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 [5][12] - Adjusted EBITDA was $185 million, resulting in a margin of 9.9%, driven by strong program execution [5][12] - Adjusted diluted EPS was $2.58, reflecting strong margin performance and a favorable tax rate [5][12] - Free cash flow for the third quarter was $135 million, despite being affected by the government shutdown [6][12] 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 [12] - The civil business segment experienced a year-over-year decline of 7%, but the nine-month performance showed it was roughly flat with improved margins [26][27] - The company expects to submit bids totaling over $30 billion in FY27, despite a slowdown in proposal submissions due to the government shutdown [12][13] Market Data and Key Metrics Changes - The government shutdown has slowed the pace of proposal submissions, but normalization is expected in the near term [20][12] - The company anticipates continued pressure on civilian agency budgets, impacting growth in the civil sector [45][60] Company Strategy and Development Direction - The acquisition of SilverEdge is expected to enhance the company's capabilities and contribute positively to margins and EPS [4][25] - The company is focusing on improving execution, increasing business development throughput, and prioritizing quality in proposals [7][9] - Efforts are being made to identify over $100 million in annual spending to reinvest in higher ROI areas to improve margins [8][40] 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 [17][60] - The company is committed to adapting to changes in procurement processes within the Department of War, aiming for greater speed and efficiency [31][32] - Future guidance reflects a cautious optimism, with expectations for revenue growth and margin improvement in FY27 [14][15] Other Important Information - The company plans to repurchase approximately $500 million in shares for both FY26 and FY27, representing about 25% of its market value [16] - The leadership transition is ongoing, with a search for a permanent CEO being conducted [11] Q&A Session Summary Question: What is the current procurement environment post-shutdown? - Management noted a slowdown in RFP activity due to the shutdown but expects normalization in Q4, which is typically a softer quarter for book-to-bill [20] Question: Any residual impact from DOGE and pricing environment? - Management indicated no material changes from previous disclosures regarding DOGE, with healthy margins and limited pricing pressure observed [22] Question: How will SilverEdge integrate into the portfolio? - Management expressed enthusiasm about SilverEdge's potential to enhance bid differentiation and overall portfolio value [24] Question: What is the outlook for civil spending? - Management anticipates continued pressure on civilian agency budgets, but believes they are positioned well within key agencies [45][60] Question: How does the company plan to utilize the $100 million in savings? - A substantial portion of the savings will be reinvested into business development and proposal improvement efforts to drive growth [39][40] Question: What is the company's stance on portfolio shaping? - Management remains open to portfolio shaping opportunities but emphasizes the need for organic growth before pursuing larger acquisitions [56][57]

Financial Data and Key Metrics Changes - The meeting discussed the approval of the independent registered public accounting firm KPMG LLP for the fiscal year ending June 30, 2026, indicating a stable financial oversight [6] - The preliminary voting results showed that all proposals were approved by the stockholders, reflecting a positive sentiment towards the company's governance [8] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were provided during the meeting, as the focus was primarily on governance matters and the election of directors [5][6] Market Data and Key Metrics Changes - There were no specific market data or key metrics changes discussed in the meeting [5][6] Company Strategy and Development Direction and Industry Competition - The company is currently facing a vacancy in the Class 2 Director seat due to the unexpected passing of Mr. Ronald A. Sege, which may impact strategic decisions until a new director is appointed [5][6] - The company continues to emphasize the importance of its independent auditing processes, which is crucial for maintaining investor confidence and regulatory compliance [6] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of reading periodic reports and filings with the SEC, particularly the annual report for the fiscal year ended June 30, 2025, which outlines various risks and uncertainties [9] Other Important Information - The meeting was conducted virtually, adhering to the company's bylaws and Delaware law, ensuring compliance with legal requirements [3][4] - The company expressed condolences for the passing of Mr. Sege, acknowledging his contributions to the organization [5][6] Q&A Session Summary - The Q&A session was limited to formal business matters, and no specific questions or answers were recorded in the provided content [2][9]

Financial Data and Key Metrics Changes - Kroger achieved identical sales without fuel growth of 2.6% year-over-year, with a two-year stack basis growth of 4.9% [12][19] - Adjusted EPS was $1.05, reflecting a 7% growth compared to last year [23] - FIFO gross margin rate, excluding rent, depreciation, and amortization and fuel, increased by 49 basis points year-over-year [20] Business Line Data and Key Metrics Changes - E-commerce sales grew 17%, driven by delivery, with significant improvements in profitability [13][24] - Pharmacy business continued strong growth, contributing positively to overall operating profit despite impacting margin rates [19][23] - The company's internal composite scores for store operations showed steady improvement, indicating better customer service and product availability [9] 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 [10][11] - Food inflation increased moderately, particularly in beef, impacting customer purchasing behavior [19] Company Strategy and Development Direction - Kroger is evolving its hybrid fulfillment model to improve operational efficiency and profitability, including the closure of three underperforming automated fulfillment centers [6][25] - The company plans to accelerate capital investment in new stores and expand its footprint, with 14 new stores expected to break ground in the fourth quarter [14][15] - A focus on leveraging technology and artificial intelligence to enhance customer experience and streamline operations is a key part of the strategy [16][17] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic uncertainty affecting consumer behavior, with a focus on delivering value through lower prices and promotions [10][11] - The company expects e-commerce profitability improvements of approximately $400 million in 2026, making the e-commerce business profitable [9][25] - Management remains cautious about the competitive environment and anticipates continued challenges in the grocery sector [39] Other Important Information - Kroger's media business showed double-digit growth and is expected to create new monetization opportunities through partnerships with delivery providers [26] - The company is committed to returning to in-office work five days a week to enhance collaboration and decision-making [16] Q&A Session Summary Question: Can you talk about the accelerated sourcing program? - Management expressed excitement about new investments in stores, emphasizing the importance of location and operational infrastructure for success [32] 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 [35] Question: How do you feel about the current grocery ID trend? - Management acknowledged a competitive environment and noted that consumer caution has impacted sales, but they remain focused on value and promotions [36][39] Question: Can you discuss the impact of pharmacy drug pricing headwind? - Management clarified that the changes from the Inflation Reduction Act will lower sales but will not impact earnings due to manufacturer rebates [44] Question: What is the scalability of the e-commerce business? - Management indicated that the e-commerce business is now profitable and expects continued strong double-digit growth moving forward [60][61]

Financial Data and Key Metrics Changes - Income in Q3 2025 remained similar to Q3 2024, amounting to $100,000, primarily related to patent maintenance funded by Indivior and fair value of services from NeuroStarix Group [21] - R&D expenses were $200,000 in Q3 2025, remaining stable compared to Q3 2024, mainly related to the GABA B PAM program [21] - G&A expenses were $500,000 in Q3 2025, consistent with Q3 2024 [22] - The company completed Q3 2025 with CHF 2.2 million in cash, providing a cash runway through mid-2026 [8][22] Business Line Data and Key Metrics Changes - The GABA B PAM program for chronic cough is advancing, with IND enabling studies planned, subject to securing financing [10][19] - The dipraglutide program for post-stroke recovery is being repositioned, with good progress in preparing for clinical studies [6][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 and only moderately effective in up to 60% [15][16] - The post-stroke recovery market shows a large unmet need, with over 100 million stroke survivors worldwide and a growing annual rate of 12 million [12] Company Strategy and Development Direction - The company is focusing on advancing its pipeline, particularly the GABA B PAM program and dipraglutide for brain injury recovery [24] - A research collaboration with Syntaxis and the University of Lund is in place to complete preclinical profiling and prepare for clinical studies [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the progress in the GABA B PAM program and the dipraglutide program, expressing optimism about their potential [24] - The company is aware of the competitive landscape in post-stroke recovery and is planning to collaborate with ongoing clinical programs to gain insights [39][40] Other Important Information - The cash burn has been significantly reduced following the NeuroStarix spin-out transaction, although current cash does not fund the progression of unpartnered programs into the clinic [8] Q&A Session Summary Question: Commercial outlook for chronic refractory cough - Management noted that gefapixant is not performing well, and there is a significant unmet medical need in chronic cough treatment [31][32] Question: Funding catalyst for Stellixla and potential IPO - Stellixla is working on Series C financing to fund Phase II studies and is considering an IPO as a potential funding mechanism [38] Question: Competitive clinical development in post-stroke recovery - Management acknowledged the importance of the CAMARUS trial and plans to collaborate with involved parties to learn from the study [39][40] Question: Indivior's next steps in collaboration - Indivior has completed IND enabling studies and is preparing to move the program forward, but specific details could not be disclosed [43]

Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [3][4] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing efforts to expand into earlier lines of therapy [22][23] Market Data and Key Metrics Changes - The total addressable market for Epkinly in second-line follicular lymphoma is approximately 9,000 patients across major markets, contributing to a larger total addressable market of around 146,000 [26] - The company anticipates that PETO could exceed $1 billion in sales by 2029, indicating strong market potential [20] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and marketing its own assets, focusing on growth through internal product development and strategic acquisitions [5][6] - The acquisition of Maris is aimed at enhancing capabilities in antibody development, particularly in oncology, and is seen as a natural evolution of the business [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, with a focus on maintaining a competitive edge in a crowded market [15][17] Other Important Information - The company is planning to start a phase 2 trial for non-small cell lung cancer, indicating a proactive approach to exploring new indications [46][48] - Aclasunamab is also progressing well in phase 3 trials, with potential to be a significant product in the non-small cell lung cancer market [49] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Maris acquisition? - The acquisition is focused on enhancing capabilities in antibody development, particularly in oncology, and is expected to add substantial value post-deal close [9][10] Question: How does PETO compare to competition? - Management believes PETO has a strong product profile that could lead to a best-in-class designation, with plans to expand beyond current trials [15][16] Question: What are the expectations for Epkinly's market performance? - The company is confident in Epkinly's potential to reach $3 billion in peak year sales, contingent on successful expansion into earlier lines of therapy [23][27] Question: How does the company plan to manage operating expenses? - The company will invest in areas with clear return opportunities while maintaining efficiency in resource allocation [53][54]

Financial Data and Key Metrics Changes - The company raised $219 million in its IPO in February, providing financial flexibility to execute its strategy through 2028 [7] - The company entered Q3 with $325 million in cash, ensuring a cash runway into 2028 [47] Business Line Data and Key Metrics Changes - The company is focused on cystic fibrosis (CF) and is developing two NBD1 stabilizers: SION-719 for an add-on approach and SION-451 for a dual combination strategy [5][6] - The goal is to improve CFTR function in patients, with a target of achieving at least a 10 millimole per liter change in sweat chloride as a primary endpoint in clinical studies [30][69] Market Data and Key Metrics Changes - The CF market is currently valued at $12 billion and is expected to grow to $15 billion [12] - The company aims to create more treatment options for the approximately 85%-90% of CF patients with the F508del mutation, as two-thirds of patients on standard care do not achieve normal CFTR function [16][19] Company Strategy and Development Direction - The company is pursuing a differentiated approach to CF treatment by targeting the NBD1 protein, which has been considered undruggable [4][10] - The strategy includes a dual combination approach to potentially provide meaningful clinical benefits above the current standard of care, which is a triple combination therapy [6][12] - The company is open to exploring new therapeutic areas in the future but is currently focused solely on CF [50][51] Management's Comments on Operating Environment and Future Outlook - Management believes that the current modulators have not fully addressed the unmet needs in CF, as many patients still do not achieve normal CFTR function [16] - The company is confident in its ability to leverage its historical research and partnerships, particularly with the Cystic Fibrosis Foundation, to advance its clinical studies [65][66] - Management emphasized the importance of patient access in pricing strategies, aiming to ensure that new therapies are accessible to patients [60] Other Important Information - The company has licensed three compounds from AbbVie, enhancing its portfolio with clinical data and complementary mechanisms [42][44] - The company is conducting a healthy volunteer phase 1 study for its dual combination strategy, which is expected to inform future development [38][40] Q&A Session Summary Question: What is the company's approach to addressing unmet needs in CF? - The company aims to improve CFTR function and believes that NBD1 stabilization is key to moving more patients to normal CFTR function [16][19] Question: How does the company plan to differentiate its products in the market? - The company is focused on improving efficacy through its dual combination strategy and leveraging historical data to predict clinical outcomes [67][70] Question: What is the expected timeline for clinical data? - The company anticipates data from its phase 2a proof of concept study in mid-2026, which will be crucial for future development decisions [5][30]

Financial Data and Key Metrics Changes - The company is currently focused on executing its business to its maximum potential, with an emphasis on improving operational efficiency and sales execution [9][12] - The management team is committed to delivering immediate shareholder value and is open to all strategic options, including potential stock sales [12][13] Business Line Data and Key Metrics Changes - The sales division is not in a "code red" state, but there are opportunities for improvement in sales success and retention of key talent [16][17] - The company is reviewing its sales processes and the effectiveness of its product offerings, particularly in relation to repeat sales and customer engagement [24][25] Market Data and Key Metrics Changes - The company is observing trends in the timeshare market, particularly regarding repeat sales and the impact of macroeconomic conditions on customer behavior [22][24] - There is a focus on managing inventory effectively and addressing the challenges posed by higher unsold maintenance fees [38][39] Company Strategy and Development Direction - The company is prioritizing clarity of mission, resource allocation, and urgency in decision-making to enhance operational performance [7][8] - There is a strong emphasis on leveraging existing assets and brands, with a focus on internal improvements rather than seeking external solutions [35][36] Management's Comments on Operating Environment and Future Outlook - The management team believes that the current economic environment is generally positive, and they are confident in the resilience of their customer base [54][56] - The company is committed to addressing headwinds and is focused on maximizing cash flow and operational efficiency [41][62] Other Important Information - The company has recently completed a securitization at a favorable rate, indicating confidence in the quality of its financial products [58] - The management team has expressed a commitment to share buybacks as part of their capital allocation strategy, particularly given the current valuation of the stock [59] Q&A Session Summary Question: What is the current state of the sales division? - The sales division is not in a "code red" state, but there are opportunities for improvement in sales success and retention of key talent [16][17] Question: How significant is the issue of commercial rental? - The issue of commercial rental is relevant but not the dominant concern; the company is focused on internal improvements [20][21] Question: Is the Abound product performing well? - The Abound product has largely overcome initial challenges and is expected to provide a tailwind as it matures [26][30] Question: What are the challenges in Maui's recovery? - Maui's recovery has been uneven, with ongoing social issues and a slow rebuilding process affecting customer confidence [43][44] Question: How does the company view its reserve levels? - The company feels appropriately reserved, with positive trends in delinquencies and a focus on maintaining low maintenance fees [48][50]

Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [2][3] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing phase three trials aimed at earlier lines of therapy [22][23] Market Data and Key Metrics Changes - The total addressable market for Epkinly is around 146,000 patients across major markets, with a specific focus on expanding into earlier lines of therapy [26][27] - The company anticipates that PETO could exceed $1 billion in sales by 2029, with significant readouts expected next year [20] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and developing its own assets, focusing on antibody therapies in oncology [5][6] - The acquisition of Merus is part of a strategy to enhance capabilities and expand the oncology portfolio, particularly in head and neck cancer [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, which are expected to drive growth [20][39] Other Important Information - The company is committed to investing in its late-stage programs while managing leverage, aiming to be below three times gross leverage within 24 months of the Merus acquisition [51] - The focus remains on maximizing the potential of existing products while exploring new opportunities for growth [52] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Merus acquisition? - The acquisition is intended to leverage existing capabilities in antibody therapies and enhance the oncology portfolio, particularly with PETO [9][10] Question: How does PETO compare to competitors? - Management believes PETO has a strong product profile and plans to expand its clinical trials to enhance its competitive position [15][16] Question: What is the expected timeline for data readouts and launches? - The company expects one or both ongoing phase three trials for PETO to read out next year, with a potential commercial launch in 2027 [20] Question: How is Epkinly positioned in the market? - Epkinly is currently approved for third-line therapies, with ongoing trials aimed at earlier lines, which are crucial for achieving its peak sales target [22][23]

Financial Data and Key Metrics Changes - The company is currently focused on executing its business to its maximum potential, indicating a need for improvement in operational efficiency [10][11] - The management highlighted a significant increase in maintenance fees over the past two years, with a 25% increase impacting the loan portfolio [51][52] Business Line Data and Key Metrics Changes - The sales division is not in a "code red" state, but there are opportunities for improvement in sales execution and retention of key talent [19][20] - The Abound product, which integrates various vacation ownership products, has seen improvements and is expected to drive sales growth as it matures [29][32] Market Data and Key Metrics Changes - The company is experiencing challenges in the rental side due to higher inventory and unsold maintenance fees, which are being addressed [40][41] - The recovery in Maui is uneven, with ongoing social issues and a slow rebuilding process affecting market conditions [45][46] Company Strategy and Development Direction - The management is committed to creating immediate shareholder value and is open to all strategic options, including potential sales of shares [13][14] - The focus is on maximizing cash flow and addressing operational challenges to enhance profitability and shareholder returns [62][63] Management's Comments on Operating Environment and Future Outlook - The management believes the current economic environment is generally positive, with a strong affinity for travel among consumers [56][58] - There is a recognition of the need to improve service levels and operational execution to meet customer expectations [58][63] Other Important Information - The company has a strong balance sheet, with a leverage ratio of about four times, and is considering share buybacks due to attractive stock valuations [60][61] - The management has expressed confidence in the resilience of the vacation ownership industry, citing historical performance during economic downturns [55][56] Q&A Session Summary Question: What is the current state of the sales division? - The sales division is not in a "code red" state, but there are opportunities for improvement in sales execution and retention of key talent [19][20] Question: How significant is the issue of commercial rental? - The issue is relevant but not the dominant concern; the focus remains on internal improvements [22][23] Question: What are the challenges in the Maui market? - The recovery in Maui is uneven, with ongoing social issues and a slow rebuilding process affecting market conditions [45][46] Question: How is the company addressing delinquencies and reserves? - The company feels appropriately reserved, with positive trends in delinquencies and a focus on maintaining low maintenance fees [50][51] Question: What is the company's approach to share buybacks? - The company is considering share buybacks as part of its capital allocation strategy, given the current stock valuation [60][61]

Financial Data and Key Metrics Changes - The company raised $219 million in its IPO in February 2025, providing financial flexibility to execute its strategy through 2028 [7] - As of Q3, the company reported having $325 million in cash, ensuring a cash runway into 2028 [46] Business Line Data and Key Metrics Changes - The company is focused on developing two NBD1 stabilizers: SION-719 for an add-on approach to the standard of care and SION-451 for a dual combination strategy [5][6] - The company aims to demonstrate a clinically meaningful improvement of at least 10 millimoles per liter in sweat chloride, which is expected to correlate with a 3-point improvement in FEV1 [34][35] Market Data and Key Metrics Changes - The cystic fibrosis market is currently valued at $12 billion and is projected to grow to $15 billion [12] - The company targets the same patient population as the standard of care, focusing on the F508del mutation, which affects 85%-90% of cystic fibrosis patients [19] Company Strategy and Development Direction - The company aims to transform the standard of care in cystic fibrosis by focusing on the NBD1 target, which has been historically considered undruggable [4][10] - The dual combination strategy is prioritized, with the goal of raising the efficacy bar through innovative combinations of therapies [6][12] Management's Comments on Operating Environment and Future Outlook - Management believes that there is a significant unmet need in the cystic fibrosis community, as two-thirds of patients on standard care do not achieve normal CFTR function [16] - The company is optimistic about its clinical development strategy and the potential to improve patient outcomes significantly [70] Other Important Information - The company has licensed three compounds from AbbVie, enhancing its portfolio with clinical data and complementary mechanisms [41][42] - The Therapeutics Development Network (TDN) of the Cystic Fibrosis Foundation is a key partner, providing access to a well-organized research network [65][66] Q&A Session Summary Question: What is the company's strategy for addressing the unmet needs in cystic fibrosis? - The company aims to improve CFTR function in patients who are currently on standard care but do not achieve normal function, focusing on the NBD1 stabilization approach [16][19] Question: How does the company plan to differentiate its products in the market? - The company plans to leverage its unique dual combination strategy and the historical data from its assays to demonstrate improved efficacy compared to existing therapies [6][70] Question: What are the expected timelines for clinical data? - The company anticipates data from its phase 2a proof of concept study in mid-2026, which will be crucial for informing future development and capital raising decisions [5][29]