Pipeline and Platform - Werewolf Therapeutics' INDUKINE platform delivers potent payloads with improved therapeutic index [6] - The PREDATOR platform is validated and differentiated, focusing on clinical opportunities [8] - The company's pipeline includes WTX-124 (IL-2), WTX-330 (IL-12), WTX-712 (IL-21), WTX-518 (IL-18), WTX-921 (IL-10), and IFNα INDUKINE [7] - T cell engagers INDUCER molecules, first development candidate to be nominated in 2Q25 [16] Financial Status - As of March 31, 2025, Werewolf Therapeutics had $92.0 million in cash and cash equivalents [7] - The company's cash runway extends into 4Q26 [7] - Approximately 44.9M shares outstanding as of May 2, 2025 [196] Clinical Trial Results - WTX-124 - WTX-124 monotherapy induced rapid, durable regressions of target lesions in some patients [46] - In a Phase 1/1b study, WTX-124 was generally well-tolerated as a monotherapy in the outpatient setting [42] - WTX-124 in combination with pembrolizumab demonstrated durable responses in ICI-treated patients [58] - WTX-124 dosed at 18 mg IV Q2W has a ~1.5-fold higher Cmax than HD IL-2 [64] - Peak free IL-2 exposure after WTX-124 18 mg is ~146-fold lower than HD IL-2 [64] Clinical Trial Results - WTX-330 - WTX-330 delivered 22-fold greater IL-12 to patients compared to rhIL-12 therapy [124] - Peak free IL-12 exposure after 0.024 mg/kg WTX-330 is ~5-fold lower than rhIL-12 at its MTD [127] - One patient with a confirmed PR (RECIST 1.1) and an additional seven patients with stable target lesions (n=15) [101] - WTX-330 was Generally Well Tolerated as a Monotherapy in the Outpatient Setting [97] Market Opportunity - The total market for four tumor types in WTX-124 development strategy is ~$23B [77] - Market Potential in the US in Advanced/Metastatic Melanoma ~$4.1B Spanning 1L-3L [80] - A total of ~20 additional tumor types with US revenue of ~$27B [78]

Strategic Transformation & Growth - Gilead is making meaningful progress on strategic transformation with a strong 2023 execution, leading to a catalyst-rich 2024[5, 11, 28, 65] - The company's pipeline has grown by 88% since 2019, positioning it to deliver 10+ new transformative therapies by the end of 2030[18, 19] - Gilead's base business has returned to consistent growth, with an expected 7-8% year-over-year growth in 2023 driven by HIV and Oncology[21, 22] Oncology - Gilead is accelerating its oncology business, aiming for >$3 billion/year[7, 13, 30, 67] - Oncology revenue has grown significantly, reaching ~$3 billion in FY23, representing ~12% of total revenue compared to 2% in FY19[36] - Trodelvy programs reinforce pan-tumor potential, with >30 active or planned trials and >30,000 patients treated[40, 41] - In 1L mNSCLC, Trodelvy plus pembrolizumab demonstrated a strong 69% ORR in PD-L1 TPS>50% and 44% ORR in PD-L1 TPS<50% in the Phase 2 EVOKE-02 trial[48] - Yescarta is the 1 cell therapy in 2L+ LBCL with long-term, 5-year OS of 43% in 3L LBCL and delivered >6,000 cell therapies to patients in 2023[54] HIV - Gilead has a leading HIV portfolio poised for durable growth[9, 15, 32, 69] - Biktarvy is a global leader in HIV treatment, with >47% U S market share in Q3 2023 and projected U S and EU LOE in 2033[72, 73] - The company has an industry-leading HIV development portfolio with 10 clinical programs with lenacapavir[75, 76] - Gilead anticipates 5 potential new HIV product launches by 2030 in treatment & PrEP[17, 71, 78]

Commercial Execution & Market Opportunity - Kite has a broad global ATC footprint with unrivaled patient reach across 420+ ATCs in 25+ countries[14, 34] - The cell therapy market has significant untapped potential, with opportunities to drive market growth in Europe, where 2L+ class share is approximately 20%[38, 41] - Kite's global commercial strategy aims to grow class share by bringing treatment closer to patients and breaking down referral barriers[43] - The company is advancing its portfolio into $40 billion+ markets, including lymphoma & leukemia ($10B-$12B), multiple myeloma ($15B-$20B), and autoimmune diseases ($15B-$20B)[20, 21] Manufacturing Excellence - Kite boasts an industry-leading 14-day turnaround time in the U S for Yescarta and a 96% manufacturing success rate[14, 10] - The company has >24,000 manufacturing capacity by 2026 and >1 million square feet of manufacturing and R&D space[103, 104] - Kite is targeting a biologics product gross margin of approximately 80% in the U S by 2030 through operational excellence and cost improvements[136] - Plans are rapidly advancing for anito-cel manufacturing, leveraging Kite's existing capabilities to achieve similar turnaround times and success rates to Yescarta[137, 140] Clinical Development & Pipeline - Yescarta demonstrates statistically significant overall survival (OS) vs Salvage ± HDCT + ASCT in 2L LBCL, with 43% of patients alive at 5 years in 3L+ LBCL[47] - In ZUMA-7, Yescarta showed a 27% reduction in the risk of death (OS HR 0 726, p=0 0168) and a >4x median EFS in 2L LBCL[197] - The company is developing KITE-753, a CD19/CD20 dual-targeting CAR T with a rapid manufacturing process (3 days) to preserve T cell stemness[228, 231]

Company Overview and Strategy - SRx Health Solutions was founded in 2013 with a patient-centric approach to specialty pharmacy care[13] - The company has expanded to 20 pharmacies, 34 clinics, and 4 clinical trial sites across Canada[14] - SRx entered the U S market by signing a letter of intent to acquire 100% of Choice Specialty Pharmacy Group, which has five sites in Texas and licenses to distribute across 26 states[16] - SRx aims to create a comprehensive North American healthcare network by integrating its Canadian operations with the acquired U S operations[55] Market Opportunity - 73% of Canadians aged 65+ report having at least one chronic disease[39] - 33% of Canadians aged 65+ report having two or more chronic diseases[39] - 52% of Canadians aged 60+ take three or more prescription medications[39] - U S specialty drug spend represents approximately 51% of total 2024 U S drug purchases, amounting to ~$410 billion[41] - U S specialty drug spend growth in 2024 was ~11 9%, compared to 8 1% for traditional drugs[41] Financials and Capitalization - The pro forma combined net debt is $39 4 million[51] - Insiders own 75%+ of the company, while non-affiliates own 25%[51]

Financial Performance - High Roller Technologies' revenue reached $29.7 million in 2023, a 60% year-over-year increase[12] - The average revenue per user was $575, an 11% increase year-over-year[12] - Total bets amounted to $714 million, a 79% year-over-year increase[12] - Customer deposits totaled $74.7 million, a 114% year-over-year increase[12] - Active users increased to 51400, a 77% year-over-year increase[12] - Marketing spend of $13.9 million in 2023 resulted in $29.7 million of revenue[31] Market and Growth Strategy - The company estimates its existing addressable market to be $3.3 billion[14] - The worldwide iGaming addressable market is estimated at $135 billion[14] - The online share of the total worldwide gambling market is 25%, representing $135 billion in 2023[16] - The online share of the total worldwide gambling market is projected to be 31%, representing $210 billion in 2027[16]

Company Overview - TME is committed to the healthy development of China's online music industry[7] - TME has a large user base with 576 million online music MAUs[13] and 90 million social entertainment mobile MAUs[15] in 3Q2024 - TME boasts an extensive content library with over 200 million music and audio tracks[14, 20] and 480K+ indie musicians[15] - TME's total cash, cash equivalents, term deposits, and short-term investments reached RMB 3604 billion[15, 18, 49] Business Overview - TME has partnerships with hundreds of domestic and international music labels[20] - TME is expanding LLM capabilities, AIGC tools & full-suite of resources and services to streamline content production[21] - TME cultivates and empowers indie musicians & original music through Tencent Musician Platform[22] Financial Highlights - TME's online music monthly ARPPU was RMB 108 in 3Q24, a 49% year-over-year increase[37] - TME's revenue from music subscriptions reached RMB 384 billion in 3Q24, a 203% year-over-year increase[37] - TME's gross margin was 426% in 3Q24, a 69 percentage point year-over-year increase[37] - TME's Non-IFRS net profit was RMB 194 billion in 3Q24, a 291% year-over-year increase[37]

Acquisition and Assets - Dorchester Minerals, LP (DMLP) actively pursues accretive acquisition opportunities to enhance the value of its assets[8] - In Q3 2024, DMLP acquired 14,225 net royalty acres (NRA) in 14 counties within the Texas & New Mexico Permian Basin, with 65% in the Delaware Basin and 35% in the Midland Basin[15] - DMLP acquired 1,485 NRA in 2 counties and issued 505,369 units to contributors in the DJ Basin in Q1 2024[14] - DMLP acquired 1,204 NRA in 1 county and issued 530,000 units to a contributor in the DJ Basin in Q3 2024[14] - DMLP's Permian acquisition in Q3 2024 expands its inventory with minimal incremental general and administrative (G&A) expenses[15] - DMLP has 96,500 net mineral acres in the Permian Basin and 10,200 net mineral acres in Bakken/Three Forks[44] Financial Performance and Distributions - DMLP's trailing 12 months revenue was $44.9 million, with a net operating income of $27 million and an operating margin of 60%[28] - DMLP's trailing 3 months revenue was $10.1 million, with a net operating income of $5.6 million and an operating margin of 55%[28] - Royalties accounted for 78% of DMLP's revenue, NPI accounted for 14%, and other revenue accounted for 8%[20] - Management's LP interest is ~2X Management's GP interest[65] - In 2024, LP & GP distributions were $152.6 million, while Management LP & GP distributions were $134.8 million[65] Production and Reserves - DMLP's 2024 production replaced 179% of 2024 production[36] - DMLP's 2024 revisions were 3.7 MMBoe[36] - DMLP's 2024 acquisitions were 3.3 MMBoe[36] - Oil accounted for 86% of DMLP's net revenue by product, gas accounted for 10%, and NGL accounted for 4%[29] - From year-end 2023 to year-end 2024, DMLP's oil reserves increased by 33% from 8,318 MBOe to 11,069 MBOe[38] - From year-end 2023 to year-end 2024, DMLP's gas reserves increased by 7% from 33.4 Bcf to 35.6 Bcf[38]

Company Overview - TME is committed to the healthy development of China's online music industry[7] - TME has a large user base, innovative product matrix, comprehensive content library, and diversified monetization methods[11] - TME has over 260 million music and audio tracks[12, 15] and over 580,000 indie musicians[12] Business Overview - TME has partnerships with hundreds of domestic and international music labels[15] - TME cultivates and empowers indie musicians through the Tencent Musician Platform[17] - TME utilizes LLMs & industry-pioneered licensed AI features to enhance promotion, distribution and copyright protection[18] - TME's platform caters to varying needs of music consumers, with online music paying users reaching 122.9 million and a paying ratio of 22.1% in 1Q25[8, 24] Financial Highlights - TME's total cash, cash equivalents, term deposits, and short-term investments amounted to RMB 37.67 billion as of March 31, 2025[12, 45] - TME's LTM 2025 total revenues were RMB 29.0 billion with a 29.5% LTM 2025 adjusted net margin[12] - TME's 1Q25 revenue from music subscriptions was RMB 5.80 billion, a 16.6% year-over-year increase[34] - TME's 1Q25 online music monthly ARPPU was RMB 11.4, a 7.5% year-over-year increase[12, 34] - TME's 1Q25 Non-IFRS net profit was RMB 2.23 billion, a 22.8% year-over-year increase[34]

Company Overview - TME boasts a large user base and innovative technology, holding 4 out of the top 5 music mobile apps in China[15] - The platform has an extensive content library with over 260 million music and audio tracks[15] - TME's online music subscribers reached 121 million in 4Q24, demonstrating a year-over-year growth of 134%[12] - The company reported total cash, cash equivalents, term deposits, and short-term investments of RMB 3758 billion as of December 31, 2024[14] - TME's last twelve months (LTM) total revenues as of December 31, 2024, were RMB 284 billion, with an adjusted net margin of 286%[14] Business Overview - TME has partnerships with hundreds of domestic and international music labels, offering a diversified music library[17] - The platform cultivates and empowers indie musicians through the Tencent Musician Platform[19] Financial Highlights - In 4Q24, revenue from music subscriptions reached RMB 403 billion, an increase of 180% year-over-year[37] - 4Q24 revenue from other online music services was RMB 180 billion, up 121% year-over-year[37] - The online music monthly ARPPU for 4Q24 was RMB 111, a 37% year-over-year increase[38] - Non-IFRS net profit for 4Q24 was RMB 240 billion, showing a significant increase of 430% year-over-year[38] - The company's gross margin for 4Q24 was 436%, a 53 percentage point increase year-over-year[37]

Transaction Overview - Greif has signed an agreement to sell its Containerboard business for $1.8 billion in cash to Packaging Corporation of America[4] - The transaction reflects a multiple of 8.5x LTM Fiscal Q2-25 Adjusted EBITDA of $212 million[4, 30] - The company expects to achieve a pro-forma leverage ratio below 2.0x after the transaction[4] - The transaction is expected to close by the end of fiscal year 2025[4] Strategic Goals - The company reaffirms its 2027 financial targets of $1 billion Adjusted EBITDA and $500 million Adjusted Free Cash Flow[4] - The company is targeting an Adjusted EBITDA margin of 18%+[21] - The company is shifting its product mix towards higher growth and less cyclical end markets[5, 6] Capital Allocation - The company anticipates annual interest savings of $85 million and annual maintenance CAPEX savings of $25 million[10] - The company plans to allocate capital with 50% towards returning cash to shareholders, 30% towards investing for growth, and 20% towards maintaining a strong foundation[9] - The company is targeting Adjusted EBITDA of $1B+ at 2.0-2.5x leverage[15] 2025 Guidance - The company is raising the low-end of its Adjusted EBITDA guidance to $725 million and Adjusted Free Cash Flow guidance to $280 million[25]