Financial Performance & Guidance - FiscalNote reaffirmed its FY2025 revenue guidance of $94 million to $100 million[58] - The company expects adjusted EBITDA for FY2025 to be between $10 million and $12 million[58] - Q2 2025 total revenue reached $233 million, exceeding guidance midpoint[65] - Q2 2025 adjusted EBITDA was $28 million, exceeding guidance[65] - Annual Recurring Revenue (ARR) for Q2 2025 was $859 million[65] Strategic Initiatives & Product Development - FiscalNote is shifting to a product-led growth strategy to improve key performance metrics[73] - The company launched PolicyNote, an AI-driven platform with global data and proprietary insights, in January 2025, and migration is ongoing[38] - Corporate new logo pipeline increased by 20% YoY, and corporate new logo pipeline up +45% vs 1Q25[46] - The company is focused on deleveraging its balance sheet and strengthening its capital structure to fund future growth[73] Market & Customer Dynamics - FiscalNote serves over 3,600 customers[22] - Subscription revenue accounts for 92% of total revenues[23] - The company monitors legislative and regulatory activity in over 100 countries[23]

Financial Performance & Growth - AvePoint's total Annual Recurring Revenue (ARR) reached $327 million in 2024, demonstrating a 23% Compound Annual Growth Rate (CAGR) from 2022 [35] - The company's Non-GAAP operating margin improved significantly to 144% in 2024, a 1560 basis points increase since 2022 [37] - As of Q2 2025, total ARR grew 27% year-over-year to $3676 million [82] - The company is aiming for $1 billion of ARR by 2029 [76, 78] Customer Base & Market - AvePoint has rapidly built a diverse customer base, reaching 25,178 total customers in 2024, reflecting a 21% CAGR from 2022 [27] - North America contributes 44% of the total ARR, with a 22% ARR CAGR [32] - The company operates in a large and growing addressable market, estimated at $813 billion in 2024 and projected to reach $140 billion by 2028, representing a 146% CAGR [21] Product & Strategy - AvePoint is positioned as a leading one-stop solution for data management, focusing on data security, governance, and protection [18, 19] - The company employs a platform-first strategy to maximize the interoperability of every solution [43] - The company's recurring revenue mix continues to grow, with SaaS revenue representing 73% of total revenue as of Q2 2025 [91]

Financial Performance - Revenue for Q2 2025 reached $113 million, a 14% year-over-year constant currency growth[9] - Adjusted EBITDA for Q2 2025 was $24.8 million, a 33% year-over-year growth[9] - The company raised FY25 revenue guidance to a range of $435 to $443 million, representing 12% to 14% year-over-year constant currency growth[12] - FY25 adjusted EBITDA is expected to be in the range of $86 to $91 million, growing 21% to 28% over FY24[12] - The company effectively retired convertible senior notes due July 1, 2025, reducing net debt leverage to 2.2x EBITDA[13] Product & Geographic Growth - On-X product revenue grew 24% year-over-year in constant currency[10] - Aortic stent grafts revenue increased by 22% year-over-year in constant currency[10] - North America revenue grew by 18%, EMEA by 10%, APAC by 15%, and Latin America by 7% in constant currency[17] Clinical Studies & Approvals - The company received IDE approval from the U S FDA to initiate the Arcevo LSA pivotal trial, planning to enroll 132 patients[11] - Initial U S AMDS launch shows positive momentum with sequential sales growth expected each quarter in 2025 and PMA approval expected mid-2026[11] - AMDS use significantly lowers 30-day Major Adverse Events (MAEs) compared to hemiarch control group[21]

Financial Performance & Guidance - The company's 2024 revenue grew by 9% year-over-year[45] - The company's revenue Compound Annual Growth Rate (CAGR) from 2020 to 2024 was 20%[45] - The company's non-GAAP operating margin scaled to over 19% in 2024[45] - The company's Annual Recurring Revenue (ARR) grew by 3% year-over-year in Q2 2025[47] - The company's ARR Compound Annual Growth Rate (CAGR) from Q2 2021 to Q2 2025 was 15%[47] - The company's ARR per customer was approximately $72,000 in Q2 2025[52] - The company's ARR per customer Compound Annual Growth Rate (CAGR) from Q2 2021 to Q2 2025 was 8%[52] - The company anticipates full year 2025 Annualized Recurring Revenue between $850 million and $865 million, representing a year-over-year growth of 1% to 3%[56] - The company anticipates full year 2025 revenue between $853 million and $863 million, representing a year-over-year growth of 1% to 2%[56] - The company anticipates full year 2025 non-GAAP operating income between $125 million and $135 million[56] Market Opportunity - The Total Addressable Market (TAM) for SecOps is over $54 billion[7] - The Total Addressable Market (TAM) for SecOps is expected to reach $85 billion by 2027[20] - The Total Addressable Market (TAM) for SecOps has a Compound Annual Growth Rate (CAGR) of 16%[20]

Financial Performance - Blend Labs achieved its fourth consecutive quarter of non-GAAP operating profitability, with a 15% non-GAAP operating margin[6] - Revenue reached $31523000, surpassing the midpoint of guidance and increasing by 10% year-over-year[6, 26] - Record remaining performance obligations of $190 million, driven by a $50 million renewal and expansion[6] Revenue Breakdown - Mortgage Suite revenue was $17961000, representing 57% of total revenue[26] - Consumer Banking Suite revenue totaled $11430000, accounting for 36% of total revenue[26] - Total Software Platform revenue reached $29391000, which is 93% of the total revenue, an 11% increase year-over-year[26] Profitability and Efficiency - Non-GAAP gross margin for the total Blend was 76%[15] - Software Platform non-GAAP gross margin was 79%[15] - Mortgage Suite economic value per funded loan increased to $96 in Q2 2025[12] Expense Management - Significantly reduced non-GAAP operating expenses year-over-year[17] - Non-GAAP Research & Development expenses decreased to $5893000 in Q2 2025[18, 33] - Non-GAAP Sales & Marketing expenses decreased to $6168000 in Q2 2025[18, 33] - Non-GAAP General & Administrative expenses decreased to $7251000 in Q2 2025[18, 33] Guidance - The company projects Q3 2025 total revenue to be between $31500000 and $33500000[22] - The company projects Q3 2025 Non-GAAP Net Operating Income to be between $3000000 and $4500000[23]

HCV Program & Clinical Trials - Phase 3 trial C-BEYOND (US/Canada) and C-FORWARD (Outside North America) initiated with first patient dosed in April and June 2025 respectively[12] - Phase 2 results showed 98% SVR12 in treatment adherent patients and 95% SVR12 regardless of adherence[28,29] - Phase 2 results also demonstrated 99% SVR12 in non-cirrhotic treatment adherent patients across genotypes and 97% SVR12 regardless of adherence[31,32] Market Opportunity & KOL Insights - Untreated HCV infections in the US range from 24 million to 4 million, with over 170,000 newly reported annual infections exceeding annual cures[16] - The US HCV market is estimated at ~$15 billion in 2024, with a potential market opportunity exceeding $20 billion[19] - KOL panel highlighted the need for simpler, shorter HCV treatments with fewer drug-drug interactions to improve patient adherence and expand the test-and-treat model[49] Financial Status - Cash, cash equivalents, and marketable securities totaled $3797 million as of June 30, 2025, providing a cash runway through 2027[13] - The company authorized and initiated a repurchase of up to $25 million of its common stock in April 2025, with 46 million shares repurchased as of June 30, 2025[9,67] - Net loss for the second quarter of 2025 was $37161 million, compared to $40522 million for the same period in 2024[64]

Q1 FY2026 Results - GAAP Net Revenue reached $1504 million, exceeding the guidance range of $1350 million to $1400 million[6] - Net Bookings were $1423 million, significantly above the guidance range of $1250 million to $1300 million[8] - Recurrent Consumer Spending (RCS) grew by 17%, surpassing the guidance of 7% year-over-year[8] - GAAP Net Loss was $(12) million, better than the guided loss of $(139) million to $(115) million[6] FY2026 Guidance - GAAP Net Revenue is projected to be $6100 million to $6200 million, revised up from the prior guidance of $5950 million to $6050 million[19] - Net Bookings are expected to be $6050 million to $6150 million, an increase from the previous guidance of $5900 million to $6000 million, representing 8% growth at the midpoint[21] - Recurrent Consumer Spending (RCS) growth is now expected to be 4% year-over-year, revised upward from the prior expectation of flat growth[21, 23] - GAAP Net Loss is projected to be $(442) million to $(377) million, an improvement from the prior guidance of $(499) million to $(439) million[19] Q2 FY2026 Guidance - GAAP Net Revenue is projected to be $1650 million to $1700 million[24] - Net Bookings are expected to be $1700 million to $1750 million[26] - Recurrent Consumer Spending (RCS) is projected to increase by approximately 1% year-over-year[26, 27]

XPro Program for Alzheimer's Disease - XPro1595 is designed to selectively inhibit soluble TNF to treat neurologic disease, with Phase 1b study demonstrating safety and dose-dependent reduction in inflammatory cytokines in cerebrospinal fluid (CSF)[34] - A Phase 2 study of XPro1595 in early Alzheimer's patients with biomarkers of inflammation used an enriched population (n=100) with amyloid and ≥ 2 biomarkers of inflammation, showing a beneficial signal across multiple measures[42, 57] - In the Safety Analysis Set (SAF) population (n=206) for the Phase 2 study, 51% were female, and 95.1% were white[39] - In the mITT population (n=200), 75% were Amyloid-beta (Aβ) positive[39] - The most common Treatment Emergent Adverse Event (TEAE) in the XPro1595 group was Injection Site Reaction (ISR), occurring in 52.5% of patients[54] - The company plans to validate the enriched population in a fully powered trial and anticipates an end-of-Phase 2 meeting with the FDA in Q4 2025[56, 59] CORDStrom Program for RDEB - CORDStrom is an investigational disease-modifying treatment for recessive dystrophic epidermolysis bullosa (RDEB), a rare genetic disease affecting an estimated 4000 people in the US, UK, and EU, representing a > $1B peak sales opportunity[64] - A Phase 2 trial of CORDStrom in 30 pediatric patients with RDEB showed beneficial effects with respect to Itch Man Scale, iscorEB clinician score, skin score, and QOL, with no CORDStrom-related serious adverse events reported[66] - The company plans to compile and file a BLA in the US & MAA in UK/EU in 1H 2026[77] INKmune Program for Cancer - INKmune is an off-the-shelf NK cell therapy candidate designed to convert patient's resting NK cells into cancer-killing memory-like NK cells[78] - An INKmune® mCRPC Phase I/II Trial is ongoing, with safety endpoints met and evidence of in-vivo NK cell activation and regression of some tumor lesions by PSMA-PET[80]

HEPLISAV-B Performance and Market Outlook - HEPLISAV-B achieved a quarterly sales record of $92 million, a 31% increase year-over-year compared to $70 million in Q2'24[5] - HEPLISAV-B's total U S quarter-end market share reached approximately 45%, up from approximately 42% in Q2'24[5] - The U S adult Hepatitis B vaccine market is expected to peak at over $900 million by 2030, with HEPLISAV-B projected to reach at least 60% of the total U S market share[5, 25] - In 2024, the HEPLISAV-B total market share was ~$615M and is expected to increase from 44% in 2024 to at least 60% by 2030[25] Financial Highlights - The company's cash, cash equivalents, and marketable securities totaled $614 million as of June 30, 2025[7] - Adjusted EBITDA for FY 2025 is expected to be greater than $75 million[8] - Dynavax completed repurchases under the previously announced $200 million share repurchase program as of June 30, 2025[9] - Total revenues for Q2'25 were $95.4 million, a 29% increase from $73.8 million in Q2'24[53] Pipeline Development - The company expects to report top-line data results for the Shingles vaccine program in August 2025[10] - The U S DoD partnership provides approximately $30 million through 1H'27 to fund additional clinical & manufacturing activities for the Plague vaccine program[10] - The company plans to initiate a Phase 2 clinical trial for the Plague vaccine program in the second half of 2025[10]

Financial Performance - Total subscription revenue has grown significantly from $3.1 million in 2010 to $242.2 million in Q2 2025[3] - Free cash flow increased from $3.975 million in Q2 2024 to $12.047 million in Q2 2025[15] - The company estimates an internal rate of return (IRR) of 30% per average subscription pet[12] Subscription Metrics - Total subscription pets enrolled reached 1,066,354 in Q2 2025[10] - Gross new pets enrolled in Q2 2025 were 62,740, with 53,186 from Core Trupanion[10] - Quarterly average revenue per new pet is $73.77[12] Outlook for 2025 - The company projects revenue between $359 million and $365 million for Q3 2025 and between $1.417 billion and $1.434 billion for the full year[17] - Subscription revenue is expected to be between $251 million and $254 million for Q3 2025 and between $983 million and $992 million for the full year[17] - Adjusted operating income is projected to be between $37 million and $40 million for Q3 2025 and between $141 million and $151 million for the full year[17]