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    Keay Nakae • Chardan Capital Markets

    Keay Nakae is a Senior Research Analyst at Chardan Capital Markets specializing in healthcare, with particular expertise in small- to large-cap biotechnology, medical device, and diagnostics companies. He covers firms such as Ocugen, Arrowhead Pharmaceuticals, and OncoCyte, and has made over 700 stock ratings, achieving a 39% success rate and an average return of 1.6% per rating, including standout calls like an 800% return on Ocugen. Nakae began his equity research career after engineering and finance roles, spending over 17 years as a sell-side analyst at firms including Ascendiant Capital Markets, Collins Stewart, CE Unterberg Towbin, and Wedbush Morgan before joining Chardan. He holds an MBA from UCLA Anderson, an MS and BS in electronic engineering from Cal Poly, is a CFA charterholder, and maintains FINRA Series 7, 16, 66, 86, and 87 registrations.

    Keay Nakae's questions to Allurion Technologies Inc (ALUR) leadership

    Keay Nakae's questions to Allurion Technologies Inc (ALUR) leadership • Q2 2025

    Question

    Keay Nakae of Chardan Capital Markets asked for guidance on future operating expenses, specifically for R&D and G&A, following the company's restructuring. He also inquired how the new combination therapy strategy would affect the company's re-engagement with its accounts in France.

    Answer

    CEO Shantanu Gaur confirmed that the Q2 expense levels for R&D and G&A are a reasonable baseline for the near term, with overall operating expenses expected to decrease significantly in 2026 due to the restructuring. Regarding France, Gaur stated the new strategy is a "tailwind," as French clinicians now have broader access to GLP-1s and are keen to use them in combination with the Allurion program to mitigate side effects and muscle loss.

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    Keay Nakae's questions to Allurion Technologies Inc (ALUR) leadership • Q2 2025

    Question

    Inquired about forward-looking operating expenses for R&D and G&A following the recent restructuring, and later asked a follow-up question about how the new combination therapy strategy would impact the company's re-engagement in the French market.

    Answer

    The company confirmed that Q2 expense levels for R&D and G&A are a good baseline for the second half of the year, with overall operating expenses expected to decrease by about 50% in 2026. The new combination strategy is anticipated to be a positive catalyst for re-engagement in France, as clinicians there are gaining broader access to GLP-1s and are interested in combination approaches to mitigate side effects.

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    Keay Nakae's questions to Allurion Technologies Inc (ALUR) leadership • Q4 2024

    Question

    Requested details on the quarterly revenue cadence for 2025, the timing for a meaningful revenue contribution from France, the expected gross margin recovery trajectory, and the margin impact of the new smaller balloon.

    Answer

    Revenue is expected to build steadily quarter-over-quarter in 2025 as new sales reps are hired and the new commercial plan is rolled out. A material contribution from France is not expected until late 2025 or 2026. Gross margin should recover starting in Q1, returning to H1 2024 levels after a Q4 dip from a recall. The new smaller balloon is not expected to significantly impact margins in 2025.

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