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]

Financial Performance & Growth Strategy - Pacira reported $701 million in revenue in 2024[10] - The company aims for double-digit compounded annual growth rate[15, 18] - Pacira anticipates a 5-percentage point gross margin improvement over 2024[15, 18] - First quarter of 2025 (1Q25) total revenue reached $169 million, with EXPAREL contributing $137 million, ZILRETTA $23 million, and iovera° $5 million[109] - Non-GAAP gross margins for 1Q25 were 81%, and adjusted EBITDA was $44 million[109] - Pacira's cash and investments exceeded $493 million as of March 31, 2025[109] Product Portfolio & Pipeline - Pacira has treated over 16 million patients with its three best-in-class products[10] - The company is expanding its clinical pipeline with 5 novel programs in development[15, 18] - Pacira is establishing 5 partnerships, including pipeline and commercial agreements[15, 18] PCRX-201 & Osteoarthritis (OA) Treatment - The global OA injectables market is projected to grow at a CAGR of 682% from 2024 to 2030[86] - PCRX-201 demonstrated that over 70% of patients saw a greater than 50% improvement in pain and stiffness vs baseline at week 16 and 78[75]

Summary of Key Points from the Conference Call Industry Overview - The analysis focuses on seven significant global manufacturing industries in China, including air conditioners, solar modules, lithium batteries, electric vehicles, power semiconductors (IGBT), steel, and construction machinery, which collectively represent 25% of China's GDP growth in 2024 and 7% of exports [1][15][57]. Core Insights and Arguments - **Capacity Imbalance**: The state of overcapacity in China remains largely unchanged, with five out of the seven industries holding more capacity than global demand. This has led to challenging supply structures characterized by fragmentation and flattened cost curves [1][16]. - **Domestic Demand Stimulation**: A sizable stimulatory domestic demand has temporarily alleviated the capacity imbalance, particularly in electric vehicles, where pulled-forward consumption represented 16% of the domestic market [1][26][27]. - **Cyclical Risks**: The "Rule-of-Three" framework indicates a delayed trough inflection and negative cyclical risks ahead, primarily dependent on the pace of demand stimulation exhaustion [2][31]. - **Sector-Specific Insights**: - **Solar**: Currently at a cyclical bottom, closest to an inflection point, but negative demand outlook suggests inflection is not imminent [3][32]. - **Electric Vehicles**: Weakest profit profile and steepest cost curve, requiring consolidation during the downcycle [3][32]. - **Top Producers**: In sectors like air conditioners, lithium batteries, and construction machinery, the relative cost position of top producers remains strong compared to others [3][32]. Additional Important Content - **Capacity Utilization**: Average capacity utilization across the seven sectors is projected to be 63% in 2025, which is 4-5% higher than previous estimates. However, a decline of 3-6% is expected by 2026-28 due to supply-demand imbalances [23][24]. - **Capex Trends**: Significant cuts in capital expenditures (capex) have been observed, particularly in the solar industry (45-52% cuts for 2025-2026) and power semiconductors (30% cuts). In contrast, lithium batteries and electric vehicles have seen mild upward revisions in capex [45][49]. - **Global Supply Position**: China maintains a dominant position in global supply, accounting for 86% of solar modules, 80% of lithium batteries, and 74% of air conditioners as of 2024. However, the expansion of ex-China capacity may lead to redundant supply risks [57][58]. Conclusion - The overall outlook indicates that while temporary demand stimulation has provided some relief, the underlying issues of overcapacity and fragmented supply structures persist. The cyclical risks remain negative, and the path to long-term consolidation is complicated by the current market dynamics and the need for further capacity exits [16][31][32].

Company Overview and Milestones - Sharps Technology was founded in 2017 and completed its IPO in 2022, raising $16 million[3] - The company acquired SafeGard Medical in Hungary in July 2022, a facility producing specialty safety syringes[3] - In May 2024, Sharps Technology signed an Asset and Syringe Sales Agreement with Nephron and InjectEZ[4] - A $20 million underwritten public offering was closed in January 2025[5] Manufacturing and Product Line - The company has an operational manufacturing facility in Hungary (~40k Sq Ft) and a pending facility in Columbia, South Carolina (~100k Sq Ft)[10, 12] - The Hungary facility has a capacity of 45 million units, expandable to 200 million units[23] - The South Carolina facility is expected to have a capacity of 60 million units per year, expandable to 90 million units per year[28, 29] - Sharps Technology has a product line of patented smart safety syringe systems, including Securegard, Provensa, Sologard Locking +, and Sologard[6, 14] Sales and Financials - A multi-year agreement with a U S leader in IV flushing solutions is expected to generate over $50 million in revenue over five years, with first shipments in Q2 2025[4] - The company received a $400,000 purchase order in June 2025 and began shipments for SoloGard[34] - The agreement for SoloGard could involve +500 million units over five years[36] - The company has $11.9 million in cash and no debt[67] Market Overview - The global syringe market was valued at $22.5 billion in 2023, with a CAGR of approximately 9.2%[39, 40] - The disposable syringe market was valued at $13.1 billion in 2023, with a CAGR of approximately 6.1%[43, 44] - The prefillable syringe market was valued at $8.1 billion in 2023[39]

Financial Data and Key Metrics Changes - The meeting confirmed that there were 37,599,015 shares of common stock issued and outstanding as of the record date, with each share entitled to one vote [5] - The preliminary voting results indicated that all five director nominees received a plurality of votes, confirming their election [8] Business Line Data and Key Metrics Changes - No specific data or metrics regarding individual business lines were provided in the meeting [9] Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting [9] Company Strategy and Development Direction and Industry Competition - The meeting focused on the election of directors and the ratification of the independent registered public accounting firm, indicating a stable governance structure [6][7] - The advisory vote on executive compensation suggests a commitment to aligning management incentives with shareholder interests [8] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [9] Other Important Information - The meeting was attended by key executives, including the CEO and CFO, indicating strong leadership presence [4] - The results of the meeting will be reported in a current report on Form 8-K, ensuring transparency with shareholders [9] Q&A Session Summary - There were no questions or answers recorded during this meeting [10]

Financial Data and Key Metrics Changes - Revenue in the fiscal fourth quarter of 2025 increased 20% to $14.1 million compared to $11.7 million in the same quarter a year ago [11] - Operating loss in the fiscal fourth quarter of 2025 was $1.8 million compared to an operating loss of $1.2 million in the same quarter a year ago, primarily driven by higher non-cash stock compensation expense [11][12] - Net loss in the fiscal fourth quarter of 2025 was $1.8 million or a loss of $0.06 per share compared to a net loss of $1 million or $0.05 per share in the quarter a year ago [12] - Adjusted EBITDA in the fiscal fourth quarter of 2025 was positive $900,000 compared to positive $300,000 in the same quarter a year ago [12] - For the fiscal year 2025, revenue increased 20% to $52.1 million compared to $43.3 million in fiscal year 2024 [12][13] - Operating loss for the fiscal year 2025 was $6.4 million compared to an operating loss of $5 million in fiscal year 2024 [13] - Net loss for the fiscal year 2025 was $6.4 million or $0.27 per share compared to a net loss of $14.7 million or $0.68 per share in fiscal year 2024 [14] Business Line Data and Key Metrics Changes - PodcastOne renewed several high-performing legacy shows and expanded partnerships, contributing to a 20% year-over-year revenue increase [11][8] - New original titles launched in the quarter included "Kate and Ty," "Break It Down," and "DetoxRetox with Tom Schwartz," each drawing strong early audiences [10] - The migration to Amazon's Art19 platform introduced a new core monetization channel alongside existing revenue streams [9] Market Data and Key Metrics Changes - Podcasting industry projected to see over $2.4 billion in advertising investment in 2025, with PodcastOne positioned to capitalize on this growth [6] - PodcastOne ranked as a top 10 US podcast publisher with a monthly unique US audience of 6 billion downloads and streams [7] Company Strategy and Development Direction - PodcastOne is focused on diversifying revenue streams and enhancing monetization through partnerships and new content [11][17] - The company is actively evaluating M&A prospects to acquire top content and networks, as well as enhance its platform with production and technology acquisitions [17] - The strategic initiative to enter the crypto space aims to create a new vertical and attract new advertisers [19][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the advertising environment, noting higher CPMs and increased advertiser interest [40] - The company is optimistic about future growth, expecting revenues for fiscal year 2026 to be between $55 million and $60 million [15] - Management highlighted the importance of maximizing opportunities with current inventory while acquiring new content producers [61] Other Important Information - PodcastOne completed a renovation of its Beverly Hills studio, enhancing production capabilities [10] - The company ended the fiscal fourth quarter with no debt and $1.1 million in cash and cash equivalents [12] Q&A Session Summary Question: Increase in stock-based compensation - Management confirmed that the increase in stock-based compensation is related to initiatives to offer talent a larger component of compensation [25][27] Question: Benefits from the Art19 deal - Management reported operational efficiencies and cost savings from the Art19 deal, with revenue generation exceeding expectations [30][32] Question: Cost of sales as a percentage of revenue - Management indicated that cost of sales improved and is expected to hold steady or improve further [34][35] Question: Advertising environment and advertiser appetite - Management noted a positive advertising environment with higher CPMs and more advertisers entering the space [40] Question: Talent acquisition environment - Management stated that there is still good talent available and the company is in a strong position to negotiate favorable terms [44][46] Question: Terms of the Amazon deal - Management explained the minimum guarantee structure based on impressions, with specific thresholds to meet for revenue increases [49][50] Question: Rationale for entering the crypto space - Management highlighted the passionate community in the crypto space and the potential for new advertisers and content opportunities [53][55] Question: Growth compared to the industry - Management expressed confidence in their growth strategy and emphasized the importance of maximizing current partnerships while acquiring new content [59][61]

Financial Data and Key Metrics Changes - Revenue in the fiscal fourth quarter of 2025 increased 20% to $14.1 million compared to $11.7 million in the same quarter a year ago [11] - Operating loss in the fiscal fourth quarter of 2025 was $1.8 million compared to an operating loss of $1.2 million in the same quarter a year ago, primarily driven by higher non-cash stock compensation expense [11] - Net loss in the fiscal fourth quarter of 2025 was $1.8 million or a loss of $0.06 per share compared to a net loss of $1 million or $0.05 per share in the quarter a year ago [12] - Adjusted EBITDA in the fiscal fourth quarter of 2025 was positive $900,000 compared to positive $300,000 in the same quarter a year ago [12] - For the fiscal year 2025, revenue increased 20% to $52.1 million compared to $43.3 million in fiscal year 2024 [13] - Operating loss for the fiscal year 2025 was $6.4 million compared to an operating loss of $5 million in fiscal year 2024 [13] - Net loss for the fiscal year 2025 was $6.4 million or $0.27 per share compared to a net loss of $14.7 million or $0.68 per share in fiscal year 2024 [13] Business Line Data and Key Metrics Changes - PodcastOne renewed several high-performing legacy shows and expanded partnerships, contributing to a 20% year-over-year revenue increase [11][8] - The company successfully began migration to Amazon's Art19 platform, introducing a new core monetization channel [9] - PodcastOne Pro services have begun contributing meaningfully to revenue, with clients relying on the company's infrastructure for high-quality branded content [9] Market Data and Key Metrics Changes - Podcasting industry projected to see over $2.4 billion in advertising investment in 2025, with PodcastOne positioned to capitalize on this growth [6] - PodcastOne ranked as a top 10 US podcast publisher with a monthly unique US audience of 6 billion downloads and streams [7] Company Strategy and Development Direction - The company is focused on diversifying revenue streams and enhancing its content portfolio through strategic partnerships and acquisitions [17] - PodcastOne is actively evaluating M&A prospects to acquire top content and networks, as well as enhance its platform with production and technology acquisitions [17] - The company is exploring opportunities in the crypto space, aiming to consolidate and create a network that leverages the growing interest in cryptocurrency [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the advertising environment, noting higher CPMs and increased advertiser interest despite economic uncertainties [41] - The company is optimistic about future growth, expecting revenues for fiscal year 2026 to be between $55 million and $60 million, with adjusted EBITDA projected between positive $3 million and $5 million [14][15] Other Important Information - The company ended the fiscal fourth quarter with no debt and $1.1 million in cash and cash equivalents [12] - PodcastOne completed financing with JGB Capital, replacing its previous line of credit, which will facilitate business growth [15] Q&A Session Summary Question: Increase in stock-based compensation - Management confirmed that the increase in stock-based compensation is related to initiatives to make it a larger component of talent compensation and indicated that this level is expected to continue [25][27] Question: Advertising environment and advertiser appetite - Management reported a good quarter with higher CPMs and more advertisers entering the space, despite competition from larger players [41][42] Question: Talent acquisition environment - Management indicated that there is still good talent available and expressed confidence in negotiating favorable terms for new shows [45][46] Question: Amazon deal terms and thresholds - Management explained that the deal includes a minimum guarantee based on impressions, with current thresholds set at 90 million and 110 million impressions [51] Question: Rationale for entering the crypto space - Management highlighted the opportunity to consolidate in the crypto podcast space and create a network that connects passionate communities [56][58] Question: Growth compared to the industry - Management stated that while the company is growing, it is important to maximize opportunities with current inventory and partnerships to ensure profitability [61][62]

Clinical Trial Results of PLN-74809 - PLN-74809 demonstrated dose-dependent target engagement and TGF-β suppression in prior studies[24] - PLN-74809 was well-tolerated over 12 weeks of treatment in the INTEGRIS-IPF trial[32] - PLN-74809-treated patients experienced an 80% reduction in FVC decline over 12 weeks (-15.1 mL, Pooled Active Groups) compared to Placebo (-74.1 mL)[33] - An improvement in FVC (+24.6 mL) was observed in PLN-74809 80 mg dose cohort[34] - A dose-dependent antifibrotic effect was seen on QLF Imaging, with no progression in the 160 mg group at Week 12[34] - PLN-74809 decreased serum biomarkers of collagen synthesis (PRO-C3 and PRO-C6) relative to placebo[34] Safety and Tolerability - Most Treatment Emergent Adverse Events (TEAEs) were mild or moderate in severity, and there were no discontinuations due to adverse events, deaths, or drug-related Serious Adverse Events (SAEs)[34] - The most frequent TEAE seen was diarrhea, but it was only observed in patients on standard of care[54] FVC Analysis - PLN-74809-treated participants experienced a benefit in FVC change from Baseline to Week 12 (-15.1 mL for pooled PLN-74809 group) compared to those on placebo (-74.1 mL)[77] - A dose-dependent reduction was observed in the proportion of participants with FVCpp decline of ≥10%[34] - Quantitative Lung Fibrosis (QLF) imaging showed a dose-dependent antifibrotic effect, with no progression in the 160 mg group at Week 12 based on mean change from baseline[84]

Company Highlights and Financial Position - Pliant Therapeutics has raised over $625 million to date, including a 2020 IPO and a follow-on offering in July 2022 [8] - The company's cash balance was $360 million as of September 30, 2022, funding operations to mid-2025 [8] Bexotegrast (PLN-74809) in IPF and PSC - Bexotegrast is in Phase 2a development for Idiopathic Pulmonary Fibrosis (IPF) and Primary Sclerosing Cholangitis (PSC) [8] - In the INTEGRIS-IPF study, bexotegrast treatment resulted in an 80% reduction in FVC decline over 12 weeks compared to placebo (-15.1 mL vs -74.1 mL) [47, 48] - In the INTEGRIS-IPF study, an actual improvement in FVC (+24.6 mL) was observed in the 80 mg dose cohort [48] - In the INTEGRIS-IPF study, the proportion of participants with FVCpp decline ≥ 10% was 4.5% in the 160 mg group compared to 17.4% in the placebo group [55] PLN-101095 for Solid Tumors - An IND has been submitted for PLN-101095, a potential first-in-class small molecule dual αVβ8/αVβ1 inhibitor addressing ICI resistance in solid tumors, with Phase 1 initiation expected in 2Q 2023 [8, 9] - PLN-101095, combined with αPD-1, demonstrated high tumor growth inhibition in the EMT6 syngeneic mouse model [91] Market Opportunity in IPF - The two marketed agents for IPF, Esbriet® and Ofev®, had >$3 billion in total global revenues in 2021 [17]

Company Overview - AeroVironment is a technology innovator in multiple industries including Small Unmanned Aircraft Systems (UAS), Atmospheric Satellites, Tactical Missile Systems, and EV Charging Solutions[9, 10] - The company's revenue in Fiscal Year 2016 was $264 million[11] - From 2004 to 2016, AeroVironment achieved a sales Compound Annual Growth Rate (CAGR) of 15%[11] - AeroVironment holds more than 85% share of all unmanned aircraft in the U S Department of Defense (DoD) inventory (in units)[11] Business Segments - Unmanned Aircraft Systems (UAS) accounted for 89% of the company's total revenue in FY2016, with a revenue CAGR of 15% from FY2004 to FY2016[28] - Efficient Energy Systems (EES) contributed 11% of the total company revenue in FY2016[30] Financial Performance - In FY2016, the company's revenue was $264 1 million[61] - The gross margin for FY2016 was 42% ($112 1 million)[61] - The profit from operations for FY2016 was $9 7 million, representing a 4% margin[61] - The company has a strong balance sheet with $261 million in cash and investments and no debt[62] Market Opportunities - The U S government is projected to purchase $3 to $5 billion annual commercial satellite capacity within ten years[46] - Potential market value for EV charging systems based on 7 5% EV adoption is $1 3 billion in the United States and $4 1 billion globally[49]