Analyst Conference Summary

biotechnology

conference date: November 6, 2025 @ 2:00 PM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $0, flat sequentially from $0, and down from $ million year-earlier.

Net Income was negative $, down sequentially from negative $25.7 million, and up from negative $ million year-earlier.

EPS (Earnings per Share), diluted, were negative $, up sequentially from negative $1.65, and up from from negative $ year-earlier. Sharecount increased significantly during the year.

Guidance:

none

Conference Highlights:

Jeffrey Stein, CEO, said "" Cloudbreak platform uses drug-Fc conjugates (DFCs) to engineer therapies.

CD388 in Q2 2025 reported positive Phase 2b results in seasonal influenza. Single doses of 450mg, 300mg and 150mg of CD388 conferred 76.1%, 61.3% and 57.7% protection, respectively. An end of Phase 2 meeting with the FDA has been requested. Preclinical CD388 data was published in March 2025 in Nature Microbiology. Two posters, one on preliminary safety data in the 2b trial and one on Phase 3 planned doses, were presented at the March 2025 ICAR (International Conference on Antiviral Research) conference. CD388 does not depend on the patient's immune system, so may be best in class. However, may require 2 flu seasons to conduct the Phase 3 trial.

Cash and equivalents ended at $ million, up sequentially from $517 million.

Total operating expenses were $ million, consisting of: R&D $ million, G&A $ million, and a gain from reversal of indirect tax liabilities of $ million. Other expense $0 million, interest income $ million.

Q&A selective summary:

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