Summary of International Petroleum Corporation (IPC) Capital Markets Day 2026 Company Overview - **Company**: International Petroleum Corporation (IPC) - **Industry**: Oil and Gas - **Key Assets**: Operations in Malaysia, France, and Canada, with a focus on the Blackrod asset in Alberta, Canada [2][3] Core Points and Arguments Blackrod Development - **Project Approval**: Greenfield development at Blackrod was approved in 2023, with first production expected in Q3 2026 [3][5] - **Production Capacity**: Phase 1 is designed to process 30,000 barrels of oil per day, targeting over 250 million barrels of proved plus probable reserves [3][5] - **Enhanced Oil Recovery Method**: Utilizes steam-assisted gravity drainage (SAGD) for oil extraction, which accounts for nearly 40% of Canada's total oil output [3][4] - **Construction Progress**: The project is on budget and ahead of schedule, with civil construction and drilling progressing as planned [4][5] Financial Performance - **2025 Highlights**: - Capital expenditure of $344 million, second highest in company history [7] - Full-year production of 44.9 thousand barrels of oil equivalent per day, close to guidance [8] - Operating cash flow of approximately $259 million, slightly above guidance [8] - **Debt Management**: Successfully refinanced $450 million of Nordic bonds, maturing in October 2030 [8] - **Share Buybacks**: Completed a share buyback program, reducing shares outstanding since 2017 [9][21] Production and Reserves Growth - **Production Increase**: Production guidance for 2026 is 44,000-47,000 barrels of oil equivalent per day, with expectations to ramp up to over 50,000 by the end of the year [33][34] - **Reserves Replacement**: Achieved a 277% reserves replacement rate, increasing 2P reserves to 521 million barrels of oil equivalent [61] - **Future Outlook**: Anticipates average production of 62,000 barrels of oil equivalent per day from 2026 to 2030 [11][35] Strategic Pillars - **Organic Growth**: Focus on maturing contingent resources into reserves and expanding production capacity [11][20] - **Stakeholder Returns**: Renewed share repurchase program allowing for the buyback of up to 6.5 million shares [22] - **M&A Activity**: Successful track record of acquisitions generating over $1.2 billion in free cash flow [24] Market Conditions and Pricing - **Brent Price Assumptions**: Base case Brent price of $65 per barrel, with sensitivities provided for cash flow impacts based on price fluctuations [62] - **Differential Pricing**: Current WTI/WCS differential is around -14, impacting cash flow projections [62] Sustainability and Safety - **Operational Excellence**: No material incidents reported, with a commitment to reducing net emissions by 50% by 2028 [59][60] - **Safety Culture**: Emphasis on maintaining a strong safety culture throughout operations [42] Additional Important Information - **Blackrod Valuation**: The Phase 1 project has a value of $1.4 billion with a break-even price of approximately $47 WTI [17] - **Future Expansion Potential**: Regulatory approval for an additional 50,000 barrels per day at Blackrod, indicating significant upside potential [17] - **Contingent Resources**: IPC holds 1.2 billion barrels of contingent resources, which are expected to contribute to future growth [11][35] This summary encapsulates the key points discussed during the IPC Capital Markets Day, highlighting the company's strategic direction, financial performance, and operational achievements.

Ares Management Conference Call Summary Company Overview - Ares Management (NYSE: ARES) is one of the largest alternative asset managers globally, with a significant presence in non-investment grade private credit. The firm's assets under management (AUM) have increased from approximately $200 billion five years ago to $600 billion currently, marking a threefold growth [3][4]. Macro Environment and Industry Outlook - The macroeconomic backdrop for 2026 is viewed positively, with expectations for increased IPOs and M&A activity. The Federal Reserve's rate cuts and a pro-business administration are seen as supportive factors for the deal environment [4][5]. - Ares Management reported a record fourth quarter in 2025, deploying about $46 billion in capital, with a record-high pipeline as of January 2026, indicating strong transaction volumes anticipated in the first half of the year [5][6]. - The firm is optimistic about the impact of AI on investment opportunities, emphasizing that while some companies may face disruption, others will benefit from improved margins and productivity [10][11]. Strategic Priorities - Ares Management's strategic priorities for the year include: 1. Expansion in digital infrastructure, particularly in Japan, where the firm aims to diversify its product offerings [15][18]. 2. Continued development of a vertically integrated real estate approach, focusing on owning and managing real estate assets [19][20]. 3. Capturing margin opportunities across the business through technology investments and organizational redesign [20]. 4. While private equity is not a top priority, the firm remains open to expanding its capabilities in this area to meet client demand and enhance value creation [21][22]. Financial Guidance - Ares Management has reaffirmed its growth targets, aiming for a 16%-20% annual growth in fee-related earnings (FRE) and over 20% growth in revenue income (RI) [27][28]. The firm also announced a 20% increase in its dividend, reflecting confidence in its financial outlook [28]. Private Credit Insights - Ares Management is recognized as a leading non-investment grade private credit lender, with a strong performance track record attributed to its origination-led strategy and deep industry expertise [32][37]. - The firm maintains a selective investment approach, approving only 3%-5% of transactions, which contributes to its high asset selectivity and performance [32][35]. - The private credit market is characterized by a concentration of capital among top managers, with Ares Management positioned favorably due to its scale and incumbency advantages [53][54]. Market Dynamics and Competition - The relationship between banks and private credit managers is described as symbiotic rather than competitive. Ares Management benefits from banks' de-risking strategies, which create opportunities for private credit to fill the gap in the market [48][50]. - Despite some negative narratives surrounding private credit, Ares Management reports positive net flows and a strong appetite for private credit among institutional clients [43][44]. Wealth Management Strategy - Ares Management has strategically built its wealth management channel, focusing on ensuring a right-to-win in the market. The firm has achieved a top 3 distributor position in the wealth channel and aims to deepen relationships with existing distribution partners [60][62]. - The firm is cautious about adding new products, preferring to scale existing offerings and ensure they align with the overall business strategy [64][65]. AI Implementation - Ares Management has integrated AI capabilities into its operations, focusing on enhancing productivity and investment outcomes. The firm is actively deploying AI tools across various functions, including investment analysis and sales optimization [68][70]. - The early results from AI initiatives have shown promise, contributing to a slowdown in organic headcount growth while maintaining productivity levels [71]. Conclusion - Ares Management is well-positioned for growth in 2026, with a strong focus on strategic priorities, financial performance, and leveraging technology to enhance its operations and investment capabilities. The firm remains optimistic about the macroeconomic environment and the opportunities presented by AI and digital infrastructure.

Summary of Wells Fargo 2026 Conference Call Company Overview - **Company**: Wells Fargo (NYSE: WFC) - **Date**: February 10, 2026 Key Industry Insights - **Geopolitical and Economic Context**: The industry is experiencing a mix of geopolitical uncertainty and positive corporate sentiment, with deregulation and potential for lower rates influencing market dynamics [3][4] - **Consumer Spending**: Consumer spending is consistently increasing year-on-year, supporting strong economic growth. Credit performance remains robust with no signs of systemic deterioration in consumer or commercial portfolios [4][5] - **Commercial Banking**: There is a lack of significant investment cycle activity in commercial banking, with low utilization rates historically. However, credit performance and activity levels are strong [5][6] Company-Specific Insights - **Asset Cap Impact**: The lifting of the Asset Cap has allowed Wells Fargo to grow its balance sheet, particularly in areas like investment banking and markets business, which were previously constrained [7][8] - **Loan Growth Outlook**: The company anticipates mid-single-digit average loan growth for 2026, with a focus on card and auto lending. However, mortgage business is expected to remain flat [11][12][14] - **Investment Banking Strategy**: Wells Fargo aims to continue growing market share in investment banking by focusing on the right client coverage and product areas, having hired approximately 100 senior professionals in the investment bank [30][31][32] Financial Performance and Projections - **Market Revenue Growth**: The company expects overall markets revenue to grow year-over-year, with higher net interest income (NII) and potentially lower fees [45][46] - **Consumer Deposits**: New net checking account growth is expected to be stronger in 2025 compared to 2024, driven by improved marketing and digital capabilities [48][50] - **Card Business**: The profitability of the card business is expected to improve as new products mature, with strong credit performance and increasing spend levels [52][54] Growth Opportunities - **Wealth Management**: Wells Fargo is focusing on expanding its wealth management services, particularly through its Wells Fargo Premier channel, which targets clients with significant assets [66][68] - **Headcount Efficiency**: The company has reduced headcount significantly over the past few years and continues to seek efficiencies, including leveraging AI for operational improvements [75][76][80] - **M&A Strategy**: The company maintains a high bar for acquisitions, focusing on organic growth opportunities across its key businesses [84][86] Conclusion - **Future Outlook**: Wells Fargo is positioned for growth across all its business segments, having made significant investments in technology, talent, and product offerings. The company is optimistic about executing its growth strategy in the coming years [94][95][96]

Summary of The Hartford Insurance Group Conference Call Company Overview - **Company**: The Hartford Insurance Group (NYSE:HIG) - **Date**: February 10, 2026 - **Event**: U.S. Financial Services Conference Key Points Industry Performance - The Hartford has outperformed its peers over the last decade, achieving a 355% increase compared to the S&P 500 equal weight index's 255% and other competitors like Travelers and Chubb [1][2] Investment in Technology - The Hartford has made significant investments in technology, particularly in software and artificial intelligence (AI), to enhance customer experience and operational efficiency [2][6] - A $250 million investment was made in Duck Creek for personal lines business, indicating a focus on modernizing core platforms [7] - The company is transitioning to a cloud-native infrastructure, aiming for 80% completion by the end of 2027 [12] AI Integration - The Hartford has been implementing AI for two years, focusing on personal productivity tools and end-to-end process transformation [9][10] - AI is expected to enhance customer experience and operational productivity, with a focus on data organization to support AI applications [8][10] Market Position and Growth - The Hartford is capturing more market share across small, middle, and large global specialty markets due to its technological capabilities and customer-oriented approach [13] - The company anticipates higher retention rates and increased market share, particularly in the small business segment [13] Financial Performance and R&D Spending - The Hartford's R&D spending has increased from approximately $350 million to over $500 million annually, with no expected decrease in the near term [16][17] - The company maintains a stable acquisition cost for agents, with commission rates remaining steady at around 14%-14.5% [37] Personal Lines Strategy - The Hartford is expanding its personal lines offerings through the Prevail launch, aiming to provide comprehensive coverage while maintaining competitive pricing [42][47] - The company is currently in 10 states with plans to expand to 30 by early 2027 [46] Economic Outlook - The current economic environment is viewed positively, with low unemployment rates and strong GDP growth expected [65][66] - The Hartford's business is closely tied to employment, particularly in workers' compensation and disability insurance, which are seen as strengths [66] Social Inflation Concerns - Social inflation is acknowledged as a real issue affecting claims costs, with trends indicating increasing litigation rates and higher settlement amounts [76][77] Capital Allocation - The Hartford plans to maintain a competitive dividend, having increased it by 15% recently, while also focusing on share repurchases [82][83] - The company emphasizes the importance of investing in business growth while balancing capital returns to shareholders [82] Conclusion - The Hartford is positioned for continued growth through strategic investments in technology and a focus on customer experience, while navigating economic challenges and maintaining a strong financial foundation [66][82]

Apollo Global Management (NYSE:APO) 2026 Conference February 10, 2026 08:50 AM ET Company ParticipantsMartin Kelly - CFOConference Call ParticipantsMike Brown - Asset Management AnalystMike BrownAll right. Hello. I'm Mike Brown, the U.S. Asset Management and Broker Analyst here at UBS. It's my pleasure to introduce you to Martin Kelly, the CFO of Apollo Global Management. Apollo today is one of the world's largest alternative asset managers, with AUM totaling $938 billion. So Martin, thank you so much for j ...

KeyCorp 2026 Conference Summary Company Overview - **Company**: KeyCorp (NYSE: KEY) - **Event**: 2026 Conference - **Date**: February 10, 2026 Key Points Industry and Market Position - KeyCorp is well-positioned in the banking industry, benefiting from the largest interest rate hiking cycle in 60 years, which began in 2022 [6] - The company raised $2.8 billion in capital in 2024, using half to reposition its balance sheet, resulting in positive outcomes [6] - The investment banking sector had a strong performance, with a 23% increase in net interest income (NII) and a 44% growth in pre-provision net revenue (PP&R) in 2025 [7] Financial Performance - KeyCorp's investment banking had its second-best year, with M&A activity expected to increase in the middle market [7][8] - The company grew its commercial client base by 4% in 2025, indicating a focus on client growth rather than just loan and deposit metrics [9] - Consumer health is strong, with non-interest-bearing accounts holding 25% more cash than pre-pandemic levels and a 5% increase in consumer spending [10] Growth and Hiring - KeyCorp plans to hire 10% more bankers across three key areas: Mass Affluent, middle market payments, and investment banking [11] - A record loan backlog is reported, with overall loan backlogs up 20% and middle market backlogs up 50% [12] Economic Outlook - Loan growth is anticipated to continue, with $600 million in loans and $900 million in commercial and industrial (C&I) loans added from the end of 2025 to January 2026 [16] - The company is optimistic about capital expenditures (CapEx) benefiting from new tax incentives, with 60% of customers indicating positive expectations [18][19] Sector Focus - KeyCorp sees significant activity in power and renewables, healthcare, and basic industrial sectors, with expectations for consolidation in healthcare [29][30] Deposit Growth Strategy - KeyCorp has $88 billion in core retail deposits, focusing on the mass affluent segment, which has been largely ignored by competitors [34] - The Western U.S. market is seen as a growth opportunity due to faster household growth and a favorable competitive landscape [35][36] Technology and Investment - KeyCorp is investing heavily in technology, with planned expenditures increasing from $800 million in 2024 to $1 billion in 2026 [41] - The bank is modernizing its systems and focusing on AI to improve efficiency and customer experience [42] Credit Quality and Risks - KeyCorp maintains a conservative credit approach, with a super prime consumer book and low charge-off rates [13] - Areas of concern include leveraged finance and healthcare, with ongoing monitoring of specific sectors [61][62] Regulatory Environment - The company is adapting to regulatory changes but does not anticipate significant operational shifts [58] - There is a focus on reducing duplicative regulatory audits to free up management bandwidth [59] M&A and Competitive Landscape - KeyCorp does not see a need for bank M&A, focusing instead on organic growth opportunities [70] - The current market environment presents opportunities for disruption and talent acquisition without engaging in costly acquisitions [71] Future Financial Targets - KeyCorp aims for a return on tangible common equity (ROTCE) of 15% by the end of 2027, with long-term goals of 16%-19% [47][48] This summary encapsulates the key insights and strategic directions discussed during the KeyCorp conference, highlighting the company's robust position in the banking sector and its proactive approach to growth and technology investment.

Summary of Evommune's EVO301 Topline Phase 2A Results Conference Call Company Overview - **Company**: Evommune - **Product**: EVO301, a biologic targeting IL-18 for the treatment of moderate to severe atopic dermatitis - **Industry**: Biopharmaceuticals, specifically focused on chronic inflammatory diseases Key Points and Arguments Positive Clinical Results - EVO301 demonstrated unequivocally positive data in the Phase 2A proof-of-concept trial for atopic dermatitis, meeting its primary endpoint decisively [3][10] - The trial showed a Bayesian posterior probability of 99.76% that the true difference between EVO301 and placebo in the percent change from baseline at EASI was at least 8% [10] - At week 12, patients receiving EVO301 experienced a 55% mean reduction in EASI compared to 22% in the placebo group [17] - 23% of patients achieved an IGA of 0 or 1 versus 0% in the placebo group [19] Safety Profile - EVO301 was well-tolerated with no serious or severe adverse events related to the study drug [10][23] - No discontinuations due to treatment-related adverse events were reported [23] Mechanism of Action - EVO301 is designed as a long-acting fusion protein that neutralizes IL-18, which plays a key role in various immune processes and chronic inflammatory diseases [8][9] - The drug targets multiple inflammatory pathways, making it potentially more effective for heterogeneous diseases like atopic dermatitis [9][22] Future Development Plans - Evommune plans to advance EVO301 into a Phase 2B study with a subcutaneous formulation, leveraging insights from the Phase 2A study [25][26] - The Phase 2B study will likely include more doses and a longer duration to optimize efficacy [31][32] Market Context - Atopic dermatitis affects approximately 13 million Americans, with around 40% of patients not adequately controlled by existing therapies [24] - There is a significant unmet need for effective treatments, highlighting the potential market opportunity for EVO301 [24] Pipeline Expansion - Evommune is also evaluating additional indications for IL-18, including ulcerative colitis and other chronic inflammatory diseases [26][78] - The company believes that the mechanism of IL-18 modulation could lead to a broader pipeline of therapies [78] Additional Important Information - The trial was randomized, double-blind, and placebo-controlled, enrolling 70 patients across 12 sites in Australia and New Zealand [12][15] - The study design optimized for early clinical signal detection using Bayesian analysis [12] - The results from the Phase 2A trial will be presented at a future scientific conference [22] This summary encapsulates the critical findings and strategic direction of Evommune regarding EVO301, emphasizing its potential impact on the treatment landscape for atopic dermatitis and other inflammatory diseases.

Summary of The Williams Companies 2026 Investor Day Company Overview - **Company**: The Williams Companies (NYSE: WMB) - **Event**: 2026 Investor Day held on February 10, 2026 - **Key Speakers**: Chad Zamarin (President and CEO), Rob Wingo (EVP of Corporate Strategic Development), Larry Larson (COO), John Porter (CFO) Core Industry Insights - **Natural Gas Demand**: - Natural gas demand in the U.S. has increased by over 50% since 2010 and is projected to grow by another 35% over the next decade, with LNG demand expected to more than double by the early 2030s [14][16] - Natural gas has been responsible for over 60% of emissions reductions in the U.S. over the past 15 years [15] - The demand for natural gas is accelerating, driven by power generation and industrial needs [16][17] - **Infrastructure Challenges**: - There is a significant lag in pipeline and storage infrastructure relative to growing demand, leading to increased consumer costs [20][21] - Winter gas prices in New England can be nearly triple the cost in Northeast Pennsylvania due to infrastructure bottlenecks [21] - Permitting reform is essential to address these infrastructure challenges, as lengthy permitting processes hinder project execution [22][23] Financial Performance - **2025 Results**: - Achieved $7.75 billion in Adjusted EBITDA, hitting the midpoint of guidance which was increased by $350 million during the year [7][8] - The company has delivered 13 years of consecutive EBITDA growth and a 14% EPS CAGR over the past five years [32][33] - **Dividend Growth**: - Williams has paid dividends for over 50 years, with a recent 5% increase announced for 2026 [32] - The company aims for a 10%+ compound annual growth in adjusted EBITDA from 2025 through 2030 [33][34] Strategic Initiatives - **Power Innovation Projects**: - Announced an upsizing of two projects and the commercialization of a fourth project, totaling over $7 billion in investments with attractive returns [29][55] - The new project "Socrates the Younger" adds 340 MW of capacity under a 10-year take-or-pay contract, representing approximately $1.3 billion of new capital [56] - **Operational Excellence**: - Focus on safety and reliability, achieving a 10% reduction in methane intensity in 2025 [65] - Delivered an operating margin ratio of 75% and generated approximately $2.5 billion of excess cash flow [67] Competitive Advantages - **Market Position**: - Williams operates the largest natural gas pipeline assets in the U.S., including the Transco pipeline, and has a significant presence in LNG and power generation [28][29] - The company is well-positioned to capture growth in LNG demand and power generation, particularly from data centers [48][50] - **Customer Commitment**: - Strong customer confidence is reflected in the expansion of existing contracts and the addition of new projects, indicating a robust demand for Williams' services [56] Conclusion - **Investment Opportunity**: - Williams is positioned as a differentiated energy investment opportunity with a strong track record of performance, a commitment to innovation, and a clear path for future growth [35][36] - **Long-term Outlook**: - The company is focused on maintaining a strong balance sheet while pursuing growth opportunities that align with its strategic goals [36]

Summary of Goldman Sachs Group Conference Call Company Overview - **Company**: The Goldman Sachs Group (NYSE: GS) - **Date**: February 10, 2026 - **Focus**: Strategic priorities, growth plans, macroeconomic outlook, and capital markets activity Key Points Strategic Priorities and Growth - Goldman Sachs has been executing a growth strategy since early 2020, focusing on enhancing client relationships and market share [2][3] - Significant investments have been made to improve client-centric services, leading to increased market share across various business lines [3][4] - The firm has consolidated its asset and wealth management businesses, now managing over $3.5 trillion, with a target to grow revenues in the high single digits and improve margins [5][6] Market Position and Opportunities - The firm is well-positioned for growth due to favorable macroeconomic conditions, including fiscal stimulus and a deregulatory environment [9][14] - Anticipated strong M&A and capital markets activity in 2026, with a constructive outlook for large-cap strategic M&A [16][20] - The firm expects to see a significant increase in advisory activity, with a backlog indicating higher M&A activity than the past five years [21][22] Capital Markets Outlook - The equity capital markets are expected to improve, although not to the peak levels of 2021, with a constructive IPO market anticipated [25][30] - Debt capital markets are also expected to see acceleration, driven by ongoing technology investments and capital needs [30][31] Wealth Management Focus - Goldman Sachs aims to capture more share in the ultra-high net worth segment, currently serving 15,000 of an estimated 100,000 ultra-wealthy individuals in the U.S. [43][44] - The firm is focused on scaling its wealth management platform and enhancing its product offerings through partnerships and tailored solutions [44][46] Regulatory Environment - The current regulatory environment is seen as favorable for expanding asset and wealth management, with expectations of support for such growth from regulators [72][73] - The firm is cautious about maintaining its cultural ethos while pursuing inorganic growth opportunities [67][68] Risk Management and Economic Outlook - Goldman Sachs maintains a strong risk management culture, preparing for potential economic headwinds while remaining optimistic about growth [11][12] - The macroeconomic setup is viewed positively, with expectations for constructive capital markets and M&A activity in 2026 [14][16] Conclusion - Goldman Sachs is positioned for growth, with a focus on enhancing client relationships, expanding its asset and wealth management capabilities, and capitalizing on favorable macroeconomic conditions [80][81] - The firm is committed to delivering value to shareholders through strategic growth and effective capital deployment [81]

Nektar Therapeutics (NasdaqCM:NKTR) Conference Call Summary Company Overview - **Company**: Nektar Therapeutics - **Focus**: Development of Rezpegaldesleukin (ResPEG) for the treatment of atopic dermatitis and other conditions Key Points from the Conference Call Industry and Product Insights - **Therapeutic Area**: Atopic dermatitis, with a focus on patients with comorbid asthma, which represents 25% of the overall population [3][12] - **Mechanism of Action**: ResPEG utilizes a novel TREG mechanism to promote immune resolution, differentiating it from traditional cytokine-blocking therapies [8][9] - **Clinical Trials**: Phase 2b Resolve AD study results were discussed, highlighting the efficacy and safety of ResPEG over a 36-week maintenance period [3][15] Clinical Data Highlights - **Efficacy Results**: - 74% of patients on the 24 microgram per kilogram monthly regimen maintained their EASI-75 response at week 52 [22] - 80% of patients on the monthly dosing regimen maintained an EZ90 response, compared to 78% on the quarterly regimen [23] - New responders were identified, with 41% and 40% of non-responders converting to vIGA responders at the end of 52 weeks for monthly and quarterly regimens, respectively [29] - A five-fold increase in patients achieving complete disease clearance (EASI-100) was observed, with 30% of patients achieving this by the end of 52 weeks [31] Safety Profile - **Adverse Events**: - Discontinuation due to adverse events was low at 3.5%, with no new safety signals identified [32] - Injection site reactions (ISRs) were the most common adverse events, with a frequency of 0.7% leading to treatment discontinuation [32][70] - The incidence of ISRs decreased during the maintenance phase compared to induction [33] Future Development Plans - **Phase 3 Trials**: Plans to initiate Phase 3 trials in Q2 2026, targeting a BLA submission in 2029 [5][36] - **Patient Population**: Trials will include biologic-naïve patients and those who have received prior biologics or JAK inhibitors [37] Competitive Landscape - **Comparison with Dupilumab**: ResPEG's maintenance efficacy was shown to be comparable or superior to Dupilumab, particularly in maintaining vIGA responses [25][26] - **Market Positioning**: ResPEG is positioned as a first-line treatment option, especially for patients with comorbid asthma, which is a significant differentiator from other therapies [44][52] Expert Opinions - **Clinical Adoption**: Experts expressed optimism about using ResPEG as a first-line treatment due to its efficacy and safety profile, particularly for difficult-to-treat patients [42][48] Upcoming Milestones - **Data Presentations**: Additional data from the Resolve AD study and other ongoing studies are expected to be presented at medical meetings in the coming year [38] Conclusion Nektar Therapeutics is advancing its clinical development of ResPEG for atopic dermatitis, demonstrating promising efficacy and safety data. The upcoming Phase 3 trials and the potential for a BLA submission in 2029 position the company favorably in the competitive landscape of dermatological therapies.