Business Overview - Research Solutions provides an end-to-end AI platform for research, aiming to advance the world's knowledge by simplifying research[31, 34] - The company's mission is to simplify research in a market with exploding research volume and AI inaccuracies[34, 51] - The company serves over 1,500 leading research organizations across 70 countries[40] Market Opportunity - The total addressable market is $15 billion, split between $11 billion for B2B customers and $4 billion for B2C customers[70, 71] - Research-focused SaaS is projected to grow at a CAGR of 18.7%, from $273.55 billion in 2023 to $908.21 billion by 2030[73] Financial Performance - The company's total revenue is $48.8 million (TTM as of 03/31/25)[134] - The company's adjusted EBITDA is $5.1 million (TTM)[134] - The company's annual recurring revenue has grown consistently, reaching $20.4 million in Q3 FY25[125] - The company's cash and equivalents as of March 31, 2025, were $0.9 million[132] - The company's total assets as of March 31, 2025, were $45.2 million[132] Business Model - The company operates with a platform and transactions business model, with transactions accounting for 63% of revenue and the platform accounting for 37% of revenue[92, 96]

Business Overview - Research Solutions operates a SaaS platform and a legacy article (transactions) business, serving primarily North America, EMEA, and Japan[11] - The company's platform business boasts nearly 4x the gross margin of the traditional transaction business, with a SaaS growth rate exceeding 30%+[36] - The company has a strong balance sheet with $10.6 million in cash and no outstanding debt[12] Market Opportunity - The company estimates a total addressable market (TAM) of approximately 700,000 SMBs worldwide, with current penetration less than 1%[12] - The company estimates that ~4% penetration into the SMB market would equate to ~$280 million in annual recurring revenue[26] - The company estimates the platform market to be ~$7 billion[26] Financial Performance - The company's annual recurring revenue (ARR) from platform subscriptions is approximately $7.9 million[20,30] - The company's platform business has a high retention rate and over 100% net retention[20,48] - The company's TTM revenue is $32.9 million[40] - The company's TTM gross margin for the platform business is 86.2%[20,40] - The company's TTM gross margin for the transaction business is 23.6%[40] Key Stats - The company's stock price as of 9/23/22 was $1.86[50] - The company's market capitalization is $50.4 million[50] - The company's enterprise value is $39.8 million[50]

Financial Performance and Goals - Evolus aims to achieve over 20% non-GAAP operating income with at least $700 million in revenue by 2028[10] - The company is targeting $700 million in global sales by 2028, representing a 28% CAGR from 2023[20] - Evolus expects to launch Evolysse and gain approval within the next 12 months[10] - The company's revenue guidance for 2024 is between $260 million and $270 million[21] Market and Product Expansion - The total addressable market for injectables is projected to reach $10 billion by 2028[20] - Evolus plans to expand internationally to achieve $100 million in international revenue by 2028[23] - The company has filed for filler approval with a launch planned in the second half of 2025[23] Clinical Study Results - In a Phase III study, Jeuveau demonstrated non-inferiority to Botox, with responder rates of 87.2% for Jeuveau and 82.8% for Botox at day 30[38] - A post-hoc analysis of a Phase III clinical study showed comparable results between Jeuveau and Botox in improving glabellar line scale and subject satisfaction[44, 48] Evolysse Dermal Fillers - US NLF pivotal study results for Evolysse Form vs Restylane-L showed non-inferiority at 6 months[120] - US NLF pivotal study results for Evolysse Smooth vs Restylane-L also met the primary endpoint of non-inferiority at 6 months[128]

Market and Growth - The total addressable market expands by 78% with the addition of injectable HA gel portfolio[16] - The neurotoxin market is growing to $6 billion in 2028, with a 13% CAGR from 2023[21] - The fillers market is growing to approximately $4 billion in 2028, with a 10% CAGR from 2023[21] - Evolus International is expected to achieve $100 million in 2028[23] Financial Performance and Projections - Evolus expects total net revenues for 2025 to be between $345 million and $355 million[28,112] - Q4 2024 net revenue reached $79 million, a 30% year-over-year increase[106] - The company projects at least $700 million total net revenue by 2028[113,115] - The company projects a non-GAAP operating income margin of at least 20% by 2028[113,115] Product and Strategy - Jeuveau's share of the toxin market has grown from 4% in 2019 to 13% in 2024[19] - 70% of toxin consumers also use a dermal filler[71] - Evolus Rewards program has approximately 1.1 million total enrollments[59,107]

Merger Overview - Uniti and Windstream will combine to create a premier fiber provider with approximately $4 billion in revenue and 236,000 fiber route miles across 47 states in the U S[18] - Existing Uniti shareholders will own about 62% and Windstream shareholders will own about 38% of the combined company's common equity[18] - Windstream shareholders will receive $425 million in cash, $575 million of preferred equity, and common shares representing approximately 38% ownership of the combined company[32] Financial Profile - New Uniti's Fiber Core Revenue for YTD 2024 is $1495 million, a 1 1% increase from $1478 million in YTD 2023[23] - New Uniti's Adjusted EBITDA for YTD 2024 is $916 million, a 5 0% increase from $872 million in YTD 2023[23] - The company projects 2028 revenue of $4 1 billion and Adjusted EBITDA of $2 0 billion[27] Synergies and Growth - The merger aims for up to $100 million in annual operating expense synergies and $20-30 million in annual capital expenditure synergies[52] - Kinetic has upgraded approximately 1 6 million households to Next-gen FTTH[42] - Kinetic's cost per passing is approximately $650[42]

Merger Overview - Uniti and Windstream are merging to create a premier fiber provider with approximately $4 billion in revenue and 240,000 fiber route miles across 47 US states[13] - Existing Uniti shareholders will own roughly 62% and Windstream shareholders will own about 38% of the combined company's common equity[13] - The combined company has approximately 44 million residential households, 240,000 fiber route miles, and 150,000 on-net locations[8] Financial Profile & Growth - The combined company anticipates core fiber revenue between $2845 million and $2865 million, and total revenue between $3745 million and $3780 million in 2025[25] - The combined company anticipates total adjusted EBITDA between $1545 million and $1575 million, and total net Capex between $1210 million and $1220 million in 2025[25] - Kinetic consumer revenue is expected to grow approximately 2% in 2025, and strategic fiber infrastructure revenue is expected to grow approximately 5% in 2025[28] - Uniti is targeting strategic recurring revenue growth of approximately 4% to 6% and strategic recurring adjusted EBITDA growth of approximately 8% to 10% in 2025[35] Strategic Priorities - Uniti aims to pass an incremental 325,000 homes with fiber in 2025, reaching approximately 2 million homes in total[35] - Consolidated new sales bookings MRR was $08 million in Q1 2025, up approximately 40% from the prior year period[49] - The company's debt yielded approximately 125% in February 2023, which has improved to approximately 75% currently[52] AI Opportunity - The total AI TAM is projected to be $300 billion by 2030, with digital infrastructure TAM at $40 billion and fiber/network TAM at $15 billion[19]

Tebipenem HBr (cUTI) - Tebipenem HBr is in Phase 3 clinical trials for complicated urinary tract infections (cUTI)[3] - The Phase 3 trial met its primary endpoint following a pre-specified interim analysis (IA) of data from 1,690 enrolled patients[18] - Approximately 2.9 million annual cUTI treatment episodes are attributed to $6+ billion in US healthcare costs[16] - Spero granted GSK an exclusive license for Tebipenem HBr (ex-Asia) and received $66 million upfront and $9 million in common stock investment[32] - Spero is eligible to receive up to $400 million in additional potential regulatory, commercial, and sales milestone payments, as well as royalties from GSK[32] - Spero qualified to receive $95 million in development milestones, with $23.75 million to be received in 2H 2025[33] SPR720 (NTM-PD) - The company has suspended its current development program for SPR720[6, 34] - An interim analysis of a Phase 2a oral study did not show sufficient separation from placebo, highlighting potential oral dose-limiting safety issues in subjects dosed at 1,000 mg orally once daily[37] Financial Foundation - Spero received $30 million upon SPA agreement with the FDA[33] - Spero to receive tiered low-single digit to low-double digit (if sales exceed $1 billion) tiered royalties on net product sales of Tebipenem HBr[33]

Pipeline and Programs - MacroGenics' cash runway is extended through the first half of 2027[9, 10] - Lorigerlimab shows a confirmed Objective Response Rate (ORR) of 25.7% and a PSA50 response rate of 28.6% in mCRPC patients[23] - MGC026, a B7-H3 directed program, is in Phase 1 dose escalation, with dose expansion anticipated in selected indications in 2025[43] - MGC028, an ADAM9 ADC, shows potent anti-tumor activity in preclinical models, with a Phase 1 dose escalation study ongoing[50] - MGD024, a CD123 × CD3 DART molecule, is in Phase 1 dose escalation in hematological malignancies, with a Gilead collaboration commenced in October 2022[60] Financials and Partnerships - MacroGenics received $365 million in upfront and milestone payments[12] - MacroGenics is eligible to receive up to $210 million in potential regulatory milestones and up to $330 million in potential commercial milestones[12] - MacroGenics could receive 15-24% tiered royalty (after 20x cap reached)[12] - As of March 31, 2025, MacroGenics had $154.1 million in cash, cash equivalents, and marketable securities[9, 11, 72] - A $70 million upfront payment was received in June 2025[9, 12]

Casdatifan (HIF-2α) Program - Casdatifan 100mg QD tablet showed a 33% confirmed ORR (Overall Response Rate) with short follow-up[15,19] - Casdatifan 100mg QD tablet showed a 15% primary progressive disease (PD) rate[15] - Casdatifan 50mg BID cohort showed a median Progression Free Survival (mPFS) of 9.7 months[15,25] - Casdatifan 50mg QD cohort showed mPFS not reached with 12 months follow-up[15,25] - The PEAK-1 Phase 3 study for Casdatifan is on track to initiate in Q2 2025[33] Domvanalimab (Anti-TIGIT mAb) Program - Domvanalimab plus Zimberelimab in 1L Gastric Cancer showed ~13 months mPFS vs 7-8 months for benchmark data[11] - In 1L PD-L1 High NSCLC, Domvanalimab + Zimberelimab vs Zimberelimab showed OS Hazard Ratio of 0.64[11,58] - EDGE-Gastric data showed 13.8 months median PFS in TAP ≥5% and 11.3 months median PFS in TAP < 5%[47] - STAR-221 is a Phase 3 study evaluating Domvanalimab + Zimberelimab + Chemo in 1L Gastric/GEJ/EAC, with data expected in 2026[51,52] CD73-Adenosine Axis Programs - Quemli ± Zim + G/nP in 1L Metastatic PDAC showed 15.7 months mOS vs 9.8 months for Synthetic Control Arm, representing a 37% reduction in risk of death[70]

Bexobrutideg Clinical Trial Updates - Bexobrutideg demonstrates rapid and durable clinical responses in relapsed/refractory CLL, with updated findings from an ongoing Phase 1a study presented at EHA 2025[5,9] - Bexobrutideg shows high clinical activity and tolerable safety in an ongoing Phase 1a/b study in patients with Waldenström macroglobulinemia (WM)[5,9] - In CLL patients, the objective response rate (ORR) was 80.9% (95% CI: 66.7–90.9), with 1 (2.1%) complete response (CR) and 37 (78.7%) partial responses (PR)[24] - In WM patients, the objective response rate (ORR) was 84.2%, with 2 (10.5%) very good partial responses (VGPR) and 11 (57.9%) partial responses (PR)[47] Bexobrutideg Safety and Tolerability - Bexobrutideg is well-tolerated in patients with relapsed/refractory CLL, with purpura/contusion (45.8%), diarrhea (31.3%), and fatigue (31.3%) being the most common treatment-emergent adverse events (TEAEs)[22] - In WM patients, the most common TEAEs were petechiae (27.3%), diarrhea (22.7%), and purpura/contusion (18.2%), with a favorable safety profile and no new safety signals[45] Bexobrutideg Mechanism and Market Potential - Bexobrutideg is a novel small molecule BTK degrader that can overcome treatment-emergent BTKi resistance mutations and disrupt BTK scaffolding[15,54] - The total BTKi sales were $10.6 billion in 2024 and projected worldwide sales for BTK-targeting agents in CLL are expected to exceed $15 billion by 2028[75] - Nurix is advancing bexobrutideg in CLL with a first pivotal study to be initiated in 2025, positioned to lead a new class of therapeutics in CLL[66] Regulatory Designations - Bexobrutideg has received U S Fast Track Designation from the FDA for CLL (January 2024) and WM (December 2024)[62,61] - Bexobrutideg has received EU PRIME designation from EMA in November 2024[62]