Investment Highlights - The company is focused on a rare and orphan disease product pipeline[9] - The company is on track for First Netherton Syndrome Treatment Approval in 2026[9] - The global Netherton commercial opportunity is in excess of $1 billion[9] Product Pipeline - QRX003 is in pivotal clinical studies for Netherton Syndrome[12] - Clinical trial has been initiated for QRX003 for Peeling Skin Syndrome[12] - Clinical testing for QRX003 for Palmoplantar Keratoderma is expected to commence in the second half of 2025[12] Netherton Syndrome (NS) and QRX003 - Netherton Syndrome affects 6,000 – 8,000 newborns in the US and Europe combined, with up to 30,000 in Quoin Partnered Territories[21] - QRX003 is a topical lotion to be applied twice-daily to whole body surface[26] - Pilot study data showed marked improvements across all measured clinical endpoints with QRX003[31] - Pediatric whole body data showed that one patient experienced zero nightly sleep disturbances for the first time in her life after treatment with QRX003[40] Additional Rare Skin Disorders - Clinical testing in PPK to commence in 2025[50] - First Subject Peeling Skin Data showed the M-IASI decreased from 36 to 12 after 12 weeks[52]

Financial Performance & Growth - 2021年，Crocs 收入达到 23 亿美元，同比增长 67%，相对比2019年增长 88%[14]，调整后的营业利润率达到 30%[11,14] - Crocs 预计到 2026 年收入将达到 60 亿美元以上[11,74] - 2021年，数字化销售额同比增长 48%，相对比2019年增长 122%，占总销售额的 37%[14] - 第四季度，Crocs 收入为 5.87 亿美元，同比增长 43%[26]，调整后的营业利润率从 21% 增长到 29%[26] HEYDUDE Acquisition - Crocs 于 2022 年 2 月 17 日完成了对 HEYDUDE 的收购[53] - Crocs 预计 HEYDUDE 将在 2024 年成为一个超过 10 亿美元的品牌[56,57] - Crocs 预计 HEYDUDE 在收购后的 2022 年收入为 6.2 亿至 6.7 亿美元，如果包括收购前的时间，预计 HEYDUDE 2022 年的收入约为 7 亿至 7.5 亿美元[70,71] 2022 Outlook - Crocs 预计 2022 财年的收入约为 34 亿美元，同比增长 20% 以上[70] - Crocs 预计 2022 年调整后的营业利润率约为 26%[70] - Crocs 预计 2022 年调整后的摊薄后每股收益为 9.70 美元至 10.25 美元[70]

AVTX-009 and HS Market - AVTX-009, an anti-IL-1β mAb, is a lead compound with potential for best-in-class and best-in-disease profile in hidradenitis suppurativa (HS)[7] - The HS market is expected to grow to over $10 billion by 2035[8] - Avalo is enrolling patients in a Phase 2 LOTUS trial for HS, with topline data expected in mid-2026[8] - AVTX-009 has 15x higher affinity than lutikizumab, potentially predictive of higher efficacy and less frequent dosing[10] Financials and Strategy - Avalo expects its cash runway to extend into 2028[8] - As of March 31, 2025, Avalo had approximately $125 million in cash[70] - As of March 31, 2025, Avalo's adjusted market capitalization was $284.5 million, based on an adjusted common share count of 35.5 million and a stock price of $8.01[70] IL-1β and AVTX-009 Advantages - IL-1β gene expression is up to 100x increased in HS lesions compared to healthy skin[26] - AVTX-009 is designed to target the inflammatory driver of Hidradenitis Suppurativa (HS) to address significant unmet need[15] - AVTX-009 has a subcutaneous bioavailability of 73% and a half-life of 19 days[35]

TH104 - Opioid Overdose Prophylaxis - TH104 is a first-in-class buccal film delivery of nalmefene for military use and is NDA fileable[6, 84] - The FDA has confirmed that no additional clinical trials will be required prior to NDA submission for TH104 for its initial indication[7] - Current naloxone autoinjector provides approximately 2-hour protection versus 7-hour fentanyl exposure, necessitating frequent re-dosing[17] - Government acquired 788,000 Kaléo autoinjector units, indicating growing demand for synthetic opioid countermeasures[46] - At 24-hours, Groups A & B in Phase 1 Chronic Liver Disease (CLD) Study had mean declines of 30.7% & 35.2%, respectively in pruritus scores[106] TH023 - Oral Anti-TNFα for Autoimmune Diseases - TH023 is an oral anti-TNFα monoclonal antibody targeting autoimmune diseases and is Phase 1-ready[6, 84] - The oral anti-TNFα market opportunity has the potential to disrupt the $50B+ global autoimmune biologics market[6, 84] - The existing market size generated annually by TNFα inhibitors (e.g., Humira, Remicade) is approximately $47B[58] Strategic & Financial - The company anticipates a clear pathway to NDA submission for TH104 within 12 months of CMC initiation[34] - The global PBC treatment market is valued at approximately $2.5B and is expected to grow[96]

Financial Performance & Growth - Catalyst Pharmaceuticals experienced a 43.6% increase in total net product revenue in 1Q25 compared to 1Q24[55] - The company's 1Q25 net product revenues reached $141.4 million, up from $98.4 million in 1Q24[61] - Net income (GAAP) for 1Q25 was $56.7 million, significantly higher than the $23.3 million reported in 1Q24[61] - Catalyst forecasts total revenues between $545 million and $565 million for the full year 2025[60] Product Portfolio - FIRDAPSE revenue for 1Q25 was $83.7 million, compared to $66.8 million in 1Q24[56] - AGAMREE revenue for 1Q25 was $30.4 million[56] - FYCOMPA revenue for 1Q25 was $35.6 million, compared to $22.0 million in 1Q24[56] - FIRDAPSE is projected to generate between $355 million and $360 million in revenue for 2025[60] - AGAMREE is projected to generate between $100 million and $110 million in revenue for 2025[60] - FYCOMPA is projected to generate between $90 million and $95 million in revenue for 2025[60] Market & Strategic Focus - The total addressable market for the LEMS population is estimated to be over $1 billion[29] - The total addressable market for the DMD population is estimated to be over $1 billion[39]

MOLBREEVI for aPAP - MOLBREEVI demonstrated statistically significant improvement in DLCO% (primary endpoint) at Week 24 (p=0.0007) and Week 48 (p=0.0008) compared to placebo[37] - MOLBREEVI showed nominally significant improvement in Exercise Capacity (Peak METs) at Week 48 (p=0.0234) compared to placebo[37] - MOLBREEVI significantly reduced pulmonary surfactant burden, as shown by Ground Glass Opacity (GGO) score at Week 24 (p=0.0004)[66] - 100% of patients who completed the double-blind period enrolled into the open-label period[37] - The treatment discontinuation rate in the double-blind period was low at 3%, with none due to drug-related adverse events[37] aPAP Disease and Market - Autoimmune PAP (aPAP) is a rare lung disease with no approved drugs in the U S or Europe, and the only treatment option is an invasive procedure[15] - Analysis of U S claims data identified approximately 3,600 aPAP patients[108] - Market development team of ~25 people will be responsible for profiling accounts to gain line of sight into currently diagnosed patients[117] - U S pulmonologists show overwhelming support for MOLBREEVI, with 83% likely to prescribe it regardless of disease severity[113] - The potential U S market opportunity for aPAP is estimated to be >$1 billion[135] Regulatory and Financial - Savara plans to resubmit the BLA for MOLBREEVI in Q4 2025[31] - The company has ~$172.5 million in cash and short-term investments as of March 31, 2025, and non-dilutive debt financing for up to $200 million[133]

BaaS Overview - BaaS (Branding-as-a-Service) is designed to enhance the competitiveness of furniture suppliers by providing access to the Christopher Knight Home brand on the GigaCloud B2B Marketplace[13] - This service allows the brand to introduce third-party products under its label, expanding market presence in high-potential categories[16] - BaaS empowers qualified suppliers to leverage an industry-leading furniture brand, connecting them with customers more effectively in a wider market[12] Challenges Addressed - BaaS addresses challenges such as low purchase frequency, slow brand value accumulation, and difficulty for furniture suppliers to compete in a fragmented market[11] BaaS Structure & Support - The GigaCloud Brand Center provides strategic guidance, access to an established furniture brand, and quality control standards[19] - The GigaCloud Quality Center upholds rigorous quality standards through inspections and quality control processes[20] - BaaS participants can leverage the B2B Marketplace, fulfillment capabilities, and established customer base to accelerate growth and expand market reach[27] Benefits for Sellers - BaaS offers increased competitiveness, streamlined supply chain efficiency, and increased brand awareness for sellers[31] - Sellers gain access to brick-and-mortar opportunities through Wondersign Kiosk[31] Benefits for Buyers - Buyers benefit from the credibility and trust of an established brand, a broader product selection, and assured quality control standards[33] - Buyers also benefit from SFR (Supplier Fulfilled Retailing) model efficiencies and on-trend furniture design[33]

Financial Performance & Growth - Synovus' diluted Earnings Per Share (EPS) increased from $189 in 2016 to $399 in Q1 2019, representing a 26% Compound Annual Growth Rate (CAGR)[39] - Adjusted Return on Average Tangible Common Equity (ROATCE) increased by 860 basis points from 852% in 2016 to 1752% in Q1 2019[39] - Synovus is targeting a sustained 10+% CAGR in EPS growth, with a Return on Assets (ROA) of approximately 145%, an adjusted tangible efficiency ratio of approximately 50%, and a Return on Tangible Common Equity (ROTCE) of approximately 170%[47, 48] - The company reported adjusted diluted EPS of $098 in Q1 2019, a 151% increase year-over-year[50] Merger & Acquisition - The merger with Florida Community Bank (FCB) significantly strengthens Synovus' Florida footprint, making it >1/3 of the pro forma franchise[34] - Synovus expects to surpass $30 million in FCB-related cost savings in 2019 and complete the full conversion in Q2 2019[63] - The FCB merger is projected to result in a ~17% Internal Rate of Return (IRR) and a ~17% ROATCE[124] Balance Sheet & Credit Quality - As of Q1 2019, Synovus had total assets of $47 billion and loans of $36 billion[22] - The company's loan growth in Q1 2019, including FCB, annualized to 46%, compared to a standalone Synovus loan growth of 16% in Q1 2018[128] - The Net Charge-Off (NCO) ratio was 019% in Q1 2019[55] 2019 Outlook - Synovus anticipates loan growth of 55% to 75% and revenue growth of 55% to 75% for 2019[60] - The company projects adjusted non-interest expense growth of 2% to 4% in 2019, excluding amortization of intangibles of approximately $14 million[60]

Financial Performance & Position - Synovus' total assets reached $53.0 billion[8] and loans amounted to $39.5 billion[8] as of 9/30/2020 - Deposits totaled $44.7 billion[8] and the market capitalization was $4.9 billion[8] as of 12/04/2020 - The company reported a return on average assets of 0.69% and an adjusted return on average assets of 1.05%[18,47] - YTD 3Q20 adjusted net interest income was $1,120.635 million, compared to $1,128.035 million in YTD 3Q19[10,48] - YTD 3Q20 adjusted non-interest revenue was $310.446 million, compared to $259.940 million in YTD 3Q19[10,48] Strategic Initiatives & Efficiencies - Synovus is committed to approximately $100 million run-rate benefit by year-end 2021 through Synovus Forward initiatives[38] - The company anticipates a $25 million pre-tax benefit from third-party spend optimization[32] - Customer analytics are expected to generate over $20 million in pre-tax benefits[39] - Branch and real estate optimization is projected to yield $12 million in pre-tax benefits, with 13 branch closures in 2020[39] Credit Quality & Capital - Allowance for credit losses was $665 million, representing 1.80% of loans excluding Paycheck Protection Program (PPP) loans[29] - Full principal and interest deferrals were less than 1% of total loans[29]

Strategic Pillars - Synovus is focusing on four strategic pillars: adopting high-tech meets high-touch, simplifying and streamlining processes, repositioning for advantage, and enhancing talent and culture[28, 29, 30, 33, 34] - Synovus aims to close an additional 15% of its branch network by the end of 2022, estimating run rate savings of $12 million from these closures[65] - Synovus launched a Structured Lending Division in 2019, adding $1 billion in loans and approximately $20 million in pre-provision net revenue (PPNR) within 2 years[53] Financial Performance & Metrics - Synovus' 3Q21 Year-to-Date (YTD) total loan growth, excluding PPP loans, was 42%, compared to a peer average of -05%[145] - Synovus' 3Q21 Year-to-Date (YTD) C&I loan growth, excluding PPP loans, was 48%, compared to a peer average of 16%[145] - Synovus' efficiency ratio (taxable-equivalent % of total assets) in 3Q21 was 552%, compared to a peer median of 577%[147] - Synovus' Risk Adjusted Net Interest Margin (NIM) in 3Q21 was 279%, while peers averaged 254%[149] - Synovus' Non-Interest Revenue (NIR) for 3Q21 Year-to-Date (YTD) was $333 million, with an adjusted NIR of $332 million[149] Investments & Initiatives - Synovus estimates expenses of $4-6 million for Corporate & Investment Banking (CIB) in 2022[59] - Synovus estimates expenses of $3-4 million for refining user experience in 2022[72] - Synovus estimates expenses of $4-6 million for client journeys in commercial credit reimagined in 2022[95] - Synovus estimates expenses of $3-4 million for SMART Next Best Action and SMART Retention in 2022[121] - Synovus estimates expenses of $10+ million for Banking-as-a-service in 2022[127]