Financial Performance & Guidance - Henry Schein reported FY2022 global net sales of $12.6 billion[8] - In Q1, GAAP diluted EPS was $0.91, and non-GAAP diluted EPS was $1.21[14] - Total sales growth was -3.8% (LCI -3.7%), but excluding PPE & COVID-19 Test Kits, LCI sales growth was strong at 6.3%[18] - EPS was negatively impacted by an estimated $0.24 due to lower contribution from PPE products and COVID-19 Test Kits, $0.04 from acquisition-related expenses, and $0.02 from foreign exchange[18] Henry Schein One & Dental Technology Market - Henry Schein One's 2022 revenue from dental practice management was approximately $550 million[20, 21] - The estimated dental technology market size is $2.3 billion, with an estimated market growth rate of 8-12%[26] - Henry Schein One has 100,000 active dental customers[26] Strategic Priorities & Market Trends - Henry Schein's strategic priorities include building complementary software, specialty, and services, operationalizing One Distribution, leveraging One Schein, and driving digital transformation[9] - Industry trends driving demand for Henry Schein One solutions include payment & claims innovation (72% of dentists are concerned with declining insurance reimbursement rates), AI & clinical decision support, customer dynamics (consumerization of healthcare), and dental practice consolidation[29, 30]

Tovecimig Clinical Trial Results (COMPANION-002 Study) - The COMPANION-002 study is a Phase 2/3 registrational-intent study in patients with BTC who have received one prior line of therapy[9] - In the Intent-to-Treat population, the Overall Response Rate (ORR) for Tovecimig + Paclitaxel was 17.1% (19 out of 111 patients) compared to 5.3% (3 out of 57 patients) for Paclitaxel alone, with a two-sided p-value of 0.031[12] - The Complete Response (CR) rate in the Tovecimig + Paclitaxel arm was 0.9% (1 out of 111 patients), while the Partial Response (PR) rate was 16.2% (18 out of 111 patients)[12] - Stable Disease (SD) was observed in 44.1% of patients (49 out of 111) in the Tovecimig + Paclitaxel arm compared to 33.3% (19 out of 57) in the Paclitaxel arm[12] - Progressive Disease (PD) was observed in 16.2% of patients (18 out of 111) in the Tovecimig + Paclitaxel arm compared to 42.1% (24 out of 57) in the Paclitaxel arm[12] Tovecimig Development and Potential - Tovecimig is a bispecific antibody targeting DLL4 and VEGF-A, designed to disrupt tumor vessel formation and angiogenesis[6, 7] - The company anticipates top-line Phase 2/3 data for PFS, OS, and DoR in Q4 2025[25] - Tovecimig has the potential to become a standard of care in 2L BTC, with PFS, OS and DoR data expected in Q4 2025[18] Market and Unmet Needs - There are significant unmet needs in current treatments for BTC, with approximately 85% of 2L patients having limited treatment options[19, 20] - Incidence of BTC is significant, with an estimated ~23,000 cases annually[22] - Projected ~100,000 incidence of liver and intrahepatic bile duct cancer by 2040[23]

Financial Performance & Growth - Full Year Fiscal 2025 total sales reached $1.911 billion, demonstrating an 18% five-year Compound Annual Growth Rate (CAGR)[13] - Full Year Fiscal 2025 Consolidated Same Store Sales (SSS) increased by 5.5%[14] - Full Year Fiscal 2025 Earnings Per Share (EPS) reached $5.88[16] - The company anticipates total sales of $2.15 billion for Fiscal Year 2026[24] Strategic Initiatives - The company is focused on four strategic initiatives: New Stores, Same Store Sales, Omni-Channel, and Merchandise Margin & Exclusive Brands[11] - The company aims for 15% annual growth in new stores[33, 34, 35] - New stores have strong economics, with an average payback period of approximately 1.8 years and approximately 53% cash on cash return in the first year of operation[40, 41] - The company is targeting marketing spend at 3% of sales, with incremental spending focused on more content distribution in Fiscal 2026[51] Merchandise & Tariffs - Exclusive brands account for approximately 35% of sales volume[61] - The company estimates an $8 million tariff impact on Exclusive Brands merchandise Cost of Goods Sold (COGS) for Fiscal Year 2026 due to tariffs[69] Market & Competition - The company operates within a total addressable market (TAM) of approximately $40 billion[6] - The company faces competition from national and regional retailers, independent retailers, farm & ranch competitors, and online/direct-to-consumer competitors[8]

TNX-103 and PH-HFpEF - TNX-103 (Oral Levosimendan) is a small molecule NCE with a dual mechanism of action, acting as a venodilator and enhancing cardiac contractility[6, 104] - TNX-103 has U S patent protection for multiple methods of use out to the end of 2040 with potential for continuations[7, 105] - The addressable market opportunity for TNX-103 is estimated to be at least $10 billion[9, 107] - Phase 3 program design aligned with the FDA helps de-risk the potential approval pathway for TNX-103[9, 107] Clinical Trial Data - In the Phase 2 HELP trial, TNX-103 showed statistically significant increases in 6MWD and reduction in PCWP across all exercise stages for PH-HFpEF patients[9, 107] - The OLE portion of the Phase 2 trial showed that patients who transitioned from IV to oral levosimendan in a 6-week period experienced improvements in 6MWD (+7 meters), BNP/NT-proBNP and KCCQ scores[9, 107] - 85% of patients enrolled in the HELP study responded with a robust decrease (≥4mm Hg) in exercise PCWP[45] - Oral Levosimendan causes a rapid and sustained reduction in NT-proBNP vs Baseline, with a 32% to 38% reduction in 7 days in the PERSIST Trial[79, 80] Market and Prevalence - PH-HFpEF affects an estimated 2 2 million US patients projected in 2030[9, 107] - In 2030, there will be an estimated 2 2 million to 3 7 million PH-HFpEF patients in the US[18] - Approximately 50% of heart failure patients with preserved ejection fraction (HFpEF) have PH[101]

Company Overview - Prospect Capital Corporation (PSEC) has total assets of $7.0 billion[7,10] - PSEC has invested over $21 billion since inception across over 450 investments, exiting over 325 of these investments[7,10] - Insider ownership is strong at 29%, representing approximately $0.9 billion of net asset value[8] Portfolio Composition - 80.2% of the portfolio is comprised of first lien, secured, or underlying secured assets[7] - Non-accrual loans remain low at 0.6%[7] - The portfolio includes 114 investments across 33 industries[7,10] - Real Estate accounts for 19.9% of the portfolio at fair value[24] Financial Performance & Funding - Net debt leverage is low at 0.41x[8,36] - Net investment income less preferred dividends exceeded cash common distributions by 103% for LTM March 2025[8] - 93% of total investment income for Q3 FY 2025 is from interest income[8,22] - Unencumbered assets are approximately $4.4 billion, representing 63% of total assets[10,33]

PBFT02 Development and Preclinical Results - PBFT02 is an AAV gene therapy designed to deliver functional PGRN to the brain for the treatment of FTD-GRN [13] - In Grn-/- mice, AAV.hGRN vector ICV administration improved lysosomal function, reduced lipofuscin fluorescence in the thalamus, and reduced brain hexosaminidase activity [21, 23] - AAV1 was selected as the vector serotype due to superior hPGRN levels in CSF compared to AAV5 and AAVhu68 in NHPs [28, 29] - In Grn-/- mice, PBFT02 reduced lipofuscin deposition and neuroinflammation in the brain after intra-CSF delivery [34, 37] - ICM administration of PBFT02 enables PGRN delivery throughout the CNS [40] - In NHPs, PBFT02 dose-dependently increased PGRN in CSF up to day 14 [46, 48] - In NHPs, PBFT02 at Dose 1 resulted in approximately 10e4 GC/ug DNA throughout the brain [43] Clinical Trial (upliFT-D) and Safety - The upliFT-D trial is a global Phase 1/2 multi-center, open-label, dose-escalation study with PBFT02 [52, 55] - FTD-GRN Cohort 1 (n = 5) dosing is complete [56] - All four Cohort 1 participants who received a revised immunosuppression regimen had no SAEs or significant immune responses [57] - Cohort 1 interim data shows PBFT02 administration leads to robust and sustained increases in CSF PGRN [58]

Pipeline Highlights - ONCT-534, a Dual-Action Androgen Receptor Inhibitor (DAARI), is in Phase 1/2 clinical study for prostate cancer, with initial data expected in Q3 2024[8, 86] - ONCT-808, an autologous CAR T cell therapy targeting ROR1, is in Phase 1/2 clinical study for aggressive B-cell NHL, with a clinical data update expected in Q3 2024[8, 86] - Zilovertamab, a monoclonal antibody targeting ROR1, is seeking partnerships for further clinical trials in hematological malignancies and solid tumors[15, 81] ONCT-534 Key Points - The sixth cohort (1200 mg once daily) is fully enrolled in the Phase 1/2 dose escalation study in R/R mCRPC[8, 90] - ONCT-534 has shown activity in preclinical prostate cancer models of androgen receptor inhibitor resistance[8, 90] ONCT-808 Key Points - In the ONCT-808-101 study, 2 out of 3 patients achieved complete metabolic response (CMR) and 1 out of 3 patients achieved partial response (PR) in the 1x10^6 CAR T cells/kg cohort[72] - ONCT-808 CAR T cells expand and are persistent in all three patients from the 1 x 10^6 CAR T cells/kg dose cohort and the first patient from the 03 x 10^6 CAR T cells/kg dose cohort[75] Zilovertamab Key Points - In a pooled analysis with a median follow-up of 40 months, PFS for p53 mut/del(17p) was 100% for zilovertamab + ibrutinib[79, 80] Financial Highlights - As of March 31, 2024, Oncternal Therapeutics had $270 million in cash and short-term investments, providing a cash runway into Q1 2025[8, 87, 90] - The company anticipates $40 million in non-dilutive support through NIH grants[87]

Clinical Trial Results - The SIGNAL-AA Phase 2a trial studied bempikibart in patients with severe or very severe Alopecia Areata [1] - The study included patients with SALT scores between 50 and 100 [15] - At Week 24, patients with baseline SALT 50-100 showed a mean SALT score change of 163% with bempikibart treatment [20] - In patients with baseline SALT 50-95, the mean SALT score change at Week 24 was 245% with bempikibart [20] - Some patients experienced continued response even 7 months post last dose [23, 24] Safety and Tolerability - In the bempikibart group, 70% of participants experienced at least one treatment-emergent adverse event (TEAE) [27] - In the placebo group, 38% of participants experienced at least one TEAE [27] - No Grade 3 or higher related adverse events were reported in the bempikibart group [27] Study Design and Demographics - The study randomized patients in a 3:1 ratio to bempikibart (n=33) or placebo (n=81) [15] - The mean baseline SALT score in the bempikibart group was 749, while in the placebo group it was 819 [16]

Company Overview & Strategy - United States Antimony Corporation (USAC) focuses on extracting, processing, and selling antimony and zeolite hard minerals[8] - The company aims to secure domestic supply chains for critical minerals by 2027, reducing reliance on foreign sources[32] - USAC is expanding its antimony processing footprint to increase production and sales in Montana and Mexico[130] - The company is evaluating strategic acquisition and additional mining lease opportunities in the US and Canada[133] Antimony Market & Operations - Antimony has seen over a 500% price increase recently[27, 56] - China controls over 60% of world antimony ore[55] and has cut off the global supply of antimony[29] - USAC owns and operates the only two North American antimony smelters[26, 28] - The Thompson Falls smelter is expanding to a capacity of 300 tons per month or 11 tons per day[33] - The Madero smelter in Mexico has restarted operations with a capacity of 200 tons per month or 7 tons per day[41, 43, 47] Zeolite Operations - Bear River Zeolite mine experienced a 9% increase in tons sold in fiscal year 2024[111] - The company launched a new in-house product line for cattle feed called CattlePrime™[112, 115] Financial Performance & Outlook - The company's 2024 revenues were the highest since going public in 2012[123] - USAC maintained a high cash balance of $182 million as of December 31, 2024[123] - The company projects consolidated revenues of $40 - $50 million for 2025[136]

CRB-701 (Nectin-4 Targeting ADC) - Clinical data readouts are expected for CRB-701 in the second half of 2025, with complete dose optimization and RP2D determination expected in Q4 2025[5] - CRB-701 is designed to address unmet needs of PADCEV® by extending ADC half-life to reduce dosing frequency and enabling higher doses due to lower DAR and longer half-life[10] - Phase 1 dose escalation studies are ongoing, with continued expansion at 2 doses and dose optimization planned for HNSCC, cervical, and bladder tumors[17, 18] - In Phase 1 dose escalation studies, ocular toxicity was reduced from 66% in CSPC cohorts to 38% in Corbus cohorts through the use of prophylaxis and baseline selection[32] - Emerging combined safety profile of CRB-701 shows a Grade 3 or higher AE rate of 20% (n=15/75), compared to 58% for PADCEV® (n=179 of 310)[33] - Phase 1 data shows an ORR of 27% and DCR of 77% in Corbus patients (n=26), and an ORR of 28% and DCR of 68% in CSPC patients (n=25)[38] - In mUC patients, CRB-701 showed an ORR of 44% (4 out of 9) and a DCR of 78% (7 out of 9)[48] - In cervical cancer patients, CRB-701 showed an ORR of 43% (3 out of 7) and a DCR of 86% (6 out of 7)[52] - In HNSCC patients, CRB-701 showed an ORR of 4 out of 7 patients and a DCR of 6 out of 7 patients[57] Financials - As of March 31, 2025, the company had $133 million in cash, cash equivalents, and investments, with approximately 122 million common shares outstanding (~140 million fully-diluted shares)[5]