Xia Yangfang Ladies and gentlemen, media, friends from the media, good morning. Welcome to the 2024 Annual Results Presentation of China Merchants Bank. I am Xia Yangfang, General Manager of the Office of the Board Directors. CMB has announced our 2024 annual results on Tuesday evening. Today's event is being conducted both off-line and via live webcast. I would like to introduce the participants of today's event. They are Mr. . Miao Jianmin, Chairman of the Board, Mr. . Wang Liang, President and CEO, Mr. . ...

Financial Data and Key Metrics Changes - As of December 31, 2024, cash, cash equivalents, and investment-grade securities increased to approximately $9.3 million from $7.3 million as of December 31, 2023 [35] - Revenue for the year ended December 31, 2024, rose to approximately $3.495 million compared to $2.899 million the previous year, driven by license revenue of $1 million from ProLiant and approximately $890,000 from enzymes [35][36] - Loss from operations decreased to approximately $5.901 million in 2024 from $8.230 million in 2023, while net loss was approximately $5.809 million or $0.20 per share compared to a net loss of $6.795 million or $0.24 per share the previous year [39] Business Line Data and Key Metrics Changes - The company emphasized strong revenue performance from non-pharmaceutical products, particularly in alternative proteins and life sciences, with significant progress in recombinant human serum albumin and transferrin [8][14] - Recombinant human serum albumin is on track for commercial launch in 2025, while recombinant transferrin is showing promising results in initial studies [14][15] - The dairy enzyme portfolio achieved a productivity milestone of $425,000 in 2024, with a commercial launch anticipated in late 2025 [18] Market Data and Key Metrics Changes - The human albumin market is approximately $5.6 billion and is expected to grow at double digits annually, driven by increased vaccine production [106] - The DNase I and DNA ligase market is around $900 million, also growing at nearly double digits per year [106] - The non-animal dairy proteins market is valued at $26 billion, indicating significant opportunities for products like alpha-lactalbumin and lactoferrin [107] Company Strategy and Development Direction - The company is focused on near-term product commercialization and technology licensing, aiming to capitalize on immediate revenue opportunities while building a robust biopharmaceutical pipeline [7][10] - Dyadic is strengthening its global impact through partnerships with various organizations, including CEPI and the Gates Foundation, to enhance the development and adoption of its C1 platform for vaccines and treatments [11][25] - The dual-track strategy involves commercializing non-pharmaceutical products while advancing mid- to long-term opportunities in human and animal health [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing interest in the company's platforms and products, highlighting the potential for significant revenue generation from upcoming commercial launches [50][112] - The company is committed to ensuring high-quality product specifications before market entry, particularly for recombinant products [56] - Management noted that the current environment has shifted focus towards non-pharmaceutical applications to drive revenues sooner, while still pursuing funding opportunities for pharmaceutical developments [117] Other Important Information - The company received a $3 million grant from the Gates Foundation in November 2024 and a $4.5 million grant from CEPI, which will support the development of recombinant protein vaccines [40][26] - Dyadic is actively pursuing additional grant applications to expand the development of its C1 platform across various vaccine and antibody programs [27][29] Q&A Session Summary Question: Can you explain the Gates Foundation and CEPI grants and their significance? - Management confirmed ongoing interest from both organizations and highlighted the importance of these grants in advancing the company's platform and products [45][46] Question: What is the status of albumin commercialization? - Management indicated that progress is being made towards commercialization, with expectations to launch in early 2025 [52][54] Question: Can you clarify the components of research and development revenue? - Management explained that a significant portion of R&D expenses is covered by grants, allowing for profit margins [61] Question: What is the market size opportunity for various products? - Management provided insights into the market sizes for human albumin, DNase I, and non-animal dairy proteins, emphasizing the high-value segments being targeted [106][107] Question: What is the status of the collaboration with Rubicon in South Africa? - Management noted that Rubicon is currently focusing on animal health vaccines, with potential clinical studies expected by the end of the year [119][120]

Oxbridge Re Holdings Limited (NASDAQ:OXBR) Q4 2024 Earnings Conference Call March 26, 2025 4:30 PM ET Company Participants Wrendon Timothy - Chief Financial Officer & Corporate Secretary Jay Madhu - Chairman, President & Chief Executive Officer Conference Call Participants Allen Klee - Maxim Group Kent Engelke - Capitol Securities Operator Good afternoon. Welcome to Oxbridge Re's Fiscal 2024 Earnings Conference Call. My name is Matt, and I'll be your conference operator this afternoon. At this time, all par ...

Walter Tsin [Starts Abruptly] and Chief Executive Officer of the company. I would like to remind everyone that today's call is being recorded and that this call is the property of Investcorp Credit Management BDC. Any unauthorized broadcast of this call in any form is strictly prohibited. Audio replay of the call will be available [Technical Difficulty] Platform four our Investor Relations' page on our website. The format for today's call is as follows; Suhail will provide an overall business and portfolio ...

Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenue of $1.55 billion, aligning with prior outlook, and adjusted EBITDA of $96.1 million, exceeding expectations [13][44] - Gross profit decreased by approximately 3% to $589 million, primarily due to the loss of the fifty-third week in 2024, while gross margin increased by 180 basis points to 38% [43][44] - Total SG&A expenses were $571.9 million, or 36.8% of net sales, an increase of about 60 basis points year-over-year [44] Business Line Data and Key Metrics Changes - The services segment is identified as the fastest-growing area within the pet category, with the company holding an established leadership position [11] - The company is focusing on optimizing existing vet hospitals to drive services growth and improve margins with minimal capital investment [39] Market Data and Key Metrics Changes - The pet category is projected to reach $200 billion in the next five years, driven by the ongoing humanization of pets [11] - The company closed 25 net locations in 2024 and anticipates closing an additional 20 to 30 locations in 2025 [49][122] Company Strategy and Development Direction - The company is implementing a phased approach to restore profitability, focusing on improving the operating model, enhancing retail fundamentals, and optimizing product assortment [14][20] - The leadership team is committed to driving gross margin improvement and leveraging SG&A to enhance the economic model [41][42] - Future growth initiatives will include enhancing omnichannel capabilities and investing in services opportunities [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to return to long-term profitable growth, emphasizing the importance of operational improvements and cost control [32][52] - The outlook for 2025 anticipates overall net sales to decline low single digits compared to the previous year, with adjusted EBITDA expected between $375 and $390 million [48][49] Other Important Information - The company aims to achieve a debt-to-EBITDA leverage ratio below two times, focusing on profitability improvement [45] - Management is closely monitoring potential tariff impacts, particularly on inventory purchases from China, Canada, and Mexico, which represent only about 5% of total merchandise costs [46][47] Q&A Session Summary Question: What infrastructure investments are needed for phase three? - Management indicated that no significant infrastructure investments are required, focusing instead on improving EBITDA through disciplined operations [59][60] Question: What are the low-hanging fruit for EBITDA improvement? - Management highlighted the importance of gross margin expansion and leveraging SG&A as key areas for improvement [67][70] Question: How does the company plan to manage SG&A amid declining sales? - Management emphasized that SG&A leverage is about efficiency and effectiveness, ensuring customer needs are met without compromising service [86][87] Question: What is the company's approach to pricing and promotions? - Management stated that they are focused on rational pricing strategies and avoiding excessive promotional stacking to enhance profitability [151][153] Question: How does the company view the competitive landscape and market share? - Management acknowledged the need to sacrifice some sales for improved profitability but expressed confidence in regaining market share through operational improvements [80][84]

Financial Data and Key Metrics Changes - In Q4, the company's ARR growth reached 5%, exceeding the guidance of 4% [10][34] - The ARR outlook for Q4 2026 has been raised from $760 million to $768 million, reflecting an 8% growth [12][48] - Q4 revenue was reported at $254 million, below the guidance of $277 million, primarily due to unbundled SaaS revenue shortfalls [44][45] Business Line Data and Key Metrics Changes - SaaS ACV bookings from new deals increased by 30% year over year to $32 million, marking a quarterly record [27][35] - Bundled SaaS revenue grew 17% year over year, with acceleration from 9% growth in Q1 to 23% growth in Q4 [37][38] Market Data and Key Metrics Changes - The company reported strong AI momentum, with over 90 of the Fortune 500 brands using Verint AI-powered bots [26] - The CX market is in an early stage of AI adoption, with significant growth potential as more customers transition from AI experiments to large-scale deployments [26][29] Company Strategy and Development Direction - The company emphasizes a hybrid cloud approach, allowing customers to layer AI on existing infrastructure without disruption [20][89] - The focus is on delivering strong and differentiated AI business outcomes, which are seen as a key competitive advantage in the CX market [13][17] Management's Comments on Operating Environment and Future Outlook - Management noted that customer confidence is improving, with many moving from small-scale AI experiments to larger deployments [60][66] - The company expects continued ARR growth acceleration, driven by increased AI consumption and customer expansions [29][30] Other Important Information - Cash contribution for fiscal 2025 was reported at $228 million, an increase of 2% year over year [40] - The company has initiated a $200 million stock buyback program and increased its revolver to $500 million [52][53] Q&A Session Summary Question: Customer confidence in buying solutions and deal sizes - Management indicated that customers are moving from small-scale AI experiments to larger deployments, with significant ROI driving this shift [60][62] Question: Impact of pushed unbundled revenue on FY26 guidance - Management clarified that the pushed deals were from existing customers and did not impact the ARR guidance, which remains at 8% growth [68][70] Question: Dynamics of slipped deals and their nature - All slipped deals were from existing customers, with no renewals involved, and the timeline for rollouts has changed [94][96] Question: Channel mix and growth areas - The company is seeing growth in channel partners as they become more capable of selling AI solutions, with a focus on co-selling [100][104] Question: Macro concerns from customers - Management noted that customers are hesitant to undertake infrastructure projects but are increasingly willing to invest in AI solutions that provide tangible results [108][110] Question: Competitive market dynamics and market share - Management believes the company is gaining market share in the CX automation market, driven by its bot strategy and strong customer outcomes [122][126]

Financial Data and Key Metrics Changes - Total revenues in 2024 were $2 million, a decrease from $2.6 million in 2023, and $0.5 million for the fourth quarter of 2024 compared to $0.9 million for the prior year [5] - R&D expenses were $10.4 million in 2024, down from $29.4 million in the prior year, with fourth quarter expenses at $1.9 million compared to $5.6 million in 2023 [6] - SG&A expenses were $10 million in 2024, compared to $12.7 million in the prior year, and $2 million for the fourth quarter of 2024 compared to $2.2 million for the prior year [7] - Cash and investments at the end of 2024 were $12 million, down from $29.8 million at the end of 2023, with sufficient funds to support operations through the third quarter of 2025 [8] Business Line Data and Key Metrics Changes - The decrease in revenues was attributed to lower earn-out revenue from Indivior, reduced revenue from feasibility agreements, and lower sales of excipients [6] Company Strategy and Development Direction - The company completed the sale of the Allset product line in the fourth quarter of 2024, using proceeds to repay its term loan, resulting in a debt-free status [9] - The focus is on developing larsucosterol for alcohol-associated hepatitis, with plans to explore funding options through strategic partnerships and capital markets [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the significant mortality associated with alcohol-associated hepatitis, with larsucosterol showing nearly 60% reductions in mortality in Phase 2b trials [11][13] - The FDA granted breakthrough therapy designation for larsucosterol, and the company is committed to advancing its Phase 3 trial, expecting to report top-line data in approximately two years [14][15] Other Important Information - The company is actively exploring strategic partnerships and business development opportunities to support the Phase 3 study [38] Q&A Session Summary Question: Estimated cost of the Phase 3 trial - The estimated cost for the Phase 3 trial is approximately $20 million [18] Question: Clarification on hospitalization to first dose variations - Management explained the importance of timely intervention, noting that in the US, patients are typically treated within four days, while in poorer performing regions, it can take up to two weeks [30] Question: Updates on potential strategic partnerships - The company is actively exploring various possibilities for partnerships to advance the product, though specifics could not be disclosed [38] Question: Possibility of a smaller Phase 2b study - Management indicated that conducting a Phase 3 trial is more efficient than a smaller Phase 2b study, given the need for a larger patient cohort [46] Question: Opportunities for non-funded studies in ex-US countries - There is potential for conducting regional studies with ex-US partners, although the current focus remains solely on alcohol-associated hepatitis [50]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $164,000, a decrease from $299,000 in Q4 2023, primarily due to lower sales of RH collagen products [16] - GAAP revenue for the full year 2024 was $515,000, significantly down from $11 million in 2023, largely due to a $10 million milestone payment received in 2023 from AbbVie [16][21] - GAAP gross loss for Q4 2024 was $108,000 compared to a gross loss of $474,000 in Q4 2023, while the gross loss for the full year 2024 was $1.1 million compared to a gross profit of $9 million in 2023 [18][21] - GAAP net loss for Q4 2024 was $3.9 million or $0.34 per share, compared to a net loss of $4.7 million or $0.41 per share in Q4 2023; for the full year, the net loss was $16.6 million or $1.45 per share, compared to a net loss of $7 million or $0.62 per share in 2023 [21] Business Line Data and Key Metrics Changes - The photocurable dermal filler candidate is in the preclinical phase, targeting a market valued at approximately $6.3 billion with a 10% CAGR [8] - The regenerative breast implant program is advancing preclinical testing with promising outcomes observed in tissue integration and vascularization [12][13] - Collaboration with AbbVie is ongoing, with AbbVie currently reviewing interim results from clinical trials initiated in 2023 [10][29] Market Data and Key Metrics Changes - The market potential for the VerGenix STR product, aimed at treating tendon injuries, is estimated to be between 1% to 3% of the population [33] - The company is establishing distribution networks in Europe and Asia for the VerGenix product, with expectations for market penetration following regulatory approvals [33][34] Company Strategy and Development Direction - The company aims to be a leader in regenerative medicine, focusing on proprietary programs and potential collaborations [6][8] - Plans include launching clinical trials for the photocurable dermal filler within two years and optimizing the regenerative breast implant for clinical readiness [43] - Expansion of the distribution network for VerGenix STR and broadening product offerings for bioinks are also key strategic initiatives [44] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of transparency regarding upcoming catalysts and the stability of the company's cash position, which is expected to support operations through Q2 2026 [40][41] - The company is aware of macroeconomic conditions affecting share price but maintains a stable operational outlook [41] Other Important Information - Cash and cash equivalents as of December 31, 2024, were $11.9 million, with an additional $2 million received from AbbVie in February 2025 [22][23] - The company has implemented cost reduction plans that do not materially impact main development programs [39] Q&A Session Summary Question: When will there be an update from AbbVie on the studies and potential milestone payments in 2025? - AbbVie is currently collecting data and reviewing interim results from clinical trials; the timeline for updates is controlled by AbbVie [29][30] Question: What is the market potential for the VerGenix product and expected revenue flow? - The VerGenix product targets tendon injuries with a market potential of 1% to 3% of the population; the company is in the initial stages of establishing distribution networks [33][34] Question: What is the company's cash flow situation and burn rate? - The company has $11.9 million in cash, with a cash runway expected to last through Q2 2026; cost reductions are in place without impacting key development programs [39][40]

Fortress Biotech, Inc. (NASDAQ:FBIO) Q4 2024 Earnings Conference Call March 26, 2025 4:30 PM ET Company Participants Jaclyn Jaffe - Senior Director, Corporate Operations Claude Maraoui - Co-Founder, President and CEO Joseph Benesch - CFO Srinivas Sidgiddi - VP, R&D Louis Donati - Director, Market Access Conference Call Participants Thomas Flaten - Lake Street Capital Markets Scott Henry - AGP Brandon Folkes - Rodman & Renshaw Jason Wittes - ROTH Capital Kalpit Patel - B. Riley Securities Operator Ladies and ...

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