Financial Data and Key Metrics Changes - The company has transitioned from a generics-focused business to a biopharma company, showing significant progress in financials and business setup over the past three years [2][4] - The gross margin is expected to grow from approximately 48% in Q1 2023 to around 54% by the end of the year, with projections of 57%-58% by 2027 [10][11] Business Line Data and Key Metrics Changes - Austedo, a key product, is projected to exceed $2 billion in sales this year, with peak sales expected to surpass $3 billion [2][17] - The innovative product portfolio has grown by 33% in Q3, contributing significantly to revenue [11] - The company has committed to growing EBITDA despite losing over $1 billion in sales from the generic Revlimid [7][9] Market Data and Key Metrics Changes - The generics business has stabilized and grown over the last three years, despite challenges [4] - The company anticipates a flat or slight decline in top-line revenue due to the loss of Revlimid sales, but is focused on EBITDA growth [9] Company Strategy and Development Direction - The "Pivot to Growth" strategy aims to enhance the innovative product pipeline and increase market share in biopharma [2][4] - The company is focused on maintaining price discipline while ensuring access to its products, emphasizing long-term value creation [21][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $2.5 billion in sales for Austedo by 2027, highlighting the significant untreated market opportunity [23][28] - The company is optimistic about the upcoming product launches, including Olanzapine and Duvakitug, which are expected to drive future growth [36][48] Other Important Information - The company is actively pursuing biosimilars and aims to have a portfolio of 25 biosimilars, with a focus on both the US and European markets [58][59] - Management believes that the removal of phase three trial requirements for biosimilars will serve as a tailwind for growth [56][60] Q&A Session Summary Question: How should we think about 2026 in terms of pushes and pulls? - Management indicated that 2026 is crucial as the company will lose significant sales from generic Revlimid but is committed to growing EBITDA through innovative products and cost-saving programs [7][9] Question: What are the underlying drivers for the $2.5 billion guidance for Austedo? - The company highlighted the large untreated market and the importance of patient education and adherence programs as key drivers for growth [23][25] Question: How does the company plan to maintain price discipline with Uzedy? - Management emphasized the importance of value over access, stating that maintaining price discipline has proven beneficial for the product's market performance [43] Question: What is the potential impact of the label expansion into bipolar for Uzedy? - While the label expansion may not significantly impact peak sales, it enhances the brand's overall perception and could contribute positively to its trajectory [45] Question: What are the expectations for the Duvakitug product? - Management expressed high expectations for Duvakitug, projecting it could become a $3-$5 billion product based on its competitive positioning and multiple indications [48][50] Question: What are the thoughts on capital allocation moving forward? - The company plans to focus capital on innovative products and efficient manufacturing to drive growth and shareholder value [66]

Financial Data and Key Metrics Changes - The company reported a mixed revenue picture with strong growth in research and AI, offset by declines in the learning segment [6][10] - Adjusted EBITDA grew 8%, and adjusted operating margin expanded 250 basis points to 18.8% [27][34] - Free cash flow was a use of $108 million, a 17% or $22 million improvement from the prior year [32] Business Line Data and Key Metrics Changes - Research publishing delivered strong 7% growth on worldwide demand, with record submission levels [6][10] - Learning segment revenue declined 11%, primarily due to headwinds in professional and academic areas [30] - Research solutions declined 6% due to lower corporate spending on advertising and recruiting [29] Market Data and Key Metrics Changes - The company noted strong demand across all regions, with double-digit submissions growth in China, India, Japan, the U.K., Germany, and the U.S. [10][11] - Corporate R&D represents a substantial future growth opportunity, currently making up only 10% of the company's revenue base [19] Company Strategy and Development Direction - The company aims to lead in research and drive growth in AI and adjacent markets, with a focus on operational excellence and discipline [10][12] - Strategic partnerships with AI innovators are expected to yield early results, enhancing the company's position in the AI economy [17][25] - The company is prioritizing digital offerings and inclusive access to stabilize revenue in the learning segment [9][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the learning segment due to external factors, including changes in inventory management from Amazon and soft consumer spending [9][30] - The company expects learning declines to moderate in the second half of the year, although revenue is anticipated to be down for the full year [10][34] - Guidance for adjusted EBITDA margin, adjusted EPS, and free cash flow has been reaffirmed, with revenue growth expected to be in the low single digits [34] Other Important Information - The company executed another AI licensing project, bringing total AI training revenue close to $100 million in less than two years [7][20] - Share repurchases increased by 69% to $21 million, with a current yield around 3.9% [8][33] Q&A Session Summary Question: Research revenue growth and potential upside - Management indicated that they expect to grow at the top of the market growth, with strong article growth as a leading indicator [41][46] Question: AI licensing revenue and pipeline opportunities - The company confirmed a $6 million licensing deal with an existing LLM customer, indicating a continuing pipeline for AI opportunities [48][49] Question: Decline in learning segment and inventory management impact - Management noted that the decline is primarily cyclical rather than structural, with expectations for normalization in the second half [54][56] Question: Share buybacks and capital allocation strategy - The company maintains a disciplined approach to capital allocation, balancing share buybacks with growth opportunities and managing leverage [58][60]

Financial Data and Key Metrics Changes - Income in Q3 2025 remained similar to Q3 2024, amounting to CHF 0.1 million, primarily related to patent license maintenance and fair value of services from Neurosterix [16] - R&D expenses were CHF 0.2 million in Q3 2025, consistent with Q3 2024, mainly for the GABA-B PAM program [16] - G&A expenses were CHF 0.5 million in Q3 2025, stable compared to Q3 2024 [16] - Cash at the end of Q3 2025 was CHF 2.2 million, providing a runway through mid-2026, with a significant reduction in cash burn following the Neurosterix spin-out [5][16] Business Line Data and Key Metrics Changes - The GABA-B PAM program has made excellent progress, with IND-enabling studies ready to start, subject to financing [6][12] - The Dipraglurant program for post-stroke recovery is being repositioned, with preparations for clinical studies underway [4][6] Market Data and Key Metrics Changes - There is a significant unmet medical need in chronic cough treatment, with current standards of care ineffective in 30% of patients and only moderately effective in up to 60% [10][11] - The market for post-stroke recovery is growing, with over 100 million stroke survivors worldwide, increasing at an annual rate of 12 million [7] Company Strategy and Development Direction - The company is focused on advancing its GABA-B PAM program for chronic cough and Dipraglurant for post-stroke recovery, with plans to collaborate with Neurosterix and Lund University [4][6][18] - The company is evaluating potential indications for its mGluR2 PAM program and continuing to advance its portfolio towards clinical studies [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges in the chronic cough market, noting that up to 50% of patients on current treatments are non-responders or discontinue due to side effects [24][25] - The company is optimistic about the potential of Dipraglurant and GABA-B PAMs, believing they can address unmet needs in their respective therapeutic areas [10][11][18] Other Important Information - The company has a strong patent position for Dipraglurant and believes it can become a first-in-class drug for post-stroke recovery [9] - Neurosterix is advancing its portfolio, including an M4 PAM program set to start phase one this year [18] Q&A Session Summary Question: Commercial outlook for chronic refractory cough - Management noted that Gefapixent is not performing well and that there is a significant unmet medical need in the cough market [23][24] Question: Funding catalyst for Stalicla and potential IPO - Stalicla is working on Series C financing to fund clinical programs and is considering an IPO as a potential funding mechanism [26][28] Question: Competitive clinical development in post-stroke recovery - Management discussed the Camaris trial with Maraviroc and its potential learnings for Dipraglurant development [22][29] Question: Indivior collaboration and future catalysts - Indivior has completed IND-enabling studies and is preparing to move the program forward, with no further details available at this stage [31]

Financial Data and Key Metrics Changes - Third quarter revenue was $1.87 billion, a decline of 5.6% year-over-year, impacted by a government shutdown which accounted for approximately one percentage point of the decline [6][7] - Adjusted EBITDA was $185 million, resulting in a margin of 9.9%, driven by strong program execution [7][8] - Adjusted diluted EPS was $2.58, reflecting strong margin performance and a favorable tax rate [7] - Free cash flow for the third quarter was $135 million, despite being affected by the government shutdown [8][19] Business Line Data and Key Metrics Changes - Net bookings for the third quarter were $2.2 billion, resulting in a book-to-bill ratio of 1.2x [15] - The civil business segment experienced a year-over-year decline of 7%, but margins improved significantly over the first nine months of the year [32][33] Market Data and Key Metrics Changes - The government shutdown slowed proposal submissions, but normalization is expected in the near term [15][22] - The company anticipates submitting bids totaling over $30 billion in FY 2027 [15][16] Company Strategy and Development Direction - The acquisition of SilverEdge is expected to enhance the company's capabilities and contribute positively to margins and EPS [5][31] - The company is focusing on improving execution, resource allocation, and prioritizing bid quality to drive growth [9][10] - There is a commitment to reinvest over $100 million in annual spending into higher ROI areas to improve profitability [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to improve execution and deliver sustained profitable growth despite market uncertainties [20] - The company is prepared to adapt to changes in procurement processes within the Department of War, aiming for greater speed and efficiency [37][39] - The outlook for FY 2026 and FY 2027 includes increased revenue guidance due to the acquisition of SilverEdge and reaffirmed organic growth expectations [17][19] Other Important Information - The company plans to repurchase approximately $500 million in shares for both FY 2026 and FY 2027, totaling $1 billion, which represents about 25% of its market value [19] - Management is actively seeking a permanent CEO to lead the company forward [13] Q&A Session Summary Question: What is the current procurement environment post-shutdown? - Management noted a slowdown in submit activity and RFPs due to the shutdown, but expects normalization in Q4 [22] Question: Any residual impact from DOGE and pricing environment? - Management indicated no material changes from previous disclosures regarding DOGE, and margins remained healthy with minimal pricing pressure [24][25] Question: Opportunities and integration of SilverEdge? - Management expressed enthusiasm about SilverEdge's integration, expecting it to enhance bid differentiation and contribute positively to margins and EPS [30][31] Question: Civil growth decline and future trajectory? - Management stated that the civil business has been roughly flat over nine months, with no specific program-related drivers for the recent decline [32][33] Question: Thoughts on Department of War's reforms? - Management is ready to assist with procurement changes and is focusing on execution to align with the Department's objectives [37][39] Question: How to allocate savings from cost efficiencies? - Management indicated that a substantial portion of the $100 million savings will be reinvested into business development and proposal improvement [44][45] Question: Expectations on federal civil spending? - Management anticipates continued pressure on civilian agency budgets, but remains optimistic about their positioning within key agencies [51][52] Question: Portfolio shaping and defense budget growth? - Management is open to portfolio shaping but is currently focused on organic growth, with expectations of upward pressure on the DoD budget [62][65]

Financial Data and Key Metrics Changes - Identical sales without fuel grew 2.6% year-over-year, with a two-year stack increase of 4.9% [13][20] - Adjusted EPS was $1.05, reflecting a 7% growth compared to last year [24] - FIFO gross margin rate, excluding rent, depreciation, and amortization, increased by 49 basis points year-over-year [22] Business Line Data and Key Metrics Changes - E-commerce sales grew 17%, driven by delivery, with significant improvements in profitability [15][25] - Pharmacy business continued strong growth, contributing positively to overall operating profit despite impacting margin rates [21] Market Data and Key Metrics Changes - Spending from higher-income households remained strong, while middle-income customers faced increased pressure, leading to smaller, more frequent shopping trips [11][12] - Food inflation increased moderately, particularly in beef, impacting overall sales dynamics [21] Company Strategy and Development Direction - The company is evolving its hybrid fulfillment model to improve operational efficiency and profitability, expecting $400 million in e-commerce profitability improvements in 2026 [10][26] - Plans to accelerate capital investment in new stores beyond 2025, focusing on high-potential geographies and improving return on invested capital [16][30] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic uncertainty influencing customer behavior, with a focus on delivering value through lower prices and promotions [12][19] - The company expects to narrow its range for identical sales without fuel growth to 2.8%-3% and raise the lower end of adjusted EPS guidance to $4.75-$4.80 [31][32] Other Important Information - The company announced the closure of three automated fulfillment centers by January 2026, which are not meeting operational and financial expectations [8][26] - The CEO search is ongoing, with expectations to appoint a new CEO in the first quarter of 2026 [34][35] Q&A Session Summary Question: Can you talk about the accelerated sourcing program and potential store exits? - Management expressed excitement about new store investments, indicating plans to increase new store builds by 30% in 2026 and explore acquisition opportunities [39][40] Question: What are you looking for in the new CEO? - The board is seeking a candidate with a deep understanding of retail transformation, customer focus, and cultural fit with Kroger [42][43] Question: How do you feel about the current grocery ID trend and competition? - Management acknowledged increased caution among consumers and competitive pressures but emphasized ongoing price investments and promotional strategies [48][52] Question: Can you discuss the impact of pharmacy on the quarter? - Pharmacy performance remained stable, with slight market share improvements, while discretionary categories faced challenges due to inflation [70] Question: What are the expectations for e-commerce profitability next year? - E-commerce is expected to be profitable in 2026, driven by improved operational efficiency and new partnerships [80][81]

Financial Data and Key Metrics Changes - First quarter sales reached an all-time high of $935 million, a 4% year-over-year increase [5][12] - Operating profit margin expanded to a record 15.5%, up 60 basis points from the prior year [13][14] - Earnings per share (EPS) was $0.94, reflecting a 13% increase compared to the previous year [6][12] - The company returned $127 million to shareholders through share repurchases and dividends [6] Business Line Data and Key Metrics Changes - **Mobile Solutions**: Total sales were $598 million, up 5% year-over-year; aftermarket sales grew 7% [10] - **Industrial Solutions**: Total sales were $258 million, flat compared to the prior year; Industrial Filtration Solutions (IFS) sales grew 2% [11] - **Life Sciences**: Sales increased by 13% to $79 million, driven by strong growth in food and beverage and disk drive segments [11] Market Data and Key Metrics Changes - The power generation business is robust, supported by high electricity demand, particularly in data centers and AI infrastructure [7][8] - The company experienced solid growth in China, with overall sales up 15% [10] - Tariff impacts are estimated at $25 million annually, down from $35 million previously [9] Company Strategy and Development Direction - The company focuses on a balanced growth strategy and continues to invest in R&D and capital expenditures in high-growth areas [10][22] - The strategic capital allocation priorities include reinvestment in the company, disciplined M&A, dividends, and share repurchase [22][23] - The company aims to maintain its leadership position in technology-led filtration [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on financial and strategic objectives for the remainder of the year, increasing operating margin and EPS outlook [12][20] - The company anticipates record sales of $3.8 billion and operating margin expansion of 80 basis points to a record 16.5% [12][20] - Management noted that while there are cyclical headwinds, the overall demand remains strong, particularly in the power generation and aftermarket segments [7][8] Other Important Information - The company is on track to complete current footprint optimization initiatives by the second half of the fiscal year [9] - Cash conversion is projected to be in the range of 85%-95%, indicating improved working capital management [21] Q&A Session Summary Question: What was IFS' first-fit in aftermarket revenue in fiscal Q1? - Both first-fit and replacement were up, with power generation performing well due to ongoing projects [30] Question: Can you discuss pricing trends? - The company is in a normalized pricing cycle, managing costs well while remaining competitive [37] Question: What are the regional performance trends? - Europe is strengthening, while the U.S. and Latin America show more caution; China has seen growth but remains uncertain [39] Question: What are the primary drivers of decrementals in the industrial segment? - The decrementals were due to higher operating costs and timing issues in the Aerospace and Defense sector [50] Question: Can you elaborate on the disk drive business outlook? - The disk drive business is driven by technological evolution and demand from AI and cloud storage, with expectations for continued strength [56] Question: How does the company plan to grow in the power generation sector? - Growth is expected to be mid-single digits, with challenges related to capacity utilization and project timing [87]

Financial Data and Key Metrics Changes - The company reported that all proposals have been approved by the stockholders during the annual meeting [8] - The final vote count may vary following the final examination of the proxies and ballots, with results to be reported in a Form 8-K filed with the SEC [8] Business Line Data and Key Metrics Changes - There were no specific updates provided regarding individual business lines during the meeting [8] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed in the meeting [8] Company Strategy and Development Direction and Industry Competition - The company has appointed KPMG LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2026, indicating a focus on maintaining strong governance and compliance [6] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of reading periodic reports and filings with the SEC, particularly the annual report for the fiscal year ended June 30, 2025, and the quarterly report for the three months ended September 30, 2025, which detail risks and uncertainties [9] Other Important Information - The Class 2 Director seat will remain vacant until the Board of Directors determines the appropriate next steps following the unexpected passing of Mr. Ronald A. Sege [5][6] Q&A Session Summary - The Q&A portion of the annual meeting concluded without specific questions being recorded or answered [9]

Financial Data and Key Metrics Changes - The company reported a strong adjusted EBITDA growth of 8% and an adjusted operating margin expansion of 250 basis points to 18.8% [24][31] - Free cash flow was a use of $108 million, representing a 17% improvement from the prior year [29] - Net debt to EBITDA improved to 2.0 times, down from 2.2 times in the prior year [31] Business Line Data and Key Metrics Changes - Research publishing experienced a 7% revenue growth driven by worldwide demand, with a 220 basis point improvement in EBITDA margin to 33.5% [6][24] - Learning segment revenue declined by 11%, primarily due to headwinds in professional and academic sectors, with professional books down 16% [27] - Author-funded open access grew by 28%, contributing to the overall strength in research [9][24] Market Data and Key Metrics Changes - The company noted strong demand for research across all regions, with double-digit submissions growth in China, India, Japan, the U.K., Germany, and the U.S. [9][12] - Corporate R&D spending represents a significant future growth opportunity, currently making up only 10% of the company's revenue base [17] Company Strategy and Development Direction - The company aims to lead in research and capitalize on AI growth, integrating scientific research into new technologies [5][9] - Strategic partnerships with AI innovators like AWS and Anthropic are being leveraged to enhance growth opportunities [10][15] - The focus is on operational excellence, with initiatives to reduce corporate costs and improve margins [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the learning segment due to external factors, including changes in inventory management from Amazon and soft consumer spending [8][41] - The outlook for learning revenue is expected to decline for the full year, but declines are anticipated to moderate in the second half [9][31] - The company reaffirmed guidance for adjusted EBITDA margin and adjusted EPS while narrowing revenue outlook to the lower end of the range [31] Other Important Information - The company increased share repurchases by 69% to $21 million this quarter, with a current yield of around 3.9% [7][30] - The company is actively pursuing acquisitions of high-impact journals to strengthen its portfolio [30] Q&A Session Summary Question: Research revenue growth and potential upside - Management expressed optimism about maintaining growth at the top end of market expectations, driven by strong article submissions [36][37] Question: AI licensing revenue and pipeline opportunities - The company confirmed a $6 million licensing deal with an existing LLM customer, indicating ongoing demand for AI training [37][38] Question: Decline in learning segment and inventory management impact - Management noted that the decline is primarily cyclical rather than structural, with expectations for normalization in the second half [41][42] Question: Share buybacks and capital allocation strategy - The company emphasized a disciplined approach to capital allocation, balancing share buybacks with maintaining leverage ratios [44][45]

Financial Data and Key Metrics Changes - First quarter sales reached an all-time high of $935 million, representing a 4% year-over-year increase [5] - Operating profit margin expanded to a record 15.5%, up 60 basis points from the prior year [12] - Earnings per share (EPS) was a record $0.94, reflecting a 13% increase compared to the previous year [5][12] - The company returned $127 million to shareholders through share repurchases and dividends [5] Business Line Data and Key Metrics Changes - **Mobile Solutions**: Total sales were $598 million, up 5% year-over-year; aftermarket sales grew 7% [9] - **Industrial Solutions**: Total sales were $258 million, flat compared to the prior year; Industrial Filtration Solutions (IFS) sales grew 2% [10] - **Life Sciences**: Sales increased by 13% to $79 million, driven by over 20% growth in food and beverage and disk drive segments [10] Market Data and Key Metrics Changes - The power generation business is robust, supported by high electricity demand, particularly in data centers and AI infrastructure [6] - The company experienced solid growth in the independent aftermarket channel, with sales growing nearly double digits [6] - The China business showed strength with overall sales up 15%, particularly in Off-Road and aftermarket segments [9] Company Strategy and Development Direction - The company focuses on a balanced growth strategy, leveraging its leadership in filtration technology and optimizing costs [4] - Continued investments in R&D and capital expenditures are aimed at growth areas such as solvent recovery and air filtration [9][22] - The company is committed to maintaining high on-time delivery rates and optimizing its supply chain to mitigate tariff impacts [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record sales of $3.8 billion and EPS of $4.03 for fiscal 2026 [11] - The company anticipates gross margin expansion in the second half of the fiscal year as footprint optimization projects are completed [14] - Management noted that while there are cyclical headwinds, the overall demand remains strong, particularly in Europe and China [40] Other Important Information - The company expects to complete its current footprint optimization initiatives by the second half of the fiscal year [8] - The annualized estimate for the impact of tariffs has decreased to approximately $25 million, down from $35 million [8] Q&A Session Summary Question: What was IFS' first-fit in aftermarket revenue in fiscal Q1? - Both first-fit and replacement were up, with power generation performing well due to ongoing projects [30] Question: What structural benefits have been realized from footprint optimization? - Limited structural efficiencies have been realized to date, with more benefits expected in the latter part of the fiscal year [32] Question: Can you discuss pricing trends and market dynamics? - The company is in a normalized pricing cycle, managing costs well while maintaining competitive pricing [36] Question: How is the company performing in different regions? - Europe is strengthening, while the U.S. and Latin America show more caution; China has seen growth but remains uncertain [40] Question: What are the primary drivers of decrementals in the industrial segment? - Pressure on gross margin from higher operating costs and timing issues in project deliveries [51] Question: Can you elaborate on the disk drive business outlook? - The disk drive business is driven by technological evolution and demand from AI and cloud storage [57] Question: How does the company plan to grow in the power generation sector? - Growth is expected to be mid-single digits, with challenges related to capacity utilization and project timing [88]

Financial Data and Key Metrics Changes - Income in Q3 2025 remained similar to Q3 2024, amounting to CHF 0.1 million, primarily related to patent license maintenance and services from Neurosterix [17] - R&D expenses were CHF 0.2 million in Q3 2025, consistent with Q3 2024, mainly for the GABA-B PAM program [17] - G&A expenses were CHF 0.5 million in Q3 2025, stable compared to Q3 2024 [17] - Cash at the end of Q3 2025 was CHF 2.2 million, providing a runway through mid-2026, with a significant reduction in cash burn following the Neurosterix spin-out [5][18] Business Line Data and Key Metrics Changes - Progress was made in the GABA-B PAM program, with IND-enabling studies ready to start, subject to financing [6][12] - The Dipraglurant program for post-stroke recovery is advancing, with preparations for clinical studies ongoing [4][10] Market Data and Key Metrics Changes - There is a significant unmet medical need in chronic cough treatment, with current standards of care ineffective in 30% of patients [11][25] - The market for post-stroke recovery is growing, with over 100 million stroke survivors worldwide, increasing at an annual rate of 12 million [8][9] Company Strategy and Development Direction - The company is focusing on advancing its GABA-B PAM program for chronic cough and repositioning Dipraglurant for brain injury recovery [19] - Collaboration with Neurosterix and Lund University is ongoing to complete preclinical profiling of Dipraglurant [4][19] - The company is evaluating potential indications for its mGluR2 PAM program, received back from J&J, to advance towards clinical studies [19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the urgent need for pharmacological agents to promote recovery in post-stroke patients, emphasizing the potential of Dipraglurant [9][10] - The company is optimistic about the progress of its spin-out company, Neurosterix, and its M4 PAM program, which is set to start phase one this year [19] Other Important Information - The company has a strong patent position for Dipraglurant and believes it can become a first-in-class drug for post-stroke recovery [10] - Stalicla, a private clinical-stage company, is advancing its patient stratification study in autism and is working on a Series C financing [5][28] Q&A Session Summary Question: Commercial outlook for chronic refractory cough - Management noted that Gefapixent is not performing well in the U.S. market, and there is a significant unmet medical need in chronic cough treatment [24][25] Question: Funding catalyst for Stalicla and potential IPO - Stalicla is working on Series C financing to fund clinical programs and is considering an IPO as a potential funding mechanism [27][28] Question: Competitive clinical development in post-stroke recovery - Management acknowledged the ongoing Camaris trial with Maraviroc and expressed interest in learning from its outcomes for Dipraglurant development [22][30] Question: Indivior's next steps in collaboration - Management stated that Indivior has completed IND-enabling studies and is preparing to move the program forward, but further details could not be disclosed [32]