Financial Data and Key Metrics Changes - For the full year 2025, total revenue increased 71% year-over-year to $33.3 million, with fourth-quarter revenue increasing 53% to $7.5 million [16][5] - Adjusted EBITDA for the full year was $4.1 million, approximately 12.3% of revenue, reflecting an 81% year-over-year increase [17] - Net income for the full year was $1.2 million, representing about 4% of revenue, which is a 91% year-over-year increase [17] Business Line Data and Key Metrics Changes - The distribution network grew to 885 brokers, TPAs, and agencies, marking a 34% year-over-year increase [16] - Enrolled employees increased to 22,515, a 23% year-over-year increase [16] - The company expanded its Enhanced Do It Yourself Benefit Systems (eDIYBS) to support larger employers, enhancing underwriting efficiency [8] Market Data and Key Metrics Changes - The company operates within an estimated $0.9 trillion self-funded healthcare market, with current penetration well below one-tenth of 1% [6] - The company believes it remains at an early stage of market penetration, with significant growth potential as it scales distribution [6] Company Strategy and Development Direction - The company aims to scale its platform and accelerate adoption, focusing on expanding its distribution footprint and investing in platform development and AI capabilities [12] - The Three-Year Rate Stabilization Program is designed to provide pricing stability, which is expected to deepen client relationships and improve retention [11] - The company plans to enhance its platform to include claims administration and cost containment solutions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year 2026 revenue guidance of $45 million to $50 million, representing approximately 35% to 50% year-over-year growth [12] - The company highlighted the importance of its AI advantage, which combines proprietary data and integrated workflows, making it difficult for competitors to replicate [9] Other Important Information - The company generated $3.1 million of positive operating cash flow for the full year 2025 [21] - Accounts receivable days reduced to 14 days in 2025 from 29 days in 2024, indicating improved cash collection efficiency [22] Q&A Session Summary Question: Feedback on larger employer offering - Management noted that the sales cycle for larger employers is long, but they are starting to see sales pick up as they prepare for a product launch [23][29] Question: Feedback on the Three-Year Rate Stabilization offering - Management indicated strong interest from government entities and municipalities, with beta testing underway and plans for a full launch in the second half of the year [30][33] Question: Renewal opportunities for large employer and Three-Year Rate Stabilization - Management clarified that most current business is from small to medium-sized groups, with significant renewals expected primarily in January [34][40] Question: Insights on physiological data and claims data integration - Management explained that the beta testing of physiological data aims to provide actionable insights correlating health conditions with medical conditions [41] Question: Stickiness and retention in large organizations - Management believes that the ease of use of their system will enhance stickiness and retention among larger clients [44] Question: Ongoing pipeline of potential affiliations - Management confirmed that they are exploring partnerships beyond brokers and TPAs to expand their service offerings [48][49] Question: Business model for cost containment and claims paying - Management described their marketplace model, which will offer services to other carriers and MGUs, with various pricing strategies under consideration [56] Question: Feedback from the conference in Davos - Management reported positive interactions and ongoing discussions with potential partners following the conference [64] Question: AI initiatives for 2026 - Management emphasized the focus on improving internal processes and applying AI to enhance efficiency in claims management [66]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $10.8 million, down from $11.5 million in Q3 2025, impacted by migration activities to the new platform [11] - Cash decreased to $9.9 million from $10.3 million at the end of Q3 2025, primarily due to the timing of customer payments [12] - Anticipated revenue for Q1 2026 is expected to be in the range of Q4 2025 levels, with Adjusted EBITDA projected to be $500,000 or more [12] - For Q2 2026, revenue is expected to sequentially increase compared to Q1 2026, with Adjusted EBITDA potentially exceeding $1 million [13] Business Line Data and Key Metrics Changes - The company completed the migration of approximately 1,000 customers to the new Marchex Engage platform, which is expected to enhance revenue growth and margin expansion in 2026 [8] - New product capabilities have been significantly expanded, including a unified user interface and vertical AI capabilities [8] Market Data and Key Metrics Changes - The company is focusing on large vertical markets such as automotive, home services, healthcare, and advertising, leveraging AI capabilities to deliver industry-specific solutions [10] - The potential acquisition of Archenia is expected to enhance market reach and create a vertically focused AI-driven customer acquisition platform [17] Company Strategy and Development Direction - The company aims to evolve from providing strategic analytics to delivering comprehensive AI-powered solutions that address customer acquisition and optimization needs [4] - There is a focus on bundling AI-driven insights, actions, and outcomes to accelerate business growth and enhance value within vertical markets [5] - The anticipated combination with Archenia is expected to create new revenue opportunities and expand the addressable market [17] Management's Comments on Operating Environment and Future Outlook - Management believes the company is at a positive inflection point, with significant opportunities for growth driven by AI advancements [4] - The company is positioned to leverage its first-party data and vertical expertise to improve business agility and efficiency [6] - Management acknowledges the current stock price does not reflect the company's value and is committed to delivering financial results to validate their growth story [28] Other Important Information - The proposed acquisition of Archenia is expected to close in June 2026, pending approval from disinterested stockholders [16] - The combined company is projected to achieve a revenue run rate of approximately $15 million quarterly, with growth potential in the 15%-20% range for 2026 [18] Q&A Session Summary Question: How are the selling efforts for the combined capabilities going? - Joint sales calls have been positive, with multiple orders already received from the installed customer base for new products [23] Question: What percentage of the installed base could be targeted to the new capabilities? - The top 50 customers represent about 80% of revenue, and the new product capabilities are relevant to the majority of these customers, with a tangible $100 million revenue opportunity [25] Question: Did bookings grow sequentially and year-over-year? - Bookings were similar to the prior quarter, but there is an expectation of acceleration in bookings as new solutions are introduced [35]

Financial Data and Key Metrics Changes - For the full year 2025, total revenue increased 71% year-over-year to $33.3 million, with fourth-quarter revenue increasing 53% to $7.5 million [15][16] - Adjusted EBITDA for the full year was $4.1 million, representing about 12.3% of revenue, an increase of 81% year-over-year [16] - Net income for the full year was $1.2 million, representing about 4% of revenue, an increase of 91% year-over-year [16] Business Line Data and Key Metrics Changes - The distribution network grew to 885 brokers, TPAs, and agencies, a 34% year-over-year increase [15] - Enrolled employees increased to 22,515, a 23% year-over-year increase [15] Market Data and Key Metrics Changes - The company operates within an estimated $0.9 trillion self-funded healthcare market, with current scale representing only a fraction of the total addressable opportunity [6] - The company remains at a very early stage of market penetration, with penetration well below one-tenth of 1% [6] Company Strategy and Development Direction - The company aims to scale its platform and accelerate adoption, focusing on expanding its distribution footprint and investing in platform development and AI capabilities [12] - The introduction of the Three-Year Rate Stabilization Program is designed to provide greater pricing stability, which is expected to deepen client relationships and improve retention [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year 2026 revenue guidance of $45 million to $50 million, representing approximately 35% to 50% year-over-year growth [12][15] - The company highlighted the importance of compressing time to revenue, enabling new features to scale within 1-2 quarters compared to 12-24 months in traditional insurance environments [12] Other Important Information - The company generated $3.1 million of positive operating cash flow for the full year 2025, with accounts receivable days reduced to 14 days from 29 days in 2024 [20] - The company is enhancing its technology foundation through partnerships with Ciklum and AWS Advanced Tier Services [12] Q&A Session Summary Question: Feedback on larger employer offering - Management noted that the sales cycle for larger employers is long, but they are starting to see sales pick up, with a product launch expected to speed up the process [29][30] Question: Feedback on the Three-Year Rate Stabilization offering - Management indicated strong interest from government entities and municipalities, with beta testing underway and an official launch expected in the second half of the year [30][33] Question: Renewal opportunities for large employer and Three-Year Rate Stabilization - Management clarified that most of their current business is from small to medium-sized groups, with significant renewals expected primarily in January [39] Question: Insights on physiological data and claims data integration - Management explained that the beta testing for integrating physiological data is aimed at generating actionable insights related to health conditions [41] Question: Stickiness and retention in large organizations - Management believes that the ease of use of their system will enhance stickiness and retention among larger organizations [44] Question: Ongoing pipeline of potential affiliations - Management confirmed that they are exploring additional partnerships to expand service offerings and distribution [48][49] Question: Business model for cost containment and claims paying - Management described their marketplace model, which will expand to offer services to other carriers and MGUs, with various pricing strategies under consideration [55][56]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $10.8 million, down from $11.5 million in Q3 2025, impacted by migration activities to the new platform [11] - Cash decreased to $9.9 million from $10.3 million at the end of Q3 2025, primarily due to the timing of customer payments [12] - Anticipated revenue for Q1 2026 is expected to be in the range of Q4 2025 levels, with Adjusted EBITDA projected to be $500,000 or more [12] - For Q2 2026, revenue is expected to sequentially increase compared to Q1 2026, with Adjusted EBITDA potentially exceeding $1 million [13] Business Line Data and Key Metrics Changes - The company completed the migration of approximately 1,000 customers to the new platform, which caused some revenue dilution but positions the company for future growth [8] - New product capabilities have been significantly expanded, including a unified user interface and vertical AI capabilities [8] Market Data and Key Metrics Changes - The company is focusing on large vertical markets such as automotive, home services, healthcare, and media, leveraging AI capabilities to deliver industry-specific solutions [10] Company Strategy and Development Direction - The company is at a positive inflection point, aiming to evolve from providing strategic analytics to delivering comprehensive AI-powered solutions [4] - There is a significant opportunity to expand into AI-powered bundled solutions that address customer acquisition and optimization needs [5] - The proposed acquisition of Archenia is expected to enhance the company's capabilities in customer acquisition and outcome optimization [15][17] Management's Comments on Operating Environment and Future Outlook - Management believes that the combination of AI capabilities and first-party data will lead to meaningful business acceleration [6] - The company anticipates a revenue run rate of approximately $15 million quarterly post-acquisition, with growth in the 15%-20% range in 2026 [18] - Management acknowledges that the current stock price does not reflect the company's value and is focused on delivering financial results to demonstrate its potential [28] Other Important Information - The company has engaged a new investor relations firm to enhance outreach and communication with investors [30] - There is an existing 3 million share buyback program authorized, which will be assessed alongside other options [30] Q&A Session Summary Question: How are the selling efforts for the combined capabilities going? - The joint sales calls have been positive, with multiple orders already in hand from the installed customer base for new products [23] Question: What percentage of the installed base could be targeted to the new capabilities? - The top 50 customers represent about 80% of revenue, and the new product capabilities are relevant to the majority of these customers, with a tangible $100 million revenue opportunity [25] Question: Did bookings grow sequentially and year-over-year? - Bookings were similar to the prior quarter, which is viewed as a favorable result, with expectations of acceleration in bookings as new solutions are introduced [36] Question: Are call volumes following normal seasonal patterns? - Call volumes have been consistent, with primary variables being customer expansion and upselling new products [37]

Financial Data and Key Metrics Changes - Total revenue for the year ended December 31, 2025, was $3.09 million, a decrease from $3.5 million in 2024, primarily due to lower R&D collaboration activity and reduced license and milestone revenue, partially offset by a $1.86 million increase in grant revenue from the Gates Foundation and CEPI [19][20] - Loss from operations increased to $7.19 million in 2025 from $5.9 million in the prior year, with a net loss of $7.36 million or $0.23 per share compared to a net loss of $5.81 million or $0.20 per share in 2024 [20] Business Line Data and Key Metrics Changes - The life sciences segment is the most advanced, focusing on recombinant animal-free proteins for cell culture media and molecular biology workflows, with significant progress in product launches and partnerships [5][9] - Recombinant human albumin was commercially launched in early 2026, marking a significant milestone in the life sciences portfolio [6] - The food and nutrition segment is expanding with a focus on sustainable animal-free proteins, including a partnership with BRIG BIO to develop recombinant bovine alpha-lactalbumin [10][11] Market Data and Key Metrics Changes - The markets for recombinant proteins are shifting towards animal-free alternatives, driven by demand in biologic manufacturing, cell and gene therapy, and cultivated meat [5][9] - The global shift towards sustainable animal-free proteins and functional ingredients is creating significant opportunities in the food and nutrition sector [9][10] Company Strategy and Development Direction - The company is transitioning from a development stage to a commercial product-driven biotechnology business, focusing on multiple revenue paths and strengthening technological capabilities through partnerships [4] - The strategy includes leveraging the Dapibus platform for large-scale production and forming partnerships with established companies for market access [9][10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of execution in scaling product sales and advancing partner-led programs, with expectations for increasing conversion into product sales and repeat orders through 2026 and beyond [71] - The company is focused on maintaining disciplined cash usage while prioritizing high-impact R&D programs and anticipates growth in product revenues across life sciences and food and nutrition markets [21][22] Other Important Information - The company has established an ATM facility for flexible capital access, allowing it to respond to favorable market conditions without being forced into larger transactions [22] - The collaboration with Fermbox Bio is crucial for scaling technology into large volume applications, providing access to commercial scale manufacturing [13][14] Q&A Session Summary Question: Timing and ramp of product revenues - Management indicated a slow ramp in product revenues as products need to be qualified for use in workflows, with expectations for significant growth as companies become accustomed to the products [24][25] Question: Upfront license fees in collaborations - The response highlighted that the potential for upfront fees depends on the product and market stage, with efforts to secure larger upfront revenues for more developed products [27][29] Question: Internal changes to manage new partnerships - Management noted that expanding partnerships enhances internal capabilities, leveraging partners' dedicated teams for sales and manufacturing [34][36] Question: Pricing control in various arrangements - The company has visibility in partner-led programs but maintains margins through pre-established agreements, with flexibility in pricing depending on market sensitivity [37][39] Question: Breakeven timeline - Management acknowledged the difficulty in predicting breakeven but emphasized the goal of achieving revenue positivity as quickly as possible while ensuring long-term sustainability [44][45] Question: Impact of higher energy environment on cultured food - Management noted that regulatory scrutiny and consistency are driving shifts in the food space, with a growing demand for scalable non-animal proteins [49][52] Question: Grant revenue recognition - The CFO clarified that grant revenue is recognized based on the percentage of costs incurred for the entire project, rather than a straight-line basis [59][61]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q3 2026 were 43 cents, down from 44 cents in the same quarter last year [14] - Consolidated net sales for the quarter were $927 million, up 5.8% year-over-year, and 3.8% higher organically [14] - Orders for the quarter grew to $932 million, up 9.2% as reported and 7.2% higher on an organic basis [14] - Consolidated backlog was $712 million at quarter end, up 3.7% from a year ago [14] - Third quarter consolidated gross margin increased by 20 basis points to 38.1% [15] - Cash flow from operations was $61 million, and debt was reduced by $41 million, lowering the debt to EBITDA ratio to 2.75 times [15] Business Line Data and Key Metrics Changes - North America Contract segment net sales were $489 million, up 4.4% on a reported basis and 4.1% higher organically [17] - Orders in the North America Contract segment increased to $491 million, up 13.1% on a reported basis and 12.8% organically [17] - International Contract segment net sales were $157 million, up 7.8% on a reported basis but only 1.9% organically [18] - Orders in the International Contract segment were $160 million, up 0.7% on a reported basis but down 4.3% organically [18] - Global Retail segment net sales were $281 million, up 7.1% on a reported basis and 4.4% organically [19] Market Data and Key Metrics Changes - In Global Retail, comparable sales increased by 5.5%, with North America region comparable sales growth of 3.9% [9] - Sales strength was noted in India, China, Japan, Southern Europe, Germany, and the U.K. for the International Contract segment [8] Company Strategy and Development Direction - The company aims to drive long-term value through sustained revenue growth, margin expansion, cash generation, and shareholder returns [12] - The strategy includes expanding the retail footprint, with plans to open 14-15 new stores in the U.S. by the end of fiscal 2026 [10] - The company is focused on creating a diverse product portfolio, particularly in the lifestyle category and gaming [68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the impact of strategic initiatives despite macroeconomic and geopolitical uncertainties [4] - The ongoing conflict in the Middle East is expected to create disruptions, impacting fourth quarter sales and costs [5] - Management noted that the office environment remains positive, with continued momentum in North America [34] Other Important Information - The company declared a quarterly cash dividend of $0.1875 per share, payable on April 15, 2026 [16] - Claire Spofford was welcomed to the Board of Directors, bringing valuable consumer insight and retail strategy experience [13] Q&A Session Summary Question: Impact of weather on business - Management noted lower traffic and store closures due to severe weather, primarily affecting the retail segment [26][27] Question: Cost pressures from market volatility - Management anticipates potential increases in costs for plastics and other materials but has not seen significant impacts yet [28][29] Question: Office environment outlook - Management indicated that while there is caution in some regions due to geopolitical issues, overall demand remains robust [34] Question: Retail segment resilience - Management highlighted that the premium consumer base remains resilient despite rising prices and inflation concerns [40] Question: Federal government business trends - Management noted that federal government business has slowed due to the ongoing conflict but there are still active projects [44] Question: Future store openings and costs - Management expects to maintain a similar pace of store openings next year, with incremental costs remaining consistent [66] Question: Product assortment growth - Management is focusing on expanding the lifestyle category and gaming portfolio to enhance product offerings [68] Question: Retail gross margin decline - Management explained that the decline was due to previous favorable freight adjustments and increased shipping costs during promotions [70]

Financial Data and Key Metrics Changes - Q4 revenue reached $178 million, representing a 35% year-over-year growth, while Gross Booking Value (GBV) reached $2.3 billion, up 42% year-over-year [13][14] - Non-GAAP operating margin was breakeven, showing a significant improvement of 1,100 basis points compared to the previous year [14] - The company turned free cash flow positive for the first time, a year ahead of schedule [6][14] Business Line Data and Key Metrics Changes - The company signed net new GBV that was over 50% more compared to Q4 of the previous year, indicating strong growth momentum [6] - The Reed & Mackay brand was retired for new sales, resulting in a $36.2 million non-cash amortization charge, but this strategic move is expected to enhance the integration of services [14][30] Market Data and Key Metrics Changes - The corporate travel segment is showing strong growth, with the GBTA index indicating mid- to high-single-digit year-over-year growth, outpacing TSA checks [45] - The company has a very low exposure to geopolitical tensions, particularly in the Middle East, with minimal impact on bookings activity [23][24] Company Strategy and Development Direction - The company aims to focus on high growth and scaling across all channels and offerings, with continued investment in AI and product innovation [11] - The introduction of Navan Edge targets the unmanaged travel market, estimated at a $57 billion total addressable market (TAM) [10] - The company is leveraging its AI capabilities to enhance customer experience and streamline operations, positioning itself as a leader in the AI travel space [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum into fiscal 2027, with revenue guidance set between $866 million and $874 million, reflecting a 24% growth at the midpoint [15] - The company is aware of potential disruptions in the travel industry but believes its platform can effectively manage these challenges [24][49] Other Important Information - The company ended the year with a strong balance sheet, holding $741 million in cash and short-term investments against $125 million in debt [15] - The net revenue retention rate for the core Navan platform was 110%, indicating strong customer loyalty and satisfaction [32] Q&A Session Summary Question: Can you provide insights on the bookings momentum and sustainability? - Management highlighted a 42% GBV growth in Q4 and clarified that the 50% growth mentioned refers to new signed GBV, which is expected to fuel future revenue [18][19] Question: What impact has geopolitical conflict had on bookings activity? - Management reported minimal impact from geopolitical tensions, with a very low volume exposed to the Middle East [23][24] Question: What benefits are expected from the Reed & Mackay transition? - The integration is expected to enhance unit economics and sales efficiency, as customers desire a seamless experience combining agent support with AI capabilities [30][31] Question: How does the company view its fiscal 2027 guidance? - Management anticipates bookings to grow slightly faster than revenue, with a prudent approach to guidance reflecting current momentum [34][35] Question: What is the strategy for the payments business? - The company is growing its payment business, with a 19% year-over-year increase in Q4, and plans to be aggressive in upselling to customers [39][40] Question: How is the company benefiting from corporate travel growth? - Management noted that the company is a leader in NDC, allowing for better connectivity and pricing, which enhances the travel experience for customers [66][68]

Financial Data and Key Metrics Changes - Full year 2025 sales revenues increased by 4% to $37.1 million, representing record core product sales [5][15] - Gross margins reached 71% for the full year and improved to 74% in Q4 2025, driven by manufacturing efficiencies [7][17] - Operating loss for 2025 improved by 10% to $14.7 million compared to $16.5 million in 2024 [16] - Adjusted net loss for 2025 was $14.2 million or $0.23 per share, compared to an adjusted net loss of $12.7 million or $0.23 per share in 2024 [17] Business Line Data and Key Metrics Changes - Direct sales outside of Germany increased by 13% to $8.6 million, while distributor sales grew by 11.4% to $16.5 million, together accounting for approximately 68% of total revenue [6][15] - Sales in Germany declined by 10% to $11.8 million, reflecting the near-term impact of restructuring efforts [6][15] Market Data and Key Metrics Changes - The company has delivered over 300,000 treatments globally across 70 countries, indicating a broad and growing clinical footprint [4] - Clinical evidence continues to drive adoption, with over 75% of surveyed physicians adopting blood purification, with CytoSorb being one of the most commonly used modalities [10] Company Strategy and Development Direction - The company is focused on driving sales growth outside of Germany while repositioning its operations in Germany for long-term success [5] - The PuriFi initiative aims to expand access and utilization of CytoSorb therapy without reliance on existing dialysis infrastructure [8] - DrugSorb-ATR represents a significant pipeline opportunity, with an estimated initial market opportunity of over $300 million, expanding to over $1 billion over time [12] Management's Comments on Operating Environment and Future Outlook - Management believes that the actions taken in 2025 have positioned the company well heading into 2026, with expectations for gradual and sustained improvement in Germany [5][21] - The company aims to achieve cash flow break-even in the second half of 2026, supported by operational improvements and cost structure adjustments [21][22] Other Important Information - The company has strengthened its balance sheet and lowered its cost structure, establishing a realistic path to cash flow breakeven in 2026 [23] - The STAR-T randomized controlled trial has been published, showing that DrugSorb-ATR was safe and reduces the severity of bleeding in high-risk CABG patients [13] Q&A Session Summary Question: FDA regulatory process and timelines - Management is in interactive discussions with the FDA to ensure alignment before submission, aiming to streamline the process [27][29] Question: Confidence in reaching consensus with the FDA - Management is cautiously optimistic about aligning with the FDA and is working to define additional details to avoid surprises [28][29] Question: Early signs of improvement in the German market - Management noted leadership changes and a proactive approach to market development, which are expected to yield predictable sales momentum [30][31] Question: Status of the restructuring in Germany - Management believes they are in the later innings of restructuring, with incremental improvements expected over time [38] Question: Gross margin expectations for 2026 - Management aims to maintain gross margins in the low 70% range, with potential for improvement depending on increased volumes [40] Question: PuriFi pump strategy and revenue model - The PuriFi pump is viewed as an investment strategy, similar to a printer cartridge model, with expectations for future disposable revenue growth [41][42] Question: Pathway to breakeven and necessary steps - Management highlighted cost reduction initiatives and improved production efficiencies as key factors in reaching breakeven [46][47] Question: De-risking steps for DrugSorb-ATR resubmission - Management is ensuring alignment with the FDA to avoid another denial and is taking a cautious approach to the submission process [48][49]

Financial Data and Key Metrics Changes - Operating expenses increased to $7.9 million from $4.5 million in the previous year, primarily due to the introduction of the biopharma business and increased headcount [13] - Cash and cash equivalents rose to $12.6 million compared to $2 million at the end of the previous year [14] - Loss from discontinued operations decreased from $1.2 million to $900,000 [13] Business Line Data and Key Metrics Changes - The company transitioned from the consumer device market to focus on biopharmaceuticals, specifically immunotherapy, marking a strategic pivot [12][3] - The ClearUP device business was discontinued, and non-core neuromodulation programs were suspended to concentrate resources on high-value biotherapeutic opportunities [4] Market Data and Key Metrics Changes - The oncology supportive care market is valued at approximately $15 billion and is expected to grow to $20 billion by the 2030s, with significant unmet needs for next-generation protective agents [6] - Entolimod is positioned to disrupt established markets due to its unique properties that prevent programmed cell death in vital tissues [7] Company Strategy and Development Direction - The company aims to evolve into a high-impact immunotherapy organization, focusing on the TLR5 platform and its lead candidate, Entolimod [3] - The acquisition of Velocity Bioworks allows for internal manufacturing capabilities, reducing development timelines and costs while ensuring control over the supply chain [10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of national preparedness and the demand for domestic biomanufacturing as key macro trends [10] - The company is committed to executing its vision and is optimistic about capturing immediate opportunities in national preparedness while driving long-term value in oncology supportive care markets [17] Other Important Information - The company acquired assets from Scorpius Holdings, Inc for $16.3 million, financed through a senior secured convertible note [14] - A common stock purchase agreement allows the company to raise up to $50 million under certain conditions over the next two years [15] Q&A Session Summary - No specific questions or answers were provided in the content, thus this section is not applicable.

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased by 36% to $3.1 million compared to $2.2 million in the prior year period [16] - Gross profit rose by 43% to $2.1 million, with gross margin improving to 69.8% from 66.3% [16] - For the full year, revenue increased by 15% to $11.4 million from $9.9 million in 2024 [17] - Net loss for the quarter improved to $1.6 million from $3.7 million a year ago [16] - Full year net loss improved to $7.5 million from $9 million in 2024 [18] Business Line Data and Key Metrics Changes - Fourth quarter growth was driven by strong demand for Freedom Alert Mini and upgraded Guardian Alert 911 Plus [4] - Full year revenue growth was primarily attributed to higher sales of Freedom Alert Mini [4] Market Data and Key Metrics Changes - A Berg Insight report estimated that approximately 6.5 million people in North America were using telecare or medical alert solutions at the end of 2025 [12] - The market value of medical alert solutions in North America is projected to grow from approximately $3.7 billion in 2025 to $5.6 billion in 2030 [12] Company Strategy and Development Direction - The company is evolving from a traditional hardware provider to a broader connected care platform, focusing on a diversified product portfolio and stronger software capabilities [5][8] - The strategy includes expanding into B2B channels across government and healthcare sectors while also exploring consumer channels [8][9] - The company aims to build a defensible software-defined platform grounded in proprietary AI-powered monitoring and connected IoT ecosystems [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable demand environment supported by aging in place and increasing technology adoption among older adults [12][15] - The company plans to continue investing in sales, product development, and supply chain resilience while balancing near-term revenue opportunities with long-term growth [15] Other Important Information - The company ended the year with $9.5 million in cash and investments and no long-term debt [19] - The company is focused on expanding monetization beyond one-time device sales to include multiple subscription levels and connected care services [11] Q&A Session Summary Question: How is the company getting the word out about its transformation? - Management highlighted increased PR efforts and participation in trade shows to enhance visibility and gather feedback on new products [23][24] Question: What is the outlook for aging in place? - Management noted that 90% of people aged 50 and over want to age at home, which supports the company's solutions [25][26] Question: Will licensing technology become more important over time? - Management confirmed that building a strategic IP portfolio is crucial for creating an inclusive ecosystem and licensing opportunities [30][38] Question: Will the company continue to focus on containing costs? - Management affirmed a disciplined approach to operating expenses while balancing investments for growth [39] Question: Is there expected seasonality in revenue? - Management indicated some seasonal aspects in the core VA business but noted that B2B sales may affect quarterly results more from a ramp standpoint than seasonality [40]