Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $9.7 million, up from $6 million in Q4 2024, with a total of 65 vehicles delivered in Q4 2025 compared to 40 in Q4 2024 [25][26] - Full-year 2025 revenue reached $21.2 million, significantly higher than $7 million in 2024, with pro forma revenue of $34 million for 2025 if the merger had been completed earlier [28][29] - Operating loss for Q4 2025 was $20.1 million, compared to $16.5 million in Q4 2024, while net loss for Q4 was $23.7 million, up from $19.6 million in the same period last year [27][28] Business Line Data and Key Metrics Changes - The merger with Motiv Electric Trucks has positioned the company as a leading North American medium-duty commercial vehicle OEM, with a portfolio spanning classes four, five, and six [5][6] - The company has delivered 112 vehicles in full-year 2025, an increase from 46 units in 2024, driven by follow-on orders from existing customers [25][26] Market Data and Key Metrics Changes - The North American medium-duty truck market is valued at approximately $23 billion annually, with a significant shift towards e-commerce logistics and shorter delivery routes [9][10] - Annual mileage for medium-duty vehicles has increased from roughly 31,000 miles in 2020 to nearly 48,000 miles in 2025, indicating a growing demand for these vehicles [11][12] Company Strategy and Development Direction - The company aims to complete full enterprise integration within two to three quarters, targeting $20 million in annualized cost synergies from the merger by the end of 2026 [7][19] - A new product roadmap is being developed to commonize key components across platforms, which is expected to enhance pricing flexibility and reduce costs [8][19] Management's Comments on Operating Environment and Future Outlook - Management believes that capturing approximately 1% of the annual medium-duty truck market, or about 2,500 vehicles per year, is achievable and would lead to cash flow breakeven by the end of 2028 [16][17] - The company is focused on driving down the bill of materials to achieve pricing competitive with internal combustion engine trucks, leveraging merger synergies and economies of scale [18][19] Other Important Information - The company has a stronger balance sheet post-merger, with $12.9 million in cash and cash equivalents and access to a $40 million customer order lending facility [30][31] - Management is actively exploring financing alternatives to strengthen the balance sheet and support growth plans [31] Q&A Session Summary Question: What were the one-time expenses related to the merger in Q4? - The company recognized over $4 million in one-time fees and costs associated with the merger, with expectations to exit 2026 at a $20 million run rate in synergies [36][39] Question: Will the company reach positive gross margins by Q4 this year? - Management indicated that it is unlikely to reach positive gross margins by Q4 2026, as they continue to ramp up production [41] Question: What is the outlook for the step van market and feedback on the new lower-cost model? - Preliminary feedback on the new lower-cost models has been positive, with plans to mix the current W56 with the new vehicle for different duty cycles [45][46] Question: What is needed to reach the 5,000+ vehicle capacity? - Minimal capital expenditures are required, primarily for equipment like lift equipment and torque guns, as the facility is already well-prepared for increased production [48][49] Question: How will the Workhorse and Motiv products differ going forward? - The company will phase out the former Class 5-6 chassis from Motiv and ramp up production of new Class 5-6 cab chassis and Class four trucks [56][58] Question: How does the company plan to reduce the bill of materials during 2026? - The company aims to commonize components across different classes of trucks to reduce the bill of materials and achieve competitive pricing with ICE trucks [60][62]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $9.7 million, up from $6 million in Q4 2024, with a total of 112 vehicles delivered in 2025 compared to 46 in 2024 [25][29] - Full-year 2025 revenue was $21.2 million, compared to $7 million in 2024, with pro forma revenue of $34 million if the merger had been completed for both periods [28][29] - Operating loss for Q4 2025 was $20.1 million, compared to $16.5 million in Q4 2024, with a net loss of $23.7 million compared to $19.6 million the previous year [27][28] Business Line Data and Key Metrics Changes - The merger with Motiv Electric Trucks has positioned the company as a leading North American medium-duty commercial vehicle OEM, with a portfolio spanning classes 4, 5, and 6 [5][6] - The company has delivered 65 vehicles in Q4 2025, driven by follow-on orders from existing customers [25][26] Market Data and Key Metrics Changes - The North American medium-duty truck market is approximately $23 billion annually, with a significant shift towards e-commerce logistics and shorter delivery routes [9][10] - Annual mileage for medium-duty vehicles has increased from approximately 31,000 miles in 2020 to nearly 48,000 miles in 2025, indicating a structural shift in freight distribution [11][12] Company Strategy and Development Direction - The company aims to complete integration, expand its product portfolio, and strengthen its financial position post-merger [6][7] - A new product roadmap is being developed to commonize key components and introduce a proprietary Class 5-6 cab chassis [8][19] - The company targets a run rate of $20 million in annualized cost synergies from the merger by the end of 2026 [7][19] Management's Comments on Operating Environment and Future Outlook - Management believes that capturing approximately 1% of the annual medium-duty truck market, or about 2,500 vehicles per year, is achievable to reach cash flow breakeven by the end of 2028 [16][17] - The company is focused on driving down the bill of materials to achieve pricing competitive with internal combustion engine trucks [18][62] Other Important Information - The company has a stronger balance sheet post-merger, with $12.9 million in cash and access to a $40 million customer order lending facility [30][31] - The company is actively exploring financing alternatives to support growth and strengthen its balance sheet [31] Q&A Session Summary Question: What were the one-time expenses related to the merger in Q4? - The company recognized over $4 million in one-time fees and costs associated with the merger, with expectations to exit 2026 at a $20 million run rate in synergies [36][39] Question: Will the company reach positive gross margins by Q4 2026? - Management indicated that positive gross margins may not be achieved by Q4 2026, as it is more likely to occur in the following year [41] Question: What is the outlook for the step van market and feedback on the new lower-cost model? - Preliminary feedback on the new lower-cost models has been positive, with plans to mix the current W56 with the new vehicle for different operational needs [45][46] Question: What is left to be done to reach the 5,000+ vehicle capacity? - Minimal capital expenditures are needed to enhance capacity, primarily involving equipment like lift equipment and torque guns [48][49] Question: How will the Workhorse and Motiv products differ going forward? - The company will phase out the former Class 5-6 chassis from Motiv and ramp up production of new Class 5-6 cab chassis and Class 4 trucks [58] Question: How does the company plan to reduce the bill of materials during 2026? - The company aims to commonize components across classes to leverage supply chain efficiencies and reduce the number of parts stocked, ultimately targeting competitive pricing with ICE trucks [61][62]

Financial Data and Key Metrics Changes - The company reported approximately $22.3 million in cash and current assets after accounting for liabilities at year-end [38] - Operating expenses were about $10 million, with a cash burn of $5.7 million for the year [39] - Post spin-out of the clearing platform and PatentVest, operating expenses are expected to decrease to about $6 million annually, enhancing financial leverage [40][41] Business Line Data and Key Metrics Changes - MDB Capital has successfully launched 18 IPOs, with all but the most recent trading at significant premiums to their IPO prices, indicating strong market positioning [6] - The company has invested around $4 million annually in MDB Direct and PatentVest since going public, establishing them as distinct assets with independent value [20][37] Market Data and Key Metrics Changes - The company is focusing on the public venture market, which is increasingly appealing to individual investors rather than traditional institutional investors [24] - The market for patent prosecution in the U.S. is estimated to be between $10 billion and $15 billion, presenting a significant opportunity for growth [30] Company Strategy and Development Direction - The company aims to scale its operations to launch 3-5 companies per year, leveraging AI to streamline processes and reduce time to market [11][18] - MDB Capital is exploring strategic partnerships to monetize its clearing operations and enhance distribution capabilities [23][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic risks and challenges in the microcap market, but remains optimistic about the potential for portfolio companies to execute successfully [42][43] - The company is confident in its ability to generate significant equity value from its current assets, with all principal assets having billion-dollar potential [41][49] Other Important Information - The company is in the process of developing AI-driven tools to enhance its operational efficiency and reduce the time required for due diligence [12][14] - MDB Capital is planning to take POLX public later this year, with expectations for significant clinical trial results that could impact its valuation [35][36] Q&A Session Summary Question: Can you talk about Q, ClearSign, and Beat? Also, what about Buda? - ClearSign is on a long commercialization journey with promising prospects due to its unique burner technology [52] - HeartBeam has achieved FDA approval for a groundbreaking ECG device, which could save millions of lives [53] - Buda is positioned to lead in the fresh juice market, capitalizing on a global shift towards fresh products [56] Question: What is the outlook for eXoZymes regarding dilution? - eXoZymes has a capital-efficient model with minimal expected dilution due to its focus on significant market opportunities [61][62] Question: How will the spin-out of PatentVest impact shareholders? - Both MDB Direct and PatentVest are fully owned by the company, and the goal is to secure funding and take them public by 2027 [64][65] Question: What does the deal pipeline look like for the next 12-24 months? - The company anticipates a strong deal pipeline but emphasizes the need to enhance distribution capabilities to successfully sell these opportunities [66][67] Question: Have you considered a SaaS model for PatentVest? - The company believes that AI will significantly disrupt the SaaS model, as it can perform tasks more efficiently than traditional methods [70][74]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $86.5 million or $1.22 per share, compared to a net loss of $30.9 million or $0.47 per share in Q3 2025 [13][20] - The fourth quarter results included a net gain of $237.6 million from the sale of zaltenibart to Novo Nordisk [20][23] - Excluding a $136 million non-cash charge related to embedded derivatives, the non-GAAP adjusted net income was $222.5 million, or $3.14 per share [14][20] Business Line Data and Key Metrics Changes - The company achieved FDA approval for YARTEMLEA, the first approved treatment for TA-TMA, which is expected to drive significant revenue [7][12] - The partnership with Novo Nordisk for zaltenibart is valued at up to $2.1 billion, including upfront payments and milestone payments [6][12] Market Data and Key Metrics Changes - The company is focusing on the 80 highest volume transplant centers in the U.S., which account for approximately 80% of annual stem cell transplants [9][10] - YARTEMLEA has been approved by P&T committees at 50% of the top 10 U.S. transplant centers, indicating strong market acceptance [11] Company Strategy and Development Direction - The company plans to expand YARTEMLEA's indications beyond TA-TMA, exploring opportunities in ARDS and other endothelial injury-related disorders [12] - The company is also advancing its MASP-2 antibody, OMS1029, and small molecule programs for chronic indications [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial self-sustainability for the YARTEMLEA program in 2026 and positive cash flow by 2027 [15][28] - The company is focused on building physician awareness and ensuring timely reimbursement for YARTEMLEA [28] Other Important Information - The company has eliminated all indebtedness under its senior secured term loan and 2026 notes, leaving only $70.8 million in convertible notes due in 2029 [15][21] - The company anticipates that operating expenses in Q1 2026 will be comparable to Q4 2025, with a focus on building commercial infrastructure for YARTEMLEA [27] Q&A Session Summary Question: Progress of formulary additions across transplant centers - Management is pleased with the speed of P&T committee approvals and expects continued progress throughout the year [32][34] Question: Real-world vial usage of YARTEMLEA - Initial usage shows a split of approximately 70% once weekly and 30% twice weekly, with expectations for a shift towards more twice weekly dosing [37][39] Question: Financial sustainability and cash flow - The company aims for YARTEMLEA to be self-sustaining in 2026, with positive cash flow expected in 2027 [42][43] Question: Feedback from sales force on formulary allowance - The sales team reports positive responses from medical centers, with a strong recognition of the urgency and need for YARTEMLEA [45][46] Question: Patient starts on YARTEMLEA - Management is not providing specific numbers on patient starts at this time but will discuss in the upcoming Q1 call [70] Question: Confidence in receiving the $100 million milestone from Novo - Management expresses high confidence in receiving the milestone but cannot disclose specific triggers [73]

Financial Data and Key Metrics Changes - For 2025, total consolidated revenue was approximately $27 million, a significant increase from $7.3 million in 2024, representing over a 270% year-over-year growth [26] - The company recorded a net loss of approximately $9.8 million in 2025, an improvement from the $10.8 million net loss in 2024, driven by higher revenue and stronger gross margins [27] - Gross profit for 2025 was $7.9 million, achieving approximately 29% gross margin, a significant year-over-year improvement [27] Business Line Data and Key Metrics Changes - The revenue growth was primarily driven by services and consulting revenue from the asset management agreement with New APR Energy, totaling $22.4 million in 2025 compared to $900,000 in 2024 [26] - Duos Technologies Solutions has already sold $10 million in new business, which is expected to be recorded as revenue in 2026 [13] - The company is divesting its Rail division to focus on data center operations, which is expected to free up resources and reduce SG&A expenses [6][7] Market Data and Key Metrics Changes - The demand for edge computing is growing rapidly, with Duos Edge AI positioned to meet this demand [15] - The company completed a capital raise of $45 million to fund the construction and deployment of 15 edge data centers [15] - Duos Edge AI is experiencing unprecedented demand for power in megawatts, indicating a significant market opportunity [18] Company Strategy and Development Direction - The company is fully dedicated to the data center market through its Duos Edge and Technologies Solutions division, driven by accelerating customer demand [5] - The strategy includes building and deploying data centers rapidly while focusing on cost savings and lowering capital expenditures [10] - Duos aims to continue executing its sales strategy to acquire new customers and fully utilize the capacity of each edge data center [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment for the next three to four years, particularly in Tier 3 and Tier 4 markets [141] - The company anticipates revenue guidance of $50 million to $55 million for 2026, reflecting growth from both core operations and newer initiatives [33] - Management highlighted the importance of the Clean Room technology patent as a competitive advantage in the edge data center market [40] Other Important Information - The company ended 2025 with approximately $63 million in total assets, reflecting meaningful growth year-over-year [29] - Duos has been awarded global recognition for its innovations in the data center space, indicating a positive market reception [35] Q&A Session Summary Question: Concerns about competitors entering the market - Management acknowledged potential competition but emphasized their unique Clean Room technology as a differentiator [39][41] Question: Plans for entering larger markets and international expansion - The focus remains on Tier 3 and Tier 4 markets due to quicker deployment and accessible power, with international expansion considered in the future [45][47] Question: Clarification on new edge data centers and revenue generation - Management confirmed that five new edge data centers are in production, with expected revenue generation starting in August [52][56] Question: Breakdown of expected revenue for 2026 - Management did not provide specific revenue breakdowns by business line but expressed confidence in meeting overall guidance [57] Question: Details on property and equipment increase - The majority of the increase in property and equipment is attributed to the edge data centers, with ongoing investments for future growth [58] Question: Revenue potential from GPU-as-a-Service contracts - Management indicated that the GPU model could generate approximately $2 million per megawatt annually, with significant demand for high-density solutions [149]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net income of $86.5 million or $1.22 per share, a significant improvement from a net loss of $30.9 million or $0.47 per share in Q3 2025 [13][20] - The fourth quarter results included a net gain of $237.6 million from the sale of zaltenibart to Novo Nordisk [20][23] - Excluding a $136 million non-cash charge related to embedded derivatives, the non-GAAP adjusted net income was $222.5 million, translating to $3.14 per share [14][21] Business Line Data and Key Metrics Changes - The company achieved FDA approval for YARTEMLEA, the first approved treatment for TA-TMA, which is expected to drive significant revenue [7][12] - The partnership with Novo Nordisk for zaltenibart is valued at up to $2.1 billion, including upfront payments and milestone payments [6][12] Market Data and Key Metrics Changes - The company is focusing on the top 80 transplant centers in the U.S., which account for approximately 80% of annual stem cell transplants [9][10] - YARTEMLEA has received P&T committee approvals at 50% of the top 10 U.S. transplant centers, indicating strong market acceptance [11] Company Strategy and Development Direction - The company plans to expand YARTEMLEA's indications beyond TA-TMA, exploring opportunities in ARDS and other endothelial injury-related disorders [12] - The company is also advancing its MASP-2 antibody, OMS1029, and small molecule programs for chronic indications [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial self-sustainability for the YARTEMLEA program in 2026 and positive cash flow by 2027 [15][28] - The management highlighted the urgency and need for YARTEMLEA, with positive feedback from medical centers regarding its value proposition [46][48] Other Important Information - The company has a strong cash position of $171.8 million as of December 31, 2025, following the upfront payment from Novo Nordisk [15][21] - The company is actively working on health economics and outcomes research (HEOR) to demonstrate YARTEMLEA's cost-effectiveness [55] Q&A Session Summary Question: Progress of formulary additions across transplant centers - Management is pleased with the speed of P&T committee approvals and expects continued progress throughout the year [32][34] Question: Real-world vial usage of YARTEMLEA - Initial usage shows a split of approximately 70% once weekly and 30% twice weekly, with expectations for a shift towards more frequent dosing [37][39] Question: Financial sustainability and cash flow - The company aims for the YARTEMLEA business to be self-sustaining in 2026, with overall positive cash flow targeted for 2027 [43] Question: Response from medical centers regarding YARTEMLEA - The sales team reports positive feedback and eagerness from medical centers, indicating a strong recognition of the drug's value [45][46] Question: Approval status and patient starts for YARTEMLEA - Management refrained from providing specific patient start numbers but indicated a positive launch trajectory [70] Question: Confidence in receiving the $100 million milestone from Novo - Management expressed high confidence in receiving the milestone, although specific triggers cannot be disclosed [73]

Summary of PepGen Conference Call Company Overview - **Company**: PepGen - **Study**: Phase II FREEDOM2 study of PGN-EDODM1 Key Points Industry and Company Context - The conference call discusses the results from the FREEDOM2 study, focusing on the safety and efficacy of PGN-EDODM1 in treating myotonic dystrophy type 1 [1][2][4]. Core Findings - **Safety Profile**: At a dose of 5 mg/kg, PGN-EDODM1 demonstrated a promising safety profile with all adverse events classified as mild or moderate. No serious adverse events or treatment-related kidney issues were reported [4][11]. - **Splicing Correction**: The mean splicing correction in the treatment group was 7.3%, compared to 6.8% in the placebo group. Excluding an outlier, the mean splicing correction increased to 22.9% [5][12][13]. - **Functional Outcomes**: Improvements in hand myotonia were observed, with the video hand opening time (vHOT) improving by up to 4.1 seconds in the treatment group [13][14]. Recruitment and Future Data - Recruitment for the 10 mg/kg cohort is progressing well, with expectations to report clinical data in the second half of 2026 [5][16]. - The company has a cash runway extending into the second half of 2027, sufficient to support ongoing studies [16]. Additional Insights - **Outlier Analysis**: One patient in the treatment group exhibited a 70.8% worsening in splicing, which was not typical and is under investigation. The patient had significant drug levels, but the reason for the poor response remains unclear [12][17][21][48]. - **Statistical Analysis**: The study is not powered for statistically significant data but aims to explore safety and dose-finding up to 12.5 mg/kg [55]. - **Safety at Higher Doses**: Confidence in the safety profile for the upcoming 10 mg/kg cohort is high, with no cumulative toxicity observed in the 5 mg/kg cohort [28][31]. Regulatory and Market Considerations - The company is in discussions with the FDA regarding lifting a hold on the study, but no timeline can be provided at this moment [35]. - The potential for further improvements in splicing and functional outcomes is anticipated as dosing increases [22][49]. Conclusion - The results from the FREEDOM2 study indicate a favorable safety and efficacy profile for PGN-EDODM1, supporting continued development and higher dosing in future cohorts [14][58].

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, was $5.6 million, down from $7.7 million in 2024, primarily due to the timing of customer equipment purchases [13] - Gross margin improved to approximately 55%, up from 46% in 2024, reflecting lower cost of sales and a reduction in inventory reserves [13] - Total operating expenses decreased by approximately 10% to $6.9 million from 2024 [14] - The net loss was $3.7 million or $0.19 per share, an improvement from a net loss of $4.5 million or $0.22 per share in 2024 [14] Business Line Data and Key Metrics Changes - The backlog of orders for support services increased by 16%, and BIT Solution orders rose by 24% in Q1 2026 compared to the same period last year, indicating a growing recurring revenue trajectory [9][16] - The SteraMist Integrated System achieved its first commercial installation at a leading CDMO in June 2025, with four fully operational SIS enclosure installations by year-end [4][5] Market Data and Key Metrics Changes - The global ethylene oxide market was valued at $5.29 billion last year, with rising demand for sterilized medical consumables and improved healthcare infrastructure driving growth [10] - The company is actively pursuing opportunities in the food safety sector, with significant partners like Danone and Nestlé, following the FDA's approval of hydrogen peroxide as a direct food additive [7][8] Company Strategy and Development Direction - The company is focusing on execution and converting its pipeline into recognized revenue while advancing its technology platform [10] - A shift towards a recurring revenue model is emphasized, moving from episodic revenue to embedded revenue, which is expected to enhance customer dependency and long-term growth [31][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging year in 2025 due to factors like tariffs and political uncertainty but expressed optimism about future revenue growth, projecting around $12 million for 2026 [25][29] - The company is seeing signs of improvement as customers who deferred capital expenditures are beginning to move forward with projects [56] Other Important Information - The company received approvals from the HSE and BPR submissions, enhancing its market presence in the UK and the Netherlands [9] - The company is preparing to introduce its IHP device to the U.S. market through the FDA 510(k) pre-market notification process [10] Q&A Session Summary Question: Insight into global opportunities mentioned in the quarter - Management expects many EU states to follow suit with registrations, leveraging existing relationships and distributors [40] Question: Thoughts on operating expenses going forward - Operating expenses are expected to grow as a percentage of revenue but not significantly, indicating leverage in cost management [42] Question: Signs of improvement in customer capital expenditure projects - Management confirmed that customers are beginning to move forward with deferred projects [56] Question: Details on BIT Solution revenues for 2025 versus 2024 - There was an increase in BIT Solution usage, with customers moving towards auto shipment and advanced orders [58][60] Question: Potential applications for SteraMist in military settings - Management acknowledged the potential and expressed interest in exploring opportunities with military applications [71][75]

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, a 7% year-over-year increase, and $523.1 million for the full year, a 12% increase over fiscal 2025 [27] - Non-GAAP operating income for Q4 was $34.7 million, or 23% of total revenues, compared to $24.4 million, or 17% of total revenues in Q4 of fiscal 2025 [31] - 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 Q4 was $12.5 million, up from -$10.4 million in Q4 of fiscal 2025, and for fiscal 2026, it was $82.6 million, a 55% increase compared to $53.4 million in fiscal 2025 [33] Business Line Data and Key Metrics Changes - ACV as of January 31, 2026, was $602.4 million, a 17% year-over-year increase, with an organic constant currency growth of 13% [35] - The ACV net retention rate improved to 112%, or 109% on an organic constant currency basis, up from 106% in fiscal 2025 [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 for fiscal 2026, they were $131.5 million, up 13% year-over-year [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 year-over-year [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 company anticipates strong sales momentum and a healthy sales pipeline for fiscal 2027, with expectations for continued growth in subscription revenues [47][48] Other Important Information - The company announced the hiring of Keith Kittell as the new Chief Revenue Officer to further accelerate subscription revenue growth [25] - The company has initiated 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 what you saw in terms of the change in close rates or win rates on the back half of the year versus prior years? - Management noted a larger pipeline and healthy conversion rates, contributing to a positive outlook for ACV [50][51] Question: Can you provide insights on the greatest usage across the portfolio of capabilities and skills? - Management highlighted strong adoption of agentic credit reviews and credit monitoring as areas of significant traction [54][55] Question: Are you seeing AI models impacting nCino's differentiation? - Management acknowledged the evolving AI landscape but emphasized nCino's unique position due to its compliance-focused architecture [59][60] Question: Can you share metrics on efficiency gains or P&L impact from customers using intelligence units? - Management indicated a direct correlation between intelligence unit consumption and positive outcomes for customers, particularly in credit monitoring [63][64] Question: What is the status of the credit union initiative? - Management reported good momentum in the credit union market, with a growing pipeline and established relationships [77][78]

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 for 2025 were $50.6 million, compared to $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 Kodiak Primer AI platform is being expanded to improve operational efficiency and support predictive insights [17] Q&A Session Summary Question: Status of sample accrual for the three-target panel and potential to add COVID back - Management clarified that the decision to drop COVID was due to its limited presence during the clinical trial, allowing for a more expedient submission to the FDA [26][27] Question: Expansion into South Asia and its implications - Management noted that the disease burden in South Asia is similar to India, and the expansion increases the total addressable market [34] Question: Sample requirements for the U.S. FDA study - Management indicated that over 1,200 patients have been enrolled for the study, nearing conclusion [36] Question: Next steps for commercialization in India - Management expects to have TB tests commercialized in India by the third quarter of 2026, leveraging existing infrastructure and expertise [39]