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    Robert LeBoyer

    Senior Equity Research Analyst at NOBLE Capital Markets

    Robert LeBoyer is a Senior Equity Research Analyst at Noble Capital Markets specializing in Biotechnology and Specialty Pharmaceuticals, with coverage including companies such as The Oncology Institute. With over 16 years of industry experience, LeBoyer has previously held senior analyst roles at Brown Brothers Harriman, Leerink Swann, and Ladenburg Thalmann after beginning his research career at Prudential Securities, and joined Noble in 2021. He is recognized for his deep sector expertise and currently holds FINRA Series 7, 24, 63, 86, and 87 licenses, as well as academic credentials from Tulane University (BA, Economics) and Columbia Business School (MBA). While published performance metrics and rankings are limited, LeBoyer is noted for conducting detailed primary research and providing insightful analysis in biotechnology equity research.

    Robert LeBoyer's questions to Oncology Institute (TOI) leadership

    Robert LeBoyer's questions to Oncology Institute (TOI) leadership • Q2 2025

    Question

    Robert Leboyer of Noble Capital Markets questioned the mix of new versus continuing patients from recent and upcoming contracts and sought more detail on the scale of the expansion in Florida, including the number of new patient lives.

    Answer

    CEO Dan Vernick explained that the primary growth in 2025 is from Medicare Advantage and Medicaid contracts outside of California, which carry higher PMPMs and thus higher per-member revenue. Specifically for Florida, Mr. Vernick projected that TOI would end the year with approximately 100,000 Medicare Advantage lives under risk, a doubling from the current level. He noted this 50,000-life increase in Florida represents about a 2.5% growth in TOI's total portfolio of 1.9 million risk-based lives.

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    Robert LeBoyer's questions to Oncology Institute (TOI) leadership • Q1 2025

    Question

    Asked for clarification on how new lives under contract are counted, about seasonality in the business, and about the revenue concentration of their top three clients.

    Answer

    New lives are additive to the total, with the main nuance being the higher PMPM in newer markets like Nevada and Florida. Q1 is seasonally the weakest quarter, with performance expected to improve sequentially. The top three contracts account for about 20% of total capitation revenue.

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    Robert LeBoyer's questions to Oncology Institute (TOI) leadership • Q1 2025

    Question

    Robert LeBoyer sought clarification on whether the newly announced lives under contract are simply additive to the previous total. He also asked about any seasonality trends observed in the business and requested the revenue concentration percentage for the company's top three payer clients.

    Answer

    CFO Rob Carter confirmed that the new lives are additive to the existing base, noting the nuance that PMPM reimbursement is higher in new markets like Nevada and Florida. Carter also explained that Q1 is seasonally the lowest quarter for encounter volume and revenue, with progressive improvement expected throughout the year. He estimated that the top three contracts account for approximately 20% of total capitated revenue.

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    Robert LeBoyer's questions to Oncology Institute (TOI) leadership • Q4 2024

    Question

    Robert LeBoyer asked for a breakdown of the 2025 revenue guidance by individual business segments, including patient services, dispensary, and clinical trials.

    Answer

    CFO Rob Carter stated that The Oncology Institute is not providing guidance for specific segments at this time. He reiterated that the capitated contracts will be the largest contributor to profitability improvement, followed by the dispensary segment and then fee-for-service, both of which are expected to see organic growth.

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    Robert LeBoyer's questions to GeoVax Labs (GOVX) leadership

    Robert LeBoyer's questions to GeoVax Labs (GOVX) leadership • Q2 2025

    Question

    Robert Leboyer of Noble Capital Markets sought confirmation on the GEO-MVA trial design, asking if it's an immuno-bridging study against Bavarian Nordic's vaccine and whether European data could support U.S. regulatory action. He also asked for details on the Gideptin trial's modified protocol and its 'major pathological response' endpoint.

    Answer

    VP of Business Development John W. Sharkey confirmed the GEO-MVA trial is a non-inferiority immuno-bridging study against MVABN, which could support FDA discussions. Chief Medical Officer Dr. Kelly McKee explained the Gideptin trial's primary endpoint, major pathological response, is based on the extent of response in resected tumor tissue. He also clarified the protocol now targets first-line therapy patients, mimicking the KEYNOTE-689 trial.

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    Robert LeBoyer's questions to GeoVax Labs (GOVX) leadership • Q4 2024

    Question

    Robert LeBoyer of NOBLE Capital Markets asked for clarification on the clinical trial design for the GEO-MVA vaccine, specifically how efficacy and safety would be demonstrated without direct viral challenge, and inquired about the expected number of patients and trial endpoints.

    Answer

    David Dodd deferred to Dr. John Sharkey, Executive Lead for GEO-MVA, and Dr. Kelly McKee. Dr. Sharkey explained that efficacy is typically shown in non-human primates and that any required animal studies could run parallel to the human trial without impacting timelines. He stated the endpoint will be immunological, estimating a trial size of around 400 subjects. Dr. McKee added the trial will be a non-inferiority study against the approved Jynneos vaccine, conducted primarily in Europe with a site in Sub-Saharan Africa.

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    Robert LeBoyer's questions to Ocugen (OCGN) leadership

    Robert LeBoyer's questions to Ocugen (OCGN) leadership • Q1 2025

    Question

    Robert LeBoyer sought clarification on whether recent European regulatory commentary pertained to OCU410ST and asked about any changes in the company's relationship with the NIAID following recent overhauls at U.S. health agencies.

    Answer

    CEO Dr. Shankar Musunuri clarified that the positive EMA communication was for OCU400, not OCU410ST, for which discussions with the EMA are ongoing. Regarding the NIAID, both Dr. Musunuri and CSO Dr. Arun Upadhyay affirmed that their relationship remains strong and unaffected by agency changes, with increased engagement and plans to initiate the Phase I influenza trial on track for Q2 2025.

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    Robert LeBoyer's questions to Ocugen (OCGN) leadership • Q4 2024

    Question

    Robert LeBoyer of NOBLE Capital Markets asked whether Ocugen would recognize grant revenue associated with the NIAID-sponsored Phase I trial for its OCU500 vaccine candidate.

    Answer

    CEO Dr. Shankar Musunuri clarified that the NIAID is directly sponsoring and funding the Phase I clinical program. He stated that Ocugen has completed its obligations and will transfer the program to the agency, so the company will not record the funding as revenue.

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    Robert LeBoyer's questions to PDS Biotechnology (PDSB) leadership

    Robert LeBoyer's questions to PDS Biotechnology (PDSB) leadership • Q3 2024

    Question

    Inquired about the status of the previously planned triple-combination therapy arm in the VERSATILE-003 trial and the development plans and timing for the PDS01ADC component.

    Answer

    The company explained that they, along with the FDA, decided to focus on the two-drug combination in the VERSATILE-003 trial as it represents the fastest path to potential approval. The FDA had requested additional safety studies for the PDS01ADC component, which would have delayed the trial. The plan is to pursue dose optimization for the triple therapy in parallel. The immediate focus is on initiating the current VERSATILE-003 trial, after which they will revisit the PDS01ADC development.

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    Robert LeBoyer's questions to PDS Biotechnology (PDSB) leadership • Q3 2024

    Question

    Robert LeBoyer from NOBLE Capital Markets asked for an update on the previously discussed third arm of the VERSATILE-003 trial, which was planned to evaluate a triple combination including PDS01ADC, and inquired about the current development status for PDS01ADC.

    Answer

    Executive Frank Bedu-Addo explained that while the FDA had agreed in principle to a three-arm trial, both PDS and the agency concurred that a two-arm study represented the fastest path to potential approval. The FDA had requested additional safety studies for the PDS01ADC arm, which could have caused delays. Consequently, the company is prioritizing the two-arm trial and will conduct dose optimization for PDS01ADC in parallel, with the current primary focus being the initiation of VERSATILE-003.

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