Business Overview & RADR Platform - Lantern leverages A I to rescue and develop cancer therapies, potentially transforming drug development cost, risk, and timelines[5] - The RADR A I platform has grown to over 1 12 billion data points, a ~5x increase since the IPO[12] - RADR rapidly identifies genetic & biomarker signatures for precision oncology drug development with 85%+ blinded prediction success[31] - The data powering the A I platform is on pace to grow ~120x since January 2019[33] Financial Highlights - Completed a $26 3 million IPO on June 15, 2020[13] - Completed a $69 0 million follow-on public offering in January 2021[13] - Cash position does not include $69 0 million (gross) raised in the January 20, 2021 follow-on public offering[26] - Cash runway extended through mid-2025, allowing focus on developing the oncology therapeutics portfolio[13] - Net loss for the year ended December 31, 2020 was $(5,908,190)[18] compared to $(2,428,185) for the year ended December 31, 2019[18] Pipeline Development - Expanded pipeline from 3 drug candidates in 4 tumor targets to 7 disclosed targets[12] - Initiated an Antibody Drug Conjugate ("ADC") platform[12] - Plans to launch a Phase 2 trial for LP-300 in NSCLC (non-smokers) in Q3 2021[41]

Rosnilimab (PD-1 depleter and agonist) in Rheumatoid Arthritis (RA) - Rosnilimab is well-positioned for the ~$20 billion U S RA market, which hasn't had a new mechanism approved since 2012[14] - In b/tsDMARD-naïve patients, Rosnilimab shows JAK-like efficacy, with 64% achieving CDAI LDA, 48% achieving ACR50, and 23% achieving ACR70[28] - In b/tsDMARD-experienced patients, Rosnilimab surpassed the 6-month Target Product Profile (TPP) and is comparable at mid/high dose to JAKs in all-active H2H study[30] - 83% of Week 28 CDAI LDA responders were still in response at Week 34, demonstrating durable responses for at least 2-months off-drug[33] - Synovial biopsies show ~90% reduction of PD-1+ T cells in the target issue with 400mg/600mg doses[39, 40] Rosnilimab in Ulcerative Colitis (UC) - Initial Phase 2 data for Rosnilimab in Ulcerative Colitis is expected in Q4 2025[2, 78] - Enrollment is ongoing in the Phase 2 trial for moderate-to-severe UC, with interim 6-month data expected in Q4 2025[60] - The primary endpoint of the UC trial is the change in modified Mayo score (mMS) vs placebo at Week 12[62] ANB033 (CD122 antagonist) - Phase 1 trial of ANB033 in healthy volunteers has been initiated, with an R&D event planned for H2 2025[63, 78] - ANB033 is designed to reduce pathogenic T cells and NK Cells by potently inhibiting IL-15 and IL-2 biology[63, 65, 66] Financial Position - The company has a strong capital position with ~$383 million in cash as of Q1 2025, expected to provide a cash runway through YE 2027[7, 69, 76]

Pipeline and Clinical Development - Apogee plans to transform the standard-of-care for I&I diseases with novel antibodies and combination approaches [6] - APG777 Phase 2 Part A is fully enrolled, with a readout expected in mid-2025, potentially demonstrating best-in-class efficacy [8, 33] - APG279, a combination of APG777 and APG990, is expected to initiate a Phase 1b trial against DUPIXENT in 2025, with a readout expected in 2H 2026 [6, 19] - APG777+APG333 clinical planning is underway for asthma and COPD [19] - Apogee has 7 clinical trial readouts expected over the next 2 years [105] Financial Position - Apogee has $681 million in total cash, providing an expected runway into Q1 2028 [7, 105] Market Opportunity - The atopic dermatitis (AD) market is projected to be a future $50B+ market [7, 17, 25, 90] - Mature I&I markets have consistently achieved high biologics penetration, approximately 25-60% after 15-20 years [9] - In 2024, the worldwide market size for IBD was $24B, RA was $24B, PsO was $29B [10] APG777 Potential - APG777 has the potential for annual dosing due to its optimized PK profile and 77-day half-life [8, 30, 31] - APG777 Phase 2 induction exposures are designed to exceed EBGLYSS for potentially greater efficacy [35] - APG777 could substantially decrease annual injections for patients, potentially requiring only 2-4 injections compared to EBGLYSS (13-26) and DUPIXENT (26) [45, 46]

Soquelitinib Atopic Dermatitis Phase 1 Data - A Phase 1 clinical trial of Soquelitinib in Atopic Dermatitis (AD) demonstrated activity through a novel mechanism of action[7] - The study included 64 participants with moderate to severe AD, randomized into different Soquelitinib dosage cohorts (100 mg BID, 200 mg QD, 200 mg BID, 400 mg QD) and placebo groups[9] - In Cohorts 1 and 2, the Soquelitinib group (N=24) showed a 54.6% mean reduction in EASI score at 4 weeks, compared to a 30.6% reduction in the placebo group (N=8)[15] - In Cohort 3, the Soquelitinib group (N=8) achieved a 71.1% mean reduction in EASI score at 4 weeks, while the placebo group (N=4) had a 42.1% reduction[15] - At day 28, 63% of patients in Soquelitinib Cohort 3 achieved EASI 75, and 25% achieved IGA 0 or 1, compared to 0% in the placebo group[21] - Across Cohorts 1, 2, and 3, 33.3% of Soquelitinib-treated subjects (N=36) experienced Adverse Events (AEs), compared to 25% in the placebo group (N=12)[22] Business Update and Protocol Amendment - A protocol amendment replaces Cohort 4 with an extension cohort to optimize Phase 2 plans, increasing the treatment duration to 8 weeks for 24 patients randomized 1:1 to Soquelitinib 200 mg BID or placebo[24, 25, 26] - The extension cohort will evaluate a longer 56-day treatment duration[27]

Soquelitinib作用机制和潜力 - Soquelitinib 是一种 First-in-Class 的免疫调节剂，在癌症和免疫疾病领域具有广泛的机会[4] - Soquelitinib 通过阻断 ITK 信号通路，能够调节 Th1/Th2/Th17 细胞的平衡，从而影响多种炎症细胞因子的产生[11, 29] - ITK 抑制剂具有广阔的治疗潜力，包括肿瘤免疫治疗、免疫疾病、肺部炎症、胃肠道疾病、纤维化疾病和皮肤病等[7] - Corvus 团队的领导成员曾参与 rituximab 和 ibrutinib 的开发[5] Soquelitinib 在 Atopic Dermatitis (AD) 临床试验中的结果 - 在 AD 的 Phase 1 临床试验中，Soquelitinib 在 Cohorts 1 和 2 中显示出 54.6% 的 EASI 平均降低[42] - Cohort 3 的 EASI 平均降低为 64.8%[42] - Cohort 3 中，50% 的患者在第 28 天实现了 PP-NRS 评分至少降低 4 分，表明瘙痒症状得到显著改善[53] - 在接受 Soquelitinib 治疗的患者中，75% 在 EASI 50 中有所改善，83% 在 EASI 50 中有所改善[42] - 29% 的患者在 EASI 75 中有所改善，50% 的患者在 EASI 75 中有所改善[42] - 4% 的患者在 EASI 90 中有所改善，8% 的患者在 EASI 90 中有所改善[42] - 21% 的患者 IGA 0 或 1 中有所改善，25% 的患者 IGA 0 或 1 中有所改善[42] Soquelitinib 的安全性 - 在 Cohorts 1、2 和 3 中，Soquelitinib 表现出良好的安全性和耐受性，未发生严重不良事件[49] - 38.9% 的 Soquelitinib 治疗患者出现不良反应，而安慰剂组为 25%[49] AD 市场机会 - G7 国家有大约 30 million 的 AD 患者，其中约 3 million 为中重度患者，但只有 10% 接受了先进疗法治疗[34] - AD 市场预计到 2030 年将达到 280 亿美元[34]

Key Financial Results and Guidance - Q3 2024 revenue reached $115.9 million, a 29% year-over-year increase[8] - Testing volumes grew 24% year-over-year to 36,792 tests, with total volume increasing 20% year-over-year to 39,032 tests[8] - The company delivered an adjusted EBITDA margin of 24% for Q3 and 20% year-to-date[8] - Veracyte generated $38 million in cash, including $30 million from operations, resulting in a quarter-end cash balance of $274 million[8] - The company raised its 2024 revenue guidance for the third consecutive quarter to a range of $442 million to $445 million, and year-end cash guidance to $280 million to $285 million[8] Testing Revenue and Volume Growth - Testing revenue demonstrated durable growth, with Q3 2024 reaching $109.5 million[15, 22] - Decipher experienced 36% quarterly volume growth[16] - Afirma showed 12% quarterly volume growth[18] Revenue Guidance and Expectations - The company expects year-over-year testing revenue growth of approximately 28%[29, 31] - Veracyte anticipates high-single-digit growth in 2025 for Afirma[31]

Financial Performance - Veracyte achieved total revenue of $446 million in 2024[21] - The company experienced a 28% growth in testing revenue in 2024[21] - GAAP Net Income for 2024 was $24 million[21] - Adjusted EBITDA margin for 2024 was 20.6%[21] Key Products and Market Position - Decipher is a market leader in molecular diagnostics for prostate cancer prognosis and prediction, with over 275,000 patients tested to date[24] - Decipher saw a 37% volume growth and 33% revenue growth in Q1 2025[24] - Afirma is a market leader in molecular thyroid diagnostics, with over 350,000 patients tested to date[31] - Afirma volume grew by 10% and revenue grew by 6% in Q1 2025[31] Future Products and Expansion - Prosigna LDT is under development for breast cancer, expected to be commercially available in mid-2026[37] - The company plans to launch MRD testing for muscle invasive bladder cancer (MIBC) in the first half of 2026[39]

Financial Performance - Veracyte achieved total revenue of $446 million in 2024[19] - The company experienced a 28% growth in testing revenue in 2024[19] - Veracyte reported GAAP Net Income of $24 million in 2024[19] - The Adjusted EBITDA margin for 2024 was 20.6%[19] Product Performance and Market Position - Decipher Prostate is a market leader in molecular diagnostics for prostate cancer prognosis and prediction[23] - Afirma is a market leader in molecular thyroid diagnostics[33] - Decipher experienced 37% volume growth and 33% revenue growth in Q1 2025[23] - Afirma experienced 10% volume growth and 6% revenue growth in Q1 2025[33] Strategic Initiatives - Veracyte is investing in complementary AI-based imaging and molecular analysis[30] - The company plans to launch Prosigna LDT in its CLIA lab, based on its v2 Veracyte transcriptome, with commercial availability expected in mid-2026[40]

Cemsidomide (IKZF1/3 Degrader) in Multiple Myeloma (MM) & Non-Hodgkin's Lymphoma (NHL) - Cemsidomide dose escalation is complete with 100 µg QD dose level declared safe, and patients are enrolling in the expansion cohort at this dose level[28] - In MM, at the 100 µg dose level, one patient achieved an MRD negative CR, and eight patients (80%) received prior CAR-T or T-cell engager therapy[39] - In NHL, Cemsidomide was well-tolerated with manageable incidents of on-target neutropenia[53] - In PTCL subtypes, the ORR is 44%[56] - Cemsidomide has the potential to achieve peak annual revenues of ~$1 billion as a 5L+ treatment option +dex and over $6 billion if labels in combination with a BCMA bispecific and in combination with dex + an anti-CD38 are achieved[48] CFT8919 (EGFR L858R Degrader) in Non-Small Cell Lung Cancer (NSCLC) - CFT8919 is a potent, oral, allosteric, mutant-selective degrader of EGFR L858R with potential to improve outcomes for NSCLC patients[66] - 2024 Annual Incidence of EGFR L858R Mutated NSCLC: U S: ~17,000, China: ~189,000, EU4 + UK: ~13,000[85] Portfolio & Milestones - Multiple 2025 milestones are expected across the portfolio, including data presentations and clinical trial advancements[18, 86] - In May 2025, C4T announced CFT1946 will not advance beyond Phase 1 and that the company will seek partnership for the BRAF program[17]

Company Overview - DigitalBridge manages \$96 billion in AUM and \$36 billion in FEEUM as of December 31, 2024 [34] - The company has over 40 portfolio companies and over 25 years of experience in the digital infrastructure sector [34] - DigitalBridge targets revenue growth of >25% and cash flow metrics to increase >90% in 2024 [55] Financial Performance - Fee revenue increased by 37% from \$744 million in 4Q23 to \$1016 million in 4Q24 [84] - Fee revenue increased by 23% from \$2671 million in 2023 to \$3298 million in 2024 [84] - Fee Related Earnings (FRE) increased by 34% from \$264 million in 4Q23 to \$354 million in 4Q24 [84] - FRE increased by 31% from \$818 million in 2023 to \$1071 million in 2024 [84] - Distributable Earnings (DE) increased by 11% from \$179 million in 4Q23 to \$199 million in 4Q24 [84] - Distributable Earnings (DE) increased by 8% from \$486 million in 2023 to \$525 million in 2024 [84] Future Outlook - The company projects FEEUM to reach approximately \$40 billion in 2025 and \$60-70 billion by 2028 [94] - The company anticipates FRE to grow by 10%-20% in 2025 [94] - The company targets a FRE margin in the mid-40s% by 2028 [87, 94]