EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2026-03-04
Management highlights
Business built momentum in 2025 with 107 partners running 407 active programs. Introduced OmniUltra, a transgenic chicken platform. Exploration platform has strong growth potential. Key business metrics: 107 active partners, 407 active programs, 25 program advancement events in 2025. Recent updates on partner programs like Immunivant, Keva, Merck KGA. 2026 has potential value-creating events.
Segment performance
For Q4 2025, total revenue was $8.4 million compared to $10.8 million in 2024. The decrease was due to decline in license revenue but offset by milestone revenue and small contribution from exploration. Full year 2025 revenue was $18.7 million vs $26.4 million in 2024. Operating expenses decreased in Q4 2025 and full year 2025. Exploration contributed ~$800,000 in full year 2025 revenue.
Guidance
2026 revenue expected in range of 25-30 million. Operating expense expected ~$85 million. Cash operating expense expected 50-55 million. End of year cash balance expected 30-35 million. Full-year effective tax rate expected 0% due to valuation allowance. Revenue to transition from milestone driven to royalty driven with over $3B contracted milestones in existing antibody programs.
Q&A highlights
Q: Regarding partner programs and market fundraising, thoughts on new program growth this year?
A: Matt says 2025 had strong momentum, well-positioned with new tech launches.
Q: Exploration revenue growth?
A: Matt says exploration has strong interest, contributes revenue from instrument sales, consumables, subscriptions.
Q: Share count increase?
A: Mike says due to capital raise.
Q: Exploration deployment and 2026 outlook?
A: Matt says 2 instruments deployed in 2025, expect growth in 2026.
Q: When to hit cash flow breakeven?
A: Kurt says can't give exact date but on trajectory.
Q: Ultra partner response?
A: Jackie says initial response good, strong engagement.
Q: Exploration interest from partners?
A: Anna says both existing and new partners interested.
Q: OmniUltra milestones in 2026?
A: Jackie says focus on new partnerships and programs.
Q: Royalty structure?
A: Matt says majority are flat royalties, some tiered.
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | $-0.11 | $-0.08 | -37.5% | $-0.12 |
| Revenue | $8.4M | $5.6M | +48.3% | $10.8M |
Transcript
March 4, 2026Full transcript unavailable for redistribution
The structured summary above covers the available call sections. Full transcript text is not included on this page.
Continue exploring
Prior quarters
This page presents the stored structured earnings-call summary and deterministic earnings calendar values. How this is generated. For informational purposes only; not investment advice.