 AM ET Company ParticipantsMark Thurston - CFO and DirectorJohn Cotterell - Founder, CEO, and DirectorPuneet Jain - Associate of Equity ResearchBryan Bergin - Managing DirectorAntonio Jaramillo - Equity Research Senior AssociateLaurence Madsen - Head of Investor Relations and ESGJonathan Lee - MD of Equity ResearchConference Call ParticipantsMaggie Nolan - Research Analyst of Technology, Media, and CommunicationsNate Svensson - Director and Sen ...

Summary of Roivant Sciences FY Conference Call Company Overview - **Company**: Roivant Sciences (NasdaqGS:ROIV) - **Date**: November 11, 2025 - **Key Personnel**: Richard Pulik, Chief Financial Officer Core Industry Insights - **Industry**: Biotechnology and Pharmaceuticals - **Focus Areas**: Development of innovative therapies for autoimmune diseases and rare conditions Key Points and Arguments Brepocitinib Developments - Brepocitinib is viewed as a significant commercial asset, with plans to file for approval next year and launch in 2027 [3][4] - Strong efficacy demonstrated in clinical trials for dermatomyositis and Graves' disease, with 10 statistically significant endpoints [3][4] - Anticipated readouts for additional indications in 2026, including difficult-to-treat rheumatoid arthritis (RA) and thyroid eye disease (TED) [4] Immunovant and Batoclimab - Batoclimab showed promising results in TED, with a doubling of response rates and significant IgG reduction [6][7] - Two phase three studies for TED are set to read out by mid-2026, with a focus on the competitive landscape [6][7] - The company is prioritizing 1402, a newer molecule, for Graves' disease, with a holistic approach to treatment [9][10] Clinical Data and Patient Population - The Graves' disease population is approximately 330,000 prevalent patients, with a significant unmet need for innovative treatments [11][12] - The company aims to provide disease-modifying treatments without reliance on antithyroid drugs (ATDs), which have not seen innovation in 20 years [12] Future Trials and Registrational Studies - Multiple ongoing trials for 1402, with potential registrational studies for myasthenia gravis (MG), Graves', and chronic inflammatory demyelinating polyneuropathy (CIDP) planned for 2027 [15] - Positive feedback from key opinion leaders (KOLs) regarding the potential of the NIU (non-infectious uveitis) study, which is also set to read out in 2027 [23] BREPO Launch and Market Strategy - The NDA filing for BREPO is expected in the first half of next year, targeting a patient population of approximately 40,000 [16][17] - The launch strategy will focus on niche centers with concentrated prescriber bases, indicating a tailored approach to market entry [19] Financial Position and Cash Deployment - Roivant has a cash balance of $4.4 billion, with plans to allocate funds across internal R&D, business development, and share buybacks [33][34] - The company has successfully reduced its share count by over 14%, indicating a commitment to shareholder value [34] Ongoing Litigation - The company is involved in ongoing litigation with Moderna and Pfizer regarding LNP technology, with a jury trial for the U.S. portion of the Moderna case scheduled for March [28][29] - The potential damages sought in the Moderna case are $5 billion, which could significantly impact the company's cash position [29] Additional Insights - The company is exploring additional indications for BREPO, including cutaneous sarcoidosis, with a small proof-of-concept study reading out next year [24] - The Mosley PH-ILD study is also anticipated to provide data next year, addressing a significant unmet need in pulmonary hypertension [26][27] This summary encapsulates the key insights and developments discussed during the Roivant Sciences FY Conference Call, highlighting the company's strategic direction, clinical advancements, and financial positioning.

Financial Data and Key Metrics Changes - For the third quarter ended September 30, 2025, the company reported a net loss of $6.1 million, compared to a loss of $4.8 million during the same quarter in 2024 [12] - General and administrative expenses increased by $0.3 million, primarily due to higher employee-related expenses as the company expands its team [12] - Share-based compensation expense rose by $0.9 million, reflecting a focus on aligning employee compensation with share performance [13] - The company ended the quarter with cash and working capital positions of $32.1 million and $29 million, respectively [14] Business Line Data and Key Metrics Changes - The Southwest Arkansas (SWA) project is expected to have an initial production capacity of 22,500 tons per annum of battery-quality lithium carbonate, with proven reserves of 447,000 LCE tons over a 20-year operating life [3] - The DFS for the SWA project indicates a 20.2% unlevered pre-tax IRR and competitive average operating costs of about $4,500 per ton [4] - The Franklin project in East Texas has an inferred resource report highlighting 2.2 million tons LCE of lithium at an average grade of 668 milligrams per liter [5] Market Data and Key Metrics Changes - The company closed an underwritten public offering of 29.9 million common shares at a price of $4.35 per share, generating gross proceeds of approximately $130 million [6] - The company received strong support from institutional investors, indicating confidence in its strategy and asset quality [6] Company Strategy and Development Direction - The company aims to reach production of over 100,000 tons of lithium chemicals per year in Texas through multiple projects [5] - The company is focused on securing project financing and customer offtake agreements, targeting approximately $1 billion in debt for the SWA project [11] - The company is positioned to play a leading role in developing a domestic lithium supply chain in the United States [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the critical milestones achieved in the third quarter and expects to provide updates on project financing and vendor selection [18] - The company is preparing for construction to commence shortly after reaching the final investment decision (FID) in early 2026, with first production targeted for the second half of 2028 [11] Other Important Information - The company appointed Michael Lutgren as General Counsel to strengthen its leadership team [6] - The company is working closely with the DOE on an environmental assessment required for a $225 million grant [10] Q&A Session Summary Question: How does the $40 million FID payment structure work? - The payment is triggered as soon as the JV board decides to take FID and move forward with the SWA or East Texas projects, with Equinor owing Standard Lithium $40 million upon FID approval [23] Question: If the FID is made and later changes, does the company still receive the $40 million? - Yes, the company would still receive the $40 million upfront as long as FID is taken, although it is unlikely the company would back out after making the decision [24]

Summary of Crescent Biopharma Conference Call Company Overview - Crescent Biopharma is focused on becoming a leading biotech and oncology company with a dual strategy involving their PD1 VEGF bispecific asset (CR001) and an internal ADC pipeline [2][4][5] - The PD1 VEGF bispecific is designed to replace Keytruda as a backbone therapy and is expected to enter clinical trials in early Q1 of next year [2][4][19] Key Strategies and Assets - The company is targeting a $50 billion-plus market with its PD1 VEGF bispecific and believes it stands out among competitors [3][4] - The ADC pipeline, starting with ADC 002, is expected to enter the clinic by mid-next year, with a robust data flow anticipated by 2026-2027 [4][5][39] - Crescent aims to leverage the design of its 001 asset to accelerate combination therapies, which is a significant focus for the company [11][14] Clinical Development and Trial Design - The first in-human trial for CR001 will be a global study addressing safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity [20][21] - The trial will focus on previously treated populations initially, with plans to explore earlier lines of treatment based on competitive landscape data [21][22] - The company emphasizes the importance of robust phase one data to inform future registration trials and combination studies [23][34] Competitive Landscape and Market Position - Crescent acknowledges the competitive nature of the oncology space but believes there is ample opportunity for multiple players to succeed [24] - The company is particularly interested in lung cancer as a potential indication for CR001, with plans to explore various other indications [24][25] - The data generated from the phase one trial will guide the company's strategy in pursuing additional cancer types [26] Intellectual Property and Freedom to Operate - Crescent has a strong intellectual property position and complete freedom to operate in the PD1 VEGF space, which has been validated through their IPO process [6][9] Financial Position and Future Outlook - The company reported $133 million in cash, which is expected to fund operations through 2027, covering significant data readouts and clinical trials [39] - The focus is on generating high-quality phase one data to enhance the potential for future partnerships and collaborations [36][38] Conclusion - Crescent Biopharma is positioned to make significant strides in the oncology market with its innovative PD1 VEGF bispecific and ADC pipeline, backed by a strong financial position and strategic planning for clinical development and market entry [2][4][39]