CAPR - NASDAQ

Good afternoon, ladies and gentlemen. And welcome to the Capricor Therapeutics Third Quarter 2025 Conference Call. At this time, all participants are in a listen-only mode. If at any time during this call, you require immediate assistance, please press 0 for the operator. This call is being recorded on Monday, November 10, 2025. I would now like to turn the conference over to our CFO, Anthony J. Bergmann, for the forward-looking statement. Please go ahead.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number two. If you're using a speakerphone, please lift the handset before pressing any keys. First question comes from the line of Ted Tenthoff from Piper Sandler. Your line is now open.

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Understood. Okay. And maybe a question for AJ, and if you'd like to fill in, that'd be great. I wanted to get a sense now with regard to your burn going forward. You have a couple of things coming down, a few things potentially going up. You'll have HOPE-3 wrapping up and the clinical trials expenses around that. Wanted to see about, you know, discussing manufacturing expenses that might be increased personnel, and then maybe a gradual increase in exosomes. Maybe some views on how the expenses might be going forward.

Yeah. Thanks, Joe. I mean, obviously, our expenses in the third quarter were higher than they had been, but we were moving towards pretty much a PDUFA date as we moved got our received our CRL in July. A lot of the expenses you just said correctly have gone into the, the ex of the HOPE-3 trial, which is winding down. So we'll see those expenses hopefully continue to wind down. But they're going into the manufacturing and the development of the commercial product as we prepare and continue to prepare for a commercial launch. So we're maintaining and cautiously watching our burn in every area we can. We're building out our team in areas that are absolutely necessary. And then obviously following the results of the data and our next steps with FDA, we'll continue to put the dollars to work where they need to go. So we feel very comfortable with where we're at, and we're putting, putting diligently investing in where we hope to drive value. Exosomes, you know, same type of answer. You know, just to point out, NIAID is obviously funding that study. We've said that many times. We've already made the doses necessary for that. So that's well off our balance sheet, which hopefully will be a nice value driver and catalyst for us in the early part of 2026.

Got it. Thank you.

Thanks, Joe.

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