[Earnings Release & Financial Statements](index=3&type=section&id=Earnings%20Release%20%26%20Financial%20Statements) [Press Release](index=3&type=section&id=Press%20Release) SITE Centers reported a Q4 2024 net loss of $13.2 million, a sharp decline from Q4 2023's $193.6 million net income, primarily driven by the Curbline spin-off and preferred share redemption - On October 1, 2024, the company completed the spin-off of 79 convenience properties into a new entity, **Curbline Properties**, with these assets now treated as **discontinued operations** for all periods presented[9](index=9&type=chunk) - The company redeemed all outstanding 6.375% Class A Cumulative Redeemable Preferred Shares, resulting in a **$6.2 million charge** for the write-off of original issuance costs[10](index=10&type=chunk) Q4 2024 Key Financial and Operating Results (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | Change Driver | | :--- | :--- | :--- | :--- | | **Net (Loss) Income** | ($13.2M) | $193.6M | Curbline spin-off, lower NOI, lower gain on sale | | **Net (Loss) Income per Share** | ($0.25) | $3.69 | - | | **Operating FFO (OFFO)** | $8.3M | $54.0M | Curbline spin-off, lower NOI, lower interest income | | **OFFO per Share** | $0.16 | $1.03 | - | | **Pro Rata Leased Rate** | 91.1% | 92.2% | - | | **Pro Rata Commenced Rate** | 90.6% | 89.6% | New tenant store openings | | **Cash Renewal Leasing Spreads** | 10.6% | N/A | Strong leasing demand | [Consolidated Financials](index=7&type=section&id=Consolidated%20Financials) Consolidated financials show significant year-over-year decreases in revenues, NOI, and total assets, primarily due to the Curbline spin-off and property dispositions, with total debt dramatically reduced from over $1.6 billion to $301 million [Income Statement](index=7&type=section&id=IncomeStatement%3A%20Consolidated%20Interests) The consolidated income statement shows a Q4 2024 net loss of $13.2 million, down from $193.6 million net income in Q4 2023, primarily due to reduced rental income and the absence of a large gain on real estate disposition Consolidated Income Statement Highlights (in thousands) | Metric | 4Q24 | 4Q23 | 12M24 | 12M23 | | :--- | :--- | :--- | :--- | :--- | | **Rental Income** | $32,583 | $97,435 | $269,286 | $444,062 | | **Net Operating Income** | $19,398 | $65,024 | $175,423 | $301,991 | | **Gain on Disposition of Real Estate** | $50 | $187,796 | $633,219 | $218,655 | | **(Loss) Income from Continuing Operations** | ($5,822) | $186,958 | $525,764 | $229,349 | | **Net (Loss) Income Common Shareholders** | ($13,248) | $193,635 | $516,031 | $254,547 | | **Diluted EPS** | ($0.25) | $3.69 | $9.77 | $4.85 | [FFO Reconciliation](index=8&type=section&id=Reconciliation%3A%20Net%20Income%20to%20FFO%20and%20Operating%20FFO) Q4 2024 Net Loss of $13.2 million reconciled to an Operating FFO of $8.3 million ($0.16 per share), a significant decrease from Q4 2023's $54.0 million, primarily due to the Curbline spin-off and property sales FFO and Operating FFO Reconciliation (in thousands, except per share) | Metric | 4Q24 | 4Q23 | 12M24 | 12M23 | | :--- | :--- | :--- | :--- | :--- | | **Net (Loss) Income Common Shareholders** | ($13,248) | $193,635 | $516,031 | $254,547 | | **FFO attributable to Common Shareholders** | $830 | $52,936 | $79,443 | $240,199 | | **Operating FFO attributable to Common Shareholders** | $8,287 | $53,979 | $166,724 | $247,872 | | **Operating FFO per share – Diluted** | $0.16 | $1.03 | $3.17 | $4.73 | [Balance Sheet](index=9&type=section&id=Balance%20Sheet%3A%20Consolidated%20Interests) The Q4 2024 consolidated balance sheet reflects a dramatic reduction in total assets from $4.1 billion to $934 million and total liabilities from $1.9 billion to $417 million, primarily due to the Curbline spin-off and asset sales Consolidated Balance Sheet Highlights (in thousands) | Metric | 4Q24 | 4Q23 | | :--- | :--- | :--- | | **Real estate, net** | $772,012 | $2,386,143 | | **Cash** | $54,595 | $551,402 | | **Total Assets** | $933,602 | $4,061,350 | | **Secured debt** | $301,373 | $98,418 | | **Unsecured debt** | $0 | $1,303,243 | | **Total Liabilities** | $416,858 | $1,885,807 | | **Total Equity** | $516,744 | $2,175,543 | [Company Summary](index=10&type=section&id=Company%20Summary) [Portfolio Summary](index=10&type=section&id=Portfolio%20Summary) As of December 31, 2024, SITE Centers' portfolio comprises 33 centers with 5.9 million sq. ft. pro-rata GLA, showing increased commenced occupancy to 90.6% and significant exposure to key MSAs Quarterly Operational Overview (Pro Rata Share) | Metric | 12/31/2024 | 12/31/2023 | | :--- | :--- | :--- | | **Commenced Rate** | 90.6% | 89.6% | | **Leased Rate** | 91.1% | 92.2% | | **Base Rent PSF** | $19.64 | $19.42 | Top 5 MSA Exposure by Pro Rata ABR | MSA | % of ABR | | :--- | :--- | | 1. Chicago-Naperville-Elgin, IL-IN-WI | 15.9% | | 2. Trenton, NJ | 12.7% | | 3. Orlando-Kissimmee-Sanford, FL | 12.3% | | 4. Phoenix-Mesa-Scottsdale, AZ | 7.4% | | 5. Atlanta-Sandy Springs-Roswell, GA | 7.1% | [Capital Structure and Debt Detail](index=11&type=section&id=Capital%20Structure%20and%20Debt%20Detail) As of December 31, 2024, SITE Centers' total market capitalization was $1.14 billion, reflecting significant deleveraging with total debt reduced to $413.3 million from $1.75 billion, and all unsecured debt and preferred stock eliminated Capital Structure (in thousands) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Common Shares Equity** | $801,655 | $2,853,141 | | **Perpetual Preferred Stock** | $0 | $175,000 | | **Total Debt (incl. JV share)** | $413,318 | $1,746,640 | | **Net Debt** | $336,247 | $1,164,880 | | **Total Market Capitalization** | $1,137,902 | $4,193,020 | Debt Composition (SITE Share) | Rate Type | Balance (in thousands) | Weighted Avg. Years to Maturity | Weighted Avg. Interest Rate | | :--- | :--- | :--- | :--- | | **Fixed** | $175,982 | 3.9 years | 6.54% | | **Variable** | $237,336 | 3.5 years | 6.82% | | **Total** | $413,318 | 3.8 years | 6.70% | [Leasing Summary](index=12&type=section&id=Leasing%20Summary) In Q4 2024, SITE Centers executed 5 renewal leases with a strong 10.6% cash leasing spread, contributing to 109 full-year leases totaling 708,011 sq. ft. at a 7.8% combined cash spread Leasing Activity - New + Renewals (Pro Rata Share) | Period | Count | GLA | Cash Leasing Spread | | :--- | :--- | :--- | :--- | | **4Q24** | 5 | 21,015 | 10.6% | | **Full Year 2024** | 109 | 708,011 | 7.8% | Net Effective Rents - Full Year 2024 (Pro Rata Share) | Lease Type | GLA | ABR PSF | Total Capex PSF | NER PSF | | :--- | :--- | :--- | :--- | :--- | | **New Leases** | 42,086 | $33.33 | $6.85 | $26.48 | | **Renewals** | 665,925 | $18.51 | $0.19 | $18.32 | [Lease Expirations](index=13&type=section&id=Lease%20Expirations) The pro-rata lease expiration schedule shows 7.6% of ABR expiring in 2025, peaking at 16.7% in 2027, with 2025 expirations at an average rent of $23.23 PSF, presenting re-leasing opportunities Lease Expirations by ABR (Pro Rata, No Options Exercised) | Year | % of Total ABR Expiring | | :--- | :--- | | **2025** | 7.6% | | **2026** | 8.2% | | **2027** | 16.7% | | **2028** | 15.0% | | **2029** | 15.4% | [Top 30 Tenants](index=14&type=section&id=Top%2030%20Tenants) The tenant base is well-diversified, with the top 30 tenants accounting for 52.2% of pro-rata ABR and the top five, led by TJX Companies at 4.6%, collectively representing 20.2% of total ABR Top 5 Tenants by Pro Rata ABR | Rank | Tenant | % of Total ABR | | :--- | :--- | :--- | | 1 | TJX Companies | 4.6% | | 2 | Dick's Sporting Goods | 4.4% | | 3 | Burlington | 4.3% | | 4 | Kroger | 3.6% | | 5 | PetSmart | 3.3% | [Investments](index=15&type=section&id=Investments) [Transactions](index=15&type=section&id=Transactions) In 2024, SITE Centers was a net seller of assets, with minor acquisitions of $4.5 million and substantial dispositions totaling $2.25 billion at share, with no Q4 2024 activity 2024 Transaction Summary (at Share) | Transaction Type | Total 2024 Price (in thousands) | | :--- | :--- | | **Acquisitions** | $4,543 | | **Dispositions** | $2,252,434 | - There were no acquisitions or dispositions in Q4 2024[42](index=42&type=chunk) [Unconsolidated Joint Ventures](index=16&type=section&id=Unconsolidated%20Joint%20Ventures) [JV Overview](index=16&type=section&id=Unconsolidated%20Joint%20Ventures%20Overview) SITE Centers holds interests in 11 properties through two unconsolidated joint ventures, including a 20% stake in DTP and a 50% interest in the Deer Park property, with combined JV debt totaling $441.8 million at 100% Unconsolidated Joint Venture Summary (at 100%) | Joint Venture | SITE Own % | of Properties | Owned GLA (thousands) | Leased Rate | Debt Balance (thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | **DTP** | 20% | 10 | 3,397 | 95.0% | $380,600 | | **Prudential (RVIP IIIB)** | 50% | 1 | 358 | 81.1% | $61,178 | [JV Financials](index=17&type=section&id=Unconsolidated%20Joint%20Ventures%20Financials) On a 100% basis, unconsolidated JVs generated $14.3 million in Q4 2024 Net Operating Income, resulting in a $1.6 million net loss, with SITE's pro-rata FFO share at $1.3 million, and total assets of $596 million Combined JV Income Statement (at 100%, in thousands) | Metric | 4Q24 | 4Q23 | | :--- | :--- | :--- | | **Rental income** | $19,001 | $21,515 | | **Net operating income** | $14,308 | $16,368 | | **Net income (loss)** | ($1,553) | ($926) | | **FFO at SITE's ownership interests** | $1,337 | $1,654 | Combined JV Balance Sheet (at 100%, in thousands) | Metric | 4Q24 | 4Q23 | | :--- | :--- | :--- | | **Real estate, net** | $542,973 | $611,858 | | **Total Assets** | $596,206 | $688,453 | | **Mortgage debt** | $426,462 | $464,255 | | **Total Liabilities** | $460,889 | $503,161 | [Shopping Center Summary](index=19&type=section&id=Shopping%20Center%20Summary) [Property List](index=19&type=section&id=Property%20List) As of December 31, 2024, the company's portfolio consists of 33 wholly-owned and JV properties, primarily open-air shopping centers in high-income suburban areas with major national anchor tenants - The portfolio consists of **33 operating centers**, a mix of wholly-owned and joint venture properties[58](index=58&type=chunk) - Anchor tenants across the portfolio include major national retailers such as **TJX Companies**, **Dick's Sporting Goods**, **Best Buy**, and various grocery chains like Kroger and Whole Foods[58](index=58&type=chunk) [Reporting Policies and Other](index=20&type=section&id=Reporting%20Policies%20and%20Other) [Notable Accounting and Supplemental Policies](index=20&type=section&id=Notable%20Accounting%20and%20Supplemental%20Policies) The company's accounting policies detail the treatment of the Curbline Properties spin-off as discontinued operations, specific revenue recognition for lease terminations, and capitalization policies for construction and renovations - **Discontinued Operations**: The spin-off of **Curbline Properties** is considered a strategic shift, and its 79 properties are reflected as discontinued operations for all periods presented[61](index=61&type=chunk) - **Cash Basis Tenants**: For tenants where collection is not probable, the company uses the cash basis of accounting, recognizing no rental income until payment is received and fully reserving existing receivables[64](index=64&type=chunk) - **Capitalization**: Expenditures for maintenance are expensed, while renovations that extend the asset's life are capitalized; interest and certain administrative costs are capitalized during construction[69](index=69&type=chunk) [Non-GAAP Measures](index=23&type=section&id=Non-GAAP%20Measures) The company uses non-GAAP measures like FFO, Operating FFO (OFFO), and Net Operating Income (NOI) to provide additional performance insights, adjusting for items such as real estate depreciation, property sales, and non-comparable costs - **FFO**: Calculated per NAREIT definition by adjusting net income for real estate depreciation, gains/losses on property sales, and other items[73](index=73&type=chunk) - **Operating FFO (OFFO)**: A further adjusted metric that excludes non-comparable items like preferred share issuance write-offs, debt extinguishment costs, and transaction costs to show core operating results[74](index=74&type=chunk) - **Net Operating Income (NOI)**: Calculated as property revenues less property-related expenses to show unleveraged operational performance and trends in occupancy and rental rates[78](index=78&type=chunk) [Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100%](index=25&type=section&id=Leasing%20Metrics%20for%20Wholly-Owned%20and%20Unconsolidated%20Joint%20Ventures%20at%20100%25) This section provides granular 100% basis leasing metrics, distinguishing wholly-owned properties from joint ventures, showing JV properties generally have higher leased rates while wholly-owned properties command higher base rents [Portfolio Summary at 100%](index=25&type=section&id=Portfolio%20Summary%20at%20100%25) At 100% basis, the total portfolio leased rate was 92.1% at year-end 2024, with wholly-owned properties at 90.9% leased rate and $19.81 PSF base rent, while JV properties had a 93.7% leased rate and $16.64 PSF base rent Portfolio Metrics at 100% (as of 12/31/2024) | Segment | Base Rent PSF | Leased Rate | | :--- | :--- | :--- | | **Wholly Owned SITE** | $19.81 | 90.9% | | **Joint Venture (100%)** | $16.64 | 93.7% | | **Total Portfolio (100%)** | $18.37 | 92.1% | [Wholly-Owned Leasing Summary](index=26&type=section&id=Wholly-Owned%20Leasing%20Summary) For full year 2024, the wholly-owned portfolio signed 61 new and renewal leases totaling 554,880 sq. ft. with a 7.9% combined cash leasing spread, and new leases achieving a strong $34.52 PSF net effective rent Wholly-Owned Leasing Activity - Full Year 2024 (at 100%) | Metric | New Leases | Renewals | New + Renewals | | :--- | :--- | :--- | :--- | | **Count** | 10 | 51 | 61 | | **GLA** | 24,560 | 530,320 | 554,880 | | **Cash Spread** | 8.3% | 7.9% | 7.9% | | **NER PSF** | $34.52 | $19.54 | $20.11 | [JV Leasing Summary (at 100%)](index=27&type=section&id=JV%20Leasing%20Summary%20(at%20100%25)) The unconsolidated joint venture portfolio, at 100%, signed 48 new and renewal leases in 2024 for 765,651 sq. ft. with a 6.9% combined cash leasing spread, and new leases at $15.15 PSF net effective rent JV Leasing Activity - Full Year 2024 (at 100%) | Metric | New Leases | Renewals | New + Renewals | | :--- | :--- | :--- | :--- | | **Count** | 9 | 39 | 48 | | **GLA** | 87,628 | 678,023 | 765,651 | | **Cash Spread** | 44.5% | 4.4% | 6.9% | | **NER PSF** | $15.15 | $13.50 | $13.03 | [Wholly-Owned Lease Expirations](index=28&type=section&id=Wholly-Owned%20Lease%20Expirations) For the wholly-owned portfolio (100%, no options), 8.1% of ABR expires in 2025, followed by 7.7% in 2026, and a peak of 17.0% in 2027, indicating a significant medium-term rent roll coming due Wholly-Owned Lease Expirations by ABR (100%, No Options) | Year | % of ABR Expiring | | :--- | :--- | | **2025** | 8.1% | | **2026** | 7.7% | | **2027** | 17.0% | [JV Lease Expirations (at 100%)](index=29&type=section&id=JV%20Lease%20Expirations%20(at%20100%25)) The joint venture portfolio's lease expirations (100%, no options) show 5.1% of ABR expiring in 2025, 12.1% in 2026, and 16.3% in 2027, indicating a more spread-out schedule than wholly-owned assets JV Lease Expirations by ABR (100%, No Options) | Year | % of ABR Expiring | | :--- | :--- | | **2025** | 5.1% | | **2026** | 12.1% | | **2027** | 16.3% |

Core Insights - HOOKIPA Pharma Inc. announced updated Phase 2 data for eseba-vec in combination with pembrolizumab for treating HPV16+ relapsed or metastatic head and neck squamous cell carcinoma at SITC2024 [1][2] Group 1: Clinical Data - The study showed an overall response rate (ORR) of 52% and a disease control rate (DCR) of 80% among patients with PD-L1 CPS >20 [2] - Preliminary median progression-free survival (PFS) is greater than 16 months, with a 12-month overall survival (OS) rate of 83% [2] - 66.7% of confirmed responders are ongoing, and the clinical activity is supported by a robust T-cell response [2] Group 2: Safety Profile - The treatment exhibited manageable toxicity with a low level of serious treatment-related adverse events at 7.6% [2] - The safety profile allows most patients to maintain treatment [4] Group 3: Product Information - Eseba-vec (HB-200) is an investigational immunotherapeutic agent for HPV16+ cancers, specifically targeting recurrent/metastatic oropharyngeal squamous cell carcinoma [5] - It has received Fast Track Designation from the FDA and PRIME designation from the EMA for first-line treatment [5] Group 4: Company Overview - HOOKIPA Pharma focuses on developing next-generation immunotherapeutics using its proprietary arenavirus platform [6] - The company's pipeline includes therapies targeting HPV16+ cancers and partnerships for developing treatments for hepatitis B and HIV-1 [6]

 Two oral presentations and multiple posters on clinical andpreclinical-stage candidates to be presented at SITC, demonstratingthe strength of Immatics’ TCR-T PRAME franchise to target solid cancers ACTengine® IMA203 demonstrates 54% cORR, 12.1 months mDOR and 6 months mPFS in heavily pretreated metastatic melanoma patients and >1-year mPFS in patients with deep responses; Company plans to start its randomized-controlled Phase 3 SUPRAME trial in December 2024 to evaluate IMA203 in second-line or later metas ...

Data continues positive trend as additional patients are enrolled in 3 cohorts Vaccine was safe and well tolerated by participants in all 3 cohorts Protocol defined immune responses were exhibited in over 70% of patients A Phase 2 study evaluating the vaccine in the neoadjuvant setting is planned to commence in 2025SAN JOSE, Calif., Nov. 8, 2024 /PRNewswire/ -- Anixa Biosciences, Inc. ("Anixa" or the "Company") (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer, today ...

New data showed a correlation between the levels of neural cell adhesion molecule (NCAM or CD56) expression and response and disease control in patients treated with CTX-471 monotherapy.Predictive biomarkers correlated with response and changes in pharmacodynamic markers were seen in patients treated with CTX-471, a novel anti-CD137 agonist antibody, in an analysis from the Phase 1 monotherapy study. BOSTON, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncol ...

Core Insights - Medicenna Therapeutics Corp. announced promising preclinical data for its novel immunotherapy MDNA113, which targets IL-13Rα2 and shows potential for treating a wide range of malignancies, including "cold tumors" affecting over two million patients annually [1][6] - The company will present updated clinical results from the MDNA11 Phase 1/2 ABILITY-1 study at the 39th Annual Meeting of SITC [1][2] Group 1: MDNA113 Overview - MDNA113 is a novel IL-13Rα2 tumor-targeted BiSKIT designed to deliver an anti-PD1-IL-2 Superkine to the tumor microenvironment, activated by tumor-associated proteases [1][6] - Treatment with MDNA113 resulted in complete tumor regression in IL-13Rα2 expressing tumors, indicating its effectiveness in aggressive cancer models [2][3] - The drug demonstrated the ability to prevent metastasis in a triple-negative breast cancer model when administered prior to surgery, achieving 100% survival [3][4] Group 2: Preclinical and Clinical Data - Preclinical studies showed that MDNA113 significantly inhibited tumor growth in IL-13Rα2 positive tumors and improved tolerability compared to unmasked anti-PD1-IL-2SK [3][4] - Independent research indicated that MDNA11 and anti-PD1-IL-2SK BiSKIT extended overall survival in aggressive glioblastoma mouse models and stimulated immune cell activity in human GBM explants [2][4] - Ex-vivo studies with patient-derived GBM explants treated with IL-2SK or anti-PD1-IL-2SK showed increased CD8+ T and NK cell populations alongside reduced tumor burden [5] Group 3: Medicenna's Technology Platforms - MDNA113 is based on Medicenna's IL-2 and IL-13 Superkine platforms, with MDNA11 being a long-acting IL-2 super agonist currently in clinical evaluation [2][7] - MDNA11 is engineered to preferentially activate immune effector cells while minimizing stimulation of immunosuppressive Tregs, enhancing its therapeutic potential [7][8] - Medicenna focuses on developing highly selective versions of Superkines to address unmet needs in oncology, with ongoing studies for various cancer types [8]

HONG KONG, Nov. 7, 2024 /PRNewswire/ -- At the 2024 Annual Meeting of the Society for Immunotherapy of Cancer (SITC 2024), held in Houston, USA, from November 6 - 10, Akeso Biopharma (9926. HK) presented the mechanism of action (MOA) research findings of its innovative bispecific antibody, AK132, targeting both Claudin18.2 (CLDN18.2) and CD47. AK132 is an asymmetric bispecific antibody with a "1+1" valency, designed to simultaneously target and block CLDN18.2 and CD47. It features a wild-type IgG1 Fc struct ...

Less frequent IV dosing with nemvaleukin in patients with select advanced solid tumors, including ovarian cancer and mucosal melanoma, showed tumor site-specific pharmacodynamic activity and immune activation Preclinical data demonstrated durable immune responses and tumor growth inhibition with Mural’s IL-18 variants, reinforcing pursuit of IND-enabling studies with candidate nomination anticipated by the end of 2024, and IND submission expected in Q4 2025 Additional preclinical data from Mural’s IL-12 pro ...

Preliminary data demonstrate durable and dose-dependent T cell responses targeting KRAS mutations and induced responses to patient-specific neoantigens Correlation observed between disease-free survival (“DFS”) and T cell response ELI-002 Phase 1 safety and tolerability profile remains favorable ELI-002 Phase 2 interim event-driven DFS analysis expected in H1 2025 BOSTON, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Elicio Therapeutics, Inc. (Nasdaq: ELTX, “Elicio Therapeutics” or “Elicio”), a clinical-stage biotechn ...

Phio Pharmaceuticals Announces Upcoming Presentation at the 39th Annual Meeting of the Society for Immunotherapy of Cancer (SITC)Presenting new clinical data from Phio's on-going Phase 1b trialNovember 07, 2024 10:00 AM EST | Source: Phio Pharmaceuticals Corp.Marlborough, Massachusetts--(Newsfile Corp. - November 7, 2024) - Phio Pharmaceuticals Corp. (NASDAQ: PHIO) is a clinical-stage biotechnology company creating new pathways towards a cancer-free future by using its INTASYL® siRNA gene sile ...