Financial Data and Key Metrics Changes - Total revenue in Q4 2025 increased by 0.8% year-over-year to $122.8 million [19] - System-wide comparable restaurant sales in Q4 increased by 6.6%, with company-owned restaurants up 7.3% and franchise restaurants up 3.8% [19] - Average unit volumes for company restaurants increased by 9.9% to $1.44 million [19] - Restaurant contribution margin improved to 14.1% in Q4 2025, up from 11.2% in Q4 2024 [20] - Adjusted EBITDA in Q4 was $7.6 million, an increase of over 88% compared to $4 million in Q4 2024 [22] Business Line Data and Key Metrics Changes - The company closed 9 company-owned and 3 franchise restaurants in Q4 2025 as part of a portfolio optimization project [22] - The closures resulted in a transfer of sales to nearby locations, positively impacting average unit volumes and restaurant-level profits [24] Market Data and Key Metrics Changes - System-wide comparable sales growth accelerated to over 9% in Q1 2026, with traffic growth over 4% [4] - The company has seen consistent performance, significantly outperforming the industry average of 0%-1% same-store sales growth [35] Company Strategy and Development Direction - The company focused on four strategic goals: developing winning teams, igniting growth, driving guest satisfaction, and delivering strong financial results [9] - A renewed emphasis on operational excellence and a structured coaching model has been implemented to improve consistency and accountability across restaurants [12] - The company is exploring strategic alternatives to maximize shareholder value, including potential refinancing or other financial transactions [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the foundation built in 2025 and the strong sales acceleration into 2026, positioning the company for sustainable growth [27] - The company is addressing consumer value consciousness by offering appealing meal combinations without temporary discounts [14] Other Important Information - The company expects to close 30-35 restaurants in 2026 as part of ongoing optimization efforts [24] - Capital expenditures for 2026 are estimated at $9.5 million-$10.5 million, with expectations to be free cash flow positive [26] Q&A Session Summary Question: Insights on 2026 guidance and sales transfer impact - Management indicated that approximately half of the expected EBITDA improvement in 2026 is attributed to restaurant closures, with the remainder from core business improvements [33] Question: Impact of external factors on sales performance - Management noted no significant impact from early tax refunds or geopolitical tensions on current performance, maintaining consistency in sales growth [35] Question: Mix of Delicious Duos offerings - The Delicious Duos mix is around 5%, influenced by the presence of strong limited-time offers [38]

Financial Data and Key Metrics Changes - Total revenue in Q4 2025 increased by 76% sequentially from Q3 2025, indicating early momentum as 5G programs begin contributing to the top line [11] - Net revenues for the full year 2025 decreased by $6.3 million or 69% from $9.1 million in 2024 to $2.9 million in 2025, primarily due to a decrease in product sales and service revenues [12] - Cost of net revenue increased by $0.6 million or 16% from $4.1 million in 2024 to $4.7 million in 2025, largely due to additional production overhead costs [13] - Gross margin for 2025 was negative, reflecting insufficient product revenue to cover production overhead costs, with expectations for improvement as product volumes increase [13][14] Business Line Data and Key Metrics Changes - The company shipped more than 1,900 5G chipsets for commercial use in Q4 2025, marking the beginning of production ramp [4] - Research and development expenses decreased by $3.3 million or 19% from $17.3 million in 2024 to $14 million in 2025, due to the completion of a 5G chip design project [15] - Sales and marketing expenses were relatively flat year-over-year, totaling $4.2 million for 2025 compared to $3.9 million in 2024 [16] Market Data and Key Metrics Changes - The company signed a licensing agreement with a major satellite communications provider, which is expected to create new 5G chipset sales opportunities starting in the second half of 2026 [6][7] - The partnership with Skylo aims to expand global satellite connectivity for next-generation cellular IoT devices, further demonstrating the flexibility of the company's architecture [8] Company Strategy and Development Direction - The company is focused on transitioning towards full 5G commercialization, expanding its ecosystem of partners and customers [3] - The strategy includes aligning supply chain partners and strengthening production readiness to support the commercialization of the 5G chipset [10] - The company aims to position itself at the intersection of major technology trends, including the expansion of 5G networks and the integration of satellite connectivity with terrestrial infrastructure [9] Management's Comments on Operating Environment and Future Outlook - Management believes the transition from the legacy 4G product cycle to the 5G platform has reached its trough, with expectations for sequential growth in revenue and 5G chipset shipments throughout 2026 [11][18] - The company emphasizes maintaining operational discipline and capital flexibility while supporting the production ramp necessary to convert the growing customer pipeline into meaningful revenue [18] Other Important Information - The company entered into a $20 million convertible note facility to support working capital requirements and strategic growth initiatives [9] - Cash and cash equivalents at year-end 2025 were $0.6 million, with net accounts receivable of $2.6 million and net inventory of $0.9 million [17] Q&A Session Summary Question: Insights on Fixed Wireless Access and Revenue Trajectory - Management expects to ship more into the Fixed Wireless Access market this year, with growing backlog anticipated as early as Q2 [25] - Revenue from satellite communications is expected to materialize in the second half of the year, with significant attention on 5G products [25] Question: Revenue Size and Profitability Outlook - Management indicated that achieving $25 million in revenue would be a key point for adjusted EBITDA breakeven and profitability, with visibility expected in Q2 [26][27] Question: Gross Margins and Operating Expenses - Management does not believe this year's gross margin is representative of future performance, expecting margins to improve to the high 30s%-low 40s% range as product volumes increase [29] - Operating expenses were higher due to one-off situations, with expectations for G&A expenses to return to a normal run rate [30][31] Question: Customer Feedback and Product Strengths - Customers have expressed satisfaction with the product and the level of support provided, indicating positive prospects for additional revenue and volume growth [34]

Financial Data and Key Metrics Changes - Rental income for Q4 2025 was $11 million, down from $11.7 million in the prior year, primarily due to lease expirations [8] - Adjusted funds from operations (AFFO) decreased to $4 million from $4.1 million year-over-year, with AFFO per share dropping from $0.37 to $0.32 [9] - Interest expense increased by $1.1 million compared to the same quarter in 2024, mainly due to amortization of off-market interest rate swaps [10] - As of December 31, 2025, total cash and cash equivalents were $14.4 million, with $30 million available on the revolving credit facility [10] Business Line Data and Key Metrics Changes - The decrease in rental income was attributed to the expiration of leases with Costco and Solar Turbines, impacting cash rents [8] - The company plans to market the San Diego property for sale upon receiving city approval for a lot split [8] Market Data and Key Metrics Changes - The company noted a disconnect between private and public real estate markets, with public REITs facing persistent discounts [48] - The current market environment is characterized by volatility in interest rates and economic conditions, affecting buyer and seller confidence [19][40] Company Strategy and Development Direction - The company aims to recycle non-core assets, particularly in the office sector, to focus on pure play manufacturing industrial properties [20][28] - The strategy includes selling properties that do not fit the long-term vision and acquiring assets that meet specific criteria for quality and location [32][36] - The company is cautious about timing asset sales to ensure they align with finding suitable replacement properties [31][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for REITs to return to favor in the long term, despite current market challenges [19] - The leadership emphasized the importance of patience in navigating the current environment and the need to polish the portfolio for greater value [63][66] - There is a belief that the timeline to achieve a 100% manufacturing industrial portfolio remains realistic within 24 months, contingent on market stability [46] Other Important Information - The company is currently working through bureaucratic processes to finalize property sales, which have been ongoing since 2021 [21] - Management highlighted the importance of maintaining a strong portfolio with good financials and lease structures to attract potential buyers [32][52] Q&A Session Summary Question: Reasons for not pursuing a recent acquisition offer - Management indicated that they did not see a secure path forward in discussions and prioritized protecting investor interests [15][16] Question: Expectations for asset recycling in 2026 - Management stated that asset recycling efforts would pick up, but current market conditions make it challenging for both buyers and sellers [19] Question: Timeline for achieving a pure play manufacturing portfolio - Management affirmed that the 24-month timeline is realistic, depending on market conditions and the availability of suitable assets [46] Question: Factors attracting interest as an acquisition target - Management noted that the persistent discount of public REITs to private real estate has led to increased interest in their portfolio [48] Question: Terms of the Melbourne office sale - Management confirmed that earnest money has been secured, but specific terms will remain confidential until the deal closes [69][70]

Financial Data and Key Metrics Changes - Rental income for Q4 2025 was $11 million, down from $11.7 million in the prior year, primarily due to lease expirations [8] - Adjusted funds from operations (AFFO) decreased to $4 million from $4.1 million year-over-year, with AFFO per share dropping from $0.37 to $0.32 [9] - Interest expense increased by $1.1 million compared to the same quarter in 2024, mainly due to amortization of off-market interest rate swaps [10] - As of December 31, 2025, total cash and cash equivalents were $14.4 million, with $30 million available to draw on the revolver [10] Business Line Data and Key Metrics Changes - The decrease in rental income was attributed to the expiration of leases with Costco and Solar Turbines, impacting cash rents [8] - The company plans to market the San Diego property for sale upon receiving city approval for a lot split [8] Market Data and Key Metrics Changes - The company noted a disconnect between private and public real estate valuations, with public REITs trading at a discount [37] - The current market environment is characterized by volatility in interest rates, affecting buyer and seller confidence [19][40] Company Strategy and Development Direction - The company aims to recycle non-core assets, particularly in the office sector, and is focused on acquiring manufacturing industrial properties [20][28] - The strategy includes extending leases where possible and cleaning up the portfolio to enhance value for shareholders [27][30] - The company is cautious about asset sales, ensuring that any transactions align with investor interests and market conditions [54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term recovery of REITs, despite current market challenges [19] - The company is committed to maintaining its dividend and believes that a stable market environment will present more acquisition opportunities [65] - Management highlighted the importance of patience in navigating the current economic landscape and emphasized the value of their portfolio [41][63] Other Important Information - The company is in the process of finalizing a sale of an office property in Melbourne, Florida, with earnest money already secured [69] - The operational costs associated with the former Calera property were approximately $20,000-$30,000 per month, which will cease following its sale [74] Q&A Session Summary Question: Reasons for not pursuing a recent acquisition offer - Management indicated that they did not see a secure path forward in the discussions and prioritized protecting investor interests [15][16] Question: Expectations for asset recycling in 2026 - Management expects to increase asset recycling efforts, although current market conditions present challenges for both buyers and sellers [19][20] Question: Timeline for achieving a pure play manufacturing industrial portfolio - Management believes a 24-month timeline is realistic for achieving this goal, contingent on market stability and the availability of suitable assets [46] Question: Interest in the company as an acquisition target - Management noted that the persistent discount of public REITs to private real estate has attracted interest, alongside the company's asset recycling efforts [49][52] Question: Terms of the Melbourne office sale - Management confirmed that terms are known but will remain confidential until the deal closes, with earnest money already secured [69][70]

Financial Data and Key Metrics Changes - Total revenue in Q4 2025 increased by 0.8% year-over-year to $122.8 million [19] - System-wide comparable restaurant sales in Q4 increased by 6.6%, with company-owned restaurants up 7.3% and franchise restaurants up 3.8% [19] - Average unit volumes for company restaurants rose by 9.9% to $1.44 million [19] - Restaurant contribution margin improved to 14.1% in Q4 2025, up from 11.2% in Q4 2024, reflecting a 290 basis point increase [20] - Adjusted EBITDA for Q4 was $7.6 million, an increase of over 88% compared to $4 million in Q4 2024 [22] Business Line Data and Key Metrics Changes - The company closed nine company-owned restaurants and three franchise restaurants in Q4 2025, continuing a trend of closing underperforming locations [22] - The closures resulted in a transfer of sales to nearby locations, positively impacting average unit volumes and restaurant-level profits [24] Market Data and Key Metrics Changes - System-wide comparable sales growth accelerated to over 9% in Q1 2026, with traffic growth exceeding 4% [4] - The company has seen consistent performance, significantly outperforming the industry average of 0%-1% same-store sales growth [36] Company Strategy and Development Direction - The company focused on enhancing its menu with new offerings and limited-time promotions, such as the Chili-Garlic Shrimp Ramen and Steak Stroganoff, to attract new customer groups [5][11] - A renewed emphasis on operational excellence through the Operational Excellence Review program has improved consistency and accountability across restaurants [12] - The company aims to optimize its restaurant portfolio further, with plans to close an estimated 30-35 restaurants in 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum, citing strong execution of fundamentals and improved guest experience as key drivers of performance [27] - The company anticipates continued growth in adjusted EBITDA for 2026, projecting total revenue between $478-493 million and comp restaurant sales growth of 6%-9% [25] Other Important Information - The company is undergoing a review of strategic alternatives to maximize shareholder value, which may include refinancing existing debt [17] - The company has a debt balance of $110.2 million and expects to be free cash flow positive in 2026 [23] Q&A Session Summary Question: Insights on 2026 guidance and sales transfer impact - Management indicated that approximately half of the expected $10 million EBITDA improvement for 2026 is attributed to restaurant closures, with the remainder from core business improvements [33] Question: Impact of external factors on sales performance - Management noted no significant impact from early tax refunds or geopolitical tensions on current performance, maintaining consistent sales growth [36] Question: Mix of Delicious Duos offerings - The Delicious Duos mix is around 5%, influenced by the presence of strong limited-time offers [39]

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, totaled $9.7 million, an increase of $5.8 million or 149% compared to $3.8 million in 2024, primarily driven by the commencement of PAPZIMEOS product revenue [12][13] - Net product revenue for Q4 2025 was $3.4 million, with expectations for Q1 2026 revenues to exceed $18 million based on commercial activity to date [4][14] - The net loss attributable to common shareholders was $429.6 million or $1.37 per share for the year ended December 31, 2025, including non-cash items totaling $318.5 million [16][17] Business Line Data and Key Metrics Changes - The launch of PAPZIMEOS represents a significant transition from an R&D company to a product revenue-generating commercial biotech company [3] - The number of patients in the Precigen patient support hub grew from over 200 in mid-January to well over 300, indicating strong demand for PAPZIMEOS [9][10] - Payer coverage expanded from approximately 170 million lives in early January to about 215 million, covering nearly 90% of insured lives in the U.S. [10] Market Data and Key Metrics Changes - The FDA granted full approval for PAPZIMEOS with a broad label for adult RRP, which has led to strong interest from both patients and physicians [5][6] - The publication of an expert consensus paper positioned PAPZIMEOS as the first choice for adult patients with RRP, enhancing its market acceptance [11] Company Strategy and Development Direction - The company is actively advancing plans for a clinical trial of PAPZIMEOS in the pediatric RRP population, with hopes to initiate this in Q4 2026 [18] - Geographic expansion efforts are underway, including the validation of the marketing authorization application to the EMA for PAPZIMEOS [18] - The company aims to transition the management of RRP from surgical interventions to therapeutic management, reflecting a significant shift in treatment strategy [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong uptake of PAPZIMEOS and the anticipated revenue growth, indicating a robust launch trajectory [14][16] - The assignment of a permanent J-code from April 1 is expected to streamline the reimbursement process and enhance patient access to PAPZIMEOS [28][34] - Management highlighted the importance of payer coverage and institutional activation in driving patient treatment and revenue growth [25][36] Other Important Information - The company ended the year with $100.4 million in cash equivalents and investments, which is expected to fund operations through cash flow breakeven by the end of 2026 [17] - The company continues to advance the PRGN-2009 program, which targets HPV 16 and 18 associated cancers [19] Q&A Session Summary Question: Flow of patients from the hub to receiving reimbursed drug - Management indicated that there is significant conversion of patients from the hub and that the goal is to ensure the majority of patients receive treatment [24][26] Question: Patients starting to get their second dose - Management confirmed that patients are moving through their treatment regimens, including receiving second doses as needed [26][27] Question: Impact of the J-code on patient flow - The J-code is expected to simplify the workflow and billing process, increasing the speed at which patients are processed [34] Question: Clarification on $18 million revenue guidance - The $18 million guidance refers only to PAPZIMEOS product revenue, excluding other revenue sources [45] Question: Community uptake and differentiating factors - Management noted that community sites are showing significant interest and that logistics support is aiding in their adoption of PAPZIMEOS [54][55] Question: Current channel mix of U.S. payers - The payer mix is approximately 60%-65% commercial, consistent with prior expectations [57]

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, while gross profit rose by 43% to $2.1 million, and gross margin improved to 69.8% from 66.3% [16][17] - For the full year, revenue increased by 15% to $11.4 million from $9.9 million in the prior year, with gross profit improving by 15% to $7.6 million, and gross margin remaining flat at 66.8% [17][19] - The net loss for Q4 improved to $1.6 million from $3.7 million a year ago, and the full year net loss improved to $7.5 million from $9 million in 2024 [16][19] Business Line Data and Key Metrics Changes - Q4 growth was driven by strong demand for the Freedom Alert Mini and the upgraded Guardian Alert 911 Plus, with full year revenue growth primarily attributed to higher sales of the Freedom Alert Mini [4][16] - The company is transitioning from a traditional hardware provider to a connected care platform, with a diversified product portfolio and stronger software capabilities [5][8] Market Data and Key Metrics Changes - A recent industry report estimated that approximately 6.5 million people in North America were using telecare or medical alert solutions at the end of 2025, with the market value expected to grow from approximately $3.7 billion in 2025 to $5.6 billion in 2030 [12][13] - The demand for home-based care solutions is increasing, driven by demographic trends and the growing preference for aging in place [12][14] Company Strategy and Development Direction - The company is focused on expanding its B2B sales channels across government and healthcare sectors while exploring opportunities in the consumer channel [8][9] - LogicMark aims to build a defensible software-defined platform grounded in proprietary AI-powered monitoring and connected IoT ecosystems, enhancing its competitive position [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable demand environment for aging in place solutions and the company's ability to capture additional market share through its evolving product portfolio [12][15] - The company expects revenue growth of 10%-15% in Q1 2026 compared to Q1 2025, indicating continued momentum [20] Other Important Information - The company ended the year with $9.5 million in cash and investments and no long-term debt, reflecting a healthy balance sheet [4][19] - LogicMark is expanding its monetization strategies beyond one-time device sales to include subscription services and licensing opportunities [11][20] Q&A Session Summary Question: How is the company getting the word out about its transformation? - Management highlighted increased investment in PR and visibility, attending trade shows, and beta testing new products with senior living facilities [23][24] Question: What is the outlook for aging in place? - Management noted that 90% of people aged 50+ want to age at home, providing a positive tailwind for 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][31] Question: Will the company continue to focus on containing costs? - Management affirmed a commitment to maintaining disciplined operating expenses while balancing growth investments [39] Question: Is there expected seasonality in revenue? - Management indicated some seasonal aspects in the core VA business but noted that B2B sales ramp-up will affect quarterly results [40]

Tivic Health Systems (NasdaqCM:TIVC) Q4 2025 Earnings call March 25, 2026 04:30 PM ET Company ParticipantsLisa Wolf - CFOMichael Handley - CEOOperatorWelcome to Tivic's conference call to discuss fiscal year and fourth quarter 2025 financial results. This call has been pre-recorded. This call is being webcast, and the replay will be available on the IR section of the company's website for three months. Before we begin, please note that during today's call, management will make various forward-looking statem ...

Financial Data and Key Metrics Changes - Total revenue in Q4 2025 increased by 76% sequentially from Q3 2025, indicating early momentum as 5G programs begin contributing to the top line [11] - Net revenues for the full year 2025 decreased by $6.3 million or 69% from $9.1 million in 2024 to $2.9 million in 2025, primarily due to a decrease in product sales and service revenues [12] - Cost of net revenue increased by $0.6 million or 16% from $4.1 million in 2024 to $4.7 million in 2025, largely due to additional production overhead costs [13] - Gross margin for 2025 was negative, reflecting insufficient product revenue to absorb production overhead costs [13] Business Line Data and Key Metrics Changes - In Q4 2025, the company shipped more than 1,900 5G chipsets for commercial use, marking progress toward broader production ramp [4] - The company signed a licensing agreement with a major satellite communications provider, which is expected to create new sales opportunities for 5G chipsets starting in the second half of 2026 [6][7] Market Data and Key Metrics Changes - The company is positioned at the intersection of terrestrial wireless infrastructure and satellite connectivity, reflecting a broader strategy to capitalize on major technology trends [9] - The partnership with Skylo aims to expand global satellite connectivity for next-generation cellular IoT devices, demonstrating the flexibility of the company's architecture [8] Company Strategy and Development Direction - The company is focused on transitioning towards full 5G commercialization, with an emphasis on scaling operations and supporting customer deployments [10] - Strategic partnerships are being expanded to broaden applications and markets for semiconductor solutions, including satellite and terrestrial networks [9] Management's Comments on Operating Environment and Future Outlook - Management believes the transition from 4G to 5G has reached its trough and expects sequential growth in revenue and 5G chipset shipments throughout 2026 [11][17] - The company aims to maintain operational discipline and capital flexibility while supporting the production ramp necessary to convert the growing customer pipeline into meaningful revenue [17] Other Important Information - The company entered into a $20 million convertible note facility to support working capital requirements and strategic growth initiatives [9] - Cash and cash equivalents at the end of 2025 were $0.6 million, with access to an at-the-market equity program of up to $75 million [16][17] Q&A Session Summary Question: Visibility on Fixed Wireless Access and revenue materialization - Management indicated that they expect to ship more into the Fixed Wireless Access market this year, with growing backlog anticipated as early as Q2 [21][23] Question: Trajectory of revenues and adjusted EBITDA breakeven - Management noted that while it is difficult to provide specific revenue guidance, they are monitoring customer schedules and expect to have more visibility by Q2 [24][25] Question: Gross margins and operating expenses - Management stated that gross margins are expected to improve to the high 30s to low 40s as product volumes increase, and operating expenses are anticipated to return to a normal run rate [26][28] Question: Customer feedback on product strengths - Customers have expressed satisfaction with the product and the level of support provided, indicating positive prospects for future revenue growth [30][31] Question: Potential from satellite communications licensing agreement - Management believes the potential business from the satellite communications partner could be substantial, with annual volumes expected to be in the million unit range [35][36]

Financial Data and Key Metrics Changes - SeaStar Medical reported net revenue of over $1 million from QUELIMMUNE sales in 2025, a significant increase from $135,000 in 2024, reflecting the first full year of product sales [22][20] - The gross profit margin for QUELIMMUNE sales was above 90% for both the fourth quarter and the full year [22][24] - Operating expenses decreased to $3.4 million in Q4 2025 from $4.8 million in Q4 2024, and for the full year, they were reduced to $13.4 million from $18 million [23][24] - The net loss for Q4 2025 was approximately $2.9 million, compared to a net loss of $4.4 million in Q4 2024 [24] Business Line Data and Key Metrics Changes - QUELIMMUNE net revenue in Q4 2025 was $315,000, compared to $67,000 in Q4 2024, with first quarter 2026 revenue already exceeding this figure [20][9] - The SCD therapy generated $105,000 in revenue from the AREVA Research Institute in Q4 2025, marking the first of two orders [21] Market Data and Key Metrics Changes - The pediatric AKI market is estimated to be around $100 million, with SeaStar targeting the top 50 children's hospitals in the U.S. [12] - The company aims to add 15 new top-ranked children's medical centers in 2026, building on the momentum from existing customer orders [7][9] Company Strategy and Development Direction - SeaStar Medical plans to advance the SCD therapy for adult AKI, with a market opportunity 50 times larger than the pediatric AKI market [5] - The company is focused on expanding QUELIMMUNE adoption and evaluating broader applicability for SCD therapy in new indications [7][8] - The strategy includes working with the FDA for expedited approval of pipeline indications, leveraging Breakthrough Device Designation [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong momentum in the pediatric market and the potential for significant revenue growth [5][9] - The company is committed to completing enrollment in the NEUTRALIZE-AKI pivotal trial by the end of 2026, with top-line results expected in mid-2027 [14][15] Other Important Information - SeaStar Medical improved its balance sheet by adding approximately $24 million in capital during 2025 and reducing operating liabilities by over $3 million [4][24] - The company has no long-term debt and reported approximately $12 million in cash as of December 31, 2025, compared to $1.8 million at the end of 2024 [24] Q&A Session Summary Question: Confidence in QUELIMMUNE adoption in additional centers - Management highlighted the addition of six sites in Q1 2026 and a structured approach to onboarding new hospitals, with expectations for continued momentum [28][29] Question: Manufacturing capacity for SCD - Management expressed confidence in the supply chain and production capacity through their contract manufacturer, Fresenius Medical [30] Question: Timeline for CRS study and next steps - Management did not provide specific timelines but indicated ongoing activation of clinical sites and potential for humanitarian device exemption for successful studies [31][32] Question: Spending outlook for 2026 - Management anticipates spending to align more with 2025 levels, supported by a capable team to execute the commercial and clinical plans [34][35] Question: Insights from treated patients in NEUTRALIZE-AKI trial - Management refrained from sharing specific clinical insights but noted the importance of best practices shared among investigators to enhance enrollment [40][41] Question: Pediatric AKI outcomes and sales strategy - Management emphasized the positive outcomes from QUELIMMUNE and indicated no plans to add sales personnel, focusing instead on enhancing clinical representation within existing hospitals [43][48]