CSBR

• Overall Financial Execution • The company delivered record annual revenue in fiscal 2026, and achieved positive adjusted EBITDA in all four quarters, the first time this has occurred since fiscal 2022, driven by strong performance of the core services business • Full-year 2026 adjusted EBITDA was $1.6 million; net loss reflected planned deliberate investments across growth initiatives • Gross margin improved to 48% for full-year 2026, up from 46% in fiscal 2025; fourth quarter 2026 gross margin rose to 51% from 41% year-over-year, driven by cost discipline and reduced outsourced radiopharmaceutical costs after transitioning this work in-house • Ended fiscal 2026 with $4.9 million cash and no debt, maintaining a flexible, healthy balance sheet

• Core Translational Oncology Services (TOS) • TOS had its strongest year in company history, with growth delivered without material headcount additions, showing the expected operating leverage the company has targeted • Quarterly results can vary due to the timing of study completions, so the business is evaluated on an annual basis; demand fundamentals remain healthy, and the company is focused on expanding bookings and future work pipeline • The PDX model bank continues to be a key market differentiator as model quality and characterization grow in importance for customers

• Data Business • The large year-over-year revenue decline was driven by one large licensing transaction that occurred in fiscal 2025 and did not repeat in 2026; expected Q4 2026 revenue from a previously announced large agreement shifted to Q1 2027, causing quarterly fluctuation • The company expanded its customer base through multiple smaller licensing agreements in fiscal 2026, growing from a very small base in 2025, and built a larger pipeline of both more and larger potential transactions • The strategic long-term opportunity of the combined data and PDX model platform, paired with machine learning and AI for drug discovery, is growing stronger as AI becomes more central to the industry

• Corellia Therapeutic Subsidiary • Generated compelling preclinical data, and active discussions with venture capital groups and potential pharmaceutical partners have reinforced confidence in the science and commercial opportunity • Fiscal 2027 budget includes full-year internal funding for Corellia; if external funding (a new financing round or licensing partnership) is secured, current capital allocated to Corellia will be redeployed to the data business or improve the bottom line

• Core TOS growth is expected to moderate to a more normalized pace in the near term after strong 2026 conversion of backlogged studies, while underlying demand remains healthy
• Data business revenue is expected to continue to fluctuate meaningfully quarter-to-quarter in the near term due to the timing and size of individual large licensing transactions
• As in-house radiopharmaceutical work is fully scaled, outsourced costs will continue to decline, which is expected to drive further gross margin improvement over time
• Management's top priority for fiscal 2027 is executing against the operating plan, continuing to improve profitability, and maintaining financial discipline
• The company's fiscal 2027 budget already includes full internal funding for Corellia for the entire year, with no specific timeline set for securing external funding

Full fiscal year 2026 total company revenue was a record $59.4 million. 1. Translational Oncology Services (TOS, core services): Revenue grew 12% year-over-year to a record $58.7 million, contributing 98.8% of total full-year 2026 revenue. 2. Data Licensing: Fiscal 2026 revenue was $0.8 million, down from $4.7 million in fiscal 2025, contributing 1.3% of total full-year 2026 revenue. Corellia (therapeutic subsidiary) is an investment segment and did not report positive revenue in fiscal 2026. For the fourth quarter of 2026, total revenue was $13.8 million, up 12% year-over-year, with no meaningful data revenue recognized in the quarter.

• Quarterly revenue and earnings for both the core services and data segments are subject to material volatility driven by the timing of study completions and individual large licensing transactions
• External funding processes for Corellia are taking longer than typical in the current tight biotech funding environment, with no guaranteed timeline for a successful closing
• The benefits of in-house radiopharmaceutical transition are still being realized, and there is remaining work to fully complete the operational shift and capture full margin benefits
• Forward-looking statements note that actual results may differ materially from projected performance, with additional risks detailed in the company's SEC filings

No questions were submitted during the open Q&A session, so there are no exchanges to summarize.