Financial Performance - As of June 30, 2025, Acacia Research Corporation reported a book value of $577.5 million[8] - The book value per share (BVPS) was $5.99, representing approximately 16% growth since the new management team's constitution[8] - The company's cash and public securities totaled $338.2 million[8] - The market capitalization stood at $345.3 million, calculated based on 96.4 million common shares outstanding and a closing share price of $3.58 on June 30, 2025[8, 10] - Last Twelve Months (LTM) total company revenue was $247.8 million[8] - LTM total company adjusted EBITDA was $59.1 million[8] Debt and Operations - The parent company had no corporate debt, while the consolidated total indebtedness was $104.4 million in non-recourse debt at Benchmark and Deflecto as of June 30, 2025[8, 10] - For the three months ended June 30, 2025, Energy Operations Adjusted EBITDA was $7.0 million, Industrial Operations Adjusted EBITDA was $0.6 million, Manufacturing Operations Adjusted EBITDA was $1.3 million, and Intellectual Property Operations Adjusted EBITDA was negative $2.1 million[71] - For the three months ended March 31, 2025, Energy Operations Adjusted EBITDA was $7.9 million, Industrial Operations Adjusted EBITDA was $1.0 million, Manufacturing Operations Adjusted EBITDA was $2.4 million, and Intellectual Property Operations Adjusted EBITDA was $43.3 million[73]

Financial Performance - Group revenue increased by 24% year-on-year to $119 million in Q2 2025, driven by 30% growth in Betting revenue[12] - Group Adjusted EBITDA reached a record $34 million in Q2 2025, a 64% increase year-on-year[12] - Group Adjusted EBITDA margin reached a record 29% in Q2 2025, representing a 700 bps expansion year-on-year[12] - The company is raising 2025 Group Revenue guidance from $620 million to $645 million, implying year-on-year growth of 26%[12] - The company is raising 2025 Group Adjusted EBITDA guidance from $125 million to $135 million, implying 57% year-on-year growth and ~410 bps of margin expansion to 21%[12] Business Expansion and Partnerships - The company expanded and extended its exclusive NFL partnership through the 2030 Super Bowl[12] - The company secured exclusive data & streaming rights to Serie A, previously held by Stats Perform[12] - The company secured exclusive data rights to the European Leagues, previously held by IMG Arena[12] Technology and Innovation - The company showcased cutting-edge GeniusIQ technology for the FIBA U19 Basketball World Cup[12] - The company is launching a new partnership with the Belgian Pro League to provide semi-automated offsides technology[12]

Apitegromab in SMA - Positive Phase 3 trial data showed a 18 point improvement versus placebo in Hammersmith Functional Motor Scale-Expanded (HFMSE) in SMA patients[23] - 30% of apitegromab patients achieved ≥3-point improvement in HFMSE compared to 125% of placebo patients[23] - FDA accepted BLA under Priority Review with a target action date of September 22, 2025[25] - MAA Validated with anticipated EU approval in 2026[14] - The company is initiating Phase 2 OPAL Trial in Q3 to study apitegromab in patients under 2 years old[14, 27] Pipeline Expansion - EMBRAZE trial achieved primary endpoint with positive Phase 2 proof-of-concept in obesity[14] - Apitegromab combined with tirzepatide resulted in a 549% reduction in lean mass loss versus tirzepatide alone[36] - The company is on track to file IND for SRK-439 in 2H 2025[14, 39, 43] Financial Status - The company had $295 million cash as of June 30, 2025[14]

Financial Highlights - Total revenue reached $1.6 billion[8], with a net income of $55 million[8] - Adjusted EBITDA stood at $149 million[8], reflecting a margin expansion of 40 basis points to 9.4%[7, 11] - Cash flow from operations amounted to $160 million[8], resulting in a trailing twelve-month (TTM) free cash flow (FCF) conversion of 125%[7, 8] - The book-to-bill ratio was 1.0x for both the quarter and the trailing twelve months[7, 8] - Funded backlog increased by $111 million to $8.9 billion, marking the highest level since the IPO, with 70% being funded[11] Revenue Analysis - Q2 2025 total revenue was $1,584 million[13], a decrease of 5% compared to Q2 2024[13, 17] - Excluding the confidential contract, total revenue increased by 13% and organic revenue grew by 8%[7, 17] Segment Performance - Federal Solutions revenue reached $805 million[19], a decrease of 19% from the prior year period[19, 22], but grew by 11% excluding the confidential contract[19, 22] - Critical Infrastructure revenue increased by 14% to $779 million[21] - Federal Solutions adjusted EBITDA was $67 million[19], while Critical Infrastructure adjusted EBITDA was $82 million[21], a 73% increase from the prior year period[21, 22] Strategic Initiatives - Parsons acquired Chesapeake Technology International (CTI) for $89 million[31, 33], enhancing its position in electronic warfare, cyber, and autonomous systems[7, 11] - The company secured approximately $11 billion worth of contract wins that have not yet been booked into backlog[11] FY25 Guidance - The company increased its FY25 revenue guidance to $6.48 billion - $6.68 billion[37] - Adjusted EBITDA guidance was raised to $595 million - $635 million[37] - Cash flow from operations guidance was increased to $400 million - $440 million[37]

eVTOL Design & Development - Eve-100 eVTOL design refinements enhance passenger experience, improve operational efficiency and safety[2,4] - The full-scale prototype is getting ready for its first flight, featuring a new 4-blade rotor configuration and folding mechanism[19,20,24] - Key achievements include successful pusher motor tests and installation, continuous lifter testing, and Beta Technologies as a new electric motor partner[22] Commercial Agreements & Pre-orders - Revo signed the first binding eVTOL order for $250 million, targeting entry into service in 2027 with 10 vehicles (binding) and 40 vehicles (options)[8,9,10] - Future Flight Global signed a Letter of Intent (LOI) for up to 54 eVTOLs serving Brazil and the United States[13] - Aerosolutions and Bluenest by Globalvia signed an LOI for up to 50 eVTOLs and TechCare services[13] - Eve has secured pre-orders for approximately 2,800 eVTOLs from 28 customers in 9 countries[14] - The pre-order book value is approximately $14 billion based on the current list price[15] Financial Performance - Research & Development (R&D) expenses for 2Q25 were $45.7 million, compared to $36.3 million in 2Q24[41] - Net loss for 2Q25 was $64.7 million, compared to a net loss of $36.4 million in 2Q24[41] - Free Cash Flow for 2Q25 was $(56.9) million, compared to $(31.4) million in 2Q24[41] - The company anticipates total cash consumption between US$200-250 million for 2025[44]

Financial Performance - Net revenue increased by 9.3% on a constant-currency basis and 10.3% organically in 2Q25[14] - Cardiopulmonary revenue grew by 12.7% in 2Q25, driven by strong consumables demand and Essenz Perfusion System sales[11, 24] - Neuromodulation revenue increased by 5.6% in 2Q25, with growth across all regions[11, 28] - Adjusted diluted EPS was $1.05 in 2Q25, favorably impacted by higher revenue and optimization of DTD program spend[11] - Adjusted free cash flow was $48 million in 2Q25, driven by stronger operating results and disciplined working capital management[11] - The company is raising the full-year 2025 revenue guidance by 200 basis points to 8.0% - 9.0% on a constant-currency basis and 9.0% - 10.0% on an organic basis[10] - The company is raising the full-year 2025 adjusted diluted earnings per share range to $3.70 - $3.80[10] - The company is raising the full-year 2025 adjusted free cash flow range to $140 million - $160 million[10] Clinical and Regulatory Milestones - Long-term, real-world evidence demonstrates efficacy of VNS Therapy in a wide range of seizure types in people with drug-resistant epilepsy[10] - Initiated process with CMS for reconsideration of national coverage for VNS Therapy for treatment-resistant depression[10, 11]

Financial Performance - BeOne reported Q2 2025 revenue of $1.3 billion, a 42% year-over-year increase[13] - BRUKINSA U S revenue reached $684 million, representing a 43% year-over-year growth[16] - TEVIMBRA revenue increased by 22% year-over-year[45] - GAAP earnings per ADS were $0.84, while non-GAAP earnings per ADS were $2.25[13] - GAAP operating cash flow was $264 million, and free cash flow was $220 million[13] BRUKINSA Highlights - BRUKINSA is the U S revenue leader among BTK inhibitors and the fastest-growing brand[15] - BRUKINSA demonstrated an overall response rate (ORR) ranging from 76.3% to 88.4% across different follow-up periods in the ALPINE trial[23] - In the ALPINE trial, BRUKINSA showed progression-free survival (PFS) superiority over ibrutinib in relapsed/refractory CLL patients, with a hazard ratio of 0.66 (95% CI: 0.52, 0.84)[26] Pipeline Development - Registrational filings for Sonro in China for R/R CLL and R/R MCL have been submitted[13] - Phase 3 trials have been initiated for Sonro in combination with CD20 antibody[13] - Global registrational filings for Sonro in R/R MCL are expected in the second half of 2025[13]

Financial Performance & Outlook - The company increased its 2025 enterprise outlook to mid- to high single-digit growth in Adjusted EBITDA, excluding catastrophes[12,14] - The company is approaching 10% growth in Adjusted EPS, excluding catastrophes[12,14] - The company generated $298 million in cash[12] - The company returned $209 million to shareholders[12] - The company expects share repurchases of $250-$300 million[65] Global Housing - Global Housing Adjusted EBITDA, excluding catastrophes, increased by 25% in the first half of 2025, reaching $513 million[29] - Global Housing Adjusted EBITDA, excluding catastrophes, increased 18% in Q2 2025, reaching $244 million[57] - Global Housing's combined ratio, excluding prior year development, was 87% in the first half of 2025[31] Global Lifestyle - Global Lifestyle Adjusted EBITDA increased 6% in Q2 2025, or 7% on a constant currency basis[55,58] - Connected Living Adjusted EBITDA increased 9% in Q2 2025, or 11% on a constant currency basis[55,58]

Financial Performance - Royalty Pharma's Portfolio Receipts increased by 20% year-over-year to $727 million in Q2 2025[8, 28] - Royalty Receipts grew by 11% year-over-year to $672 million in Q2 2025[8, 28] - The company repurchased 8 million shares for $277 million in Q2 2025, bringing the total for H1 2025 to $1 billion (31 million shares)[8] - Adjusted EBITDA was $633 million, representing 87.1% of Portfolio Receipts in Q2 2025[28] - Portfolio Cash Flow was $641 million, representing 88.2% of Portfolio Receipts in Q2 2025[28] Capital Allocation and Guidance - Capital Deployment totaled $595 million in Q2 2025[8, 28] - Full year 2025 Portfolio Receipts guidance is $3,050 million to $3,150 million, excluding future transactions, representing approximately 9% to 12% growth[8, 35] - Operating and professional costs are expected to be approximately 9% to 9.5% of Portfolio Receipts for FY 2025[8, 35] Revolution Medicines Partnership - Royalty Pharma entered into a funding partnership with Revolution Medicines for up to $2 billion[15, 16] - This includes up to $1.25 billion for a royalty on daraxonrasib and up to $750 million in senior secured debt[18] - The company projects multi-blockbuster sales potential and an IRR in the teens for daraxonrasib[18]

Financial Performance - Q2 2025 - Net sales increased to $730.9 million, an 8% increase compared to $676.5 million in Q2 2024 [33] - Gross profit reached $239.7 million, a 3.8% increase from $231.0 million in Q2 2024, but gross profit margin decreased by 130 bps to 32.8% [33] - Net income decreased by 17.7% to $37.3 million, compared to $45.3 million in Q2 2024, with net income margin declining by 160 bps to 5.1% [33] - Adjusted EBITDA increased slightly by 0.3% to $105.4 million, compared to $105.1 million in Q2 2024, but adjusted EBITDA margin decreased by 110 bps to 14.4% [33] Full Year 2025 Outlook - The company anticipates a low single-digit percentage decline in net sales for the full year 2025 [35] - Adjusted EBITDA is projected to be between $315 million and $365 million [35] - Adjusted EBITDA margin is expected to be approximately 12.0%-13.5% [35] - Adjusted diluted EPS is forecasted to be between $1.03 and $1.32 [35] Long-Term Financial Targets - The company aims for a 4-6% CAGR in net sales [40] - The company targets an adjusted EBITDA margin of approximately 16%-18% [40]