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    Brendan Smith • TD Cowen

    Brendan Smith's questions to Codexis Inc (CDXS) leadership

    Brendan Smith's questions to Codexis Inc (CDXS) leadership • Q2 2025

    Question

    Brendan Smith of TD Cowen asked about the expected revenue ramp as partners progress through clinical development, from preclinical to late-stage trials. He also inquired about the options available to fund the scaling to GMP, and whether the sale of the biocatalysis business might be considered to accelerate this.

    Answer

    CEO Stephen Dilly outlined a revenue model that begins with smaller, technical collaboration fees and milestones in early phases, transitioning to simpler, volume-based revenue from direct siRNA material supply in later stages. He dismissed the idea of selling the biocatalysis business, stating it is a profitable 'engine' that reduces the company's cash need. He added that scaling can be done incrementally, staying just ahead of demand, rather than requiring a large, upfront capital expenditure.

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    Brendan Smith's questions to Codexis Inc (CDXS) leadership • Q1 2025

    Question

    Brendan Smith from TD Cowen asked for more details on Codexis's machine learning capabilities, including how they will be integrated across the business and their potential impact on operating efficiency.

    Answer

    CEO Stephen Dilly and SVP of Research Dr. Stefan Lutz detailed the strategy. Mr. Dilly highlighted that machine learning is applied to tractable problems, such as optimizing ligase selection for specific molecules, noting a new tool was developed and launched in under a year. Dr. Lutz added that these capabilities are being expanded beyond enzyme engineering into manufacturing process optimization to create a differentiated offering. Both confirmed the tool has been successfully deployed with customer assets, validating its real-world performance.

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    Brendan Smith's questions to Codexis Inc (CDXS) leadership • Q4 2024

    Question

    Brendan Smith asked about the remaining steps to secure a GMP scale-up partner by year-end and how such a partnership would impact Codexis's spending in 2026 and beyond.

    Answer

    COO Kevin Norrett stated that the final steps involve finalizing negotiations and completing feasibility testing with potential partners. He clarified that a partnership would not be a major cost center, as Codexis would tech transfer processes and supply materials, likely receiving back-end economics. President and CEO Dr. Stephen Dilly added that securing a partner accelerates their path to GMP and buys them crucial time to properly plan their own future facility.

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    Brendan Smith's questions to Evotec SE (EVO) leadership

    Brendan Smith's questions to Evotec SE (EVO) leadership • Q2 2025

    Question

    Brendan Smith from TD Cowen asked for more detail on customer conversations in the DMPD segment and whether there has been renewed interest in Evotec's AI capabilities.

    Answer

    CEO Christian Wojczewski noted that the biotech sector, particularly on the US East Coast, remains cautious in its spending, while the pharma sector is more mixed. Chief Scientific Officer Cord Dohrmann confirmed heightened interest in AI/ML across drug discovery, stating Evotec is well-positioned with its omics-driven platform and that computational chemistry has long been a core company capability.

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    Brendan Smith's questions to Evotec SE (EVO) leadership • Q1 2025

    Question

    Brendan Smith of TD Cowen inquired about the recent FDA announcement signaling a phase-out of animal testing for biologics in favor of AI and organoid models. He asked about any related customer conversations and how Evotec is positioned to adapt to this regulatory shift in the U.S. and potentially Europe.

    Answer

    Executive Cord Dohrmann stated that Evotec is 'excellently positioned' for this shift due to its long-term investment in patient-centric technologies like its Molecular Patient Database, iPSC platform, and PanOmics approach, which bridge in vitro models and clinical data. While he noted that commercial adoption of these alternatives has been 'muted' so far, he said the FDA's announcement is 'extremely welcome' and is expected to create more traction in future commercial discussions. CEO Christian Wojczewski added that the company is well-prepared for this evolution.

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    Brendan Smith's questions to Evotec SE (EVO) leadership • Q1 2025

    Question

    Brendan Smith asked for Evotec's perspective on the FDA's recent announcement to phase out animal testing for biologics, how the company is positioned for this shift, and if similar changes are expected from the EMA in Europe.

    Answer

    CEO Christian Wojczewski and executive Cord Dohrmann responded that Evotec is technologically well-positioned for this shift due to its long-standing focus on patient-centric platforms like iPSC and PanOmics. They noted that while commercial adoption is still nascent, the FDA's move is a welcome development that should increase traction in future client discussions. They also confirmed the EMA has been considering similar changes.

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    Brendan Smith's questions to Alpha Teknova Inc (TKNO) leadership

    Brendan Smith's questions to Alpha Teknova Inc (TKNO) leadership • Q2 2025

    Question

    Brendan Smith of TD Cowen asked for qualitative insights from customer conversations about shifting priorities in biopharma, particularly what is driving decisions to alter program timelines and spending.

    Answer

    CEO Stephen Gunstream noted that while customer views on modalities vary, a key trend is the ability to raise capital, leading to a shift toward less risky areas like ADCs. He emphasized that customers with later-stage therapies are generally securing funding and executing as planned, which provides a stable base for Tecnova.

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    Brendan Smith's questions to Abcellera Biologics Inc (ABCL) leadership

    Brendan Smith's questions to Abcellera Biologics Inc (ABCL) leadership • Q2 2025

    Question

    Brendan Smith from TD Cowen asked for details on the target dosing, formulation, and frequency for ABCL635 and how these factors might influence the future clinical and commercial strategy.

    Answer

    CEO Carl Hansen stated that based on preclinical work, the company believes the antibody's half-life and potency support a once-monthly subcutaneous dose. He specified the target product profile includes a high-concentration formulation of 150 mg/mL in a 2 mL dose, which will be validated in the ongoing Phase I study.

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    Brendan Smith's questions to Abcellera Biologics Inc (ABCL) leadership • Q3 2024

    Question

    Brendan Smith from TD Securities asked for a broader view on the T cell engager (TCE) platform, inquiring what an ideal partnership would look like and how AbCellera views the strategic direction for this vertical as the TCE space evolves.

    Answer

    President and CEO Dr. Carl Hansen explained that amid growing excitement for TCEs, AbCellera's priority is to advance the science. He stated that an ideal first partnership would be with a team deep in the science to collaboratively understand how to best use their tools to create effective drugs. While upfront cash is a consideration, the primary goal is a strong scientific collaboration to unlock the potential of the modality over the next several years.

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    Brendan Smith's questions to Certara Inc (CERT) leadership

    Brendan Smith's questions to Certara Inc (CERT) leadership • Q2 2025

    Question

    Brendan Smith of TD Cowen asked for more detail on new customer inquiries following the FDA's guidance on reducing animal testing, specifically inquiring about the expected cadence from initial contact to revenue recognition for these new opportunities.

    Answer

    CFO John Gallagher identified the QSP and Simcyp businesses as the primary initial beneficiaries of this trend, noting it's a long-term conversion but that both areas are already outperforming expectations. He stated that customer conversations are positive and that there is potential upside in these areas for the remainder of the year.

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    Brendan Smith's questions to Schrodinger Inc (SDGR) leadership

    Brendan Smith's questions to Schrodinger Inc (SDGR) leadership • Q2 2025

    Question

    Brendan Smith of TD Cowen inquired whether Schrödinger has engaged with the FDA regarding its pilot study on computational models versus animal testing and if the company might be involved.

    Answer

    CEO Ramy Farid confirmed that the company has had informal discussions with the FDA, which is aware of Schrödinger's work on predictive toxicology. However, he stated it is premature to discuss formal FDA adoption of the technology until it is more mature and has received feedback from beta testers.

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    Brendan Smith's questions to Schrodinger Inc (SDGR) leadership • Q1 2025

    Question

    Brendan Smith inquired about the upcoming predictive toxicology model, asking about its points of differentiation versus other non-animal simulators and how it might be priced relative to existing software.

    Answer

    Ramy Farid, CEO, explained that the model's key differentiator is its high accuracy, achieved by integrating physics-based methods with machine learning. He noted that pricing will be determined after a beta release to select customers later this year provides feedback on its impact and accuracy.

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    Brendan Smith's questions to Schrodinger Inc (SDGR) leadership • Q4 2024

    Question

    Brendan Smith inquired about the key factors driving high customer retention and ACV growth, and how customer feedback is shaping the company's R&D investment strategy for new products.

    Answer

    CEO Ramy Farid attributed strong retention to the platform's tangible impact on customer projects, such as accelerating timelines and improving molecule quality, noting a lack of viable alternatives. He explained that this success and customer feedback directly guide R&D investments into high-need areas like biologics, predictive toxicology, and formulations, which also tap into new customer budgets.

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    Brendan Smith's questions to Halozyme Therapeutics Inc (HALO) leadership

    Brendan Smith's questions to Halozyme Therapeutics Inc (HALO) leadership • Q2 2025

    Question

    Brendan Smith of TD Cowen asked about the next-generation pipeline assets and their potential exposure to CMS rulings, specifically how many are being developed as subcutaneous-first products. He also inquired about any coordination with Johnson & Johnson on potential CMS appeals related to DARZALEX and the IRA.

    Answer

    President and CEO Dr. Helen Torley stated that the majority of pipeline assets are being developed as subcutaneous-only or with a very short gap between IV and subcutaneous launches, minimizing IRA exposure. She noted that Halozyme has not discussed specific appeal strategies with J&J but highlighted that pending legislation could potentially exclude DARZALEX IV from IRA negotiation due to its multiple orphan drug designations.

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    Brendan Smith's questions to Halozyme Therapeutics Inc (HALO) leadership • Q1 2025

    Question

    Brendan Smith from TD Cowen sought confirmation that the outcome of the litigation with Merck, including both the infringement lawsuit and the Post-Grant Review (PGR), would have no impact on Halozyme's core ENHANZE business. He also asked about the potential impact of tariffs on the business.

    Answer

    Dr. Helen Torley, President and CEO, confirmed that the litigation involves a separate set of patents and will have "absolutely no impact whatsoever" on the core ENHANZE business, framing it as potential upside. Regarding tariffs, she stated that Halozyme has very limited exposure due to its U.S.-based manufacturing and sourcing. She also clarified that based on partner agreements and distribution, Halozyme should not see any impact on its royalty revenues from potential pharma tariffs.

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    Brendan Smith's questions to Halozyme Therapeutics Inc (HALO) leadership • Q4 2024

    Question

    Brendan Smith inquired about business development, specifically the economic impact of the new small volume auto-injector deal, how it differs from the high-volume auto-injector, and what is needed to finalize pending ENHANZE deals.

    Answer

    President and CEO Dr. Helen Torley explained that the small volume auto-injector adds a product sales revenue stream via a price-per-device model. In contrast, the high-volume auto-injector is linked to ENHANZE, creating both new royalty streams and product sales fees. She expressed confidence in signing new deals in 2025, stating that progress is being made by patiently navigating the internal review processes of various potential partners.

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    Brendan Smith's questions to Halozyme Therapeutics Inc (HALO) leadership • Q3 2024

    Question

    Brendan Smith from TD Cowen sought clarification on Roche's stated $2 billion opportunity for Ocrevus subcutaneous, asking if this represents new-to-brand patients or includes IV-to-subcutaneous switches. He also asked about the timeline for learning more about undisclosed Roche and Chugai pipeline drugs.

    Answer

    President and CEO Dr. Helen Torley clarified the $2 billion Ocrevus opportunity is market expansion on top of existing sales, which will also see conversion over time. She noted early U.S. data shows 80% of new starts are new-to-brand. Regarding the pipeline, she stated that details on the Roche and Chugai drugs cannot be disclosed until the partners make public announcements.

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    Brendan Smith's questions to Azenta Inc (AZTA) leadership

    Brendan Smith's questions to Azenta Inc (AZTA) leadership • Q3 2025

    Question

    Brendan Smith from TD Cowen asked for more detail on the sales funnel visibility, which end markets might show spending strength, and the ideal buyer profile for the B Medical Systems divestiture.

    Answer

    CEO John Marotta confirmed strong visibility into the capital equipment funnel, stating that delays are due to pharma capital spending pauses, not competitive losses. For the B Medical divestiture, he noted significant interest from both private equity and strategic buyers and anticipates an announcement in the coming months.

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    Brendan Smith's questions to Azenta Inc (AZTA) leadership • Q2 2025

    Question

    Brendan Smith asked about any signs of customer order pull-forwards to get ahead of tariffs and which segments might be most affected. He also requested more detail on Next-Generation Sequencing (NGS) ordering trends, the medium-term growth opportunity, and where the GENEWIZ business is best positioned to compete.

    Answer

    CEO John P. Marotta described a recent outreach to nearly 100 customers that revealed a strong focus on quality, outsourcing, and supply chain security, which he believes positions Azenta well. Regarding NGS, he stated there is no change in their view of the end market demand. He connected the customer insights directly to NGS, noting that customers are seeking partners who provide a competitive advantage through quality, delivery, and cost, which could lead to increased outsourcing.

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    Brendan Smith's questions to Arrowhead Pharmaceuticals Inc (ARWR) leadership

    Brendan Smith's questions to Arrowhead Pharmaceuticals Inc (ARWR) leadership • Q2 2025

    Question

    Brendan Smith of TD Cowen inquired about the development strategy for Arrowhead's CNS assets (internal vs. partnered) and the initial patient targeting strategy for the MAPT program in Alzheimer's disease.

    Answer

    CMO Dr. James Hamilton stated the initial MAPT study will focus on safety and PD markers, without pre-specifying AD subtypes. CEO Dr. Christopher Anzalone added that HTT is partnered with Sarepta, MAPT is being held internally for now, and the SNCA program could be partnered for the right deal. He expects a future mix of internal and partnered CNS assets.

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    Brendan Smith's questions to Arrowhead Pharmaceuticals Inc (ARWR) leadership • Q1 2025

    Question

    Brendan Smith asked if Arrowhead has any plans to pursue the heterozygous familial hypercholesterolemia (HeFH) indication with zodasiran, given the development and commercial synergies with plozasiran.

    Answer

    An executive responded that the company is not planning to pursue HeFH with zodasiran. They explained that while an unmet need exists, there is no clear regulatory pathway to target the specific patient population without conducting a full development program, likely including a CVOT, which they deemed not to be a worthwhile investment.

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    Brendan Smith's questions to Arrowhead Pharmaceuticals Inc (ARWR) leadership • Q3 2024

    Question

    Brendan Smith asked how the recent financing affects plans for additional partnerships, particularly a commercialization partner in 2024. He also inquired if Phase I data for ARO-CFB is still expected this year and about next steps for the program.

    Answer

    President and CEO Dr. Christopher Anzalone stated that while partnerships are a priority with active discussions, he could not predict the timing of any new deals. Dr. James Hamilton, Chief of Discovery and Translational Medicine, confirmed they should be in a position to release ARO-CFB data later this year and noted the study will also enroll patients with IgA nephropathy.

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    Brendan Smith's questions to OmniAb Inc (OABI) leadership

    Brendan Smith's questions to OmniAb Inc (OABI) leadership • Q1 2025

    Question

    Speaking on behalf of Brendan Smith, Jacqueline Kisa asked if OmniAb intends to develop additional computational or AI-driven platforms as stand-alone SaaS offerings and what areas of white space the company sees for such tools.

    Answer

    Matthew Foehr, President and CEO, and Bob Chen, VP of Discovery Systems, addressed the question. Foehr emphasized the intentional integration of existing platforms like OmniDeep (in silico tools) and OmniHub (data sharing). Chen elaborated that exploration is a key data generator for these AI tools, creating a feedback loop where large-scale functional data from exploration feeds AI models, and AI-selected sequences can then be tested using exploration, enhancing the entire discovery process.

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    Brendan Smith's questions to OmniAb Inc (OABI) leadership • Q3 2024

    Question

    Jacqueline Kisa, on for Brendan Smith, asked about any beta testing for the OmniHub platform, potential cloud provider partnerships, and for more detail on the three new Q3 licenses, including therapeutic interests and program size.

    Answer

    CEO Matt Foehr explained that OmniHub is a natural extension of their ongoing digital interactions with partners, effectively serving as its beta test, and is currently a homegrown platform. He detailed the new partners: 92Bio (cancer, multi-specifics), Memorial Sloan Kettering (cancer research), and Queen Mary University of London (cancer prevention, diagnostics), all of whom will utilize a range of OmniAb's technologies.

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    Brendan Smith's questions to Recursion Pharmaceuticals Inc (RXRX) leadership

    Brendan Smith's questions to Recursion Pharmaceuticals Inc (RXRX) leadership • Q1 2025

    Question

    Brendan Smith of Cowen asked about the expected impact of the FDA's updated animal testing guidance on Recursion's internal and partnership strategies.

    Answer

    Co-Founder and CEO Christopher Gibson stated that Recursion was built for such an evolving regulatory framework. He explained that the company's platform, which generates large-scale datasets and builds foundation models, is shifting from a 'test at scale' to a 'predict and validate' approach for preclinical studies, positioning Recursion to lead in this new environment.

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    Brendan Smith's questions to Twist Bioscience Corp (TWST) leadership

    Brendan Smith's questions to Twist Bioscience Corp (TWST) leadership • Q2 2025

    Question

    Brendan Smith asked how the new adjusted EBITDA breakeven target affects profitability expectations for each revenue segment and requested color on the profitability profile of each segment given recent product launches.

    Answer

    CFO Adam Laponis explained that Twist manages the business in aggregate, not by segment-level profitability. He reiterated the key financial principle that 75% to 80% of incremental revenue drops to the gross margin line across all products. He expressed confidence in the growth and contribution from all three segments as the company continues to expand gross margin above 50%.

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    Brendan Smith's questions to Twist Bioscience Corp (TWST) leadership • Q1 2025

    Question

    Brendan Smith from TD Cowen requested more details on the company's proprietary enzyme production initiative, including potential gross margin leverage, applicable internal processes, and timing.

    Answer

    An executive, likely President and COO Patrick Finn, explained that the enzymes will benefit standard internal synthesis procedures, enhance supply chain security, and drive new product innovation. He noted that any expected financial impact from this initiative is already incorporated into the company's current financial guidance.

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    Brendan Smith's questions to Twist Bioscience Corp (TWST) leadership • Q4 2024

    Question

    On behalf of Brendan Smith, an analyst asked for more details on the company's new proprietary enzymes initiative, questioning the timing and strategic rationale for launching these products now.

    Answer

    CEO Dr. Emily Leproust explained that developing proprietary enzymes is a natural extension of Twist's core DNA synthesis platform. She highlighted that the first product, a proprietary ligase, improves sequencer efficiency, which provides direct value to customers. She noted that the ability to create differentiated workflows is increasingly important and that Twist has a strong product road map in this area.

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    Brendan Smith's questions to Repligen Corp (RGEN) leadership

    Brendan Smith's questions to Repligen Corp (RGEN) leadership • Q1 2025

    Question

    Brendan Smith inquired about any potential impact from the FDA's recent guidance to phase out animal testing for biologics. He also asked about Repligen's manufacturing flexibility to shift production to U.S. facilities to mitigate potential tariff impacts.

    Answer

    Executive Olivier Loeillot responded that he has not heard anything tangible from customers regarding the FDA's animal testing guidance. On manufacturing, he confirmed that Repligen has leverage to shift production, as several product lines like OPUS and fluid management already have dual manufacturing sites in the U.S. and Europe, and the company is exploring further dual-sourcing opportunities.

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    Brendan Smith's questions to BioLife Solutions Inc (BLFS) leadership

    Brendan Smith's questions to BioLife Solutions Inc (BLFS) leadership • Q3 2024

    Question

    Brendan Smith from TD Cowen inquired about the specific levers within the cell processing platform that BioLife can pull to drive top-line growth in 2025. He also asked about the macro trends the company is observing and how they are being leveraged internally.

    Answer

    CEO Roderick de Greef identified several growth levers, including the strong performance of its top 20 customers, deepening relationships with distributors, implementing pricing opportunities to reduce legacy discounts, and cross-selling Sexton tool products into its existing biopreservation media customer base. He noted these efforts are key to capitalizing on the current market dynamics.

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    Brendan Smith's questions to Novavax Inc (NVAX) leadership

    Brendan Smith's questions to Novavax Inc (NVAX) leadership • Q3 2024

    Question

    Jackie, on for Brendan Smith of TD Cowen, inquired about expectations for the company's analyst event next year, specifically whether new pipeline programs would be confirmed. She also asked if Novavax plans to have other wholly-owned assets in the clinic within the next 18 months.

    Answer

    CFO James Kelly indicated that an Investor Day is likely to occur sometime in 2025, after the Q4 earnings report at the end of February. He noted that more of the company's strategic thinking would be unveiled in the coming months. The question about other clinical assets was not directly addressed, though earlier commentary from management pointed to RSV and pandemic flu programs moving toward IND-enabling studies.

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    Brendan Smith's questions to Cytek Biosciences Inc (CTKB) leadership

    Brendan Smith's questions to Cytek Biosciences Inc (CTKB) leadership • Q3 2024

    Question

    Brendan Smith inquired about expectations for the upcoming December user group meeting and whether any significant new products are on the horizon for 2025 that could impact top-line growth.

    Answer

    CFO William McCombe stated that formal 2025 guidance would be provided during the Q4 earnings call, following the company's usual pattern. CEO Wenbin Jiang confirmed that due to substantial R&D investment, new products will continue to be launched throughout the year, similar to the cadence of previous years.

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