Financial Performance - Q2 2025 sales increased by 26% to $386.9 million compared to $307.2 million in Q1 2025[34] - Adjusted EBITDA improved significantly from $(26.8) million in Q1 2025 to $21.6 million in Q2 2025[34] - Adjusted EBITDA margin increased from (9)% in Q1 2025 to 6% in Q2 2025[34] - Adjusted diluted EPS improved from $(0.20) in Q1 2025 to $(0.08) in Q2 2025[34] - The company generated positive operating cash flow of $15.6 million in Q2 2025 compared to $19.4 million in Q1 2025[44] Market and Operations - The company withdrew guidance due to uncertainty and limited visibility in the market[12, 50] - Silicon metal revenue increased 24% to $130 million in Q2 2025[38] - Silicon-based alloys revenue increased 23% to $112 million in Q2 2025[41] - Manganese-based alloys revenue increased 43% to $106 million in Q2 2025[43] Strategic Outlook - The company expects EU safeguards and the U S silicon metal trade cases to improve 2026 results[12]

Pipeline Progress - Pilavapadin 10 mg consistently delivered clinically meaningful pain reduction in Phase 2 trials[8] - Lexicon plans to present full Phase 2 results for Pilavapadin in September 2025 and partnership discussions are ongoing[5] - IND-enabling studies of LX9851 are on track to be completed in 2025[5] - Accelerated site initiations are underway for the Phase 3 SONATA-HCM study of sotagliflozin in HCM[5] Sotagliflozin in HCM - Approximately 1.1 million people in the U S have either obstructive or non-obstructive HCM[15] - 30% of HCM patients are diagnosed with oHCM and 70% are diagnosed with nHCM[16] - The SONATA-HCM Phase 3 study is evaluating sotagliflozin 400 mg versus placebo in 500 patients with oHCM and nHCM[22] - Enrollment in the SONATA-HCM Phase 3 study is accelerating, with all sites expected to be active by the end of Q3 2025[23] Financial Performance - Lexicon reported $28.9 million in total revenues for Q2 2025, including $1.3 million in net product revenues and $27.5 million in licensing revenue[30] - The $27.5 million in licensing revenue includes an upfront payment for the exclusive licensing agreement of LX9851 with Novo Nordisk[31] - Total operating expenses for 2025 are now expected to be between $105 million and $115 million[33]

Financial Performance - Net sales reached $1056 million, a decrease of 0.9% year-over-year[16] - Organic net sales experienced a slight decrease of 0.1% year-over-year[16] - Adjusted gross profit was $403 million, down 6.9% year-over-year[16] - Adjusted gross margin was 38.1%, a decrease of 250 basis points[16] - Adjusted operating income was $1352 million, down 2.9% year-over-year[16] - Adjusted EPS increased by 7.5% to $057[16] Segment Performance - Consumer Self-Care Americas (CSCA) net sales decreased by 1.9% year-over-year to $622 million[43] - Consumer Self-Care International (CSCI) net sales increased by 0.7% year-over-year to $4343 million[43] - Perrigo OTC brands grew by 3.6%, while Perrigo OTC store brands decreased by 3.2%[19] Strategic Initiatives - Infant formula net sales increased by 9% year-over-year[14] - Store brand and contract infant formula net sales increased by 32% year-over-year[26] - Project Energize is expected to deliver $159 million in annual run rate gross savings[30] - Supply Chain Reinvention is expected to generate total benefits between $150-$200 million by the end of 2025[30] - The sale of the Dermacosmetics business is expected to close in Q1 2026, with proceeds prioritized for accelerating net leverage goals[30, 52]

Financial Performance - The company's net investment income (NII) per share was $0.47, resulting in an annualized NII yield on book value of 10.7%[15] - Net income per share was $0.37, equating to an annualized return on book value of 8.3%[15] - The net asset value (NAV) per share decreased slightly to $17.56 as of June 30, 2025, compared to $17.64 as of March 31, 2025[15] - The Board of Directors declared a dividend of $0.42 per share for the third quarter of 2025, along with an additional dividend of $0.03 per share[15] Portfolio Composition and Activity - The total investment portfolio at fair value reached $2,501.8 million, primarily consisting of senior secured, floating-rate loans[15] - Gross investment fundings amounted to $529.6 million, while net investment fundings were $27.3 million[15] - The investment portfolio is diversified across 185 portfolio companies operating in 29 different industries[15] - The weighted average yield at amortized cost on the investment portfolio was 11.4%[15] - Investments on non-accrual represented 1.7% of the total investment portfolio at amortized cost and 0.6% at fair value[15] Liquidity and Funding - The company reported strong liquidity totaling $796 million, including $592 million of undrawn capacity on a revolving credit facility[15] - Unsecured debt represents 61% of the total debt outstanding at quarter-end[15]

Company Strategy & Performance - Chimera Investment Corp is a hybrid mortgage REIT focused on diversified investment solutions across the mortgage credit product spectrum[10, 13] - The company reported earnings available for distribution of $039 per share[19] - Book value per share was $2091, a 12% decrease from the previous quarter[22] - Economic return for the quarter was 05%[19, 22] HomeXpress Acquisition - Chimera entered into a definitive agreement to acquire HomeXpress Mortgage Corp, expected to close in Q4 2025[11, 21, 22] - The acquisition consideration includes cash equal to HomeXpress's book value plus a $120 million premium and 2,077,151 shares of CIM common stock[22] - HomeXpress has originated over $107 billion in loans since 2016[25, 27] - HomeXpress generated $47 million in pre-tax earnings in 2024[27] Portfolio Composition & Activity - The company purchased $19 billion in notional Agency pass-throughs, with an additional $402 million settling in Q3[22] - Recourse leverage increased to 18x from 12x in Q1 due to growth in Agency RMBS allocation[22] - Loans under third-party asset management grew 43% year-over-year to $254 billion[57, 58]

Financial Performance & Strategy - The company generated positive free cash flow of $13 million in 2Q25 and $19 million in 1H25, maintaining a strong balance sheet with a net leverage ratio of 1.5x[10] - Backlog increased to approximately $980 million, supported by strong order entry growth of approximately 10% year-over-year[10] - The company is executing on an initial $100 million share repurchase authorization, with approximately $30 million repurchased in 2Q25, representing approximately 637,000 shares[10] - The company reaffirms its 2025 outlook and is trending toward the higher end of the range[10] - The company is targeting mid-single digit annual revenue growth rate by 2027, double-digit Adjusted EBITDA growth & ~15% margins by 2027, and plan to deliver $800 million in cumulative FCF from '25-27 and 60%+ FCF conversion in 2027[16] Segment Performance - Banking revenue increased sequentially, with total banking revenue reported as $679 million[45] - Banking gross profit increased sequentially, with total banking gross profit reported as $187 million, resulting in a gross margin of 27.5%[45,47] - Retail revenue increased sequentially, with total retail revenue reported as $236 million[51] - Retail gross profit increased sequentially, with total retail gross profit reported as $56 million, resulting in a gross margin of 23.7%[51,53] 2025 Guidance - The company reaffirms its 2025 guidance, expecting flat to low single-digit revenue growth, adjusted EBITDA between $470 million and $490 million, and free cash flow between $190 million and $210 million[56]

Q2 2025 Performance - Revenues reached $465.5 million, a 9% year-over-year increase, exceeding the high end of the guidance range of $438 to $458 million[10] - Gross profit was $135.6 million, up 18% year-over-year, also surpassing the guidance range of $124 to $134 million[10] - ex-TAC Gross Profit reached $172.1 million, a 15% year-over-year increase, exceeding the guidance range of $156 to $166 million[10] - Adjusted EBITDA was $45.2 million, a 21% year-over-year increase, also surpassing the guidance range of $33 to $44 million[10] Scaled Advertisers - Revenue from Scaled Advertisers accounted for 86% of Total Revenue[16] - The number of Scaled Advertisers grew by 8.5% year-over-year to 2,046[16] - Average Revenue Per Scaled Advertiser grew by 1.8% to approximately $196,000[16] Guidance - Q3 2025 revenue is projected to be between $461 to $469 million, a 5% year-over-year increase[17] - Full year 2025 revenue is projected to be between $1.858 to $1.888 billion, a 6% year-over-year increase[17] - Full year 2025 Adjusted EBITDA is projected to be between $208 to $214 million, a 5% year-over-year increase[17] Additional Modeling Assumptions - Interest payments are estimated to be approximately $7 million in 2025, with about $1.3 million per quarter associated with an average of $100 million RCF usage[18] - Share-based compensation is estimated at $66 million for 2025[18] - Capital Expenditures (CapEx) are projected to be $48 million in 2025[18]

Seres Therapeutics Overview - Seres' VOWST, the first-ever oral live microbiome therapeutic, received FDA approval in April 2023 for preventing C difficile infection recurrence, demonstrating approximately 88% sustained clinical response rate[6,9] - The sale of the VOWST asset, completed in September 2024, provided Seres with capital to support pipeline advancement and streamline the organization[9,10] - As of June 30, 2025, Seres had approximately $45.4 million in cash and cash equivalents, projecting a cash runway into Q1 2026[92] SER-155 Clinical Development - SER-155 Phase 1b data in allo-HSCT showed a 77% relative risk reduction in bacterial bloodstream infections (BSIs) compared to placebo[6,45,92] - SER-155 Phase 1b data also showed significantly lower mean cumulative exposure to systemic antibacterials/antimycotics compared to placebo (9.2 days vs 21.1 days)[45,50] - SER-155 Phase 1b data also showed a lower incidence rate of febrile neutropenia in SER-155-treated subjects vs placebo[46] - A Phase 2 study protocol for SER-155 in allo-HSCT was submitted to the FDA in May 2025, with study commencement dependent on funding and aiming to enroll 248 patients[6,31,78] Pipeline and Future Opportunities - Seres is developing SER-147 to prevent infections in chronic liver disease patients, with preclinical data showing a 1-3 log reduction of E coli in in vitro models[6,80] - Seres is also developing SER-603 to target inflammatory drivers of Inflammatory Bowel Disease (IBD)[83] - Seres is engaging with multiple parties regarding various deal structures to secure capital for the clinical advancement of SER-155 and other live biotherapeutic product candidates[6,78,92]

Financial Performance - Thomson Reuters' Q2 2025 revenues increased by 3% to $1.785 billion[12], with organic revenue growth of 7%[11, 12, 14] and recurring revenue growth of 9%[11, 14] - Adjusted EBITDA for Q2 2025 increased by 5% to $678 million[12], with an adjusted EBITDA margin of 37.8%[12], up 70 bps[12] - Adjusted EPS for Q2 2025 increased by 2% to $0.87[12] - Free cash flow for Q2 2025 increased by 4% to $566 million[12] Segment Performance - "Big 3" (Legal, Corporates, and Tax & Accounting) organic revenue growth was 9%[11, 15, 29, 30] - Legal Professionals revenues decreased by 2% to $709 million[14, 29, 30], but experienced organic growth of 8%[14, 29, 30] - Corporates revenues increased by 7% to $472 million[14, 29, 30], with organic growth of 9%[14, 29, 30] - Tax & Accounting Professionals revenues increased by 11% to $277 million[14, 29, 30], with organic growth of 11%[14, 29, 30] Innovation and AI - Agentic AI launches continue, including CoCounsel for Tax, Audit & Accounting and CoCounsel Legal[11, 18] - The company estimates ~$10 billion of capital capacity by 2027[11] Outlook - FY 2025 outlook for organic revenue growth, adjusted EBITDA margin, and free cash flow reaffirmed[11, 35] - Free cash flow is expected to be ~$1.9 billion[35]

Financial Performance - Revenue for Fiscal Q3 2025 was $673.8 million, a decrease of 3.5% compared to $698.2 million in Fiscal Q3 2024[15] - Gross profit decreased by 10.1% year-over-year, from $202.5 million in Fiscal Q3 2024 to $182.1 million in Fiscal Q3 2025[15] - Gross margin decreased by 197 basis points year-over-year, from 29.0% in Fiscal Q3 2024 to 27.0% in Fiscal Q3 2025[15] - Adjusted EBITDA decreased by 26.3% year-over-year, from $86.9 million in Fiscal Q3 2024 to $64.0 million in Fiscal Q3 2025[15] - Adjusted EBITDA margin decreased by 295 basis points year-over-year, from 12.4% in Fiscal Q3 2024 to 9.5% in Fiscal Q3 2025[15] - Free cash flow decreased by 71.1% year-over-year, from $27.7 million in Fiscal Q3 2024 to $8.0 million in Fiscal Q3 2025[15] Revenue Disaggregation - Consolidated uniforms revenue decreased by 6.7%, from $279.004 million in Fiscal Q3 2024 to $260.427 million in Fiscal Q3 2025[48] - Consolidated workplace supplies revenue decreased by 1.4%, from $419.244 million in Fiscal Q3 2024 to $413.372 million in Fiscal Q3 2025[48] - Rental revenue decreased by 2.7%, and direct sales revenue decreased by 14.2%[13] Liquidity and Debt - Total available liquidity was $290 million, including $24 million cash on hand[14] - Net debt was $1.3 billion[38] - Net leverage ratio was 4.50x[14, 38]