4D-710 Phase 1 Interim Data Key Takeaways - 4D-710 was well-tolerated with 4 to 24 months follow-up[14] - 4D-710 demonstrated clinically meaningful activity in lung function (FEV1, LCI2.5) and quality-of-life (CFQ-R-R)[14] - 4D-710 has durable CFTR transgene expression through at least 1 year[14] - Phase 2 enrollment is underway at Cohort 4 dose level[14] Cystic Fibrosis (CF) Market & 4D-710 Design - The CFTR modulator market size is approximately $11 billion in 2024[17] - 4D-710 is designed as a durable, redosable, variant-agnostic, disease-modifying therapy for CF lung disease[30] - 4D-710 utilizes aerosol delivery of a novel A101 vector invented with directed evolution[25] - The A101 vector enhances transduction of airway cells and overcomes potential barriers[26] Clinical Trial Results & Next Steps - In the Phase 1 trial, the 2.5E14 vg dose (Cohort 4) met the target expression profile of approximately 10-25% airway cells for CFTR RNA[63] - Durable expression of CFTR was observed with levels consistent with non-CF samples over 1 year[142] - The Cystic Fibrosis Foundation (CFF) has provided approximately $31 million in financial support for 4D-710 development[146] - The company expects to complete Phase 2 enrollment in H1 2026 and provide a program update in H2 2026[152]

+ Empowering the Global Workforce with Skills for the AI Era Non-GAAP financial measures This presentation con tains non-GAAP measures (includ ing non-GAAP gross p rofit, Adjust ed EBITDA, and cost synergies) used by our man agement to help us an alyze our fin ancial results, estab lish budgets and operational goals for man aging our business, evaluate our performan ce, an d make strategic decisions. We believe these pro vide useful supplemen tal information for investors to an alyze our core results and be ...

Transaction Overview - Each Udemy share will be exchanged for 0.800 Coursera shares[10] - Pro-forma ownership: Approximately 59% Coursera shareholders / 41% Udemy shareholders[10] - The transaction is expected to close by the second half of 2026[10] Strategic Rationale - The combination aims to deliver greater value to millions of learners and thousands of enterprise, university, and government customers[12, 31] - The merger brings together a comprehensive ecosystem of world-class instructors, industry leaders, and global subject matter experts[12, 32] - The combined company anticipates annual run-rate cost synergies of $115 million within 24 months of closing[15, 35] Financial Profile - Combined revenue over the last twelve months is $1.536 billion[27, 28] - Combined non-GAAP gross profit is $935 million with a margin of 61%[27] - Combined adjusted EBITDA is $155 million with a margin of 10%[27]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions; organic net sales were down 1% [24] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [25] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [25] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [26] - North America Pet segment net sales were up 11%, with organic net sales up 1%, driven by favorable price mix [27] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [28] - International segment organic net sales were up 4%, driven by growth in Brazil, China, India, and North Asia [29] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories, with Nielsen measured pounds up 1% in Q2 [8][26] - The North America Pet segment saw mid-single-digit growth in cat feeding, while dog feeding results were mixed [16][27] - Internationally, dollar share was held or grown in 54% of priority businesses, led by Häagen-Dazs and Nature Valley [29] Company Strategy and Development Direction - The company is focused on strengthening brand remarkability to restore organic sales growth, with investments in product innovation and brand building [3][4] - Key priorities include returning North America retail to volume growth, accelerating North America pet growth, and driving efficiencies to fund these investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers increasingly making food purchases on promotion due to economic pressures [9] - The company expects to drive further improvement in organic sales growth in the second half of fiscal 2026, reaffirming its fiscal guidance [4][33] - Management anticipates Q3 operating profit to be down more than previously expected, but expects strong profit growth in Q4 [33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points year-over-year, primarily due to higher input costs [30] - The company plans to launch several new products in the second half of fiscal 2026, focusing on consumer trends such as better-for-you benefits and bold flavors [13][15] Q&A Session Summary Question: What are the expectations for organic net sales in the second half of fiscal 2026? - The company expects improved organic net sales driven by the expanded impact of remarkability investments and trade timing benefits in Q4 [33] Question: How is the company addressing the challenges in the North America retail segment? - The company is focused on delivering more value to consumers and amplifying elements of the remarkability framework to improve competitiveness [10] Question: What are the growth prospects for the North America pet segment? - The company is confident in its plans for the North America pet segment, expecting further acceleration in organic sales growth in the second half of fiscal 2026 [18]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions; organic net sales were down 1% [24] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [25] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [25] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [26] - North America Pet segment net sales were up 11%, with organic net sales up 1%, driven by favorable price mix [27] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [28] - International segment organic net sales were up 4%, driven by growth in Brazil, China, India, and North Asia [29] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories, with Nielsen measured pounds up 1% in Q2 [8][26] - The North America Pet segment saw mid-single-digit growth in cat feeding, while dog feeding results were mixed [16][27] - The international business held or grew dollar share in 54% of priority businesses, led by Häagen-Dazs and Nature Valley [29] Company Strategy and Development Direction - The company is focused on investing to strengthen brand remarkability to restore organic sales growth [3] - Key priorities include returning North America Retail to volume growth, accelerating North America Pet growth, and driving efficiencies to fund investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers making more purchases on promotion due to economic pressures [9] - The company expects to drive further improvement in organic sales growth in the second half of fiscal 2026, reaffirming its fiscal guidance [4][33] - Management anticipates Q3 operating profit to be down more than previously expected, but expects strong profit growth in Q4 [33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points due to higher input costs [30] - The adjusted effective tax rate was 23.3%, up from 20.1% a year ago, due to unfavorable earnings mix [31] - Capital investments in the first half totaled $253 million, with $659 million paid in dividends [32] Q&A Session Summary Question: What are the expectations for organic net sales in the second half? - The company expects improved organic net sales in the second half, driven by the expanded impact of remarkability investments [33] Question: How is the company addressing the challenges in the North America Retail segment? - The company is focused on returning North America Retail to volume growth by investing in remarkable experiences [5] Question: What are the plans for the North America Pet segment? - The company plans to strengthen the core Blue Buffalo business while driving growth through new product launches and expanded distribution [16][18]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions [23] - Organic net sales decreased by 1%, while organic volume was flat, showing sequential improvement from Q1 [25] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [24][30] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [24] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [25] - North America Pet segment saw a net sales increase of 11%, with organic net sales up 1%, driven by favorable price mix [26] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [27] - International segment organic net sales increased by 4%, led by growth in Brazil, China, India, and North Asia [28] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories [8][25] - The North America Pet segment experienced mid-single-digit growth in cat feeding, while dog feeding results were mixed [16] - The international segment held or grew dollar share in 54% of priority businesses, with strong performance from Häagen-Dazs and Nature Valley [28] Company Strategy and Development Direction - The company is focused on enhancing the "Remarkability" of its brands to restore organic sales growth [3] - Key priorities include returning North America retail to volume growth, accelerating North America pet growth, and driving efficiencies to fund investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers increasingly making food purchases on promotion [9] - The company remains confident in its strategy to deliver more value to consumers amid economic pressures [10] - Fiscal 2026 guidance was reaffirmed, with expectations for improved organic net sales in the second half [32][33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points due to higher input costs [29] - Capital investments in the first half totaled $253 million, with $659 million paid in dividends [31] Q&A Session Summary Question: What are the expectations for organic net sales in the second half of fiscal 2026? - The company expects improved organic net sales driven by the expanded impact of remarkability investments and favorable trade timing benefits in Q4 [32] Question: How is the company addressing the challenges in the North America Pet segment? - The company is focusing on strengthening the core Blue Buffalo business and driving growth through new product launches like Love Made Fresh [18] Question: What are the anticipated impacts of divestitures on future performance? - The divestitures are expected to continue to pose headwinds, but the company is managing these impacts through strategic investments and operational efficiencies [24][30]

Corporate Overview - Aldeyra Therapeutics focuses on developing innovative therapies for immune-mediated diseases by modulating protein systems rather than directly inhibiting single protein targets[7,8] - As of September 30, 2025, Aldeyra had $753 million in cash, cash equivalents, and marketable securities, expected to fund the company into the second half of 2027[10] RASP Modulation Platform - Aldeyra's approach involves modulating Reactive Aldehyde Species (RASP), which are formed by oxidation and bind to proteins, leading to pro-inflammatory signaling cascades[14] - RASP modulation allows for control of protein systems without completely turning single proteins on or off, potentially leading to broader activity with less toxicity[20,22] - ADX-629, an orally administered RASP modulator, has shown statistically significant changes in lipid profiles in multiple clinical trials, including a Phase 1 trial (P=0.005 for HDL), a Phase 2 psoriasis trial (P=0.036 for LDL/HDL ratio and P=0.0004 for FFA)[33] - ADX-248 binds to pro-inflammatory RASP HNE, leading to cytokine reduction in LPS-challenged mice and improved epidermal erosion scores in an oxazolone mouse model of atopic dermatitis (P=0.0093)[38] - ADX-248 increased brain dopamine and improved motor function in a preclinical Parkinson's disease model, with significant P values at different doses (P=0.05, P=0.001, P=0.004)[42] - ADX-246 binds to RASP retinaldehyde, reducing the toxic retinaldehyde metabolite A2E (P=0.04) in an Abcr knockout mouse model of dry AMD[44] Reproxalap - Reproxalap, a RASP modulator for dry eye disease, showed rapid activity in clinical trials and achieved the primary endpoint of ocular discomfort in a Phase 3 dry eye chamber trial (P=0.002)[48,53] - Aldeyra has an exclusive option agreement with AbbVie Inc for reproxalap, including a potential $100 million upfront payment, a $100 million milestone payment upon FDA approval in dry eye disease, and $200 million in additional regulatory and commercial milestones[61] - Phase 3 INVIGORATE allergen chamber trials for allergic conjunctivitis showed that reproxalap achieved the primary endpoint of patient-reported ocular itching with all P values < 0.0001[63] ADX-2191 - ADX-2191 has the potential to be the first approved drug for primary vitreoretinal lymphoma (PVRL), with approximately 200-600 new cases diagnosed in the United States per year[71]

Swedbank (OTCPK:SWDB.F) Update / Briefing December 17, 2025 04:30 AM ET Company ParticipantsMaria Caneman - Head of Investor RelationsMaria CanemanOf which Savings Banks' volumes on our balance sheet constitute 3.7 percentage points. Correspondingly, according to Statistics Sweden, the corporate lending in October grew by 2.2% year-on-year, while Swedbank's volumes grew by 3.9%. Swedbank's market share increased slightly to 15.1% at the end of October. Retail deposits in Sweden grew in October by 4.7% year- ...

Bunzl (OTCPK:BZLF.Y) Trading Update December 17, 2025 02:30 AM ET Company ParticipantsRichard Howes - CFOConference Call ParticipantsAnnelies Vermeulen - AnalystKarl Green - AnalystWill Kirkness - AnalystDavid Brockton - AnalystSimona Sarli - AnalystOperatorHello everyone, and welcome to today's Bunzl's Pre-Close Trading Statement call. My name is Seb, and I'll be the operator for your call today. If you'd like to ask a question during the Q&A session, please press star 1 on your telephone keypad. If you'd ...

Robinhood Markets (NasdaqGS:HOOD) Update / Briefing December 16, 2025 09:00 PM ET Company ParticipantsOren Naim - VP of PlatformsVlad Tenev - Chairman and CEOSam Nordstrom - Group Product ManagerGrace Qi - Group Product ManagerGirish Gupta - Group Product ManagerAdam Hickerson - Senior DirectorVlad TenevWelcome to Skywalker Ranch. Can you believe that this is our fifth event this year? We've been busy. And although we've done a lot, there is one topic that we have yet to cover. Who here thinks we are not al ...