Financial Data and Key Metrics Changes - In 2025, the company eliminated all debt from its balance sheet, which had previously created an overhang on its stock [7] - The company reported approximately $175 million in cash, which is expected to exceed $200 million with the exercise of recent warrants from a June offering [9] Business Line Data and Key Metrics Changes - The company has made two significant high-grade silver discoveries, which are expanding in size and delivering excellent results [8] - Three drill rigs are currently on site, with two additional rigs expected to arrive around mid-2026, indicating a strong commitment to exploration and development [9] Market Data and Key Metrics Changes - Gold and silver prices are at all-time highs, with silver expected to reach between $200 and $500 in the coming quarters according to experts [10] Company Strategy and Development Direction - The company aims to expand its high-grade systems, test new targets, and advance towards a production decision [10] - An updated resource report and a technical report are anticipated in the new year, reflecting the company's proactive approach to development [10] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as a transformational year, emphasizing the importance of the new institutional shareholder base and the elimination of debt [7][8] - The company believes it is uniquely positioned in the current market with the right team and balance sheet to capitalize on opportunities [11] Other Important Information - 80% of the company's shares are now held by long-term institutional blue-chip shareholders, including significant investments from Eric Sprott and other major firms [8] Q&A Session Summary Question: Availability of the stockholder list during the virtual meeting - Management acknowledged the issue and suggested addressing it after the meeting [11][15]

Financial Data and Key Metrics Changes - No financial data or key metrics changes were reported as the meeting was adjourned without any discussion [1] Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes were provided due to the lack of quorum and subsequent adjournment of the meeting [1] Market Data and Key Metrics Changes - No market data or key metrics changes were discussed as the meeting did not proceed with any presentations or reports [1] Company Strategy and Development Direction and Industry Competition - No information regarding company strategy, development direction, or industry competition was available due to the adjournment of the meeting [1] Management Comments on Operating Environment and Future Outlook - No comments from management regarding the operating environment or future outlook were made as the meeting was not conducted [1] Other Important Information - The meeting was adjourned due to the absence of a quorum, and no further details were provided [1] Q&A Session All Questions and Answers - No questions or answers were recorded as the meeting did not take place [1]

Financial Data and Key Metrics Changes - No financial data or key metrics changes were reported as the meeting was adjourned without any discussion [1] Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes were provided due to the lack of quorum and subsequent adjournment of the meeting [1] Market Data and Key Metrics Changes - No market data or key metrics changes were discussed as the meeting did not proceed with any presentations or reports [1] Company Strategy and Development Direction - No information regarding company strategy or development direction was available as the meeting was adjourned before any strategic discussions could take place [1] Management Comments on Operating Environment and Future Outlook - No comments from management regarding the operating environment or future outlook were made due to the adjournment of the meeting [1] Other Important Information - The meeting was adjourned due to the absence of a quorum, and no further details were provided [1] Q&A Session Summary - No questions or answers were recorded as the meeting did not take place [1]

Financial Data and Key Metrics Changes - The meeting was adjourned due to a lack of quorum, and no financial data or key metrics were presented [1] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting [1] Market Data and Key Metrics Changes - There were no updates on market data or key metrics provided in the meeting [1] Company Strategy and Development Direction and Industry Competition - The company did not present any strategic direction or competitive analysis during the meeting [1] Management Comments on Operating Environment and Future Outlook - Management did not provide any comments regarding the operating environment or future outlook as the meeting was adjourned [1] Other Important Information - The meeting was adjourned at 9:00 A.M. Eastern Standard Time on January 30th, 2026, due to the absence of a quorum [1] Q&A Session All Questions and Answers - No questions or answers were recorded as the meeting did not proceed due to lack of quorum [1]

Summary of Agios Pharmaceuticals Conference Call Company Overview - **Company**: Agios Pharmaceuticals (NasdaqGS:AGIO) - **Product**: Axazeni (mitapivat) for the treatment of anemia in adults with alpha or beta thalassemia Key Industry Insights - **FDA Approval**: Axazeni is the first and only medicine approved for both non-transfusion-dependent and transfusion-dependent alpha or beta thalassemia, regardless of transfusion burden [4][5] - **Market Opportunity**: Approximately 6,000 diagnosed adult thalassemia patients in the U.S., with an initial addressable population of about 4,000 patients [17][75] - **Pricing**: Axazeni is priced at approximately $425,000 per patient per year on a WAC basis, reflecting its differentiated benefits [22] Core Points and Arguments - **Clinical Significance**: Axazeni is the first disease-modifying treatment for non-transfusion-dependent thalassemia and has shown quality-of-life improvements in patients [5][11] - **Trial Results**: - In the ENERGIZE trial, 42.3% of patients achieved a hemoglobin response, with an average increase of 1.56 grams per deciliter [10] - In the ENERGIZE-T trial, 30.4% of transfusion-dependent patients met the primary endpoint of transfusion reduction response [11] - **Adverse Reactions**: Common adverse reactions included headache and insomnia, with a risk evaluation and mitigation strategy (REMS) in place for hepatocellular injury [12][15] Launch Strategy - **Commercial Model**: A capital-efficient global commercial model focusing on the U.S. market, which is the largest opportunity [16] - **Physician Engagement**: 86% of surveyed physicians plan to prescribe Axazeni within six months of availability, with strong familiarity with REMS programs [16] - **Initial Launch Dynamics**: Expectation of a 10-12 week period from prescription to treatment initiation due to REMS certification and prior authorization processes [63] Additional Considerations - **Long-term Growth**: The plan is to expand from the initial 4,000 addressable patients to the full 6,000 patient population over time, focusing on both transfusion-dependent and non-transfusion-dependent patients [75] - **International Launch**: Approval in KSA with expectations for slow initial demand generation in Gulf countries and Europe due to local regulatory processes [66][67] - **Future Developments**: Engagement with the FDA regarding the phase three RISE UP data for sickle cell disease and potential regulatory paths [23] Conclusion - The approval of Axazeni represents a significant advancement in thalassemia treatment, with a robust commercial strategy and strong clinical data supporting its launch. The company aims to address critical care gaps and establish Axazeni as the standard of care for thalassemia patients [85]

Financial Data and Key Metrics Changes - Total revenues decreased approximately 5.1% for the quarter to $34 million and decreased approximately 0.5% compared to the all-time record fiscal year 2024 sales of $141.6 million [11] - The net loss to common shareholders for the quarter was $3,000 or 0 cents per share compared to net income of $0.2 million or 2 cents per share in the fourth quarter last year [18] - Adjusted EBITDA for the quarter was negative $74,000 compared to $1.3 million for the fourth quarter of 2024 [19] Business Line Data and Key Metrics Changes - For Bad Daddy's, total restaurant sales decreased $1.7 million to $24 million for the quarter and decreased $2.2 million to $101.4 million for the full year [11] - Same-store sales for Bad Daddy's decreased 4.6% for the quarter, while same-store sales for Good Times decreased 6.6% for the quarter [11][15] - Good Times' total restaurant sales for company-owned restaurants decreased approximately $0.3 million to $9.7 million for the quarter compared to the prior year fourth quarter [15] Market Data and Key Metrics Changes - Same-store sales at Good Times remained negative in the fourth quarter, with a 6.6% decline representing a 240 basis points sequential improvement from the fiscal third quarter [4] - Bad Daddy's same-store sales weakened during the fourth quarter but improved sequentially to date in the first quarter, down approximately 1.6% through the first 11 weeks of the quarter compared to the same time period in the prior year [8] Company Strategy and Development Direction - The company is committed to immediate improvement in profitability and is focusing on realigning general manager schedules to enhance operational efficiency [5] - The company plans to address value concerns with targeted value promotions and expects expanded offerings through the GT Rewards loyalty program and a refreshed mobile app [8] - The company remains averse to large-scale discounting due to its impacts on profitability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in the fourth quarter results but noted that the first quarter of fiscal 2026 is shaping up to show improvement in same-store sales and Adjusted EBITDA [23] - Management highlighted the importance of operational improvements and guest experiences as key drivers for future value creation [23] Other Important Information - Food and beverage costs for Bad Daddy's were 31.6% for the quarter, a 40 basis point increase from last year's quarter, primarily due to record high ground beef prices [12] - Labor costs increased by 140 basis points compared to the prior year quarter to 35.7% for Bad Daddy's, attributed to lower team member productivity [13] - The company anticipates general and administrative costs to be 6%-7% in fiscal 2026 [18] Q&A Session Summary - There were no questions during the Q&A session [21]

Financial Data and Key Metrics Changes - Total revenues decreased approximately 5.1% for the quarter to $34 million and decreased approximately 0.5% compared to the all-time record fiscal year 2024 sales of $141.6 million [11] - Net loss to common shareholders for the quarter was $3,000 or 0 cents per share versus net income of $0.2 million, 2 cents per share in the fourth quarter last year [18] - Adjusted EBITDA for the quarter was negative $74,000 compared to $1.3 million for the fourth quarter of 2024 [19] Business Line Data and Key Metrics Changes - For Bad Daddy's, total restaurant sales decreased $1.7 million to $24 million for the quarter and decreased $2.2 million to $101.4 million for the full year [11] - Same-store sales for Bad Daddy's decreased 4.6% for the quarter, with 38 locations in the comp base [11] - For Good Times, total restaurant sales decreased approximately $0.3 million to $9.7 million for the quarter and increased $1.2 million to $39.2 million for the year [15] Market Data and Key Metrics Changes - Same-store sales at Good Times decreased 6.6% for the quarter, with 27 locations in the comp base [15] - Same-store sales for Bad Daddy's improved sequentially to date in the first quarter, down approximately 1.6% through the first 11 weeks compared to the same period in the prior year [8] Company Strategy and Development Direction - The company is committed to immediate improvement in profitability and has focused on realigning general manager schedules to enhance operational efficiency [5] - The company plans to address value concerns with targeted promotions and an expanded loyalty program [8] - The introduction of a cook-to-order process aims to improve product quality while maintaining service speed [6] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in the fourth quarter results but noted a sequential improvement in same-store sales for Good Times [4] - The company expects lower input costs in the first quarter of 2026 and anticipates improvements in food and beverage costs as a percentage of sales [13][17] - Management is optimistic about the first quarter of fiscal 2026, expecting improvements in same-store sales and Adjusted EBITDA [23] Other Important Information - Food and beverage costs for Bad Daddy's were 31.6% for the quarter, a 40 basis point increase from the prior year quarter, primarily due to high ground beef prices [12] - Labor costs increased to 35.7% for Bad Daddy's and 35.9% for Good Times, attributed to lower productivity and rising wage rates [13][17] - The company anticipates general and administrative costs to be around 6%-7% in fiscal 2026 [18] Q&A Session Summary - There were no questions during the Q&A session [21]

Financial Data and Key Metrics Changes - Total revenues decreased approximately 5.1% for the quarter to $34 million and decreased approximately 0.5% compared to the all-time record fiscal year 2024 sales of $141.6 million [11] - Net loss to common shareholders for the quarter was $3,000 or 0 cents per share versus net income of $0.2 million, 2 cents per share in the fourth quarter last year [18] - Adjusted EBITDA for the quarter was negative $74,000 compared to $1.3 million for the fourth quarter of 2024 [19] Business Line Data and Key Metrics Changes - For Bad Daddy's, total restaurant sales decreased $1.7 million to $24 million for the quarter and decreased $2.2 million to $101.4 million for the full year [11] - Same-store sales for Bad Daddy's decreased 4.6% for the quarter with 38 locations in the comp base [11] - For Good Times, total restaurant sales decreased approximately $0.3 million to $9.7 million for the quarter and increased $1.2 million to $39.2 million for the year [15] - Same-store sales for Good Times decreased 6.6% for the quarter with 27 locations in the comp base [15] Market Data and Key Metrics Changes - Same-store sales at Good Times remained negative in the fourth quarter, but the 6.6% decline represented a 240 basis points sequential improvement from the fiscal third quarter [4] - Bad Daddy's same-store sales weakened during the fourth quarter but improved sequentially to date in the first quarter, down approximately 1.6% through the first 11 weeks compared to the same period last year [8] Company Strategy and Development Direction - The company is committed to immediate improvement in profitability and is focusing on realigning general manager schedules to enhance operational efficiency [5] - The company plans to address value concerns with targeted promotions and an expanded loyalty program [8] - The company remains averse to large-scale discounting due to its impacts on profitability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in the fourth quarter results but noted that the first quarter of fiscal 2026 is shaping up to show improvement in same-store sales and Adjusted EBITDA [22] - The company is optimistic about its product and promotional roadmap aimed at broad guest appeal and operational improvements [22] Other Important Information - Food and beverage costs for Bad Daddy's were 31.6% for the quarter, a 40 basis point increase from last year's quarter, primarily due to record high ground beef prices [12] - Labor costs increased by 140 basis points compared to the prior year quarter to 35.7% for Bad Daddy's [13] - Combined general and administrative expenses were $2.4 million during the quarter, or 7% of total revenues, a decrease of 70 basis points from the prior year quarter [18] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions from participants during the call [21]

Financial Data and Key Metrics Changes - For Q4 FY2025, total net revenue was $42.8 million, a decrease from $43.9 million in Q4 FY2024 [15] - Agribusiness revenue was $41.3 million compared to $42.5 million in the same quarter last year [15] - Operating loss for Q4 FY2025 was $11.1 million, compared to an operating loss of $2.8 million in Q4 FY2024 [18] - Net loss applicable to common stock for Q4 FY2025 was $8.8 million, compared to a net loss of $2 million in Q4 FY2024 [18] - For FY2025, total net revenue was $159.7 million, down from $191.5 million in FY2024 [20] - Adjusted EBITDA for FY2025 was a loss of $6.5 million compared to income of $26.7 million in FY2024 [22] Business Line Data and Key Metrics Changes - Fresh packed lemon sales in Q4 FY2025 were $19.2 million, up from $8.4 million in Q4 FY2024, with 821,000 cartons sold at an average price of $23.33 per carton [15] - Avocado revenue in Q4 FY2025 was $300,000, down from $8.9 million in Q4 FY2024, with 396,000 pounds sold at an average price of $0.79 per pound [16] - Orange revenue in Q4 FY2025 was $2.9 million, compared to $1.7 million in Q4 FY2024 [17] - Specialty citrus and other revenues were $2.9 million in Q4 FY2025, down from $3.5 million in Q4 FY2024 [17] Market Data and Key Metrics Changes - The California avocado crop typically experiences alternate years of high and low production, impacting revenue [16] - The company expects fresh lemon volumes of 4-4.5 million cartons and avocado volumes of 5-6 million pounds for FY2026 [24] Company Strategy and Development Direction - The company is transforming its business model by reducing exposure to volatile lemon pricing and expanding into avocados and organic recycling [5][10] - A partnership with Sunkist is expected to generate $10 million in cost savings for FY2026 [6][24] - The company is also focusing on real estate development projects, expecting $155 million in distributions over the next five fiscal years [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted a significant transformation in the business model, moving from a commodity lemon producer to a diversified agricultural and real estate company [11] - The company anticipates improved financial performance in FY2026 due to cost savings and enhanced customer access through the Sunkist partnership [11][24] Other Important Information - The company completed the sale of its Chilean assets for $15 million and is advancing the monetization of other non-strategic assets [9] - Long-term debt as of October 31, 2025, was $72.5 million, up from $40 million at the end of FY2024 [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings from the Sunkist partnership? - Management explained that the savings come from reduced sales and marketing costs and improved operational efficiencies, including renegotiated storage contracts [29][30] Question: How does the company plan to monetize its water rights? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetization through conservation and fallowing programs [39][40] Question: What is the outlook for lemon pricing? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [76][77] Question: What is the company's strategy regarding debt management? - Management emphasized the goal of reducing debt while increasing EBITDA through core operations and asset monetization [80][81]

Financial Data and Key Metrics Changes - For the fourth quarter of fiscal year 2025, total net revenue was $42.8 million, a decrease from $43.9 million in the same quarter of the previous year [15] - Agribusiness revenue was $41.3 million compared to $42.5 million in the fourth quarter last year, while other operations revenue increased slightly to $1.5 million from $1.4 million [15] - The operating loss for the fourth quarter of fiscal year 2025 was $11.1 million, compared to an operating loss of $2.8 million in the fourth quarter of fiscal year 2024 [18] - Net loss applicable to common stock after preferred dividends was $8.8 million for the fourth quarter of fiscal year 2025, compared to a net loss of $2 million in the same period of fiscal year 2024 [18] - For the fiscal year ended October 31, 2025, total net revenue was $159.7 million, down from $191.5 million the previous year, primarily due to decreased agribusiness revenues [20] Business Line Data and Key Metrics Changes - Agribusiness revenue for the fourth quarter included $19.2 million in fresh packed lemon sales, significantly up from $8.4 million during the same period of fiscal year 2024 [15] - Brokered lemons and other lemon sales were $12.5 million in the fourth quarter of fiscal year 2025, down from $14.7 million in the previous year [16] - Avocado revenue dropped to $300,000 in the fourth quarter of fiscal year 2025 from $8.9 million in the same period of fiscal year 2024, attributed to lower production [16] - Orange revenue increased to $2.9 million in the fourth quarter of fiscal year 2025 from $1.7 million in the same period of fiscal year 2024 [17] Market Data and Key Metrics Changes - The California avocado crop typically experiences alternate years of high and low production, which impacted the volume sold in fiscal year 2025 [16] - The average price per carton for U.S. packed fresh lemons was $23.33 in the fourth quarter of fiscal year 2025, compared to $17.95 in the same period of fiscal year 2024 [15] Company Strategy and Development Direction - The company is transforming its business model by reducing exposure to volatile lemon pricing and expanding into avocados, with a goal of generating $10 million in cost savings in fiscal year 2026 [5][6] - The return to Sunkist is expected to enhance customer access and improve packing margins, while the avocado production capacity is set to increase significantly over the next few years [7][10] - The company is also pursuing a 50/50 organic recycling joint venture and real estate development projects, with expected distributions totaling $155 million over the next five fiscal years [8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence that fiscal year 2026 will mark the beginning of the financial impact from the transformation, with expectations for improved financial performance [11] - The company anticipates a 50% reduction in SG&A expenses, approximately $10 million in savings, and expects avocado production to contribute meaningfully starting in fiscal year 2027 [10][24] - Management highlighted the importance of diversifying revenue streams and optimizing the asset base to create a more resilient business model [10] Other Important Information - The company successfully completed the sale of its Chilean assets for $15 million and is advancing the monetization of its Windfall Farms vineyard and other agricultural assets valued at approximately $40 million [9] - Long-term debt as of October 31, 2025, was $72.5 million, up from $40 million at the end of fiscal year 2024, with a net debt position of $71 million [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings and customer relationships? - Management explained that the cost savings come from transitioning to Sunkist and renegotiating storage contracts, with a significant reduction in sales and marketing costs per carton [29][32] Question: What is the outlook for lemon pricing? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [75] Question: Can you elaborate on the water rights strategy? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetizing conserved water rights, particularly in California and Arizona [39][40] Question: What is the development strategy for Limco Del Mar? - Management outlined the entitlement process for the Limco Del Mar project, emphasizing community engagement and the potential increase in land value upon successful entitlement [55][60]