Compugen (NasdaqCM:CGEN) Q3 2025 Earnings Call November 10, 2025 08:30 AM ET Company ParticipantsEran Ophir - President and CEODavid Silberman - CFOYvonne Naughton - VP and Head of Investor Relations and Corporate CommunicationsMichelle Mahle - CMOConference Call ParticipantsStephen Willey - AnalystDaina Graybosch - Senior Research AnalystSwayampakula Ramakanth - AnalystAsthika Goonewardene - AnalystLeland Gershell - Senior AnalystOperatorLadies and gentlemen, thank you for joining us today. Welcome to the ...

eToro Group (NasdaqGS:ETOR) Q3 2025 Earnings Call November 10, 2025 08:30 AM ET Company ParticipantsDevin Ryan - MDBrian Bedell - DirectorJohn Todaro - MDChris Allen - SVPDaniel Amir - Head of Global Investor RelationsJames Yaro - VPYoni Assia - Founder and CEOCraig Siegenthaler - MDDan Fannon - MDAlex Kramm - MDMeron Shani - CFOBrett Knoblauch - MDConference Call ParticipantsWilliam Katz - Senior Equity AnalystJamie Friedman - Research AnalystNone - AnalystDaniel AmirMy name is Daniel Amir, Head of Investo ...

Summary of iBio (NYSEAM:IBIO) FY Conference Call - November 10, 2025 Company Overview - iBio was founded in 2008-2009 as a consortium aimed at developing plant-based vaccines for the U.S. Army [2][2] - The company pivoted to a Contract Development and Manufacturing Organization (CDMO) in 2015 and raised capital to develop a COVID vaccine [2][2] - In 2022, iBio acquired Rubrik Therapeutics, enhancing its platform for discovering hard-to-drug antibodies [2][2] Key Developments and Collaborations - iBio established a research agreement with Eli Lilly, achieving significant progress on a hard-to-drug molecule in eight months [3][3] - The company sold a PD-1 agonist to Otsuka for $1 million upfront and potential commercial milestones of $52.5 million [3][3] - A collaboration with AstroBio focused on four obesity targets, leading to the in-licensing of three targets: myostatin, Activin E, and Amlin [4][4] Obesity Treatment Strategy - iBio is targeting unmet medical needs in obesity treatment, recognizing the competitive landscape dominated by GLP-1 receptor agonists [5][5] - The company is developing a portfolio of programs to address obesity from multiple angles, including food intake reduction and muscle-sparing agents [6][6] - The strategy includes developing drugs that can be used in combination with GLP-1 treatments to enhance efficacy and reduce dropout rates [6][6] Pipeline and Development Stages - The highest priority molecule is an Activin E antibody, currently in IND enabling stages, with promising pharmacokinetic data suggesting a twice-a-year dosing regimen [8][9] - iBio's myostatin program is progressing through toxicology studies, with plans to file in Australia in the second quarter of next year [19][19] - The Amlin program is in rodent studies, with plans for non-human primate studies to follow [26][26] Market Position and Future Outlook - iBio aims to differentiate itself in the obesity market by addressing the complexity of the disease and the need for combination therapies [27][27] - The company anticipates a shift in the market towards maintenance therapies that can be dosed infrequently, targeting a twice-a-year regimen [28][28] Financial Position and Funding - iBio raised $50 million in August, with potential for an additional $50 million through a unique financing structure tied to IND acceptance [31][31] - The current cash position is expected to sustain operations through the first quarter of 2027 [31][31] Upcoming Catalysts - Non-human primate data for Activin E is expected in the first half of next year, with IND filing planned for the end of 2026 [33][33] - The myostatin program is on track for IND filing in the first half of next year, with first patient dosing anticipated shortly thereafter [33][33] - The Amlin program is also progressing towards non-human primate studies, with timelines aligned for future development [33][33]

Financial Performance - Q3 2025 - Revenue reached $51.4 million, exceeding guidance of $44.0 million to $47.0 million, representing a 116% year-over-year growth[9, 11] - GAAP Gross Margin was 39.9%, surpassing the assumed guidance of approximately 34.0% to 35.5%[9, 11] - Cash Gross Margin was 44.8%, exceeding the assumed guidance range due to strong performance across all business lines[9, 11] - Adjusted EBITDA reached $10.1 million with a 19.6% margin, exceeding the top end of the guidance range[9] - Cash Flow from Operations was $9.1 million, and Free Cash Flow was $6.6 million, marking a year-over-year growth of $16.5 million[9, 11] Financial Performance - 9 Months 2025 - Revenue increased by 44% to $118.0 million from $81.9 million in the same period of the previous year[15] - Adjusted EBITDA increased by $20.3 million to $10.8 million[15] - Free Cash Flow increased by $39.9 million[15] Business Segments - Security Solutions revenue increased by 154% year-over-year to $46.5 million for the nine months ended September 30, 2025, driven by expansion within the Telos ID portfolio[17] - Secure Networks revenue decreased by 9% year-over-year to $5.0 million for the nine months ended September 30, 2025, primarily due to the completion of certain programs[17] Future Outlook - Q4 2025 - The company forecasts revenue growth of 67% to 76% year-over-year, projecting revenue between $44.0 million and $46.3 million[20]

Lyell Immunopharma (NasdaqGS:LYEL) Update / Briefing November 10, 2025 08:30 AM ET Speaker0Welcome to today's call. Lyle acquires exclusive global rights to a next generation CAR T cell product candidate in clinical development for metastatic colorectal cancer. For those of you who are joining us via Zoom, if you would like to ask a question, please raise your hand by clicking the raise hand at the bottom of your Zoom window. You can raise your hand at any point during the call to enter the queue, and you w ...

eToro Group (NasdaqGS:ETOR) Q3 2025 Earnings Call November 10, 2025 08:30 AM ET Speaker1My name is Daniel Amir, Head of Investor Relations. This webcast is being recorded and will be available for replay in the Investors section of eToro's website. Our earnings press release, investor presentation, and October monthly spreadsheet are now available on our website at investors.etoro.com. Today, I'm joined by Yoni Assia, our CEO, and by Meron Shani, our CFO. Following the prepared remarks, we will conduct a Q& ...

Financial Data and Key Metrics Changes - Exodus reported Q3 2025 revenue of $30.3 million, representing a 51% year-over-year growth, driven by higher digital asset prices [4][11] - Q3 swap volume reached $1.75 billion, an increase of 82% from the prior year, with B2B swaps contributing $496 million, accounting for 28% of the quarterly volume [11] - Non-exchange-related revenue increased to over 10% of total revenue for the first time, primarily due to improvements in staking, particularly in Solana staking [11][12] - Monthly active users stood at 1.5 million, a 6% decrease year-over-year, while quarterly funded users increased to 1.8 million, up 20% from a year ago [12] Business Line Data and Key Metrics Changes - The acquisition of Grateful is expected to enhance Exodus' payment strategy, providing tools for merchant checkout experiences based on stablecoins [5][12] - Exodus has signed 16 partnerships in the industry, with 10 already producing revenue, indicating growth in its traditional crypto business and ExoSwap [6][12] Market Data and Key Metrics Changes - The company served 37% of exchange provider volume to ExoSwap industry partners in September, up from 26% in the previous month [6] - The price of Bitcoin and Ethereum supported the overall economic environment for the quarter, with stablecoin and real-world asset tokenization adoption seen as key future catalysts [9][10] Company Strategy and Development Direction - Exodus aims to become a comprehensive financial app, integrating payments, investments, and savings, moving beyond just a crypto wallet [4][10] - The company is exploring a Bitcoin dividend for shareholders, which could leverage a core asset to reward stockholders and promote product adoption [14][15] - The Grateful acquisition is part of a broader strategy to enhance capabilities in the traditional payment space and expand into new regions [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential of stablecoins and the importance of integrating Grateful into their platform [5][9] - The company sees significant opportunities in Latin America, particularly in countries like Argentina, where there is a high demand for stablecoin usage due to inflation [29] Other Important Information - Exodus maintains a debt-free position with digital and liquid assets totaling $315 million as of September 30, including 2,123 Bitcoin [13] - The company is actively pursuing a charter amendment to allow for Bitcoin dividends, which is subject to board approval [15] Q&A Session Summary Question: Can you unpack the Grateful acquisition and its integration timeline? - Management confirmed that Grateful will go live next month in Uruguay, focusing on merchant services and checkout experiences [19][20] Question: What does the monetization model for Grateful look like? - The focus is on utility for merchants rather than immediate monetization, with potential for consumer services like loans and yield from stablecoins [27][28] Question: How significant is the opportunity in Latin America for stablecoin payments? - Management highlighted the vast potential in Latin America, especially in Argentina, where stablecoins are in high demand due to economic conditions [29] Question: How will Exodus incentivize users to adopt their platform? - The strategy includes integrating with credit and debit cards, providing a seamless experience for users to manage various assets in one app [35][37]

Financial Data and Key Metrics Changes - Consolidated net sales increased by 21% year over year in Q3, reaching $66.7 million, driven by growth in the Canadian cannabis segment and contributions from recreational cannabis sales in the Netherlands [4][17] - Net income from continuing operations was $10.8 million, or $0.09 per share, an increase of nearly 10% sequentially compared to the previous quarter [4][17] - Adjusted EBITDA from continuing operations was $20.7 million, resulting in an adjusted EBITDA margin of 31%, compared to 8.5% in Q3 of the previous year [4][17] - Cash flow from operations improved to $24.4 million, compared to $6.1 million in Q3 of the previous year [4][18] Business Line Data and Key Metrics Changes - Canadian cannabis business net sales grew by 29% year over year, reaching CAD 64.1 million, driven by strong performance in targeted channels and improved pricing [5][18] - Canadian cannabis gross margin was 56%, up from 26% in Q3 of the previous year, exceeding the targeted range of 30%-40% [11][19] - Adjusted EBITDA for Canadian cannabis improved by 309% year over year to CAD 26.6 million, resulting in an adjusted EBITDA margin of 41% [11][19] - The Netherlands cannabis operations generated EUR 3.6 million in sales with adjusted EBITDA of EUR 1.3 million, marking significant increases quarter over quarter [12][20] Market Data and Key Metrics Changes - The international medical cannabis business saw over 750% sales growth year over year, with significant contributions from Germany [5][18] - Village Farms is now believed to be the largest exporter of medical cannabis to Europe, with a strong position to expand into new markets [8][9] - Canadian cannabis retail sales were in line with expectations, with stronger contribution margins from retail branded sales [6][18] Company Strategy and Development Direction - The company is focused on scaling its cannabis production capabilities, with a 40 metric ton capacity expansion project underway, expected to increase annual production capacity in Canada by approximately 33% [10][11] - The company aims to continue supporting growth in Canada and abroad, with plans to expand into multiple new international jurisdictions [9][10] - The management emphasizes a culture of cost discipline and continuous improvement to drive future growth [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of positive trends across the business, citing competitive strengths and growth catalysts [4][25] - The company anticipates continued growth in revenue and EBITDA, supported by operational and manufacturing expertise [25] - Management highlighted the importance of consistent product quality and operational excellence in maintaining competitive advantage [30] Other Important Information - The company closed the quarter with approximately $88 million in cash, reflecting an increase of nearly $23 million since the end of Q2 [16][22] - A share repurchase program was implemented as part of a balanced approach to capital allocation to drive shareholder returns [16][23] Q&A Session Summary Question: About cannabis gross margin improvement - Management noted improved efficiency, higher crop yields, favorable pricing, and international export sales as key drivers for the sequential gross margin improvement [26][27] Question: Competitive environment and market share in international markets - Management indicated that consistent high-quality production and EU GMP certification have positioned the company well to gain market share, particularly in Germany [30][34] Question: Performance and outlook for the Netherlands - Management confirmed that long-term gross margin targets for the Netherlands are similar to those for Canadian cannabis, emphasizing the startup nature of the operations [31][32] Question: Regulatory changes and opportunities in Texas - Management expressed excitement about the regulatory changes in Texas and confirmed that they are exploring suitable structures to maintain their NASDAQ listing while considering M&A opportunities [36][37] Question: Quebec's importance and regulatory changes - Management acknowledged Quebec's significance but clarified that it does not account for 40% of total cannabis revenue, while highlighting the potential benefits from recent regulatory changes [38][39] Question: Competitive landscape in the Netherlands - Management noted that while some competitors face challenges, the company is focused on expanding its capacity and is well-positioned for future growth [40]

Financial Data and Key Metrics Changes - Total revenue increased by 45% year over year to $111.7 million, with strong organic growth of 9% overall and 12% in strategically important services [13] - Adjusted EBITDA rose more than 70% to $24.8 million, reflecting strong performance and operational efficiency [13] - Service revenue, excluding legacy Fleet Complete, grew 12% organically year over year, with service revenue now representing 80% of total revenue, up from 74% last year [11][13] Business Line Data and Key Metrics Changes - Annual services recurring revenue reached double-digit growth ahead of schedule, indicating strong business momentum [4] - Product margins improved by 640 basis points sequentially to 31.5%, supported by a rebound in higher margin on-site demand [14] - The company reported a 23% expansion in the video pipeline, indicating solid traction with AI video upselling [10] Market Data and Key Metrics Changes - North America experienced double-digit year-over-year revenue performance, with a 26% increase in new logo wins [8] - Global channel bookings increased significantly in Q2, particularly with partners like AT&T and TELUS, showing a 32% sequential increase in quarterly pipeline bill [10] - The company secured major deals with a global industrial manufacturer and a North American logistics company, indicating strong market demand [9] Company Strategy and Development Direction - The company is focused on accelerating sustainable growth following the completion of two major acquisitions and the end of an integration period [4] - A new Chief Revenue Officer has been appointed to drive SaaS growth at scale, indicating a commitment to enhancing revenue expansion [6] - The company plans to embed automation and AI deeper into operations to enhance customer experience and operational efficiency [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong momentum and the potential for sustainable double-digit growth into FY2027 [31] - The company is seeing a shift in customer demand towards efficiency, safety, and compliance, which aligns with its value proposition [36] - Management noted that the integration of Fleet Complete has been successful, with no revenue recognition challenges anticipated moving forward [32] Other Important Information - The company achieved over $30 million in annualized synergies from the integration process, marking a significant milestone [17] - PowerFleet received the Frost & Sullivan's 2025 North America Product Leadership Award, recognizing its innovation and market impact [21] Q&A Session Summary Question: Guidance on services and organic SaaS growth into Q3 and Q4 - Management expects to maintain 10% organic growth in Q4, with positive momentum building [25] Question: Update on Fleet Complete's revenue recognition - Management clarified that Fleet Complete's revenue recognition issues are related to invoicing and cash collection, not historical revenue recognition [34] Question: Demand environment and purchasing pauses - Management noted that while there is still caution in the market, demand for efficiency and compliance solutions is increasing [83] Question: Success in cross-sell efforts - Management highlighted traction in cross-selling between warehouse and over-the-road solutions, particularly in video and safety compliance [81] Question: Incremental enterprise opportunities and brand awareness - Management indicated significant improvements in enterprise opportunities and brand recognition compared to one to two years ago [70]

Summary of Savara FY Conference Call - November 10, 2025 Company Overview - **Company**: Savara (NasdaqGS:SVRA) - **Focus**: Single asset rare disease company - **Product**: Mulibrev (molgramostim inhalation solution) - **Indication**: Autoimmune pulmonary alveolar proteinosis (aPAP), a rare lung disease - **Regulatory Status**: Resubmission of Biologics License Application (BLA) projected for December 2025, with Marketing Authorization Applications (MAAs) planned for Europe and the U.K. in Q1 2026 [4][6][37] Key Points and Arguments Regulatory Developments - **BLA Submission**: Initial rolling submission began in December 2024, finalized in March 2025, but received a refusal to file (RTF) from the FDA in May 2025 due to manufacturing data issues [7][8] - **Manufacturing Strategy**: Transitioning to Fujifilm in the U.K. as the primary drug substance manufacturer following the RTF, supported by a Type A meeting with the FDA [8][9] - **IMPALA-2 Trial**: First and only application for aPAP, with breakthrough designation highlighting significant unmet need. Primary endpoint (DLCO) met statistical significance at 24 weeks, with durability observed at 48 weeks [12][14][16] Clinical Trial Insights - **Trial Design**: Global study with 164 patients across 43 centers in 16 countries. Key secondary endpoints included SGRQ and exercise capacity via treadmill test, both showing significant results [15][16][18] - **Patient Retention**: 100% of patients completed the trial and transitioned to open-label extension, indicating strong engagement and treatment interest [18] Market Opportunity - **Current Management of aPAP**: Existing treatment involves whole lung lavage, a mechanical procedure that does not address the underlying disease. Mulibrev targets the root cause by addressing GM-CSF signaling [21][22] - **Market Size Update**: Recent analysis identified approximately 5,500 patients with autoimmune PAP in the U.S., a 50% increase from previous estimates of 3,600 patients [23][25] - **Physician Distribution**: Approximately 1,100 centers manage these patients, with a customer-facing group of 25-30 expected to effectively address the patient population [26][27] Commercial Strategy - **U.S. Strategy**: Plans to go it alone in the U.S. market, with a focus on building disease awareness and diagnostic testing capabilities [28][29] - **International Strategy**: Similar approach in Europe and the U.K., while Asia Pacific presents challenges due to policy issues [29][30] - **Financing**: Recent two-step financing strategy was opportunistic, aimed at ensuring sufficient runway for operations and market entry [31][33] Future Outlook - **Regulatory Timeline**: Anticipated PDUFA date around August 2026, assuming priority review is granted [40] - **Market Readiness**: Company is well-capitalized and focused on execution to meet market expectations [36][37] Additional Important Insights - **Antibody Testing Program**: Ongoing no-cost antibody testing program is being utilized, with potential for future updates on testing numbers and market expansion [35][36] - **Unmet Need**: The significant unmet need in the aPAP market underscores the potential impact of Mulibrev as a treatment option [36]