Financial Performance - Total product sales excluding Veklury increased by 4% year-over-year (YoY) to $6.9 billion, driven by HIV, Livdelzi, and Trodelvy[8] - Total HIV product sales increased by 7% YoY to $5.1 billion[12] - Oncology product sales increased by 1% YoY to $849 million[12] - Veklury sales decreased by 44% YoY to $121 million[12] - Liver disease product sales decreased by 4% YoY to $795 million[12] - Cell Therapy product sales decreased by 7% YoY to $485 million[12] HIV Business - Biktarvy sales increased by 9% YoY[8] - Descovy sales increased by 35% YoY[8] - FY25 HIV revenue guidance updated to reflect year-to-date (YTD) strength, expecting >7% YoY growth[22] Oncology - Trodelvy sales increased by 14% YoY[8] - Cell Therapy saw a 7% YoY decrease due to evolving competitive landscape[8] Pipeline and Regulatory Updates - FDA approved Yeztugo (lenacapavir) as a twice-yearly injection for HIV prevention[8] - Phase 3 ASCENT-03 & -04 data for Trodelvy in 1L mTNBC showed clinically meaningful results, with FDA filings expected in ~2H 2025[8]

Q2 2025 Earnings Report © 2025 Pinterest. All rights reserved. Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) ...

Financial Performance & Growth - Wynn Resorts reported a total Adjusted Property EBITDAR of $22 billion for the last twelve months (LTM) ending in the second quarter of 2025[29] - Las Vegas operations showed strong performance with a new second quarter EBITDA record[40] - Macau operations generated significant free cash flow and maintained a healthy market share[33] - Encore Boston Harbor demonstrated stable operating performance as the East Coast's only Forbes 5-Star Casino Resort[34] - Wynn Al Marjan Island is expected to add approximately $345 million in EBITDAR to the existing base upon opening[29] Capital Allocation & Investments - Approximately $135 billion, or about 12% of gross shares, has been returned to Wynn Resorts, Limited shareholders since 2022[29] - The company anticipates remaining equity contributions of $600-$675 million for the Wynn Al Marjan Island project[69] - Wynn Macau is undertaking capital expenditure projects estimated between $200-$250 million in 2025 and $450-$500 million in 2026[71] Liquidity & Debt - Wynn Resorts has total liquidity of $17 billion[82] - Wynn Macau has total liquidity of $28 billion[82]

Financial Performance & Outlook - Q2 2025 revenue decreased by 29% to $24.5 million compared to $34.4 million in Q2 2024[17] - GAAP gross margin decreased to 46.2% in Q2 2025 from 64.7% in Q2 2024[17] - The company is aiming for cash flow breakeven in 2026[14] - Full year 2025 revenue guidance is $130 to $135 million, including a $30 million contribution from Spatial[21] - Adjusted cash usage for the full year 2025 is projected to be $34 to $38 million[23] Cost Reduction & Synergies - The company has implemented $64 million of the total $85 million cost reduction plan[15] - Synergy and cost actions are expected to reach $85 million[13] - $3 million cost reduction realized in Q2 2025[14] Strategic Initiatives - The company completed the acquisition of Akoya, enabling new protein biomarker measurements[10, 11] - Strategic investments are being made in new assays, the Simoa One platform, and Alzheimer's diagnostics[12] - The company is building a $100 million high-margin consumables business[13] Alzheimer's Disease Testing - Development of LucentAD multi-marker test for Alzheimer's disease with 90% sensitivity, specificity, and accuracy[16] - Anticipated submission for Single-Site IVD by the end of 2025[16] - Medicare pricing anticipated in 2025 at $897 per test proposed[16]

BioAtla's CAB Platform and Pipeline - BioAtla is a clinical-stage company focused on transforming cancer therapy with Conditionally Active Biologics (CABs)[9] - The CAB platform maximizes the therapeutic window and has broad applicability in solid tumors[10, 15] - BioAtla has proprietary technology with over 500 issued patents[10] BA3182 (CAB-EpCAM x CAB-CD3 TCE) - BA3182 is in Phase 1 dose escalation, with updated data expected in Q4 2025 and dose expansion planned for 1H 2026[10] - BA3182 targets EpCAM, which is expressed in a high percentage of various cancers, including 81% of breast cancers, 99% of prostate and pancreatic cancers, and 100% of colon cancers[37] - Preliminary data shows objective tumor size reductions in multiple tumor types, including a 13% reduction in intrahepatic cholangiocarcinoma[58, 59] - In a Phase 1 study with subcutaneous dosing (N=22), 91% of patients experienced any adverse events, but most were low-grade and manageable[56] Mecbotamab Vedotin (CAB-AXL-ADC) - Mecbotamab Vedotin (Mec-V) is being developed for mKRAS Non-Small Cell Lung Cancer (NSCLC)[63] - AXL is overexpressed in 70% to 85% of mKRAS NSCLC, driving aggressive tumor characteristics and resistance to therapies[72] - Mec-V at 1.8 mg/kg Q2W showed a 31% overall response rate (confirmed and unconfirmed) and a 67% one-year landmark overall survival in mKRAS NSCLC patients[74] Ozuriftamab Vedotin (CAB-ROR2-ADC) - Ozuriftamab Vedotin (Oz-V) is being developed for HPV+ Oropharyngeal Squamous Cell Carcinoma (OPSCC)[88] - In SCCHN patients, Oz-V at 1.8 mg/kg Q2W showed a 45% overall response rate (confirmed and unconfirmed) and a median overall survival of 11.6 months in p16+ patients[104] - A meeting with the FDA is planned in Q3 2025 to confirm the proposed Phase 3 study design in 2L+ HPV+ OPSCC[10, 120] Evalstotug (CAB-CTLA-4) - Evalstotug is a next-generation adaptation of Ipilimumab, selectively active in the tumor microenvironment to reduce immune-mediated adverse events[122] - In a study of 17 patients treated with Evalstotug at 350 mg in combination with PD-1, the overall response rate was 44%[141] - In unresectable and/or metastatic cutaneous melanoma patients treated with Evalstotug (5 – 14.3 mg/kg) in combination with a PD-1 antibody, the overall response rate was 67% and the disease control rate was 92%[146, 163]

In $Millions 1 Disclosures 2 > Any statement concerning Management's expectation with respect to future results is a forward-looking statement based upon the best information currently available to Management and assumptions Management believes are reasonable, but Management does not intend the statement to be a representation as to future results. > Future results are subject to risks and uncertainties, including the risk factors described in the Company's filings with the Securities and Exchange Commissio ...

Financial Performance & Partnerships - Recognized approximately $75 million in 2025, including around $45 million from partnership-related cash milestones and option exercise fees, which significantly reduced net operating cash burn in the first half of 2025 compared to the first half of 2024[12] - Milestone, option exercise, and related deferred revenue of $45.8 million recognized in 2Q 2025 from BeOne and BMS[16, 17] - Potential future milestone payments from existing partnerships could reach up to $6.1278 billion, with royalty rates varying from low single-digit percentages to 20% depending on the partner and therapeutic indication[13] - Cash, cash equivalents, and marketable securities totaled $324.2 million in 2Q 2025, an increase of $9.2 million year-to-date, benefiting from milestone revenues and favorable working capital movements[16, 17] Clinical Development Updates - Investigational New Drug (IND) application cleared for ZW251, with first-in-human studies planned to start in 2025[11, 12, 47] - Phase 2 trial initiated to evaluate zanidatamab in HER2+ neoadjuvant and adjuvant breast cancer[12] - Bristol Myers Squibb collaboration progresses with a $7.5 million option exercise payment to Zymeworks[12] - ZW171: Global Phase 1 study in MSLN-Expressing Solid Tumors (NCT06523803) is an open-label, FIH, dose-escalation study (N~160)[19] - ZW191: Global Phase 1 Study in FRα-Expressing Solid Tumors (NCT06555744) is an open-label, FIH, dose-escalation study (N~145)[24] Zanidatamab Regulatory & Clinical Progress - NMPA granted BeOne conditional approval of zanidatamab in China for BTC, resulting in a $20 million payment to Zymeworks[12] - EMA granted conditional marketing approval of zanidatamab in Europe for BTC, expanding patient access and potential future royalties payable to Zymeworks[12, 47] - Jazz presented encouraging overall survival (OS) data for zanidatamab in 1L HER2+ GEA at the ASCO Annual Congress, showing a median OS of 36.5 months[12]

Q2 FY25 Financial Performance - Solventum's total sales reached $2161 million, with a reported year-over-year increase of 3.9% and an organic growth of 2.8%[12] - The company's GAAP operating margin was 9.9%, while the non-GAAP operating margin was significantly higher at 21.9%[13] - GAAP EPS stood at $0.51, and non-GAAP EPS was $1.69[13] - Cash from operations amounted to $169 million, while free cash flow was $59 million[13] Segment Performance - MedSurg segment sales were $1218 million, showing a reported increase of 4.8% and an organic growth of 3.9%[12, 15] - Dental Solutions segment achieved $338 million in sales, with a reported growth of 2.3% and an organic growth of 0.7%[12, 19] - Health Information Systems segment reported sales of $339 million, reflecting a 3.4% increase, with organic growth at 3.2%[12, 23] - Purification & Filtration segment's sales were $252 million, with a reported increase of 5.4% and an organic growth of 3.1%[12, 26] FY2025 Guidance - The company raised its organic sales growth guidance to a range of 2.5% to 3.5%, excluding an approximate 50bps impact from SKU exits[29] - Adjusted EPS guidance was increased to $5.80 - $5.95[30]

Neurology Focus and Technology - Sangamo is focused on developing genomic medicines for debilitating neurological diseases[3, 135] - The company utilizes potent zinc finger epigenetic regulation technology and an industry-leading AAV capsid discovery platform for brain delivery[4, 136] - STAC-BBB capsid has demonstrated robust penetration of the blood-brain barrier and widespread transgene expression throughout the brain in NHPs, showing up to 700-fold higher transgene expression than benchmark capsid AAV9[22, 24, 98] Pipeline and Milestones - Phase 1/2 STAND study of ST-503 for idiopathic small fiber neuropathy (iSFN) has initiated, with patient dosing expected in Fall 2025 and preliminary proof of efficacy data anticipated in Q4 2026[12, 16, 33, 38] - CTA submission for ST-506 in prion disease is anticipated as early as mid-2026, with clinical trial enrollment and dosing expected in late-2026 and preliminary clinical data in mid-2027[12, 19, 33, 38, 94] Fabry Disease Program - Positive topline results from the registrational STAAR study in Fabry disease showed a positive mean annualized eGFR slope of 1.965 mL/min/1.73m2/year at 52 weeks across all 32 dosed patients[12, 29, 33, 38, 131] - A BLA submission for isaralgagene civaparvovec is expected as early as Q1 2026, with ongoing business development negotiations for a potential commercialization agreement[12, 27, 33, 38, 130, 131] Financial Status - The company had approximately $38.3 million in cash and cash equivalents as of June 30, 2025[34, 40] - Approximately $21 million in net proceeds were raised from an underwritten registered equity offering[34, 38] - Cash received from partners to date is $88 million[25] - Up to $4.6 billion in potential future milestones and exercise fees assuming exercise of all options and targets[25]

Financial Performance - LegalZoom's GAAP revenue for Q2 2025 was $193 million, a 9% increase year-over-year[17] - Adjusted EBITDA for Q2 2025 was $39 million, representing a 20% margin, a 400 bps increase[17] - Subscription revenue for Q2 2025 reached $120 million, a 10% increase year-over-year[17] - Non-GAAP net income for Q2 2025 was $28 million, a 51% increase year-over-year[17] - Adjusted gross profit for Q2 2025 was $132 million, a 6% increase year-over-year, with a margin of 69%[17,47] - The company projects revenue growth of approximately 8% year-over-year for FY25 and anticipates an Adjusted EBITDA margin of approximately 23%[68] Market Opportunity and Strategy - LegalZoom operates in a large market with a total addressable market (SAM) of $51 billion[22] - The company estimates the Life & Business Planning SAM to be $13 billion and the Business Management SAM to be $15 billion[18,19] - LegalZoom estimates it holds approximately 9% market share in the digital formations market[18] - Three key focus areas are optimizing the subscription business, reorienting the go-to-market strategy, and leveraging AI to deliver expertise[29]