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e005ba5190fbefc0b7ace54392289a63 | Okay. And one more quick question on Title segment. The expense ratio is obviously declining with higher premiums, but what would be kind of a more of a sustainable expense ratio in the long run for that segment? | Well, I would think that where -- we should be able to maintain where we are right now. It's always going to be based on the volume, a higher volume would always help us.
Right.
So right now, I mean, we're at -- I think, it's, what, 89 right now.
It was 86 in this quarter, I think, right, on the expense ratio?
Yes,... | direct | [
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834c442af60da74811f42d6d91393bc1 | Hi. Thank you so much for taking my call. Just one question on the $335 million loan that was extended to Steward. Could you talk a bit about, for the long-term plan for that and any strategic reasons going down the road there? | Hi, Sarah. How are you this morning? The loan, the investment that we've made on both Steward and in the Swiss Medical Network, it's part of our original business plan. So for those of you who've been with us since the beginning of time, you'll know that we have done this a lot. We've had the opportunity to take advant... | direct | [
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6577148c78d2273985ee70b2f1e46d79 | Sure. Thanks so much for that. Just one follow-up on the question. Like with regard to the loan itself, could you talk a bit more about -- give more -- could you give us a bit more color on, sort of, the rate at which you're extending that? | The rate is a nominally profitable rate for us. The goal of the investment is not necessarily to earn a high profit interest rate. As Ed has just described what it does is better align us with the Steward strategies, with growth opportunities. And in this particular case, it gives us additional opportunities to partici... | intermediate | [
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dca8f3e521e2a265b564c6e9f73a81a7 | Thanks. Good morning, everybody. So one common theme that we've seen across some of the publicly traded hospital operators recently is that a higher acuity patient mix is more than offsetting the admission declines relative to the pre-COVID baseline. We're actually seeing EBITDA upside from a lot of the operators on th... | Thanks, Steve. Absolutely, I'll address those. So we are in deed seeing with our operators, the higher acuity levels and thus the higher profitability. I've discussed in some of the past earnings calls. So one of the things that has not come back for anybody is things like the ER admissions or visits to the ER. They're... | direct | [
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6a8939d2fee8ec98eb12d45268f49838 | [Indecipherable] on the line for Jordan. I just want to ask about the expansion into New York with the new office lease. If you could provide some more color on your thought process there? Maybe what percentage of your employee base could be based in New York? And also any color on the pipeline and some of the deals yo... | So we've had an office in New York for a long time. We have space that I think the date was somewhere around right after the financial crisis, I think, is when we entered into this particular lease. We're committed to New York. We think it's very important to have a presence there, particularly with some of our acquisi... | direct | [
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d90f012ad40eee8920e584550cd5089b | Yes. Thanks. Steve, can you explain how the Steward loan will help MPW profit on the potential upside of that operator? I mean, is this a straight loan? Or is there some type of equity component tied to it, too? | No, there's no equity, but there are opportunities other than a direct equity to over time recognize opportunities to capture value increase that the details are not going to be disclosed. | intermediate | [
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81fcf9bf75df05645f13cf1566e9be59 | Okay. And then, I guess, can you talk about the reasoning for this one? I think you said it was planned. I mean, was it just simply to take out the PE fund and does that allow Steward to operate any differently today? Or did those big control changes occurred when that convert was originally issued in, I guess, the mid... | No, it's a good question, Mike. It does remove some prohibitions that the former PE sponsor had that do allow Steward more freedom to grow and also create the kind of value increase that we've just been talking about. And specifically, Steward had a tremendous amount of liquidity and equity value available that found i... | direct | [
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ce76d437da13857e1ddd4bb0db40498b | Okay. That makes sense. And I guess, on the dividend, I guess, now that -- I guess there are a lot of the issues with dividend is should we view that as more of a onetime type of occurrence? Or is that going to be more reoccurring down the road like on a quarterly or annually -- annual-type basis? | No. I don't think you should expect any predictable periodic distributions. They're -- things go very well as we hope, and there will be further distributions as conditions kind of mandate. But no, don't build that into some model that we'll be expecting X amount every X quarters or anything like that. | direct | [
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e9a9e2aac06b003939aba647c6da9f21 | Okay. And then I guess, just finally, can you talk a little bit about the joint ventures? I mean, are those still in under discussion right now and potentially planned for the back half of this year? I guess, how should we think about that? | So we have no timing. Other than to answer the first part of your question, yes, we continue to discuss various, as I mentioned in my remarks, various different portfolios that could be dropped into a joint venture at the same time, having direct discussions with multiple potential partners. We do feel, again, as I men... | intermediate | [
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4607ee7b1dea73848b8bcd1f4319494a | Okay. It has COVID slowed those discussions down at all? Or is this really just driven by MPW? Just trying to think of the right time, I guess, for you guys to be able to do something like that? | No. COVID has really had no impact on it. | direct | [
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e3ac018a18cc525bdbd878a0ea678048 | Can you give us some additional color on the timing of when you expect to see recovery in the mobile business? And how should we think about margins in that business over the course of the year? | Certainly. The mobile business, as we've discussed in previous calls, has been facing some headwinds due to market saturation and longer replacement cycles. However, we're cautiously optimistic about a gradual recovery starting in the second half of this year. This is based on several factors, including the upcoming la... | direct | [
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5f425050cdcef5afb88daf41e24b58d6 | Could you provide more details on your AI initiatives and how they're expected to impact your various business segments over the next 12 to 18 months? | Absolutely. AI is a key focus area for us across all our business segments. In the next 12 to 18 months, we expect AI to have a significant impact on our operations and product offerings.
In our consumer electronics division, we're integrating more advanced AI capabilities into our smartphones and smart home devices. ... | direct | [
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148c1dba76ebcd0be81581e1eeb1d6a8 | With the recent geopolitical tensions, how are you managing your supply chain risks, particularly in terms of semiconductor production and sourcing? | This is indeed a critical issue for us, and we've been proactively working on mitigating supply chain risks for some time now. Our strategy involves several key components:
First, we're diversifying our supplier base geographically. While we've traditionally had a strong presence in East Asia, we're now expanding our ... | direct | [
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] | A |
2064bc224eb63835787bc453abea6ce9 | Can you discuss your capital allocation strategy for the next few years? Specifically, how do you balance between R&D investments, capital expenditures, dividends, and share buybacks? | Certainly. Our capital allocation strategy is designed to balance long-term growth investments with returning value to shareholders. Here's how we're approaching each area:
R&D Investments: This remains our top priority. We plan to maintain our R&D spending at around 8-9% of revenue for the next few years. Key focus a... | direct | [
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69daa1223b2b3f00c6facd934d0f0e78 | Given the increasing focus on sustainability, can you elaborate on your environmental initiatives and how they might impact your financials in the coming years? | Sustainability is indeed a key focus area for us, and we've been ramping up our efforts significantly. Let me outline our main initiatives and their potential financial implications:
First, we've committed to achieving carbon neutrality in our own operations by 2030 and across our entire value chain by 2050. This invo... | direct | [
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f0eac051db94cba469de11e8c2b2bbfe | So maybe just asking about the COVID-19 study. While this data is excellent, you previously discussed that a Phase 3 trial could have 450 patients with ALI. And looking at the current COVID-19 environment changing due to the vaccines and potential competition in this space, how are you thinking about the commercial pot... | Yeah, no, it's the right analysis, Ed, and it's exactly kind of the way we're thinking about this. From the beginning, we had identified this as much an opportunity to evaluate the anti-inflammatory activity of DSTAT in an acute lung injury as it was a potential treatment for COVID. So the way we will look at this is i... | intermediate | [
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5a34cfb2c3a870dedc18cb385148cf9b | And maybe just a question on DSTAT in AML. I'm glad to hear the sites are now opening. How should we be thinking about the enrollment of the 570 patients that you're targeting in U.S. versus outside the U.S.? When can we expect to see the first patient dosed? And once the enrollment starts up and can you give more -- a... | Yeah. So we will -- maybe I'll start with your last question first, and that we'll give more guidance on the timing. Really, I'm as focused on that 80-patient analysis as anything because we look at this really as two stages. The first stage would be conducted in North America. And once we see a positive signal, I thin... | intermediate | [
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52aaa47489cc9f45cf7f295a9123e265 | Great. Thanks, Mike. And then, you know I always ask about brincidofovir and the BARDA contracts. I'm just wondering with the change in the administration, are you expecting to see any changes for the demand of having the second treatment for smallpox in the stockpile? And also, how should we be thinking about the rest... | I'll answer the first question, and then I'll let Mike Andriole speak to the opportunity outside the U.S. And I see no change in the commitment to support this program on the part of BARDA. In fact, this FDA kind of update on the timeline gave us a fresh opportunity to confirm that. And they are very much on track and ... | intermediate | [
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6c5f3f39673d849f508071300cc7de3e | Hi, everyone, and congratulations on successfully completing a busy quarter. One, first question is, could you remind us where you are on the Oncoceutics programs ONC201, where you are in the FDA interaction post-acquisition? Do you have a meeting scheduled, any response or anything on that side? | Yeah. So we have not scheduled or requested a pre-NDA meeting yet. And to me, that's the pivotal discussion because we've had good discussions previously. And the Oncoceutics -- legacy Oncoceutics team has gotten great clarity as to what that cohort should look like and how the data should be analyzed. So really, we ar... | direct | [
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0d0fc7f3ec74ae6bc5c458c5615145bf | I see. So how comfortable do you feel that FDA will go with response rate being a primary endpoint in this and this result turns into a registration-enabling data? | I think the feedback from the FDA, as evidenced by the minutes that we've reviewed, is definitive in terms of both the definition of patients that they want to see and the endpoints that they've defined as primary. Of course, beyond just the response rate, I think it will be as important that they see the durability of... | direct | [
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0ca95574603e5cf89947023d265b5336 | Thank you. Thank you. Switching to the frontline AML trial. I know the trial is locked in on the patient characteristics locked in, but how are your thoughts on expanding or maybe starting a separate Phase 3 trial in unfit population maybe in combination with Venetoclax or HMA or agents like that? Do you see it's -- me... | It's absolutely a -- there's a mechanistic rationale for that. And I think it's part of our longer-term development strategy. I think it's more likely that we would use the signal from the 80-patient trial to trigger that additional work. That having been said, it's not without question that we could potentially start ... | direct | [
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deb81cfe6ef609148d0c638761af84ac | Hi there. Thank you for taking my questions. The first one on the COVID data this morning. Congratulations on that. You did call out a couple of imbalances between the arms, specifically on the need for oxygen. How much of an impact do you think this could be -- just some physicians, I guess, intervene with oxygen more... | Yeah. Let me -- I'll give a quick answer and then let Allen speak to the medical treatment. But for sure that these are elements of stratification that we would apply as the cohorts are larger. Really, when you've got 12 patients, it's hard to apply a stratification factor. So age and baseline status on this NIAID scal... | intermediate | [
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dc07a57d1b5b39a9fddfcae8fd70f7f8 | Great. Thank you. And then, maybe on 201, just thinking about how this could be incorporated in the treatment paradigm. You indicated it's already sort of on the sequencing panels. What sort of position edge education, I guess, would be needed then? Could you move sequencing up earlier in a patient diagnosis? Or is thi... | That's a great question. I think important to note for this population is that the diagnosis has worked up from a tumor biopsy that is part of standard practices now performed diagnosis and is not rebiopsied. So really, the sequencing events and other molecular profiling technology that's used to identify the H3K27M mu... | direct | [
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b17898329361ad480b27e45e6bc31acf | David, listen, I appreciate your comments on the strategic, but obviously it is a big focal point, and investors realize the disconnect that exists, but maybe just big picture, maybe you can just provide a little bit of color on -- if the recent market volatility has impacted the process. And two, as you guys talk to f... | Hey, Alex, this is David. It's way too early, and it's not appropriate for me to provide any color or details at this time in terms of unexpected outcomes, unexpected parties, or anything along that. The only thing I will tell you that I would say the language, it's in the press release, exactly will be reflecting, exa... | fully_evasive | [
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fbd07781172a3995512689a9f9ccc4d7 | And then second question is, you guys had a big benefit from the Aviators which is great, F&B is active at the Seaport. But on the other hand, these are seasonal businesses. To what extent would the Knights or other parts of your business be able to provide similar benefit in sort of the 4th quarter and first quarter, ... | Alex , this is Grant. I think throughout the portfolio we have different teams working on different streams of ancillary income. The vast majority of it is coming from the sources that you've already outlined. So they won't be a big impact to that. However, if you're looking for growth in NOI from our operating assets,... | intermediate | [
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0513bf436579cc4547a8d96dc915f469 | Okay, and then just finally, I think you mentioned that the higher Seaport costs were related to the loan, but maybe you could just provide a little bit more color on that? | Yeah, absolutely. Alex, I mean, pretty straightforward by having a new financing, we have loan closing costs, mortgage quotation title and capitalized interest, as part of that loan is related to construction at the Tin and [Indecipherable]. So the increase in cost is purely associated with the loan and not a change in... | direct | [
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464fae265d23cc52cd63ef4d500f6023 | First one, just following up on what Alex -- there were reports earlier this summer that Major League Baseball was looking into moving a franchise into Las Vegas. Have you calculated that into the Aviators conversation, and is that a Ballpark that could be converted into a major league baseball stadium? | This is David Weinreb. We have not, it is possible at some point in the future that Major League Baseball will consider Las Vegas as a new home for one of their teams but at the moment that is not anything being considered. | direct | [
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142a3f824d0a31d02978e9aea59254df | Okay. I mean, it would be good news for the Summit if that were to happen obviously, but next question on the condo sales. I believe in the last call, we were told that -- Grant, you were saying that condo sales will be recognized in the second and third quarter, is that still something that's on track? | Well, condo sales were recognized that Ke Kilohana -- Ke kilohana because we closed it in the second quarter as well as for Ae'o, and any remaining on a Waiea units, so that did happen.
Yeah, that did close on schedule, we won't see anything in the third quarter of magnitude other than one-off unit sales. And as you k... | direct | [
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59187e3c8a472b361d13efc788b35378 | Okay. And then on the MPC segment, on the conversation on gross margin on land sales, just can you provide a little bit more color on how you see gross -- how we should model gross margins going forward on land sales? Thank you. | You know, on a cash basis, we provide guidance within the supplemental on our MPC pages in terms of where those cash margins will be for land sales over the long term. From a GAAP perspective, those margins change pretty significantly because we're recording costs that were spent associated with those lots. It could be... | direct | [
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4ef64917ce0479738c76a0f637ecd1cc | Hello. Regarding Howard Hughes's investment at 250 Water Street, it has come to my attention that there is a significant deposit of elemental mercury at the site. This could prove very costly to clean up and remediate. Has this in finding impacted Howard Hughes's plans for 250 Water Street? | Thanks, Elizabeth, this is David O'Reilly. I would say that with all of our plans in all of our projects, we are taking the same approach, which is to maximize risk-adjusted returns on all the capital that we allocate across the portfolio, while 250 Water Street will be no different. As I'm sure you're aware, we haven'... | intermediate | [
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822e7eee33585bbb3f5ad9a8f1600558 | Well, I understand that the potential liability from elementary mercury exposure to the surrounding community, it could be in the hundreds of millions, or billions of dollars. How is management limiting exposure and risk to this project? | With all of our projects, we're looking to maximize returns on a risk-adjusted basis and if there is substantial liability associated with that, we will measure that in our investment decision and our capital allocation decisions.
And -- just, this is David Weinreb. I want to add that we take -- any time there is an e... | intermediate | [
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debd53280e5091dd2c16473b3b4dbb6a | Great, I realize that the plots for single-family home sales are relatively lumpy but we've obviously seen interest rates come down and mortgage rates come down quite a bit just into the third quarter so far. Just curious if you can give any color on how that changes your expectations for land sales? | Yeah. So, we evaluate land sales based on home sales, and we're seeing a great appetite from all of our builders across all our cities to increase the pace at which they consume lots specifically in Bridgeland, which is in the path of really the growth of Houston Northwest. We're seeing a huge run rate increase on lot ... | direct | [
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f1fde59ae6c55b05adeb26c0b43dce54 | Right. And then I guess maybe along a similar line. I'm curious at Ward Village, if you kind of -- if mortgage rates have some of the similar dynamics and maybe the step back, if you could kind of remind us the typical type of buyer there whether it's cash buyer, whether it's foreign, whether it's domestic, where does ... | Jon, I'd say that the demand has shifted since of time we first started selling our first Tower Waiea to what we're selling now. At A'ali'i and Ko'ula, we've seen an increase in local buyers from about 50% to about two-thirds. Still a pretty consistent 20% to 25% Japanese, and the rest is a little bit of a smattering o... | direct | [
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40bc56a8ef58b5b6f4ef9d400d407601 | And maybe sticking with Ward Village, just one more for me. I think you guys have been building about one building a year, is just given the demand is there an opportunity to increase the pace of development? | We're cautiously optimistic we can. I would say that, given how quickly we've been able to sell and getting north of 60% of Ko'ula pre-sold on a building that we just launched in January, gives us a lot of the positive encouragement in terms of increasing pace of sales. When we think that, though I want to be careful, ... | direct | [
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62c87997b844d37986b8b6613faffd71 | On just, on the Warrick acquisition and the operations, can you tell us about any of your customer contracting that might be up for renegotiation this year, or just what we should be thinking about as far as the contracting cycle at Warrick? | Sure. The cyclic contract for the packaging business affairs, what we've seen to be in the two to three-year type framework. We know that through the diligence, there were already begun negotiation with some contracts in 2020 and that is continuing through 2021. So the short-term, most of the contracts, or build facili... | direct | [
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d065606b7d400daa477e1506161ba1e8 | And then as you think about those expansion efforts that were previously just focused on Trentwood, and now you have the Warrick operations. Can you talk about how you're going to think about the expansion between or how are you going to allocate those capital improvement dollars as we go down the road? | Sure. The pandemic has created a pause for us which may turn out to be quite beneficial. As I mentioned in my remarks, during the diligence process, while they've done a great job at the Warrick facility, we see opportunities for some immediate investments to further that growth in momentum that's going on there. We're... | intermediate | [
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179234d1a8146a906c206663f8a32f83 | Got it. And then just one on automotive, given the growth you're looking at with the new product launches here, can you talk a little bit about the penetration of aluminum content on those new models. I think in the past you've talked about aluminum penetration growing at about 8% above SAAR. Yeah, just curious what th... | Well, it's a great question. We have -- look at SAARs growth year-over-year, it's roughly a 23% increase year-over-year expect. And so we're announcing a 30% to 40%, 35%, 30% to 40% type of increase. You could see that our penetration is in that 8% to 10% and above range that we talked about long-term. So that's still ... | direct | [
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f065165cfde7ed69659e83243961acd7 | Okay. And then just one last one on the general engineering side, just the semiconductor exposure, can you talk about the visibility there. Do you think -- how much of a cycle should we see in kind of demand for that as they build a little capacity here? | Yeah, everything we see and hear, Josh, is that this thing, which has had legs in 2020, we see this continuing throughout 2021. Then well-publicized the shortages of semiconductor chips and all of that, and what we're seeing is continued growing demand. We expect to probably place even more growth in the GE business as... | direct | [
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63a7bb7db84d525807cdbdc0e5b39f90 | Just a couple of quick questions on the nuance of the reserve report. I know there was a little bit of a technical revision there. It looks like maybe perhaps some barrels shifted from 2P into 1P as is normal. But I'm wondering, with regard to the rest of the technical revision, what the driver was there. I know about... | On the FDC question, by far, the biggest driver of those FDC changes are lower forward well cost projections given the success we've had over the last year in reducing those costs. As you saw in the release, we reduced cost year over year by 17%, USD 1.3 million. And so, as you bake that in the long term, FDC, it ends ... | direct | [
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953deb3d79dd2a2fc89509356858811a | And then, just a quick question. I know Jodi talked -- address the Bruin hedge book. My assumption would be that you came into that with eyes wide open and priced that into the deal. I'm just curious on potentially the longer and more absurd end of their hedge book on the five by 75 collar. If you guys see any need to ... | Patrick, so of course, none of that was news, and it was all disclosed in the initial acquisition announcement when we sort of talked about the pro forma hedge book. As to that little strange collar you're talking about, let's just -- I put that in the bucket of immaterial. There were some nuances that the company had... | intermediate | [
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7544a690bf6c1beb14d05fa8189fcb73 | Maybe just to go back to the reserve report a little bit and just well performance and so forth. So obviously, I mean, Wade, you mentioned reserve replacement really a function of spending levels, obviously, over the course of last year. Could you maybe just comment on well performance? I know the costs are continuing ... | Sure. Happy to address that, Greg. At a high level, I would say, well performance continues to track our expectations. To dive a little bit more into those reserve replacement numbers in North Dakota, the 69% reserve replacement does move up to 119% if you take out the price-driven economic revisions. And the key drive... | direct | [
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eed53142369acc55230ffc1491f32be2 | I realize Bruin's closing in March, but your balance sheet, I mean, remains best-in-class, and you guys are very careful in how you go about doing things. But I guess a question for Ian, is now that you've got increased scale and increased free cash flow and so forth, are there further consolidation acquisition opportu... | Greg, I might sound a bit redundant here. We're just executing, or we've just executed on a transaction that I think makes a lot of sense to us. And we've had some positive feedback. We're just continuing to consolidate in our main area of focus. So would we continue to do those sorts of things if valuation lined up? C... | direct | [
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f0a87869bfd5dda33447a51a089b965d | I wanted to ask about the operating cash flow in the quarter. Obviously, it was nicely positive. There just seems to be like a big working capital benefit in the quarter. I wanted to see if you can expand on that. What actually happened? And how much of that is sustainable or will unwind as we think about the back half... | This was basically an effect of managing our working capital and our payables. We have increased our liabilities per vessel during the quarter by almost $600,000 per vessel, which is close to $6 million, $6.5 million versus the previous quarter and this has assisted in increasing the cash balance at the end of the quar... | intermediate | [
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9f14cf8ab8bb83e35fa886215dd40e96 | I just -- do those unwind? I'm just trying to understand those -- I mean cash flow is really important right now. I apologize for the nitty gritty question. But do you expect that to unwind over the next six months? Or is this kind of performance achievable... | We are managing the payables. So it's not -- when you have under cash, it's not necessary to continue stretching the payables. So right now, we reported $154 million of cash as of yesterday. We are projecting to be -- with the additional refinancings close to $230 million, $235 million end of the year. So if there is n... | direct | [
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421b8dfb38b11d58287e502db5275935 | Yes. Yes and I know it's a very nitty gritty question. Maybe not that relevant in the grand scheme of things. But maybe we can pivot a little bit to the sale leasebacks, which are obviously more relevant. I mean the market has rebounded a lot. You guys have gotten good coverage. I always think about sale leasebacks as ... | I mean Christos and Simos will explain, but these sale leasebacks were not expensive.
Yes and let me expand on that. Basically, Amit, if you compare the interest cost on the debt that we are refinancing. If you compare the old interest cost compared to the new interest cost on the same base amount, the interest cost -... | direct | [
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] | A |
774eccc66cf3a48ac11624a1405493ff | Yes. Okay. That's helpful. That's great. That's just great. So the last very couple of quick questions, and then I'll let go, let somebody else ask. But I guess the capex commitment really start to fall off as you progress over the next couple of quarters. So would you expect like the net debt reduction to accelerate? ... | So, I mean, on a net leverage basis, our LTV doesn't change, right, because we are effectively adding cash as well as...
I mean we have not historically provided valuations of our feet, and we want to maintain doing so, if you don't mind. But leverage -- I'll just say that leverage with the new debt effectively, with ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
676ec24f447bb0846dc0835435923b2a | Given the weak market, are you guys considering any consolidation opportunities? I know you have in the past and just wanted to get your color on -- like your thoughts on that. | Yes. So I think last quarter, we told people that at that time, probably was not a good time for consolidation because everybody was very uncertain as to the future, and it was difficult to basically reach an agreement with anybody on a deal and I think that has changed. I think people are getting more comfortable with... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4caa6968d947bb528330ca46fb8e76d5 | With the refis and the industries hedge, would you say the interest expense this quarter is kind of a more normalized level going forward? Or would that price tick back up moving forward? | I think you'll see that it's back up simply because we'll have more debt. But Christos and Simos, maybe you want to talk about that in more detail?
Yes. So interest basically increases given the larger debt amount by approximately [$2.5 million] per year. But the debt service overall, even much lower amortization is l... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
026a8b85e084583fe2fe6feaab163f88 | Can you provide a breakdown of the 3Q '20 quarter-to-date rates by asset class? Also, looking further ahead, clearly, iron ore trade is very strong and probably ramping up. Are you positioning your fleet to have more exposure to the Atlantic Basin as a result? And how do you compare kind of strong iron ore market with ... | Our coverage for Q3 is about 60% at levels of low $12,000. Now we also have a little bit of FFA coverage, which gets it to 67%, 68% and -- to a bit above $12,500. Now I don't remember by heart the coverage per sector. I think that we have more covered on the Kamsarmax side and less on the Cape. On the Cape, we are rela... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a11a6738559ddb9983af37275ab1b967 | Looking at your hedges, you have 71,000 metric tons remaining in the back half 2020. You had 150,000 tons hedged as of last quarter. So does that mean you have not added any hedges for the fuel in recent months? And then on the other hedge, on your interest rate hedge, which is probably more impressive and important, w... | So Randy, to your first question, the answer is yes, affirmative. We have not added on the fuel spread hedge. It's the 14,000 per month that we have had since the beginning of 2020 effectively and to your second question, we have averaged at a fixed base interest rate of 0.458%, so it's 45.8 bps for a notional of $1.11... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3ba2a99995b50f0addbec67a772acda5 | So the first question I have, following up there with Randy's good questions, looking at your LIBOR swaps, very impressive. I don't think anyone can deny that. You did 66%. Is that sort of a max theoretical cap based on maturities and structure? Or is there a window to sort of fix the rest of that at these record low r... | Well, we could fix more. But if you fix everything, and then you find yourself in a situation where you can pay down debt, you can get overswaps and so we have to keep that in mind. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
125cabf3b3488051a6a1e5f184ce9700 | You did some sale leasebacks to open up liquidity and I think that makes a lot of sense as you have a $100 million current account deficit heading into the next year. But it looks like you bridge most of that gap with the leasebacks. I think now you have $36 million total. If I'm counting -- please correct me if that's... | I mean, look, basically, we have -- after all of the existing refinancing transactions closed, we have projected so much cash that we probably don't need any more. We're in a situation where we look out as far as we can see, and we don't have a cash problem at all. So I don't think we're going to be trying to do anythi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
eab57ca4f30875994d7f29fadb81d0eb | Final question, kind of a repeat of what Randy was getting at. The Capesize, look, we had a spike in June, but it was kind of short-lived. Were you able to -- would you fix anything on that? Or it sounds like you stayed mostly spot? And if you stay the spot, if you don't have the numbers now, is there any way you can f... | Jay, it's Petros. Yes, we -- the intention is to stay spot. We think that the Cape market will spike further in the -- during the next five months. We see Brazil exporting probably 50 million tons or 55 million tons more than the first half of the year. If that is correct, then -- and if that would be in addition to th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
263606641cf6466a8eb212e13757eeaa | First one, on the FDA meeting. Obviously, you said the goal of the meeting is to gain alignment with FDA on the resolution plans. But just wondering if you will actually have any of the work requested by FDA completed by the meeting, either in terms of documentation protocols or the vial fill volume study or airflow vi... | As you know, when you request a meeting with FDA, you have to put a background package together and justify to the agency that it's appropriate for them to grant the request based on time and information available. They don't want to meet with you if it's premature. So yes, we obviously were involved in developing the ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1bd6cd062f4b211460dc5832fe2e1f37 | And then just one more clarification question on that -- on the complete response letter there. You mentioned that there was a couple of questions related to equipment that was not relevant to DefenCath. Is it still your view that those parts of the CRL are for equipment not relevant to DefenCath? | Yes, Jason. The issue was planned expansion at the manufacturing facility, which involved installation of new equipment. That is new equipment non-intended for manufacturer of DefenCath. So the information that has been used and is in place is the appropriate equipment for DefenCath manufacture. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7444798084e84a6fbca7dd3920c02259 | And then just last one for me in terms of the development plans for additional indications or use settings. Any color you can provide at this point on the scope of those development programs specifically? Do you think you need Phase 3 efficacy and safety studies? Or could there be other potentially more rapid strategie... | As you can imagine, those are issues that need to be discussed with FDA before anyone starts a trial. You want to make sure that the agency is on board with the way you intend to conduct the study and gather the data. So we will obviously meet with FDA at the appropriate time and talk to them. Our plan is to do it in a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
43ca7420bcb08a88c8b10f0c1a250666 | Has anyone reached out to discuss a potential acquisition of the company? I mean, if DefenCath is as good as it looks on paper and if the CMC issues are as remediable as you say they are, wouldn't some obvious players make an offer for the company? Just curious if you can make any comments there. | This is, at the moment, not the right forum or time to discuss that topic. Should there be any information that is material, we would clearly update the market when and where appropriate. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
bde815480009ab3abfb70f60af2de0ee | You mentioned that you are working closely with the CMO to address the deficiency of the third-party manufacturer. So the impression is that it was their deficiencies. So what are you -- why do you need to be involved in addressing their issues? What is it that you can contribute to the CMO's deficiencies? | That's a good question. I think folks don't understand that there's a parallel process here. As you noted, we have direct control over documentation and information on manufacturing that's submitted directly to the New Drug Application. As part of that process, FDA inspects the manufacturing facility and reviews docume... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ee8a405216d5445711cfdca528ee0199 | At the meeting with the FDA in mid-April, will there be a determination as to whether a site visit will be needed or not? And is this still the case that the site visits are unlikely to occur within the next 12 months due to various restrictions? And if that determination is made during the meeting, how quickly would y... | So obviously, that's one of the topics for discussion with the FDA. Obviously, as I said in my comments, we'd like the FDA to continue its records assessment and determine that it doesn't need to do an on-site inspection. I think we'll know after the meeting. I doubt that FDA will give us a definitive answer, but we'll... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
952916b5f689b8665a8d20cb6cde9b4e | So just to clarify if I understood this correctly, is it the case that you will be able to share the update with the Street right after the meeting? Or will you be waiting for the minutes, which could take several weeks? Or is it the case that you won't be able to disclose the contents of the meeting because that is ac... | It's a simple answer, Joon. We'll be providing an update after we meet with FDA. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8395f463fbcb746b473714ac7987d47d | We've covered a lot of ground on this in previous calls. But just wondering what additional details you may be able to share with us in terms of expectations for timing, assuming we do have a positive outcome here. And we are looking at potential label expansion into the oncology and parenteral nutrition indications. W... | So, Chad, I think you got two parts to your question. The first part is what other color will we be able to provide in terms of timing of our current situation and then about label expansion. So let me start, and Phoebe, then you can add into what -- add any other components to it. But like we said, after we've met wit... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4fb26454e8226fe751db8d33915e9f3b | Phoebe, just you noticed -- or you noted actually that a lot of the CRLs or CRL-related activity in the market is maybe more of a factor related to macro pandemic-related issues with the FDA and their ability to travel. I was curious, does that also relate to the manual extraction study and the airflow visualization st... | Well, you've mixed the two issues there, Andy. The first one, the airflow dynamics comes from information provided from the manufacturing facility to FDA as part of the records assessment. And so the added information, they would ordinarily include in an on-site inspection. The manual extraction study came in the CRL t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cad46d66bd3659d7679d7c143ffaca7c | So theoretically, even if the pandemic wasn't going on, that deficiency still would have warranted a CRL? Am I understanding that correctly? | That's something you'd have to ask FDA. I can't answer that question for you. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
34ac3a44ddcd25a4bf60f0e97d554513 | And then I remember last time when you had your call, we were talking about Class 1 or Class 2 submissions. And I was curious if the majority of this is actually non-efficacy-related. I remember reading something about at least with supplements that if it's non-efficacy related, it can fall in the Class 1 or Class 2. D... | Timing is clearly a critical issue in this process, and that's a topic for discussion with FDA. So hopefully, we'll have more insight after the meeting in mid-April. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
98d0c75377c9f204622ca9efcbf3198a | Can you let us know, since you're not really working on any commercialization activity, how we should think about opex in the first quarter? Is the fourth quarter a good representation of what the first quarter would look like? And then with the tax credit, I think over the last couple of years, it's been split between... | I think for your first question about some guidance, we're not giving a guidance, but I think that you can look to the fourth quarter, as you indicated, as reasonable for going forward, at least for the near term. Likely come in below that as a target, but I think it's a reasonable assumption, OK, in terms of operating... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4ac88830531cbdabbdb214b9f9137393 | Are you expecting any changes to the management team? Any additional hires needed to fix the current situation? | I do not see any need for additions or changes to the management team to address the current situation. The management team is very experienced. And as I've said during the prepared remarks, CorMedix, in conjunction with our CMO, is working to develop the information needed to be submitted to the FDA. So we're very con... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8f7636547ac2f8df63647dd734c82780 | I wanted to start actually with the broker dealer. A lot of kind of moving pieces here between the investment and the municipal business. I guess, the TBA business having a good quarter and then you've got kind of the new system coming online. So I guess, there's a lot of moving pieces, but just trying to think about t... | Yes. There's a lot there. Well, I would kind of just raise that a little bit and then Brad Winges came on to be as CEO in the first quarter of 2019. And he has done an incredible job. Him and the team over the past year, they've accomplished so much. And we feel really good about the business and he has embraced the bu... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c7cda055bf56fbd23b017f50767e3129 | And maybe with the TBA business, specifically, how much is the gain this quarter was kind of fair value or mark-to-market versus volume-driven? | Well, as we acknowledged in the first quarter call that we had -- during the month of March had experienced about $20 million negative mark, which left the pipeline market kind of negative $9 million for the period. As I noted in my comments, during -- at June 30, the mark of the pipeline was positive $15 million. So t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c007a1bb33dcff8301aa9366c89d847a | Okay. And I'll ask just one more and then step back. But kind of a higher level question, Jeremy, just on M&A and M&A outlook. There's a lot of kind of volatility right now, and maybe a difficulty in price discovery on what you may or may not acquire. So just maybe a comment on kind of what you would be looking for in ... | Sure. Well, I mean, we do have a specific amount of excess capital that we'd like to deploy, largely through bank M&A. We also feel that we need to be patient. We've got our own issues to work through as far as the deferral amount that we have. And then we really hope to be aggressive with the right opportunities. And ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0dea4f5affdf05cf6aeb0adfaa13f131 | Okay. So kind of clear that pipeline now for the industry, and that would give you more confidence probably to step in? | Yes. The confidence part is going to be harder, because we still don't know what the future of a lot of these asset classes are going to be like. But we would be ready to -- we're actively monitoring and ready to look at anything that we find appealing. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4f53569ef4ad9d3c53690454b0455e47 | Maybe just a follow-up on the M&A dialogue. When the time is right, it feels like you guys will be ready. Can you just remind us how big of a deal would you consider as far as a target's assets? And then clearly, you have a big Texas franchise. Would you consider franchises outside of Texas like in the Southeast? | On size, I think that we would consider really anything and it will just depend on the level of stock consideration that would be included in the transaction. And I think, by and large, we believe that, right now, we prefer to do something of more scale than less. We still think that, there's a lot of strategic reasons... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f188ae2d44220fc88c3f87421c805439 | All right. That's helpful. And then looking at the mortgage business, the gain on sale margin was up 43 basis points last quarter. You're guiding -- if you look at the 430 to 450 gain on sale margin guidance for this quarter, and that's up another -- at the midpoint is up another 72 basis points. So it's just -- it doe... | I think the thing to remember about the gain on sale is, when you calculate the way we calculate gain on sale, as we disclose it here, it is at the final disposition of the loans, so the final sale measure. As it relates to kind of the revenue recognition, we recognized 75% to 80% of the revenue at rate lock. So that's... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ca1573af331a1d93beeaef7b376e0620 | All right. And then just finally from me. I mean, excess liquidity is notable here. Any thoughts on deploying some of that excess liquidity, like into the bond book? And I realize, your bond yields aren't great today, but it's better than cash? | Yes. And I think that's, to some extent, what I was trying to suggest in my comments. I mean, we're going to work through the second half that excess liquidity position. We think we'll work it down into the $5 billion to $6 billion range, again, is -- but we are monitoring. And again, the reason it got as high as -- ce... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d1e108e3e82e3a05247a0bc11647fb41 | Daniel, the MD&A talks about Phase 3 expansion potential at Jacobina. I'm just wondering sort of high-level thoughts, I know it's early. But would you see this as sort of very dependent on finding some of those near mine ore sources, like kind of Canavieiras and Morro do Vento? And particularly, how do you think about ... | Good morning, Ralph. Thank you for your question. Yeah, we -- as we have done for Phase 2 expansion, we wanted to make sure that our reserve and resources were not impacted by the increase in tonnage, and then that's what we will do for Phase 3. Yohann mentioned that we're aiming for 2027, so still six years away of do... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
15bd1d48ab7e945a1f1e48ce72d8d583 | At a high level, on the Wasamac property, now that you're seeing much clearer economics and robust economics at Canadian Malartic, has this changed your thinking at all on stand-alone versus integration with Canadian Malartic? | No, not really. We're studying both, but our priority number one is really to have stand-alone. We have the room to put the mill. And then the main reason why we want a stand-alone is for backfill system also, Ralph. The advantage of having backfill at site, and we're going to recover 95% to 100% of the ore underground... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1a4f8fdf0b5582058cf7d9f314f9e328 | Could we talk a bit about the other half of the resources that have been left behind, why and what might happen with those if one considers an $1,800 gold world instead of, I think it was, $1,500, maybe it was $1,250 for the cutoff. What can we expect to happen with the existing resource? And then you continue to work ... | Thank you, Don. Good morning. Good question. To do -- to start the study, we had to use what we have. You can assume for sure that the other 7 million ounces, we're going to drill them. And as we build the mine we all know that the production mine life will increase at Malartic. Right now we're focusing on that first 7... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f90262bde063e5cca9e03ae80e671783 | My other question is, maybe you missed might be Peter is about the Moro project. We've been watching this for years and it's great that it has -- the integration has taken place and it's progressed, your decision to integrate it into your reserves and resources and financials as a significant step. There is always been... | I'll start to answer it and then maybe Gerardo can add on it, but Gerardo made it clear in his part of the presentation. There is many options for MARA. But right now, we have to stay the course. We have to continue to do the facility study, complete that study by the end of this year, early next year, but most importa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fd12379b3c9245891159d500c4ef65cf | Maybe Jason can just tell us, is Malartic -- the underground is that going to be self-funded, if we keep these kinds of gold crisis, and would it be self-funded if we include the cash flow from the open pit? | Yeah, Don. Absolutely, and that $1,550 gold pricing, you mentioned that that's the case, it would be kind of a multiple cover on kind of the integrated cash flow generation compared to the underground capex if you toggle over to spot. And it's going to be further multiples of the needs there. So I think it's a unique a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
60f1cab7641739dcd6633fbefd5204b2 | So, from a net free cash flow from the Malartic project, will it still continue to contribute net free cash flow to Yamana, if we stay at these kinds of prices? | Yes, very nice. So, Don, I would say it's pretty, pretty robust to these prices. You can kind of do both. You're going to have that contribution from the open pit net of all the construction costs on the underground. So that's the study cost of the $1,550, but even more so at the prices we see here today. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bf43abd1d9a7124b3b1cad1303fd1ec2 | Hi, guys. Just wanted to confirm the 10-year plan does include the newest numbers on the Odyssey underground, or is it still assuming the smaller scale that was kind of previously communicated? | Good morning, Mike. It's including the new numbers you saw yesterday or the presentation today.
But still does include other potential upside on top of that, like low grade stockpile, or between now and then the end of construction, a lot of things will happen at Malartic and that might change, but when we said -- we ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
341145cadf1a2ba58c1af7a2710c936a | Do you have a sense of what gold price the joint venture partnership would want to see to factor in that low grade stockpile? | The actual gold price we can include it in there now. But we have decided not for this -- at this time of the study, it might be included in the future, but [Speech Overlap].
Yeah, at $1,550, yeah. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b8711f9b60765357547d6db4af3c56c6 | With the Malartic underground drill exploration program for 2021, can you give us any sense are you prioritizing infill drilling to move more what you already have delineated into like M&I category or are you still testing the boundaries of the ore bodies and would that sort of step out drilling be a higher priority at... | Sure, yes. Thanks, Jackie. There is about $30 million budget for exploration. The majority of that is infill on East Gouldie. We will be looking to take it to about 80-meter centers and then indicated category. But there is $4 million that we will be looking at extensions of the zone. So, the zone remains wide open, do... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5264466e851094aa54dc96fa1752f4fa | Sometimes the best acquisitions are the ones you already have. I am thinking of the MARA project. Now that copper and gold prices have rebounded, is it likely that you are going to keep a bigger part of it, or, instead of selling a gold stream to do a financing, is there a structure where you sell part of your copper s... | Good morning, John. Good question. It's like I mentioned earlier there's a lot of option on MARA. And you are right with copper going up and gold going about that project is becoming more and more important of the company. And then, we own it at 56.25%, so that's important. And that is why we are not in a rush to do an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5c3db52eea28079855a6f5806d4f5fad | I know you've been focusing a lot on Malartic and Jacobina, but just from an exploration perspective, I mean, you're obviously allocating a good deal of exploration spend toward Cerro Moro and El Penon this year, but it's supposed to got a life of mine extension. That's you're aiming for Minera Florida eventually. How ... | Well, good afternoon, Tim. Good question. They're all important for us for sure. Malartic is a big, big mine big project. So the more we can convert into the confidence into the resources, that's an important one. Jacobina has already many years of production. This is maybe less important, but if we want to increase th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d2dd7d590d44d055d0371d19ad11ded8 | You mentioned that you've established that new climate action initiative of establishing the two degree SBT. You've mentioned the baseline and the greenhouse gas pathways that you want to establish, but is the ultimate aim of what you're trying to do in '21, is it more of that establishing operations, specific abatemen... | Yes, Tim. That's our target. Like I mentioned, we're going to put that working group together. That's our target to have for each mine, specific targets, defined this year. So I don't know correct, if you want to have more on this, but that's, that's our target.
Hi Tim, and thanks Daniel. Yes, Tim, just to build on wh... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
532909479f7e17b1513de6e027572937 | I guess can you break out the expense items for 4Q COGS, R&D and SG&A? Were there any onetime items of note? And then can you kind of give us a sense of the expense outlook for the rest of this year? And then more generally, how far do you think the current cash can get you from here? What's the most likely source of c... | So yes, I mean, of course, the last quarter was, of course, impacted by significant impacts, and the main one being the recognition of the revenue from government grants, right, where we have recognized in the P&L -- contract liabilities, which was sitting in the balance sheet for EUR 450 million and another extra EUR ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1fe353efaf4ef7427ba148c27214b245 | I guess, so you talked about plans for a meaningful pipeline of cancer vaccines. How many new candidates or targets do you think might be announced this year? Or is that more of a 2023? And then any data we might expect for those new programs this year? | As you can rightly see, we did not disclose any of our current candidates. What I can say is it's a broad-based approach with some shared antigens that we will use for cancer vaccination and then some new antigens. What we are especially emphasizing on is to expand on our possibility to internally have a platform where... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5162e7efff3b64071c0794a12c56c92c | Question on cancer vaccine. So you mentioned the phase one expansion study data in melanoma is expected in the second half of this year. Can you comment on what should we expect in terms of data and 8102? Is that only for melanoma at this point? And second question is on COVID vaccine. You recently dosed the first pati... | I can start with the last one, the COVID vaccine. As you rightly said, yes, we initiated that first phase one of COVID trial. And as we have indicated, we are recruiting off the dose level as planned. So you would obviously, at a later time point, see the reactogenicity data first and foremost when we have done our dos... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eb5e775f64b87891bd53ac5c6262c406 | So are we going to see all the doses from two to 20-microgram in mid this year or second half of this year? | Well, that's the plan, obviously, provided that we can dose up to those levels. We obviously gave you a lengthy presentation of the reactogenicity data in the seasonal flu, although you can clearly not make a direct comparison. But as you saw, we were capable of dosing it up in this case for a multivalent vaccine for 2... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cb2f23b041ea2eafb1371924ed1704e6 | Firstly, interestingly, in your phase one disclosures, we saw grade three systemic events in the lowest dose. And also, this was in older adults. Can you hypothesize why the lowest dose saw grade three events, but not in the highest dose. And then, secondly, another competitor flu mRNA vaccine has shown less promising ... | Yes, the full data readout, I think I have alluded to on a number of occasions, especially on the reactogenicity data. It is a one to one for all of the constructs that is in the one vaccine at this stage, not disclosed exactly the number of constructs and the valency of the vaccine. But to answer about that relative c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
75735f07edd35c06bd220cfa7fc83f33 | Maybe on the COVID-19 vaccine, on slide 11, I think you showed some preclinical results on a multivalent vaccine in the mouse model. I'm still looking at the beta/delta bivalent against Delta versus Omicron is actually more immunogenic against the Omicron than Delta. Why is that? Any hypothesis in terms of the scientif... | I mean, on the mice data that you referred to, it's pure speculation. At this time point, I think what I would extract out of it is that there is a likelihood that the prudency of having a vaccine that contains the beta strain would be more efficient against the Omicron compared to the Delta, which is obviously how the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3ed4b70c9249759628ccd96984d3b0e7 | For the 80 million doses, is that just the COVID or does it specify any virus types? It could be other flu or other things. Can you clarify that? | It's in there, right? It's the whole -- it is the learnings from the current situation in the pandemic situation where the government wants to have access to -- as fast as possible to vaccine. So it could be any, I would say, flu or COVID-19 or anything else for that matter.
Therefore, it is so important that there ar... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e6e969ec24054a802daae1b08fd9797e | The unmodified flu phase one that's completed enrollment, can we expect to see the immunogenicity data this quarter? Are you holding that until the data from the modified RNA trial is available? And I had a broader question on the modified RNA. What benchmarks or expectations do you have for that versus the unmodified ... | We are not planning to -- eventually, we are obviously planning to release the immunogenicity data. But as I also alluded to, we go together with GSK, assess whether we can get all the way with unmodified or whether we will have to implement modified. The ultimate answer to your question about what is the benchmark goi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2e32e04ceed79e0d2b70060086585de2 | You said you had clinical trial material for the modified candidates already produced. I guess, maybe this gets back here the entry just made. But are you planning to move forward with a single modification? Are you going to try multiple modifications? How does that look at this point? | I'm not sure that we have disclosed that. I will have to let Franz or someone else address that question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
31569849dcb779d7cb427899d1c61953 | With GSK stepping away from their self-amplifying RNA programs, based on their earnings call, can you just verify that this was totally unrelated to CureVac, you had no involvement with the self-amplifying mRNA -- RNA, sorry? | Yeah. I can confirm that we have no involvement on GSK's position on GSK program. Yes.
We are working on our technology platform with GSK. And what we want to bring into the clinics here is really the same construct on the RNA level than with the chemical modification known to start the clinical trial there as well to... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cde6d0704f23d6704482e6e96030e748 | Any updates on the Genmab collaboration? | No. Nothing what we can right now talk about. It's an ongoing collaboration. We are working on our work packages as defined with our partner, Genmab, but nothing to report so far. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
97d37016f20845cbea83b682d4938944 | Good morning or good afternoon out there, hope everyone is safe and doing well. Difficult quarter, obviously, but it seems like things are getting a little better. I guess I'll start with -- you mentioned that you sold about $111 million of Non-Agency's in April. Forgive me if I missed it, but you said whole loan balan... | Well, the carrying value of our loan portfolio is on the table -- Page 2 of our earnings release. Residential mortgage loans held for securitization went down from $153 million to $142 million primarily driven by repayments during the quarter. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c70de0f8155573c08d9b2d3e26203afa | I was referring more to -- apologies for the misunderstanding, since the quarter-end. | Well, there's -- we get one remittance report a month. So we've had one additional month of paydowns. I don't -- do you have that handy, Brett? We have not sold loans subsequent to quarter-end. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f66ea74c18ed1d06ed84c76d668cd6ad | Okay. I guess, appreciate the book value update for April. I guess, going forward, it seems like it's a pretty good environment for Agency MBS investing in general based on your comments and some of the comments from your peers. Trying to think about where the dividend is right now and I know you're going to announce a... | Yes, it's a good question and it's a bit of a difficult question at this point, but the first thing I would point out is that the way we report core earnings is to take into account the actual impact of agency prepayments during the quarter. As Bistra indicated, we did believe this was going to be a quarter with substa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b8e5171afac258525dee69fbb30cd845 | Thank you very much. That's very helpful comments. Just one last final one. I think you mentioned your repo rate is down to about 75 basis points. Is that right? I just wanted to confirm. | It's between 75 basis point and 80 basis point currently on the agency side. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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