Kevin

Kevin asked about Kymera's expectations for IRF5 degradation in PBMCs and potentially skin in the multiple ascending dose (MAD) portion of the healthy volunteer study, and how much is known about IRF5 expression in healthy volunteers that impacts these expectations.

Answer

Nello Mainolfi, Founder, President, and CEO, explained that IRF5 can be reliably measured in PBMCs using mass spectrometry. However, IRF5 expression in healthy volunteer skin is extremely low, making it very challenging to measure. He suggested that assessing IRF5 expression in skin might be more feasible in patient populations with cutaneous manifestations, such as lupus or CLE.

An analyst, Kevin, asked for key takeaways from the recently published long-term follow-up data from the Phase II trial, specifically regarding COMP360's durability and the rationale for the chosen dose.

Answer

Dr. Guy Goodwin, Chief Medical Officer, explained that while the follow-up data is not definitive, it does show a clear durability difference between doses. He highlighted that some patients on the 25-milligram dose demonstrated benefits for as long as six months, a result not seen with lower doses, thereby reinforcing the selection of 25mg for the Phase III program.

Kevin from an unknown firm asked about the hospitality industry's performance trend, how the company's Q3 results compare to peers, and the outlook for the restaurant business in Q4.

Answer

Executive Alex Xu explained that the company's RevPAR was more severely impacted by the industry's downward trend due to a higher percentage of older, legacy hotels in its portfolio. However, he noted an improvement in occupancy in October and expects Q4 to be stronger, with newer hotels driving future outperformance. For the restaurant segment, Mr. Xu attributed its return to profitability to strategic repositioning of stores to high-traffic areas and supply chain enhancements, expressing cautious optimism for sustained profitability.

Kevin, a long-term shareholder, asked about potentially restructuring the distribution agreement with Venture Medical for better profitability, the feasibility of applying the product as a spray, and the expected changes to the share structure upon the NASDAQ uplisting.

Answer

Jason Matuszewski, Founder and CEO, explained that the current distribution relationship with Venture Medical is effective and its costs are comparable to an in-house sales force. He clarified that the product is a tissue allograft in a sheet-like format, not a cream. Regarding the uplisting, he stated that the existing common stock, warrants, and options would all move from the OTC market to NASDAQ.

Kevin, on behalf of Brian Abrahams at RBC Capital Markets, inquired about progress with payers on broader coverage policies for ELEVIDYS, particularly regarding Medicaid, and asked for the estimated proportion of Duchenne patients covered by Medicaid.

Answer

President and CEO Doug Ingram stated that the patient split is roughly 50% commercial and 50% Medicaid. He described interactions with both payer types as very productive, benefiting from extensive clinical data, Sarepta's deep experience in market access, and increased sophistication among both physicians and payers in managing the reimbursement process.

Kevin, an analyst, inquired about the primary factors contributing to Aurora Mobile's strong Q2 2024 performance and sought guidance for the third quarter.

Answer

Executive Shan-Nen Bong attributed the strong results to two key factors: organic business growth and operational efficiency. He highlighted that three main business lines (subscription, value-added services, vertical applications) saw solid quarter-over-quarter growth. Bong emphasized the core subscription business, particularly the EngageLab unit which grew over 500% YoY, as a primary driver. He noted that while revenue grew 23% QoQ, operating expenses only increased by 5%. Regarding Q3 guidance, Bong declined to provide specific figures but affirmed the company would adhere to its proven growth strategy.

Kevin asked about Argo's economic curtailment strategy, the outlook for non-mining operating expenses, and the expected impact of Q2 power price volatility on post-halving mining margins.

Answer

Thomas Chippas (Executive) detailed the economic curtailment strategy, which generated significant power credits and will continue during the summer. James MacCallum (Executive) provided an outlook for non-mining OpEx at approximately $1 million per month and confirmed that despite the halving, May mining margins were in the 30% range due to optimization and lower power prices. MacCallum also emphasized the company's shift to a "growth mindset" after strengthening its balance sheet.