Core Insights - Kyverna Therapeutics has reported positive clinical data for KYV-101, a treatment for severe lupus nephritis, showing sustained efficacy and durability at over six months follow-up [1][3] - The treatment demonstrated robust safety and tolerability, with no high-grade cytokine release syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS) observed [1] - KYV-101 appears to reset the immune system, stabilize estimated glomerular filtration rate (eGFR), and preserve kidney function while reducing the need for immunosuppressants [3] Clinical Data Presentation - Updated clinical data will be presented at a symposium titled "KYV-101 Anti-CD19 CAR T-Cell Therapy: The Future of Autoimmune Disease Treatment" on November 18, 2024 [2] - The presentation will include data from ongoing Phase 1/2 studies and named patient treatments, highlighting the outcomes of six patients treated with the target dose of 1×10^8 CD19 CAR T cells [1][2] Patient Impact - Lupus nephritis poses a significant burden, with up to 30% of patients facing end-stage renal disease requiring dialysis or kidney transplants [3][6] - Current treatments often fail to provide adequate efficacy and expose patients to harmful long-term effects of corticosteroids and immunosuppressants [6] Next-Generation Approaches - Kyverna will also present data on Ingenui-T, a preclinical 3-day manufacturing process using autologous whole blood, aimed at improving patient experience and reducing costs [4] - Collaborative research on the molecular mechanisms of immune reset through deep B-cell depletion will be shared, conducted with Verily Life Sciences and the University of Erlangen [5] Company Overview - Kyverna Therapeutics is focused on developing cell therapies for autoimmune diseases, with KYV-101 being evaluated in multiple clinical trials for various conditions, including lupus nephritis [8] - The company aims to provide innovative treatment options that are well-suited for B cell-driven autoimmune diseases [8]

Core Viewpoint - Cullinan Therapeutics is advancing the clinical development of CLN-978, a novel CD19xCD3 T cell engager, for the treatment of autoimmune diseases, particularly systemic lupus erythematosus (SLE) [1][4]. Group 1: CLN-978 Preclinical Data - New in vitro preclinical data indicate that CLN-978 induces similar T cell activation, target B cell depletion, and cytokine production in human peripheral blood mononuclear cells from SLE and rheumatoid arthritis patients compared to healthy volunteers [2]. - The studies suggest that the previously observed cytokine window in B-NHL model systems is expected to be preserved in SLE and RA patients, indicating a broad therapeutic index [3]. Group 2: Clinical Development Plan - The U.S. FDA has cleared an Investigational New Drug Application for a global Phase 1 clinical trial of CLN-978 in patients with moderate to severe SLE, with Human Research Ethics Committee approval also obtained in Australia [5]. - The trial will enroll patients with a Systemic Lupus Erythematosus Disease Activity Index (SLEDAI) score of eight or greater, who have had an inadequate response to at least two treatments [6]. - The primary objective of the study is to evaluate the safety of CLN-978, with secondary objectives including pharmacokinetics, B cell kinetics, immunogenicity, and clinical activity, with initial clinical data expected in Q4 2025 [7]. Group 3: Investor Engagement - Cullinan will host an in-person investor event on November 16, 2024, where management will discuss the company's developments and engage with analysts and institutional investors [8]. Group 4: About CLN-978 - CLN-978 is a highly potent bispecific T cell engager designed to efficiently target B cells, including those with low CD19 levels, and can be delivered subcutaneously, offering off-the-shelf convenience [9]. Group 5: About Systemic Lupus Erythematosus - Systemic lupus erythematosus (SLE) is a chronic autoimmune disease affecting approximately 160,000 to 320,000 cases in the U.S. and around 3.4 million individuals globally, with significant morbidity and mortality associated with its severe manifestations [10]. Group 6: About Cullinan Therapeutics - Cullinan Therapeutics is focused on creating new standards of care for patients through a diversified portfolio of clinical-stage assets targeting autoimmune diseases and cancer, leveraging deep expertise in oncology and immunology [11].

Core Insights - Tonix Pharmaceuticals Holding Corp. announced a poster presentation by CEO Seth Lederman at the ACR Convergence 2024 Annual Meeting, focusing on a Phase 3 trial of TNX-102 SL for fibromyalgia [1][2] Company Overview - Tonix Pharmaceuticals is a fully-integrated biopharmaceutical company with marketed products and a pipeline of development candidates, primarily targeting central nervous system (CNS) disorders [2] - The company is advancing TNX-102 SL, a product candidate for fibromyalgia management, for which an NDA was submitted based on two statistically significant Phase 3 studies [2] - The FDA has granted Fast Track designation to TNX-102 SL, with an expected decision on NDA acceptance in December 2024 and a potential approval decision in 2025 [2] Product Development - TNX-102 SL is also being developed for acute stress reaction and acute stress disorder under a Physician-Initiated IND at the University of North Carolina [2] - Tonix's CNS portfolio includes TNX-1300, a biologic in Phase 2 development for cocaine intoxication, which has received FDA Breakthrough Therapy designation [2] - The immunology portfolio includes TNX-1500, targeting CD40-ligand for organ transplant rejection and autoimmune diseases [2] - Tonix is developing TNX-2900 for Prader-Willi syndrome and a vaccine for mpox, TNX-801 [2] - The company has secured a contract with the U.S. DoD for up to $34 million over five years to develop TNX-4200, targeting CD45 for infection prevention in military personnel [2] Commercial Products - Tonix Medicines, the commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) and Tosymra® (sumatriptan nasal spray) for acute migraine treatment [2]

Financial Position - Total assets decreased to $2,010,336 thousand as of September 30, 2024, from $2,196,105 thousand as of December 31, 2023, representing a decline of approximately 8.5%[6] - Total liabilities decreased to $1,563,444 thousand from $1,749,890 thousand, reflecting a decline of about 10.6%[7] - Total stockholders' equity increased slightly to $436,340 thousand from $435,796 thousand, an increase of approximately 0.1%[7] - Cash and cash equivalents decreased to $70,074 thousand from $83,449 thousand, a reduction of about 16.0%[6] - Investments in real estate decreased to $89,379 thousand from $157,621 thousand, a significant decline of about 43.3%[6] - Properties held for sale increased to $200,194 thousand from $62,605 thousand, indicating a substantial increase of approximately 219.5%[6] Revenue and Income - Total revenues for the three months ended September 30, 2024, were $22,353, a decrease of 6.9% from $24,006 in the same period of 2023[9] - Net interest income for the nine months ended September 30, 2024, was $32,574, down 25.0% from $43,313 in the prior year[9] - Real estate income increased to $11,857 for the three months ended September 30, 2024, compared to $9,316 in the same period of 2023, reflecting a growth of 27.4%[9] - Net income for the three months ended September 30, 2024, was $8,054, up 6.4% from $7,567 in the same period of 2023[10] - Comprehensive income allocable to common shares for the three months ended September 30, 2024, was $3,225, slightly down from $3,272 in the same period of 2023[10] Expenses - Total operating expenses for the three months ended September 30, 2024, were $17,136, an increase of 3.5% from $16,552 in the same period of 2023[9] - The provision for credit losses showed a reversal of $(291) for the three months ended September 30, 2024, compared to a provision of $1,983 in the same period of 2023[9] - The company recorded a net provision for credit losses during the nine months ended September 30, 2024, primarily due to worsening macroeconomic factors[132] Borrowings and Debt - Borrowings decreased to $1,489,229 thousand from $1,676,200 thousand, a reduction of approximately 11.2%[7] - The total outstanding borrowings as of September 30, 2024, amounted to $1,498,189,000, with CRE securitizations accounting for $993,593,000[92] - The company has a senior secured financing facility with a maximum amount of $500 million, which was amended in December 2022 to reflect a senior secured term loan[84] - The company issued $150 million of 5.75% senior unsecured notes due 2026, with redemption options available prior to maturity[89] Investments and Real Estate - The company acquired investments in real estate totaling $28.1 million during the three months ended September 30, 2024, including $9.1 million in real estate investments and $18.3 million in properties held for sale[62] - The company foreclosed on a multifamily loan in August 2024, with a principal balance of $9.3 million, after determining foreclosure was probable[43] - The company recognized a $5.8 million gain upon converting a loan to real estate owned, based on a fair value appraisal of $20.3 million[44] Stockholder Equity and Compensation - The company repurchased $5.3 million of its common stock during the nine months ended September 30, 2024, compared to $2.7 million in the same period of 2023[92] - The company recognized stock-based compensation expense of $833,000 for the three months ended September 30, 2024, compared to $482,000 for the same period in 2023[95] - Total unrecognized compensation costs related to unvested restricted stock were $4.4 million as of September 30, 2024, expected to be recognized over a weighted average period of 3.2 years[97] Cash Flow and Liquidity - Cash provided by operating activities for the nine months ended September 30, 2023, was $18,628,000, down from $36,224,000 in the prior year, indicating a decrease of about 48.5%[13] - Liquidity at September 30, 2024, included $70.1 million in unrestricted cash and cash equivalents, and $9.6 million in potential proceeds from unlevered financeable CRE loans[201] - Financing activities decreased cash balances by $214.1 million, primarily due to repayments on CRE securitization notes and stock repurchases[204] Credit Quality and Risk Management - The allowance for credit losses increased to $34,699,000 as of September 30, 2024, up from $28,757,000 at the end of 2023, reflecting a provision for credit losses of $5,942,000 during the nine months ended September 30, 2024[42] - The company’s rigorous risk management practices are aimed at maintaining credit quality amid dislocated capital markets and increased delinquencies[151] - The aging analysis indicated that past due loans totaled $99.1 million as of September 30, 2024, with $94.4 million in the 30-59 days category[164] Market Conditions - The office property market continues to face high vacancies and slower leasing activity, impacting borrowers' ability to support their investments[125] - The U.S. Federal Reserve raised the Federal Funds rate by 5.25% in 11 rate hikes between March 2022 and July 2023, affecting the cost of capital and market conditions[124]

Core Insights - Cullinan Therapeutics, Inc. announced the upcoming presentation of preclinical data for CLN-978, a novel CD19xCD3 bispecific T cell engager, at the American College of Rheumatology Convergence 2024 [1][2] - The preclinical data indicates that CLN-978 is a highly potent T cell engager that leads to deep B cell depletion, supporting its development as a potential therapeutic option for autoimmune diseases [2] - The company has received FDA clearance for a global Phase 1 clinical trial of CLN-978 for systemic lupus erythematosus (SLE) [2] Company Overview - Cullinan Therapeutics is focused on developing targeted therapies for autoimmune diseases and cancer, with a diversified portfolio of clinical-stage assets [6] - The company aims to create new standards of care by inhibiting key disease drivers and harnessing the immune system [6] - CLN-978 is designed for high affinity binding to CD19, allowing it to target B cells effectively, including those with low CD19 levels [4] Clinical Development - The global Phase 1 clinical trial for CLN-978 in SLE has been approved by both the FDA and the Human Research Ethics Committee in Australia [2] - The trial aims to evaluate the therapeutic potential of CLN-978 in treating SLE, a chronic autoimmune disease affecting approximately 160,000 to 320,000 individuals in the US [5] - The presentation at ACR Convergence will include details on the rapid and deep B cell depletion achieved by CLN-978 [2] Upcoming Events - Cullinan Therapeutics will host an in-person investor event on November 16, 2024, featuring discussions with management and a clinician [3]

Financial Data and Key Metrics Changes - GAAP net income allocable to common shares for Q3 2024 was $2.8 million or $0.36 per share diluted, compared to previous periods [13] - GAAP book value per share increased to $27.92 on September 30 from $27.20 on June 30 [17] - Earnings available for distribution (EAD) for Q3 was $0.24 per share, down from $0.51 per share in Q2 [16] Business Line Data and Key Metrics Changes - Loan payoffs during the period were $118.1 million, with foreclosures totaling $23.7 million, resulting in a net decrease to the loan portfolio of $134.4 million [8] - The weighted average spread of floating rate loans in the $1.6 billion commercial real estate loan portfolio is now 3.73% over one-month term SOFR rates [8] - The total allowance for credit losses at September 30 was $34.7 million, representing 2.19% of the loan portfolio [15] Market Data and Key Metrics Changes - The company ended the quarter with $1.6 billion of commercial real estate loans across 56 individual investments, with 23% of the par value rated four or five [9] - The weighted average risk rating remained stable at 2.7% for both June 30 and September 30 [9] Company Strategy and Development Direction - The company is focused on monetizing assets and reinvesting potential gains into the loan portfolio, with a strategy to improve credit quality and recycle capital into performing assets [10][12] - Management aims to drive earnings and book value for shareholders while preparing for a market-based dividend over the next 12 months [21] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the quality of the investment portfolio and anticipated gains from real estate investments, despite some macroeconomic challenges [14][20] - The company expects to complete monetization efforts over the next two quarters, which will positively impact book value per share [20] Other Important Information - The company used $1.7 million to repurchase 114,000 common shares at a significant discount to book value, with approximately $2.3 million remaining on the repurchase program [18] - Available liquidity at September 30 was $79 million, consisting of $70 million in unrestricted cash and $9.7 million in projected financing [18] Q&A Session Summary Question: Are you looking to fully clear equity assets and REO before turning to originations? - Management indicated they will monetize and redeploy gradually, not waiting for full completion [23] Question: What are the targets for getting dividends back up? - Management has not set specific targets but aims to drive EAD and pay dividends based on that [24] Question: How much was used for share repurchases this quarter? - $1.7 million was used for repurchases, with $2.3 million remaining on the program [26] Question: Can you discuss near-term liquidations of assets? - Management mentioned three other assets are in process for execution over the next couple of quarters [28] Question: How is the loan pipeline ramping up? - Management stated they are engaged in the marketplace and expect to allocate some origination to the REIT once liquidity is appropriate [30] Question: What are the expectations for unrealized gains on REO conversion? - Management categorized expected gains as incremental but did not provide specific projections [38]

| --- | --- | --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | THIRD QUARTER 2024 EARNINGS PRESENTATION | | | | | | | October 30, 2024 | | | | | | | | | | | | | DISCLAIMER ACRESREIT.COM 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are not historical facts but rather are based on ACRES Commercial Realty ...

ACRES Commercial (ACR) came out with quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -38.46%. A quarter ago, it was expected that this commercial real estate investment trust would post earnings of $0.35 per share when it actually produced earnings of $0.51, delivering a surprise of 45.71%.Over the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share ACR New York Stock Exchange 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock ACRPrC New York Stock Exchange 7.875% Series D Cumulative Redeemable Preferred Stock ACRPrD New York Stock Exchange FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of ...

CARMIEL, Israel, Oct. 25, 2024 /PRNewswire/ -- Protalix BioTherapeutics, Inc. (NYSE American:PLX), a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins produced by its proprietary ProCellEx® plant cell–based protein expression system, today announced that data from the phase I clinical trial of PRX-115, the Company's recombinant PEGylated uricase product candidate in development for the treatment of uncontrolled gout, will be presented ...