Billy

Billy asked about the drivers of BlackSky's cost management, the outlook for OpEx and operating leverage as Gen-3 scales, the major moving pieces for 2026 free cash flow, working capital needs, and the CapEx mix between Gen-3 and AI technologies.

Answer

Brian O'Toole (CEO, BlackSky) highlighted BlackSky's platform for significant operating leverage, driving strong margin performance as capacity is monetized over fixed costs. Henry Dubois (CFO, BlackSky) added that disciplined cost management, alongside strategic investments, ensures top-line growth translates to bottom-line improvement. For free cash flow, Henry pointed to growing adjusted EBITDA and noted typical CapEx includes $12-15 million for general corporate/AI development, with the rest for Gen-3, expecting near-term collection of year-end accounts receivable.

Billy, on behalf of JPMorgan, asked if Vir plans to pursue an every-three-week dosing schedule for its EGFR T-cell engager, VIR-5525, similar to its other two T-cell engager programs.

Answer

CEO Dr. Marianne De Backer confirmed that Vir is exploring both weekly and every-three-week dosing for the HER2 and PSMA programs and plans to do the same for the EGFR program. She noted that the pharmacokinetic half-life data from the existing clinical programs is encouraging for less frequent dosing schedules.