Question · Q3 2025
Kyle asked about the risk of elevated cancellations of older, not-yet-started studies persisting throughout 2026, and requested an update on BARDA-funded COVID-related trials.
Answer
CFO Nigel Clerkin noted that COVID-related revenue is 1-2% on a full-year basis, with little 'cliff to fall off.' CEO Barry Balfe stated that while a risk of persistence exists, it's unlikely. He believes the current elevated cancellations are consequences of the past couple of years' turmoil (funding, LOE, science follow-through) and anticipates a return to more normalized levels in 2026, though not necessarily linearly from January 1.