Summary of Gibraltar Industries Conference Call Company Overview - **Company**: Gibraltar Industries - **Industry**: Residential building products, including roofing, postal and package systems, greenhouses, and infrastructure components [1][3] Key Points Acquisition of OmniMax - Gibraltar announced the acquisition of OmniMax on November 17, focusing on enhancing its residential building products business [5][6] - The acquisition is expected to broaden geographic presence and product lines related to roofing [8][9] - Both companies have undergone transformations, improving profitability and operational efficiency [10][14] Market Dynamics - Approximately 85% of Gibraltar's business is driven by roof repairs, with the average age of U.S. homes around 41 years, indicating a strong repair market [6][7] - The residential market has faced affordability challenges, but recovery is anticipated, positioning Gibraltar well for future growth [8][36] Financial Performance - Gibraltar's residential business generated around $780 million in 2024, with a margin improvement of nearly 500 basis points [13] - The combined addressable market for Gibraltar and OmniMax in North America is estimated at $9 billion, with the potential to reach $1.1 billion post-acquisition [18][19] Synergies and Cost Savings - Gibraltar targets $35 million in cost synergies by 2028, with $20 million expected in the first year post-close [25][27] - The integration will involve minimal factory consolidation due to complementary geographic strengths [28][29] Growth Projections - Organic growth is projected to be modest in the near term, with expectations of a market recovery leading to increased participation and growth rates [33][36] - The EBITDA margin is expected to improve from 19% to the 20s as synergies are realized [38] Ag Tech and Infrastructure Outlook - The Ag Tech segment is expected to see double-digit margins this year, with growth anticipated in the coming years [43] - The infrastructure business is stable, with ongoing funding expected to support growth despite potential changes in government funding [45][46] Future Guidance - Gibraltar plans to provide updated guidance reflecting the combined business's potential in the upcoming month [48] - The company is optimistic about growth contributions from both Ag Tech and residential segments as market conditions improve [49] Additional Insights - The integration management office is already in place to facilitate the merger and ensure smooth operations post-acquisition [31] - The company is also working on divesting its renewables business, which is expected to be completed soon [39][40] This summary encapsulates the key points discussed during the conference call, highlighting Gibraltar Industries' strategic direction, market positioning, and financial outlook following the acquisition of OmniMax.

Summary of Weight Watchers FY Conference Call Company Overview - **Company**: Weight Watchers (WW International) - **Industry**: Weight Management and Health Services - **Event**: CJS Securities' 26th Annual New Ideas for the New Year Conference - **Date**: January 14, 2026 Core Points and Arguments Historical Context and Brand Evolution - Weight Watchers has been a leader in weight management for over six decades, helping millions achieve weight loss through a program based on human connection and support [2][3] - The program has evolved to include nutritional science, behavior change, coaching, and various tools to assist users in their weight loss journeys [3] Current Market Opportunity - Over 70% of U.S. adults are either overweight or living with obesity, indicating a significant market need [4] - The introduction of GLP-1 medications for weight loss represents a major innovation in the industry, with Weight Watchers acquiring a telehealth business to integrate these medications into their offerings [5] Integration of Clinical Care - Weight Watchers has approximately 700 clinicians in the U.S. prescribing medications like Ozempic and Wegovy, enhancing their clinical offerings [5][6] - The company emphasizes that while GLP-1 medications are effective, they should be combined with healthy habits and community support for sustainable results [6][7] Performance Metrics - Weight Watchers Med Plus members on GLP-1s lost an average of 21% of their weight in the first year, outperforming competitors by over 30% [9] - Members engaging in the GLP-1 Success Program lost nearly 30% more weight than those on medication alone, highlighting the effectiveness of a comprehensive care model [10] Financial Restructuring - Weight Watchers reduced its debt from $1.6 billion to $465 million, significantly lowering interest expenses and freeing up cash for investment [12][13] - The company reported an adjusted EBITDA margin of around 20% and a gross margin of approximately 75% in 2025 [14][16] Strategic Initiatives - The company is focused on revamping member experience, modernizing the brand, and scaling clinical offerings to drive revenue growth [16] - Weight Watchers has enacted $100 million in cost savings and shifted 70% of its cost structure to variable costs to improve scalability [15][16] Competitive Advantages - Weight Watchers leverages its long-standing brand trust and member base to efficiently acquire clinical members, with 30% of clinical signups coming from existing behavioral members [21] - The company offers a comprehensive support system, including insurance processing and dedicated care teams, which differentiates it from competitors [19][20] Market Dynamics - Recent price reductions for GLP-1 medications are expected to increase access and expand the total addressable market (TAM) [23][24] - The launch of the oral Wegovy pill is anticipated to further broaden the market by appealing to those hesitant about injections [25][27] Partnerships and Collaborations - Weight Watchers has established direct integrations with pharmaceutical companies like Novo and Lilly, enhancing medication access and streamlining processes for members [30][31] - Collaboration with Amazon Pharmacy aims to simplify medication access and logistics for members [34][35] Marketing and Brand Strategy - The company is undergoing a brand refresh to enhance awareness of its medication offerings and integrate them into its overall service model [38][39] - Weight Watchers plans to adopt a more comprehensive marketing strategy that includes leveraging real member stories and utilizing various channels for brand positioning [41][42] New Program Initiatives - The launch of a menopause program aims to address specific health needs at different life stages, providing tailored support and medication access [46][48] Additional Important Content - The company is focused on integrating technology and AI into its offerings to enhance user experience and support members in their weight management journeys [42][44] - Weight Watchers is committed to evolving its programming to meet the needs of a more informed consumer base, moving away from traditional dieting culture [47][48]

Summary of Allot's Growth Conference Call Company Overview - **Company**: Allot - **Industry**: Cybersecurity and Networking Solutions - **Focus**: Cybersecurity services for consumers and small businesses, leveraging partnerships with communication service providers (CSPs) to enhance customer protection and network security [3][4] Core Business Segments - **Networking Solutions**: Represents approximately 70% of Allot's business, expected to show stable growth with slight increases [4][5] - **Cybersecurity as a Service (SECaaS)**: Accounts for about 30% of the business, projected to grow over 60% year-over-year, with a previous growth rate of over 50% [4][5] Growth Strategy - **Investment in Cybersecurity**: Significant growth driven by investments in cybersecurity, which is becoming a critical need for consumers and small businesses [6][7] - **Partnerships with CSPs**: Expansion of sales teams to establish new partnerships with CSPs, allowing access to millions of subscribers [8][12] - **Service Expansion**: Initial projects with CSPs often lead to further expansion into other network segments, enhancing revenue potential [9][10] - **Innovation in Cybersecurity**: Continuous R&D investment to enhance cybersecurity offerings, including new products like OffNet and firewall solutions [11][26] Recent Developments - **New Partnerships**: Notable partnership with Comcast Ventures, focusing on a telco-as-a-service model that emphasizes security as a key differentiator [16][17] - **Market Dynamics**: Increased awareness of cybersecurity needs among consumers and small businesses, driven by rising threats such as AI-based fraud [32][34] Financial Performance - **Revenue Growth**: Q3 reported a 14% growth rate in top-line revenue, with a strong contribution from cybersecurity services [5][29] - **Recurring Revenue**: Approximately 70% of Allot's revenue is recurring, providing good visibility for future growth [29] Competitive Landscape - **Sales Cycle**: The sales cycle for CSPs is typically long (12-24 months), with a focus on larger carriers that can monetize cybersecurity services effectively [12][13] - **Market Positioning**: Allot's established relationships and reputation in the networking space facilitate entry into cybersecurity offerings [13][44] Challenges and Barriers - **Implementation Barriers**: Initial setup and integration of Allot's technology into CSP networks can be resource-intensive, posing a barrier to quick adoption [38][39] - **Competitive Pressures**: CSPs face competition from lower-tier cybersecurity solutions, necessitating differentiation through comprehensive offerings [40][41] Future Outlook - **Long-term Goals**: Allot aims to grow its ARR to $100 million and beyond, focusing on enhancing cybersecurity offerings and expanding market reach through additional channels [48][49] - **AI and Cybersecurity**: Emphasis on leveraging AI for real-time threat detection and response, addressing the evolving landscape of cyber threats [51][53] Key Performance Indicators - **ARR Growth**: Security ARR is the main KPI for measuring progress, with consistent growth expected as new services and partnerships develop [14][31] This summary encapsulates the key points discussed during the conference call, highlighting Allot's strategic focus on cybersecurity, growth initiatives, and market dynamics.

Summary of Mountain's Conference Call Company Overview - **Company**: Mountain - **Industry**: Connected Television (CTV) Advertising - **CEO**: Mark Douglas - **Founded**: 2009 - **Key Focus**: Performance-driven advertising solutions for small and medium businesses (SMBs) on internet-connected televisions [1][5][11] Core Points and Arguments Market Position and Growth - Mountain has pioneered the concept of "Performance TV," allowing SMBs to leverage television advertising, which was traditionally dominated by large brands [5][11] - 97% of Mountain's customers have never advertised on TV before, indicating a significant market opportunity [6][12] - The company aims for consistent growth and to increase its share of wallet from customers, which currently averages between 12% to 15% of their overall media budget [12][141] Technology and Innovation - Mountain positions itself as a Demand-Side Platform (DSP) but is compared by customers to platforms like Meta and Google rather than traditional DSPs [8][12] - The company is heavily investing in technology, including generative AI for ad targeting and creative processes, which has reduced the time to launch campaigns from 45 days to less than a week [16][18][27] - Quick Frame AI, a new platform, allows customers to create TV ads quickly and affordably, with over 5,000 users already logged in [24][29] Customer Insights and Trends - Customers are becoming more knowledgeable about the potential of CTV advertising, moving from early adopters to mainstream acceptance [38] - The demand for targeted and measurable advertising is increasing, with SMBs recognizing the value of being on platforms like Bravo and Disney+ [38][39] Supply and Pricing Dynamics - Mountain has direct partnerships with major streaming services, excluding Netflix, which is expected to join soon [41][42] - The company reports stable pricing and growing inventory availability, with access to approximately 4 million impressions per second [63][64] - New ad formats, such as pause ads, are being well-received by customers, contributing to the overall growth of the CTV market [46][52] Competitive Landscape - Mountain does not currently see significant competition from larger players like Amazon in the SMB market, as their offerings are tailored to different customer needs [90][93] - The company believes its unique focus on SMBs and its established technology for targeting and creative gives it a competitive edge [70][72] Additional Important Insights - The international market for CTV is still developing, presenting future growth opportunities for Mountain [55] - The company is exploring the integration of social media influencers into its advertising strategy, recognizing the crossover potential between social media and television [115][117] - Mountain's approach to performance marketing is distinct, focusing on immediate sales attribution rather than delayed reporting, which is critical for SMBs [93][96] This summary encapsulates the key points discussed during the conference call, highlighting Mountain's strategic direction, technological advancements, market positioning, and competitive landscape.

ChargePoint Conference Call Summary Company Overview - **Company**: ChargePoint - **Industry**: Electric Vehicle (EV) Charging - **Key Executives**: Rick Wilmer (CEO), Mansi Khetani (CFO) Core Insights and Arguments - **Market Position**: ChargePoint is emerging from a challenging period and expects steady growth due to a less competitive landscape and new innovations in the market [2][5] - **Financial Improvements**: Significant debt restructuring has reduced outstanding debt from $340 million to approximately $157 million, extending maturity to 2030 and cutting annual interest expenses by about $10 million [3][43][44] - **Operational Efficiency**: Operating expenses (OpEx) have decreased from nearly $90 million per quarter to the mid-$50 million range, indicating improved cash management [5] - **Growth Strategy**: Focus on partnerships with grid builders like Eaton to lower infrastructure costs and enhance operational efficiency [6][26] - **Market Share**: ChargePoint holds a 70% market share in Level 2 charging in North America and aims to expand its presence in Europe with new product offerings [21][56] Industry Dynamics - **EV Adoption**: The company emphasizes that EV adoption is crucial but is also influenced by charging infrastructure availability and costs [11] - **Competitive Landscape**: The EV charging market has seen a reduction in competition, with many smaller players struggling to secure funding, leading to consolidation [19][20] - **Partnerships**: Collaborations with auto OEMs and energy sector players are essential for enhancing customer experience and driving growth [7][8][26] Financial Metrics and KPIs - **Active Ports**: As of the last quarter, ChargePoint managed approximately 400,000 active ports, which are critical for generating recurring revenue [34] - **Subscription Revenue**: The company reported nearly $170 million in annual recurring revenue from subscriptions, with a gross margin of 63% [34][36] - **Cash Flow Management**: The average cash burn has been halved compared to the previous year, with a focus on reaching cash flow break-even soon [36] Innovations and Product Development - **Next-Gen Charging Solutions**: ChargePoint is developing a next-gen DC charger that separates AC to DC conversion, significantly reducing costs and increasing capacity [27][28] - **Home Charging Solutions**: Innovations include smart panel technology that allows for efficient home energy management, enabling vehicle-to-home power during outages [29][31] - **Software Integration**: The company has integrated software solutions from acquisitions to create a scalable platform for managing public DC fast chargers and fleet telematics [56] Customer Segmentation - **Market Segments**: ChargePoint serves two main segments: fleet (mission-critical electric vehicle operations) and commercial (discretionary charging installations) [22][23] - **Retail Demand**: Increasing EV penetration in retail areas is driving demand for charging solutions, as businesses seek to attract customers by offering charging facilities [24][25] Future Outlook - **Growth Expectations**: ChargePoint anticipates a return to growth, with significant customer wins and partnerships expected to be announced [10][66] - **European Expansion**: The company plans to leverage favorable regulatory conditions in Europe to drive growth, with new products set to launch in the region [56][57] - **Cost Management**: Ongoing efforts to reduce product costs through lower-cost manufacturing and innovative designs are expected to enhance gross margins [45][47] Additional Considerations - **Tariffs Impact**: Tariffs have negatively affected the company's bottom line, but operations in Europe are less impacted due to direct sales [61][62] - **Inventory Management**: ChargePoint is transitioning from high inventory levels to a more balanced approach, expecting to generate cash flow as inventory is sold down [62][63] This summary encapsulates the key points discussed during the ChargePoint conference call, highlighting the company's strategic direction, financial health, and market dynamics within the EV charging industry.

American Coastal Insurance (NasdaqCM:ACIC) Update / briefing January 14, 2026 11:00 AM ET Company ParticipantsLana Castle - CFOBrad Martz - President and CEOBrad MartzHello. I'm Brad Martz, President and CEO of American Coastal Insurance Corporation. Here with me is our CFO, Lana Castle, who will also be presenting, and we welcome you to our Flash Strategic Update. This presentation is intended to share some exciting developments at ACIC that are anticipated to create shareholder value by driving revenue an ...

InterDigital Conference Call Summary Company Overview - **Company**: InterDigital - **Industry**: Semiconductor and wireless technology - **Focus**: Research and development in wireless, video, AI, and related technologies, licensing innovations globally to various sectors including wireless communications, consumer electronics, IoT, and cloud-based services [1][2] Core Business Model - **Licensing Model**: Operates on an IP as a service model, where customers pay for a subscription to a portfolio of patents, resulting in recurring revenue [6][7] - **Patent Portfolio**: Emphasizes an evergreen patent portfolio, with an average of six new patents added daily, ensuring long-term value [21][22] - **Revenue Growth**: Revenue is growing rapidly, with a year-over-year increase and profitability growing faster than revenue due to high margins [7][25] Financial Performance - **Contracts**: Over $4 billion worth of contracts signed in the last four years, with a focus on long-term agreements averaging five years [23][24] - **Annualized Recurring Revenue (ARR)**: Target to grow ARR from $400 million to $1 billion by 2030, with current figures showing significant progress [27][39] - **Dividend Increase**: Increased dividend by approximately 50% from $0.45 to $0.70 per quarter [26] Market Position and Strategy - **Customer Base**: Major clients include Apple, Samsung, Lenovo, and Oppo, with long-term relationships [8][24] - **Growth Strategy**: Focus on expanding into consumer electronics, IoT, and online streaming, with a goal of monetizing $200 million in recurring revenue from these segments by 2030 [34][35] - **Standard Development**: Actively involved in standard development organizations, influencing the future direction of technology [16][19] Industry Dynamics - **Video Consumption**: Video accounts for 80% of internet traffic, driving demand for efficient video delivery technologies [11][12] - **Emerging Technologies**: Investing in foundational AI technologies, with a focus on integrating AI into wireless and video standards [10][11] Legal and Competitive Landscape - **Litigation**: Recently won a litigation battle against Disney, with ongoing litigation against Amazon, highlighting the company's commitment to enforcing its IP rights [42][43][46] - **Competitive Advantages**: Positioned as a leader in foundational technology development, with a strong emphasis on standardization and long-term partnerships [47][48] Future Outlook - **Long-Term Goals**: Aim to maintain a 60% adjusted EBITDA margin while achieving double-digit year-over-year growth in ARR [39] - **Investment in R&D**: Committed to long-term investments in research and development to sustain growth and innovation [38] This summary encapsulates the key points discussed during the conference call, highlighting InterDigital's strategic focus, financial performance, and market positioning within the semiconductor and wireless technology industry.

Ingersoll Rand Conference Call Summary Company Overview - **Company Name**: Ingersoll Rand - **Revenue**: $7.5 billion - **Market Capitalization**: $34 billion - **EBITDA Margin**: 27% - **Free Cash Flow Margin**: 17% - **Total Shareholder Return (TSR)**: Over 330% since 2017 IPO [2][3] Business Segments - **Industrial Technologies and Services (ITS)**: Includes compressors, vacuums, blowers, and air treatment solutions [4] - **Precision and Science Technologies (PST)**: Focuses on precision liquid, gas, air, and powder handling technologies for life sciences and industrial applications [4] Life Science Technologies Platform - **Acquisition of ILC Dover**: Enhanced capabilities in biopharma and medical device manufacturing [12] - **Revenue Composition**: Approximately 85% of revenue from consumables, indicating a strong recurring revenue model [14] - **Market Focus**: Targeting high-growth areas such as biopharma, oncology, and minimally invasive procedures with expected growth rates in the high single digits to mid-teens [13] Growth Strategy - **M&A Activity**: Acquired 76 companies in the past five years, focusing on founder-led and family-owned businesses [6][17] - **Future M&A Pipeline**: Actively tracking about 100 companies with ongoing discussions with around 10 at any time [42] - **Targeted EBITDA Multiples**: Recent acquisitions achieved an average EBITDA multiple of around 10 times [18] Financial Performance - **EPS Growth**: Double-digit CAGR in EPS over the past few years [3][26] - **Balance Sheet Strength**: Less than two times leverage, indicating a strong financial position [7] - **Value Creation**: Created approximately $30 billion in shareholder value over eight years [26] Operational Excellence - **IRX (Ingersoll Rand Execution Excellence Process)**: A proprietary operating system aimed at continuous improvement and efficiency [5][27] - **Employee Ownership**: Approximately $300 million in equity given to employees, fostering an ownership mindset [8][9] Market Trends and Customer Sentiment - **Pharma Market Dynamics**: Customers are focused on speed to market for new products, indicating a strong demand for Ingersoll Rand's solutions [46] - **Global Expansion**: Growing presence in Asia as customers regionalize supply chains [13] Key Takeaways - **Diversification**: Ingersoll Rand aims to maintain a diversified portfolio, with life sciences expected to grow from 20% to potentially 30-40% of total revenue [30] - **Long-term Margin Goals**: PST segment operates around 30% EBITDA margins, with potential to reach mid-30s in the medium term [38] - **Commitment to Innovation**: Continuous investment in unique technologies and customer partnerships to drive growth [25] This summary encapsulates the key points discussed during the Ingersoll Rand conference call, highlighting the company's strategic direction, financial performance, and market opportunities.

Neurogene FY Conference Summary Company Overview - **Company**: Neurogene (NasdaqGM:NGNE) - **Focus**: Development of gene therapies for neurological diseases, specifically targeting Rett syndrome Key Industry Insights - **Rett Syndrome**: A rare neurological disorder affecting primarily females, characterized by developmental delays and loss of previously acquired skills. Estimated prevalence is 15,000-20,000 patients in major markets with an incidence rate of 1 in 10,000 females worldwide [7][24]. - **Market Opportunity**: The gene therapy market for Rett syndrome is projected to be multi-billion dollars, with no current disease-modifying treatments available [5][7]. Core Company Insights - **Lead Program**: NGN401 for Rett syndrome, currently in the Embolden registrational trial aimed at FDA approval [4][5]. - **Clinical Progress**: - Dosing of patients commenced in Q4 2025, following alignment with the FDA on trial design [4]. - Interim data from phase 1/2 trial shows 100% of participants achieved functional improvements in key domains (hand function, gross motor function, communication) [9][10]. - 35 developmental milestones gained, with improvements durable for up to 24 months [9][10]. Clinical Trial Details - **Embolden Trial**: - Single-arm, baseline-controlled, open-label trial evaluating NGN401 in 20 females aged three years and older [15]. - Primary endpoint: Composite of Clinician Global Impression of Improvement (CGII) and developmental milestones, measured at 12 months [15]. - Anticipated completion of enrollment and dosing by Q2 2026 [5][29]. Financial and Commercial Readiness - **Financial Position**: Strong balance sheet expected to fund operations through Q1 2028, covering key milestones including BLA submission [19]. - **Commercial Strategy**: - Plans to convert clinical trial sites into commercial sites post-approval [18][32]. - Integrated manufacturing capabilities established for commercial product production [18][32]. - Strong reimbursement potential confirmed through payer research [18][26]. Future Outlook - **Upcoming Milestones**: - Completion of Embolden trial dosing in Q2 2026 [19][29]. - Presentation of new clinical data mid-2026, including 12 months of follow-up data for all participants [19][31]. - **Market Positioning**: Neurogene aims to establish itself as a leader in the Rett syndrome treatment landscape, with expectations of multiple gene therapy products entering the market [24][27]. Additional Insights - **Patient and Caregiver Impact**: Emphasis on improving daily living activities and reducing caregiver burden through meaningful functional changes [10][11][36]. - **Community Enthusiasm**: High levels of interest from physicians and caregivers regarding NGN401 and gene therapy options for Rett syndrome [29][30]. Conclusion - Neurogene is positioned for significant advancements in the treatment of Rett syndrome, with a clear regulatory path, strong clinical data, and a robust commercial strategy aimed at transforming the lives of affected families [20][36].

Summary of 4D Molecular Therapeutics FY Conference Call Company Overview - **Company**: 4D Molecular Therapeutics (NasdaqGS:FDMT) - **Industry**: Biotechnology, specifically focusing on genetic medicines for retinal diseases Core Points and Arguments Product Pipeline and Development - **Lead Product**: 4D-150, targeting neovascular diseases of the retina, specifically wet AMD and diabetic macular edema (DME) [2][3] - **Clinical Trials**: Two ongoing Phase 3 trials for wet AMD with excellent enrollment; a Phase 3 trial for DME expected to initiate in Q3 2026 [4][6] - **Safety and Efficacy**: Strong Phase 1 and 2 results reported, with no significant inflammation observed in over 80 patients [5][6][26] - **Durability**: Promises a significant reduction in treatment burden, with an 80-90% reduction in the need for injections compared to traditional therapies [24][30] Market Opportunity - **Market Size**: The retinal vascular disease market is approximately $17 billion annually, with $14 billion specifically for wet AMD and DME [12] - **Patient Population**: Approximately 9 million people in the U.S., Europe, and Japan suffer from these diseases, with 600,000 new diagnoses each year [12][13] - **Unmet Needs**: Current treatments require lifelong injections, leading to high discontinuation rates (40% within a year) due to the burden of therapy [17][18] Regulatory and Commercial Strategy - **Regulatory Designations**: Received RMAT designation for DME and wet AMD, indicating recognition of the unmet medical need [7][32] - **Partnerships**: Collaboration with Otsuka for Asia-Pacific rights, retaining U.S. and European rights; the deal includes $135 million in upfront and cost coverage [4][49] - **Financial Position**: Closed a $100 million raise in Q4 2025, providing a runway into the second half of 2028 [8][39] Team and Expertise - **Leadership Team**: Comprised of industry veterans with extensive experience in retina therapeutics, including prior roles at Novartis and Iveric [10][11] - **External Engagement**: Strong pre-commercial team engaging with physicians, indicating high interest in gene therapy solutions [44][46] Additional Important Content - **Patient Journey**: Emphasizes the emotional and psychological burden of current treatment regimens on patients, highlighting the need for a more manageable solution [13][14][15] - **Innovative Delivery**: Utilizes a proprietary capsid for safe, low-dose intravitreal injections, aiming for continuous expression of aflibercept [25][41] - **Market Differentiation**: Positioned as a unique offering in the gene therapy space, distinct from traditional TKIs, with a focus on long-term durability and reduced treatment burden [46][47] Future Catalysts - **Upcoming Milestones**: Expected completion of Phase 3 enrollment for wet AMD in Q1 2026 and DME in Q2 2026, with top-line data anticipated in the first half of 2027 [38][39] - **Financial Outlook**: Strong cash position expected to support ongoing clinical activities and potential commercialization efforts [39]