Aqua Metals (NasdaqCM:AQMS) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsDan Scott - Senior Vice President and Investor RelationsEric West - CFOSteve Cotton - President and CEOConference Call ParticipantsMickey Legg - Equity Research Analyst in Electric Vehicle SectorOperatorAs a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Dan Scott. Thank you. You may begin.Dan ScottThank you operator, and thank you everyone for joining us ...

Financial Data and Key Metrics Changes - Total revenues for Q4 were $149.7 million, a 6% year-over-year increase, and $594.8 million for fiscal 2026, a 10% increase over fiscal 2025 [26] - Subscription revenues were $133.4 million in Q4, up 7% year-over-year, and $523.1 million for the full year, a 12% increase over fiscal 2025 [27] - Non-GAAP net income for Q4 was $42.8 million or $0.37 per diluted share, compared to $22 million or $0.19 per diluted share in Q4 of fiscal 2025 [32] - Free cash flow for fiscal 2026 was $82.6 million, up 55% compared to $53.4 million in fiscal 2025 [33] Business Line Data and Key Metrics Changes - ACV (Annual Contract Value) as of January 31, 2026, was $602.4 million, a 17% year-over-year increase [35] - ACV net retention rate improved to 112%, up from 106% in fiscal 2025, reflecting growing demand for the AI-powered platform [36] - Professional services revenues were $16.3 million in Q4, a decrease of 1% year-over-year, with full-year revenues flat at $71.6 million [30] Market Data and Key Metrics Changes - International total revenues for Q4 were $32.9 million, down 1% year-over-year, but up 13% for fiscal 2026 [29] - International subscription revenues were $28.4 million in Q4, up 1% year-over-year, and $109.5 million for fiscal 2026, a 19% increase [29] Company Strategy and Development Direction - The company is focusing on AI integration within its platform, positioning itself as a critical player in the financial services market [5][7] - nCino aims to leverage its proprietary dataset to enhance product development and provide industry insights [12][21] - The transition to a platform pricing model is underway, with approximately 38% of ACV moved away from seat-based pricing [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the AI landscape, emphasizing the importance of regulatory compliance in banking [14][15] - The sales pipeline is reported to be strong, with expectations for continued growth in subscription revenues and ACV [24][47] - The company anticipates free cash flow of $132 million-$137 million for fiscal 2027, reflecting a 63% year-over-year increase [39] Other Important Information - The company has hired a new Chief Revenue Officer to further accelerate subscription revenue growth [25] - nCino has implemented a $100 million accelerated share repurchase program, funded by free cash flow and a term loan expansion [34] Q&A Session Summary Question: Can you frame the change in close rates or win rates in the back half of the year? - Management noted a larger pipeline and healthy conversion rates, contributing to a positive outlook for ACV [50][51] Question: Where is the greatest usage across the portfolio of capabilities and skills? - The focus is on adoption of Banking Advisor and agentic solutions, with significant traction in credit monitoring and automated processes [54][55] Question: Are you seeing AI models impacting nCino's differentiation? - Management emphasized that while AI capabilities are evolving, nCino's unique position in the market remains strong due to its compliance-focused architecture [59][60] Question: Can you provide metrics on efficiency gains from intelligence units? - Management highlighted that there is a direct correlation between the consumption of intelligence units and positive outcomes for customers [63][64] Question: What is the update on the credit union initiative? - The company is actively engaging with the credit union market, establishing relationships and growing the pipeline [77][78]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was approximately $4.1 million, up from $3.9 million in the prior year, indicating strong performance across the business [11] - Full year revenue was approximately $12.8 million, down from $13.9 million in 2024, primarily due to the strategic exit from low-margin floral and lettuce segments [15] - Gross profit for Q4 was approximately a $1.2 million loss compared to flat in 2024, reflecting elevated costs from onboarding new retail customers [13] - Full year gross profit was approximately a loss of $0.2 million compared to a gain of $2.3 million in 2024, with a focus on recovering gross margins in 2026 [15] Business Line Data and Key Metrics Changes - Strong performance in cut herbs and vitamins/supplements, with double-digit growth driven by new accounts and existing relationships [7] - Significant growth in the condiment platform, supported by new customer wins such as Wakefern and Safeway [7] - Incremental distribution of over 700 additional retail locations, expanding reach across key markets [7] Market Data and Key Metrics Changes - The global ready-to-drink (RTD) category is estimated at approximately $842.5 billion in 2025 and projected to reach roughly $1.26 trillion by 2033, indicating a significant market opportunity [9] - The company is expanding its portfolio into higher margin, shelf-stable, and ready-to-drink categories, leveraging existing retail relationships [10] Company Strategy and Development Direction - The company is evolving from a core controlled environment agricultural platform to a broader innovation-driven consumer packaged goods business [6] - Focus on expanding into the RTD category, which is a fast-growing market with high demand for clean label, shelf-stable nutrition [8] - The strategy includes leveraging existing infrastructure and retail relationships to support long-term growth and scalability [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue gaining market share and expanding distribution, with a focus on maintaining strong relationships with major retailers [39] - The company is optimistic about the growth trajectory, particularly in the RTD segment, which is expected to provide robust margins and significant revenue opportunities [23] - Management emphasized the importance of operational excellence and customer satisfaction in driving future growth [20] Other Important Information - The company ended the year with improved stockholders' equity and reduced total debt, indicating a stronger balance sheet position [16] - The investment in new accounts during Q4 is seen as necessary for securing shelf space and building fulfillment capabilities for major retailers [13] Q&A Session Summary Question: How should we view the margins from fresh to CPG products? - Management expects more robust margins from the RTD and consumer packaged goods due to their shelf-stable nature, reducing shrink issues associated with fresh products [19] Question: Where specifically do you expect to put out your RTD products? - The RTD products will primarily be in the protein segment, with plans to develop private label products for major retailers [25] Question: What can we expect regarding CapEx requirements for the Midwest facility? - The facility will require significant CapEx for machines and retrofitting, with plans to be in the marketplace by the tail end of 2027 [33] Question: How sustainable is the level of growth and distribution gains? - Management is confident in sustaining growth and expanding distribution, driven by increased consumer demand for fresh goods and the company's operational improvements [38]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $2.8 million, a 116% increase from $1.3 million in Q4 2024 [18] - Gross profit for Q4 2025 was $2.3 million, up 148% from $0.9 million in Q4 2024, with gross margin expanding to 81.9% from 71.3% [18][5] - Fiscal year 2025 revenue increased to $12.2 million, a 169% rise from $4.5 million in fiscal 2024, with gross profit increasing by 221% to $10 million [20][21] - Net loss for FY 2025 decreased by 29% to $22.5 million compared to $31.5 million in FY 2024 [21] Business Line Data and Key Metrics Changes - The growth was driven by the performance of subsidiaries Vidello and OpenReel, contributing significantly to revenue [4] - The company achieved a customer base of over 150,000, including notable clients like Hewlett Packard Enterprise and Adobe [15] Market Data and Key Metrics Changes - The global martech market is expanding rapidly, driven by digital transformation and demand for personalized experiences [3] - Healthcare is a key vertical, with over 250 healthcare and medical technology customers, indicating a strong focus on this sector [13] Company Strategy and Development Direction - The company is focused on building and acquiring products in four key areas: attracting leads, engagement, tracking, and intelligence [4] - A proposed acquisition of ConnectAndSell is expected to increase annual revenue by approximately $15 million, more than doubling current annualized revenue [9][8] - The strategy includes integrating multiple products on a single platform to simplify workflows and enhance customer experience [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational momentum and revenue growth, with expectations for improved results and cash position in 2026 [23] - The company is actively pursuing acquisitions to enhance capabilities and support long-term growth [12][17] Other Important Information - Stockholders' equity increased by $10.8 million to $8.1 million as of December 31, 2025, reflecting substantial improvements [6] - The company secured an $11 million debt facility to support acquisitions and operations [6] Q&A Session Summary Question: What is the outlook for current M&A? - Management indicated ongoing interest in M&A opportunities, particularly the ConnectAndSell acquisition, which could significantly boost revenue [24] Question: How should we think about the combined company revenue and gross margin profile post-acquisition? - The combined revenue is expected to start at approximately $27 million, with gross margins anticipated to improve slightly upon consolidation [27] Question: What is the company's cash management strategy? - The company maintains a lean cash position and has access to an ATM and a substantial debt facility for operational support [32] Question: Is significant expansion of the sales force needed for growth? - Management believes that synergizing sales efforts will be sufficient, leveraging AI for productivity improvements [33] Question: Are customer satisfaction and retention numbers strong? - Customer satisfaction remains high, with CSAT numbers consistently above 95%, indicating strong retention [37][41] Question: How is Superblocks being priced and packaged? - Superblocks is being considered both as a standalone product and as an integration into other products to enhance features [42]

Financial Data and Key Metrics Changes - Fourth quarter revenues increased by 25% year-over-year to $9.1 million, within management guidance, driven by a record number of sales orders from the core consumer products business [7][10] - Full year revenues reached $34.5 million, up 37% from the previous year [8] - Gross margins for the fourth quarter were 58%, up 100 basis points year-over-year, and 59% for the year, up 400 basis points compared to last year [8][11] - Net losses for the fourth quarter totaled $2.2 million, an improvement from a net loss of $3 million in the same period last year [11][12] - Cash and cash equivalents as of December 31, 2025, totaled $23 million, compared to $2.4 million a year earlier [12] Business Line Data and Key Metrics Changes - The Direct-to-Consumer (D2C) Products division, led by the VINIA platform, is expected to achieve profitability in 2026, while the CDMO Services division is anticipated to accelerate growth significantly in 2026 and beyond [5][7] - The VINIA franchise exceeded 85,000 active users as of March 2026, contributing to strong growth in the core business [10] - The D2C business generated full year revenues of $30.6 million in the USA, making it the number one resveratrol polyphenol brand in the country [14][15] Market Data and Key Metrics Changes - The company is focusing on expanding its customer base, particularly targeting younger demographics through digital marketing channels [20][21] - VINIA Blood Flow Hydration has achieved a verified rating of 4.8 out of 5 on vinia.com and 4.9 out of 5 on Amazon, indicating strong consumer acceptance [18][19] Company Strategy and Development Direction - The company aims to leverage its proprietary Botanical Synthesis technology to create innovative plant-derived compounds for high-value markets in pharmaceuticals, nutraceuticals, cosmetics, and nutrition [4][5] - A two-lens framework is being utilized to optimize performance and capital allocation across the D2C and CDMO divisions [6][7] - The company plans to enter multi-billion-dollar categories with VINIA plus products, combining VINIA with synergistic nutraceutical ingredients [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the ongoing conflict in the Middle East, stating that operations are running continuously without interruptions [8] - The company is optimistic about the growth potential of both its D2C and CDMO businesses, with expectations for significant revenue growth in 2026 and beyond [38] Other Important Information - The CDMO business generated approximately $2 million in third-party revenue in 2025, with total activity reaching about $9 million when including internal manufacturing [28] - The company is advancing multiple high-value projects in the CDMO sector, including collaborations in nutraceuticals, nutrition, and fragrance markets [30][31] Q&A Session Summary Question: Can you provide more detail on the CDMO business and the Tate & Lyle contract? - Management highlighted significant progress in the CDMO sector, emphasizing the importance of structuring the organization to allocate resources effectively [40][41] Question: What does the pipeline look like for the CDMO side? - Management confirmed that they are continuing to invest in infrastructure to support multiple projects simultaneously, expecting to double or triple revenue from external customers in 2026 [54][58] Question: How long will it take to determine the effectiveness of the new marketing strategies for VINIA? - Management indicated that they expect to see results from the new marketing strategies by the end of the second quarter, with a focus on optimizing the marketing mix [63][66] Question: What are the expectations for revenue phasing this year? - Management anticipates moderate growth in Q1, with acceleration in Q2 and beyond as investments in capabilities begin to pay off [71][72] Question: What are the expectations for gross margins in each segment? - Management expects gross profit margins to improve throughout the year, with a target of reaching 64% to 65% as an aspiration [73][74]

Nano Dimension (NasdaqCM:NNDM) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsDavid Stehlin - CEOJohn Brenton - CFOParvah Sanaria - Director of Investor RelationsConference Call ParticipantsMoshe Sarsadi - AnalystOperatorAlso, note today's event is being recorded. At this time, I would like to turn the conference call over to Parvah Sanaria, Director of Investor Relations. Please go ahead.Parvah SanariaThank you, and good afternoon, everyone. Welcome to Nano Dimension's fourth quarter ...

Financial Data and Key Metrics Changes - Record revenue of $14.2 million for the full year 2025, a 33% year-over-year increase from $10.7 million in 2024 [15] - Fourth quarter revenue reached $5.4 million, representing a 94% year-over-year growth [8] - Gross margin for Q4 2025 was 3%, down from 26% in Q4 2024; adjusted gross margin was 4%, compared to 30% in the prior year [15][16] - Net loss for Q4 2025 improved to $763,000 from a loss of $852,000 in Q4 2024; full year net loss was $2.7 million, slightly better than $2.8 million in 2024 [17] Business Line Data and Key Metrics Changes - The acquisition of Arps Dairy contributed $2.9 million to revenue, significantly impacting overall growth [15] - Approximately 90% of revenue is now manufactured in-house, enhancing supply chain control and operational efficiency [7] - The transition to the new facility has temporarily impacted margins due to startup costs, but long-term operational efficiencies are expected [16] Market Data and Key Metrics Changes - The company has achieved a significant win by securing a 7-year contract with the largest school district in Nevada, which serves over 300,000 students [10] - Despite recent wins, the company has only about 5% market penetration in the education channel, indicating substantial growth potential [10] Company Strategy and Development Direction - The acquisition of Arps Dairy and the control over manufacturing capabilities are seen as transformational for sustainable growth and profitability [5][22] - The company aims to leverage its enhanced manufacturing capabilities to support over $200 million in annual revenue once the new facility is fully operational [22] - Future growth strategies include expanding into new product lines and co-manufacturing opportunities, alongside aggressive sales efforts in various channels [23][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover lost customers and expand market presence as manufacturing capacity issues have been resolved [12][13] - The fiscal 2026 revenue guidance is set between $28 million and $32 million, reflecting a conservative ramp-up but still indicating substantial year-over-year growth [24] - The company expects to achieve positive adjusted EBITDA in fiscal 2026 as operational efficiencies are realized [18] Other Important Information - The company secured a $7.5 million senior convertible note financing to pay off existing obligations and accelerate construction completion [19] - A $2.4 million government grant was approved for specialized equipment necessary for full-scale production operations [19] Q&A Session Summary Question: How are conversations going with school districts that were lost due to supply chain disruptions? - Management indicated that they are actively re-engaging with customers who love the product and are focused on maintaining communication as they work to restore supply [29] Question: Can you walk through the underlying assumptions for the revenue guidance? - The revenue guidance includes contributions from both Barfresh and Arps businesses, with expectations of growth from new accounts and bids [34] Question: What updates are there on channels outside of education, such as food service and military? - Management acknowledged significant opportunities in various channels and plans to aggressively pursue these markets now that manufacturing capacity is secured [37]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was approximately $4.1 million, up from $3.9 million in the prior year, indicating strong performance across the business [11] - Full year revenue was approximately $12.8 million, down from $13.9 million in 2024, primarily due to the strategic exit from low-margin floral and lettuce segments [15] - Gross profit for Q4 was approximately a $1.2 million loss compared to flat in 2024, reflecting elevated costs from onboarding new retail customers [13] - Full year gross profit was approximately a loss of $0.2 million compared to a gain of $2.3 million in 2024, with a focus on recovering gross margins in 2026 [15] Business Line Data and Key Metrics Changes - Strong performance in cut herbs and vitamins/supplements, with double-digit growth driven by new accounts and existing relationships [7] - Significant growth in the condiment platform, supported by new customer wins such as Wakefern and Safeway [7] - The nutraceutical business showed strong growth in the double-digit range year-over-year, expected to be a larger component of revenue growth going into 2026 [22] Market Data and Key Metrics Changes - The global ready-to-drink (RTD) category is estimated at approximately $842.5 billion in 2025 and projected to reach roughly $1.26 trillion by 2033, representing a significant market opportunity [9] - The company is expanding its retail footprint to nearly 6,000 store locations, reflecting growing demand and market share [6] Company Strategy and Development Direction - The company is evolving from a controlled environment agricultural platform to a broader innovation-driven consumer packaged goods business, focusing on higher growth and higher margin opportunities [6] - Plans to expand into the RTD category, leveraging existing infrastructure and retail relationships to meet growing demand for clean label, shelf-stable nutrition [8] - The strategy includes a focus on scaling presence in higher margin RTD categories while diversifying the consumer packaged goods business beyond fresh produce [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth, citing strong demand for fresh goods and the company's ability to maintain high in-stock rates with major retailers [38] - The company is optimistic about the future, focusing on executing its strategy and expanding into higher margin categories while leveraging its retail network [49] Other Important Information - The company made deliberate investments in onboarding new retail customers to secure shelf space for 2026, which is expected to normalize costs as programs mature [12] - Full year SG&A expenses increased to approximately $15.3 million from $11.6 million in 2024, driven by acquisitions and investments in infrastructure [16] Q&A Session Summary Question: How should margins be viewed as the company transitions to more shelf-stable CPG products? - Management expects more robust margins from the RTD business compared to fresh products, with stable business operations due to better control over manufacturing [19][20] Question: What is the expected revenue breakdown for CPG versus fresh through 2026? - The core CEA business is expected to return to steady growth in the high-single digits, while the RTD business presents significant revenue opportunities with margins in the 20%-30% range [22][23] Question: What products will be developed in the RTD category? - The focus will be primarily on protein products, with plans to develop private label offerings for major retailers [25][26] Question: What are the CapEx requirements and timeline for the Midwest facility? - Significant CapEx is anticipated for the facility, with plans to be in the marketplace by the tail end of 2027 [33]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $87.2 million, aligning with the midpoint of revised guidance, while full-year revenue reached $346.8 million, a 1.4% increase over 2024 [5][30] - Adjusted EBITDA for Q4 was $19.2 million, representing a margin expansion to 22%, and for the full year, it was $68.7 million, up 23% year-over-year [5][29][31] - Free cash flow for the year was $20 million, an increase of $5 million over 2024 [5][20] Business Line Data and Key Metrics Changes - Financial Health revenue totaled $221.7 million, up 2% year-over-year, while Patient Care revenue was $125.2 million, roughly flat compared to the prior year [30][28] - Bookings for Q4 were $19.8 million, up from $15.5 million sequentially and $14.3 million a year ago, indicating strong demand [6][25] - The percentage of recurring deals in the pipeline increased to over 70%, up from approximately 57% last summer [8] Market Data and Key Metrics Changes - The overall sales pipeline value is the highest it has been in nine quarters, increasing 53% since the beginning of Q3 [7] - The pipeline for opportunities greater than 100 beds has grown from 14% to 30% [7] Company Strategy and Development Direction - The company is engaged in a strategic review process to maximize shareholder value and is not issuing formal guidance for the time being [4] - A focus on AI strategy spans financial health, patient care, customer service, and internal development, with initiatives aimed at improving claims processing and customer interactions [12][15] - The company is committed to enhancing operational efficiency through technology and process improvements, particularly in the context of its global workforce transition [10][11] Management's Comments on Operating Environment and Future Outlook - Management anticipates modest revenue growth in 2026 and expects approximately 200 basis points of improvement in Adjusted EBITDA margins [4][33] - The company acknowledges challenges in customer retention but is implementing measures to improve the transition process and customer satisfaction [9][38] Other Important Information - The company has reduced net debt by approximately $19.5 million year-to-date, improving its net leverage ratio to 2x [21][32] - A new credit agreement was entered into, providing up to $250 million in credit facilities, enhancing liquidity and supporting strategic priorities [23] Q&A Session Summary Question: Can you explain the outlook for the year regarding modest revenue growth and the new bookings metric? - Management confirmed that recurring revenues and bookings at conversion are key to understanding visibility, with a focus on attrition and bookings translating into revenue [35][36] Question: How is customer retention improving, and what are the renewal numbers for 2025? - Management indicated that retention rates are not significantly improving, with a modest outlook for renewals in 2026 compared to 2025 [38] Question: What is the timeline for the strategic review process? - Management stated there is no specific timeline for the strategic review, emphasizing the importance of achieving the right outcome over meeting deadlines [41] Question: How should we think about the conversion timing of larger deals in the pipeline? - Management noted that there are no capacity constraints, but the timing of bookings is often dependent on customer readiness [45][47] Question: What are the expected impacts of the Rural Health Fund on customer bases? - Management is actively engaging with hospitals to help them access the $50 billion fund, viewing it as a significant opportunity [82][83] Question: How is AI being deployed in the company, and what is the competitive landscape? - Management has not observed significant changes in the competitive landscape but is focused on ensuring that AI projects deliver a return on investment [86][90]

Financial Data and Key Metrics Changes - For the full year 2025, total revenue was $0.6 million, a decrease from $3.9 million in 2024, primarily due to lower grant revenue [19] - Product revenue for 2025 was $0.4 million, down from $0.8 million in 2024, reflecting limited commercial activity [19] - Total operating expenses increased to $50.6 million in 2025 from $43.0 million in 2024, driven by a non-cash impairment charge of approximately $18.9 million [19][20] - Net loss for 2025 was $46.9 million, or a loss of $35.25 per share, compared to a net loss of $37.6 million, or $37.22 per share in 2024 [22] - Adjusted EBITDA was a loss of $28.0 million for 2025, compared to a loss of $33.5 million in 2024 [22] Business Line Data and Key Metrics Changes - Research and development expenses were $19.1 million in 2025, down from $21.0 million in 2024, reflecting disciplined investment in the Kodiak PCR platform [20] - Sales and marketing expenses decreased to $2.4 million in 2025 from $4.5 million in 2024, primarily due to lower personnel and consulting expenses [21] - General and administrative expenses were $9.1 million in 2025, down from $16.2 million in the prior year, driven by lower legal and consulting expenses [21] Market Data and Key Metrics Changes - CoSara has expanded its commercial and distribution territory across South Asia, including Bangladesh, Pakistan, Nepal, and Sri Lanka, increasing the addressable market to approximately $13 billion [9] - The global TB diagnostics market is expected to grow significantly, with the company well-positioned to participate in that growth [16] Company Strategy and Development Direction - The company is focused on four primary growth pillars: advancing the clinical pipeline, expanding CoSara in India, executing the CoMira joint venture in Saudi Arabia, and enhancing AI-driven capabilities [7][8] - CoSara is preparing to manufacture the PCR Pro instrument locally in India, which is a key step towards commercialization [9] - The CoMira joint venture aims to establish local manufacturing and distribution capabilities in Saudi Arabia, providing a competitive advantage [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of executing their multi-pronged growth strategy and expressed confidence in the company's progress towards commercialization [5][18] - The company plans to continue generating operating losses in the near term while focusing on advancing the clinical pipeline and achieving regulatory milestones [24] Other Important Information - The company has received international patents covering key components of the Kodiak PCR platform, enhancing its competitive positioning [14] - The company is actively exploring strategic alternatives for CoSara, including a potential SPAC transaction to support capital needs [9] Q&A Session Questions and Answers Question: What is the status of the sample accrual for the three target panel? - Management clarified that the decision to drop COVID from the multiplex test was due to the lack of COVID samples during the clinical trial, allowing for a more expedient submission to the FDA [26][27] Question: How quickly could COVID be added back to the test? - Management indicated that adding COVID back would not require redesign and would depend on negotiations with the FDA regarding sample requirements [29] Question: Can you discuss the South Asia distribution expansion? - Management noted that the expansion into countries like Nepal, Pakistan, and Bangladesh is driven by similar disease burdens and increases the total addressable market [34][35] Question: What are the immediate next steps for the PCR Pro device in India? - Management stated that technology transfer operations are underway, and they expect to begin clinical trials for tuberculosis in India, aiming for commercialization by the third quarter of 2026 [39]