Q4 2025 Maravai Life Sciences Holdings LLC Earnings Call

February 25, 2026

Speaker #3: Hello and welcome, everyone, joining today's MARAVAI LIFESCIENCES Q4, 2025 results earnings call. At this time, all participants are in a listen-only mode. Later, we will you will have the opportunity to ask questions during the question-and-answer session.

Operator: Welcome everyone joining today's Maravai LifeSciences Q4 2025 Results Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Debra Hart. Please go ahead.

Speaker #3: To register to ask a question at any time, please press star one on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance.

Speaker #3: It is now my pleasure to turn the meeting over to Deb Hart. Please go ahead.

Speaker #2: Good afternoon, everyone. Thanks for joining us on our fourth quarter and year-end 2025 earnings call. The press release and slides accompany today's call are posted on our website and available at investors.maravai.com.

Debra Hart: Good afternoon, everyone. Thanks for joining us on our Q4 and year-end 2025 earnings call. The press release and slides that accompany today's call are posted on our website and available at investors.maravai.com. As you can see from the agenda on slide 2, our CEO, Bernd Brust, will provide a business update, and our CFO, Rajesh Asarpota, will review our financial results. Dr. Chanfeng Zhao, our Chief Scientific Officer, will join us for our Q&A session. Turning to slide 3, I'd like to note that we have renamed our two reportable segments from Nucleic Acid Production and Biologics Safety Testing to TriLink and Cygnus, respectively.

Deb Hart: Good afternoon, everyone. Thanks for joining us on our Q4 and year-end 2025 earnings call. The press release and slides that accompany today's call are posted on our website and available at investors.maravai.com. As you can see from the agenda on slide 2, our CEO, Bernd Brust, will provide a business update, and our CFO, Rajesh Asarpota, will review our financial results. Dr. Chanfeng Zhao, our Chief Scientific Officer, will join us for our Q&A session. Turning to slide 3, I'd like to note that we have renamed our two reportable segments from Nucleic Acid Production and Biologics Safety Testing to TriLink and Cygnus, respectively.

Speaker #2: As you can see from the agenda on slide two, our CEO, Bern Brust, will provide a business update and our CFO, Raj Asarpota, will review our financial results.

Speaker #2: Dr. Chanfeng Zhao, our chief scientific officer, will join us for our Q&A session. Turning to slide three, I'd like to note that we have renamed our two reportable segments from Nucleic Acid Production and Biologic Safety Testing to TriLink and Cygnus, respectively.

Speaker #2: This change is to better align with our brands and internal operating terminology. There have been no changes to the composition of our reportable segments, the nature of the products and services offered, or the manner in which we evaluate the company's operating performance or allocate resources.

Debra Hart: There have been no changes to the composition of our reportable segments, the nature of the products and services offered, or the manner in which we evaluate the company's operating performance or allocate resources. This change is nomenclature only and does not impact our segment composition, financial results, or historical comparability. Throughout today's call, we will be referring to our two segments by this updated terminology. Management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. It is possible that actual results could differ from expectations. We refer you to slide 4 for details on forward-looking statements and our use of non-GAAP financial measures. The press release provides reconciliations to the most directly comparable GAAP measures, and we also post reconciling schedules to our investor website.

Deb Hart: There have been no changes to the composition of our reportable segments, the nature of the products and services offered, or the manner in which we evaluate the company's operating performance or allocate resources. This change is nomenclature only and does not impact our segment composition, financial results, or historical comparability. Throughout today's call, we will be referring to our two segments by this updated terminology. Management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. It is possible that actual results could differ from expectations. We refer you to slide 4 for details on forward-looking statements and our use of non-GAAP financial measures. The press release provides reconciliations to the most directly comparable GAAP measures, and we also post reconciling schedules to our investor website.

Speaker #2: This change is nomenclature-only and does not impact our segment composition, financial results, or historical comparability. Throughout today's call, we will be referring to our two segments by this updated terminology.

Speaker #2: Management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. It is possible that actual results could differ from expectations.

Speaker #2: We refer you to slide four for details on forward-looking statements, and our use of non-GAAP financial measures. The press release provides reconciliations to the most directly comparable GAAP measures and we also post reconciling schedules to our investor website.

Speaker #2: Please also refer to MARAVAI's SEC filings for additional information on the risks and uncertainties that may impact our operating results, performance, and financial condition.

Debra Hart: Please also refer to Maravai's SEC filings for additional information on the risks and uncertainties that may impact our operating results, performance, and financial condition. Now I'll turn the call over to Bernd.

Deb Hart: Please also refer to Maravai's SEC filings for additional information on the risks and uncertainties that may impact our operating results, performance, and financial condition. Now I'll turn the call over to Bernd.

Speaker #2: Now I'll turn the call over to Bernd.

Speaker #3: Good afternoon and thank you for joining us. After assuming the CEO role last June and implementing the restructuring actions we announced last August, the management team and I were clear on our priorities.

Bernd Brust: Good afternoon. Thank you for joining us. After assuming the CEO role last June and implementing the restructuring actions we announced last August, the management team and I were clear on our priorities: simplify the business, improve operational execution, increase customer interaction, and deliver better financial results. We are doing exactly that. Let's turn to our financial results on slide 5. Today, we reported full-year revenue of $185.7 million, exceeding guidance by about $700,000. Total Q4 revenue was $49.9 million, excluding the $14.3 million comparison from high-volume CleanCap sales in Q4 2024, revenue grew 18%.

Speaker #3: Simplify the business, improve operational execution, increase customer interaction, and deliver better financial results. We are doing exactly that. Let's turn to our financial results on slide five.

Speaker #3: Today, we reported full-year revenue of $185.7 million, exceeding guidance by about $700,000. Total Q4 revenue was $49.9 million, excluding the $14.3 million comparison from high-volume CleanCap sales in Q4 2024.

Speaker #3: Revenue grew 18%. Growth was driven by strong performance in GMP consumables and CDMO services at TriLink. And by core customer demand for wholesale protein kits at Cygnus.

Bernd Brust: Growth was driven by strong performance in GMP consumables and CDMO services at TriLink, and by core customer demand for wholesale protein kits at Cygnus, with all of our top five customers increasing their HCP kit purchases during the quarter. Raj will walk through the full year and Q4 results in more detail, but I would like to highlight a key milestone this quarter. We demonstrated the leverage of our new operating model by delivering positive Adjusted EBITDA of just over $500,000 in Q4. This represents an improvement of approximately $11 million sequentially from Q3. This marks the company's first return to positive Adjusted EBITDA in four quarters. We achieved this well ahead of our internal expectations.

Speaker #3: With all of our top five customers increasing their HCP kit purchases during the quarter. Raj will walk through the full year and fourth quarter results in more detail.

Speaker #3: But I would like to highlight a key milestone this quarter. We demonstrated the leverage of our new operating model by delivering positive adjusted EBITDA of just over $500,000 in Q4.

Speaker #3: This represents an improvement of approximately $11 million sequentially from Q3. This marks the company's first return to positive adjusted EBITDA in four quarters. We achieved this well ahead of our internal expectations: the improvement was driven by disciplined execution, across the organization.

Bernd Brust: The improvement was driven by disciplined execution across the organization, including exceeding the $50 million in cost-saving targets we set as part of the restructuring, coupled with stronger revenue and more favorable product mix. I want to thank our entire team for their efforts over the second half of 2025. Because of their work, we believe the company is now positioned to return to full-year revenue growth, deliver positive Adjusted EBITDA, and positive cash flow in 2026. Let me briefly highlight what we are doing differently and how our operational changes are delivering improved results. First, our commercial execution. We have materially increased our direct engagement with customers at TriLink, positioning CleanCap as the product of choice and as part of a broader portfolio that includes our enzymes, oligos, and our newly released ModTail product.

Speaker #3: Including exceeding the $50 million in cost-saving targets, we set as part of the restructuring. Coupled with stronger revenue and more favorable product mix. I want to thank our entire team for their efforts over the second half of 2025.

Speaker #3: Because of their work, we believe the company is now positioned to return to full-year revenue growth, deliver positive adjusted EBITDA, and positive cash flow in 2026.

Speaker #3: Let me briefly highlight what we are doing differently and how our operational changes are delivering improved results. First, our commercial execution. We have materially increased our direct engagement with customers at TriLink.

Speaker #3: Positioning clean cap as the product of choice and as part of a broader portfolio that includes our enzymes, oligos, and our newly released mothtail product.

Speaker #3: This reflects our strategy to expand TriLink beyond capping reagents and deepen our role across the full mRNA and gene-based therapeutic workflow. From early discovery through clinical development and into commercialization.

Bernd Brust: This reflects our strategy to expand TriLink beyond capping reagents and deepen our role across the full mRNA and gene-based therapeutic workflow, from early discovery through clinical development and into commercialization. By engaging earlier and across more components of the workflow, we increase our opportunity per program and strengthen our position as a long-term strategic supplier. A good example is our upcoming launch of GMP enzymes next quarter. Based on the commercial team's improved customer engagement, we are already seeing strong demand with more than $1.2 million of GMP enzymes orders in hand for 2026. This illustrates the model. We support customers in discovery with research-grade consumables and services, and as their programs advance into clinical trials, we are positioned to transition with them to GMP-grade supply. In discovery, mRNA Builder is enabling earlier, higher-value engagement with our research customers.

Speaker #3: By engaging earlier and across more components of the workflow, we increase our opportunity per program and strengthen our position as a long-term, strategic supplier.

Speaker #3: A good example is our upcoming launch of GMP enzymes next quarter. Based on the commercial team's improved customer engagement, we are already seeing strong demand with more than 1.2 million dollars of GMP enzymes orders in hand for 2026.

Speaker #3: This illustrates the model: we support customers in discovery with research-grade consumables and services, and as their programs advance into clinical trials, we are positioned to transition with them to GMP-grade supply.

Speaker #3: In discovery, mRNA builder is enabling earlier, higher-value engagement with our research customers. mRNA builder is TriLink's AI and computer-aided design and ordering platform that simplifies designing optimized mRNA.

Bernd Brust: mRNA Builder is TriLink's AI and computer-aided design and ordering platform that simplifies designing optimized mRNA. Customers upload their gene of interest, and the platform guides them through the design of a high-performance mRNA construct. This platform is increasingly becoming embedded in customer workflows, as evidenced by direct customer feedback and repeat usage. As these discovery programs advance, this naturally supports pull-through of our GMP portfolio. Few competitors can offer this continuity from discovery through commercialization, and that continuity is a meaningful differentiator for us. Operationally, we have reduced fixed costs, centralized operations, and made the business far less sensitive to volume fluctuations. We now have clearer ownership and accountability, removed functional silos, and improved the speed of decision-making. We have implemented additional automation to improve efficiency and consistency across the organization, and our new automated EU site allows us to quickly supply screening for the European market.

Speaker #3: Customers upload their gene of interest, and the platform guides them through the design of a high-performance mRNA construct. This platform is increasingly becoming embedded in customer workflows, as evidenced by direct customer feedback and repeat usage.

Speaker #3: And as these discovery programs advance, this naturally supports pull-through of our GMP portfolio. Few competitors can offer this continuity from discovery through commercialization and that continuity is a meaningful differentiator for us.

Speaker #3: Operationally, we have reduced fixed costs, centralized operations, and made the business far less sensitive to volume fluctuations. We now have clear ownership and accountability, removed functional silos, and improved the speed of decision-making.

Speaker #3: We have implemented additional automation to improve efficiency, and consistency across the organization. And our new automated EU site allows us to quickly supply screening for the European market.

Speaker #3: These are structural sustainable and scalable improvements combined with our technical record, regulatory credibility, and reputation for high-quality supply. These changes further reinforce TriLink's position as a partner of choice.

Bernd Brust: These are structural, sustainable, and scalable improvements. Combined with our technical record, regulatory credibility, and reputation for high-quality supply, these changes further reinforce TriLink's position as a partner of choice. From an R&D perspective, we are prioritizing investments in the highest return opportunities across mRNA, cell and gene therapy, and the Biologics Safety Testing business. Products introduced in the second half of 2025 are already showing strong traction, and our development roadmap is focused on areas where we can most clearly differentiate our capabilities and best serve our customers' needs. We have a robust pipeline of NPIs planned for 2026. Our recently launched ModTail technology continues to see strong early adoption, generating over a half million dollars in 2025, an unusually strong start for a newly introduced consumable in our market.

Speaker #3: From an R&D perspective, we are prioritizing investments in the highest return opportunities across mRNA, cell and gene therapy, and the biologic safety testing business.

Speaker #3: Products introduced in the second half of 2025 are already showing strong traction, and our development roadmap is focused on areas where we can most clearly differentiate our capabilities and best serve our customers' needs.

Speaker #3: We have a robust pipeline of MPIs planned for 2026. Our recently launched mothtail technology continues to see strong early adoption. Generating over a half million dollars in 2025.

Speaker #3: An unusually strong start for a newly introduced consumable in our market. We have already surpassed that level in 2026 year-to-date bookings with engagement across several large pharma companies.

Bernd Brust: We have already surpassed that level in 2026 year-to-date bookings, with engagement across several large pharma companies. Importantly, early customer data and our own internal studies demonstrate improved protein expression and extended duration of expression, both critical attributes for the next generation RNA therapeutics. We are also investing in additional capabilities at Cygnus. During the quarter, we expanded our mass spec infrastructure to increase capacity and broaden our analytical service offerings. This positions us to offer services that provide drug developers with a full understanding of the host cell protein in drug substances, ultimately leading to increased patient safety and product stability. We view analytical services as a strategic growth lever for Cygnus, complementing our existing HCP and ELISA kit business.

Speaker #3: Importantly, early customer data and our own internal studies demonstrate improved protein expression, and extended duration of expression. Both critical attributes for the next generation RNA therapeutics.

Speaker #3: We are also investing in additional capabilities at Cygnus. During the quarter, we expanded our mass spec infrastructure to increase capacity and broaden our analytical service offerings.

Speaker #3: This positions us to offer services that provide drug developers with a full understanding of the host cell protein in drug substances. Ultimately leading to increased patient safety and product stability.

Speaker #3: We view analytical services as a strategic growth lever for Cygnus. Complementing our existing HCP and ELISA kit business. We also continue to invest in our MOGV product line for viral clearance prediction.

Bernd Brust: We also continue to invest in our MockV product line for viral clearance prediction, as we see quarter-on-quarter, year-on-year growth driven by increased market penetration and encouraging regulatory feedback. Taken together, our commercial execution, operational discipline, and focused R&D enable faster decision-making, improved responsiveness, and altogether, a strong foundation for long-term, durable growth and profitability. In addition to our improved internal execution, let me share some of what frames my optimism for 2026 on slide 8. The broader tools and biotech environment appear to be stabilizing. Biopharma funding is showing signs of recovery, particularly in the private markets. Large pharma remains active and well-funded biotechs are advancing programs, while smaller players remain cautious. While academic and government funding remains muted, we have low exposure to those markets. Overall, we're seeing strong order volume and increased visibility.

Speaker #3: As we see quarter on quarter, year on year growth driven by increased market penetration and encouraging regulatory feedback. Taken together, our commercial execution operational discipline and focused R&D enable faster decision-making, improved responsiveness, and altogether a strong foundation for long-term, durable growth and profitability.

Speaker #3: In addition to our improved internal execution, let me share some of what frames my optimism for 2026 on slide 8. The broader tools and biotech environment appear to be stabilizing.

Speaker #3: Biopharma funding is showing signs of recovery, particularly in the private markets. Large pharma remains active, and well-funded biotechs are advancing programs. While smaller players remain cautious.

Speaker #3: While academic and government funding remains muted, we have low exposure to those markets. Overall, we're seeing strong order volume and increased feasibility. We are also seeing continued expansion in the number of companies pursuing mRNA and guide RNA programs globally, which, according to the Beacon RNA database, is now 809 companies compared to 643 a year ago.

Bernd Brust: We are also seeing continued expansion in the number of companies pursuing mRNA and guide RNA programs globally, which according to the Beacon RNA database, is now 809 companies, compared to 643 a year ago. That growth reflects sustained scientific and commercial interest in RNA-based approaches. As delivery technologies advance and pipelines broaden, both emerging biotech and established biopharma continues to invest in RNA platforms. At the same time, companies continue to prioritize capital and rationalize early-stage programs. Importantly, this has not resulted in a meaningful decline in overall clinical trial activity. Trial activity by phase remains stable, and we continue to see solid engagement across discovery, preclinical, and clinical development. TriLink currently works with about 250 to 300 companies on a regular basis, or roughly one-third of the companies pursuing mRNA and guide RNA programs.

Speaker #3: That growth reflects sustained scientific and commercial interest in RNA-based approaches. As delivery technologies advance and pipelines broaden, both emerging biotech and established biopharma continue to invest in RNA platforms.

Speaker #3: At the same time, companies continue to prioritize capital and rationalize early-stage programs. Importantly, this has not resulted in a meaningful decline in overall clinical trial activity.

Speaker #3: Trial activity by phase remains stable, and we continue to see solid engagement across discovery, preclinical, and clinical development. TriLink currently works with about 250 to 300 companies on a regular basis, or roughly one-third of the companies pursuing mRNA and guide RNA programs.

Speaker #3: We believe with our newly released mothtail technology, we have an opportunity to penetrate additional customers and programs regardless of capping method. Finally, customer feedback suggests the FDA remains constructive in areas such as cell and gene therapy.

Bernd Brust: We believe with our newly released ModTail technology, we have an opportunity to penetrate additional customers and programs regardless of capping methods. Finally, customer feedback suggests the FDA remains constructive in areas such as cell and gene therapy, particularly in rare disease and oncology, where expedited pathways continue to be utilized. While infectious disease vaccine development may face a more measured approach in the current US environment, our exposure into vaccines is low and therapeutic programs continue to progress. What I'd like to leave you with is how confident I am that the fundamentals of this business are solid. We have leading technologies. We have long-standing customer relationships where we continue to build greater transparency and intimacy. We have deep scientific credibility. Now, all that's coupled with the right team and appropriate sized operations to execute.

Speaker #3: Particularly in rare disease and oncology. Where expedited pathways continue to be utilized. While infectious disease vaccine development may face a more measured approach in the current US environment, our exposure into vaccines is low, and therapeutic programs continue to progress.

Speaker #3: What I'd like to leave you with is how confident I am that the fundamentals of this business are solid. We have leading technologies. We have long-standing customer relationships where we continue to build greater transparency and intimacy.

Speaker #3: We have deep scientific credibility. Now, all that's coupled with the right team and appropriately sized operations to execute. Now, I'll turn the call over to Raj for more details on the quarter, year-end results, and our 2026 financial guidance.

Bernd Brust: Now, I'll turn the call over to Raj for more details on the quarter and year-end results and our 2026 financial guidance.

Speaker #2: Thank you, Bernd. Let's turn to the Q4 financial results on slide 10. Revenue for the quarter was $49.9 million, compared to $56.6 million in Q4 2024.

Rajesh Asarpota: Thank you, Bernd. Let's turn to the Q4 financial results on slide 10. Revenue for the quarter was $49.9 million, compared to $56.6 million in Q4 2024. As Bernd noted, excluding $14.3 million of high-volume COVID GMP CleanCap sales in the prior year quarter, revenue increased 18% year-over-year. As Deb mentioned at the start of the call, we have renamed our two reportable segments from Nucleic Acid Production and Biologics Safety Testing to TriLink and Cygnus, respectively. TriLink generated $34.6 million of revenue, down 17% year-over-year. Excluding the $14.3 million COVID CleanCap comp in Q4 2024, TriLink base revenue grew 25% year-over-year, driven by GMP consumables and CDMO services. Cygnus revenue was $15.3 million, up 4% versus last year.

Raj Asarpota: Thank you, Bernd. Let's turn to the Q4 financial results on slide 10. Revenue for the quarter was $49.9 million, compared to $56.6 million in Q4 2024. As Bernd noted, excluding $14.3 million of high-volume COVID GMP CleanCap sales in the prior year quarter, revenue increased 18% year-over-year. As Deb mentioned at the start of the call, we have renamed our two reportable segments from Nucleic Acid Production and Biologics Safety Testing to TriLink and Cygnus, respectively. TriLink generated $34.6 million of revenue, down 17% year-over-year. Excluding the $14.3 million COVID CleanCap comp in Q4 2024, TriLink base revenue grew 25% year-over-year, driven by GMP consumables and CDMO services. Cygnus revenue was $15.3 million, up 4% versus last year.

Speaker #2: As Barend noted, excluding $14.3 million of high-volume COVID GMP clean cap sales in the prior year quarter, revenue increased 18% year over year. As Deb mentioned at the start of the call, we have renamed our two reportable segments from nucleic acid production and biologics safety testing to TriLink and Cygnus, respectively.

Speaker #2: TriLink generated $34.6 million of revenue, down 17% year over year. Excluding the $14.3 million COVID clean cap comp in Q4, 2024, TriLink base revenue grew 25% year over year, driven by GMP consumables and CDMO services.

Speaker #2: Cygnus revenue was $15.3 million, up 4% versus last year. I will discuss segment results and profitability a little later in the call. Revenues by customer type in Q4 were $31% biopharma, 29% life sciences and diagnostics, 4% academia, 11% CRO, CMO, CDMO, and 25% distributors.

Rajesh Asarpota: I'll discuss segment results and profitability a little later in the call. Revenues by customer type in Q4 were 31% biopharma, 29% life science and diagnostics, 4% academia, 11% CRO, CMO, CDMO, and 25% distributors. Revenue by geography in Q4 was 55% North America, 15% EMEA, 21% Asia Pacific, excluding China, 8% in China, and 1% Latin and Central America. Turning to Slide 11, our GAAP net loss before non-controlling interest was $63 million for Q4 2025. This included a $25.8 million non-cash intangible asset impairment charge related to TriLink and $12.1 million of non-cash restructuring charges, including lease unwind costs. This compares to a GAAP net loss before non-controlling interest of $46.1 million in Q4 2024.

Raj Asarpota: I'll discuss segment results and profitability a little later in the call. Revenues by customer type in Q4 were 31% biopharma, 29% life science and diagnostics, 4% academia, 11% CRO, CMO, CDMO, and 25% distributors. Revenue by geography in Q4 was 55% North America, 15% EMEA, 21% Asia Pacific, excluding China, 8% in China, and 1% Latin and Central America. Turning to Slide 11, our GAAP net loss before non-controlling interest was $63 million for Q4 2025. This included a $25.8 million non-cash intangible asset impairment charge related to TriLink and $12.1 million of non-cash restructuring charges, including lease unwind costs. This compares to a GAAP net loss before non-controlling interest of $46.1 million in Q4 2024.

Speaker #2: Revenue by geography in Q4 was 55% North America, 15% EMEA, 21% Asia Pacific excluding China, 8% China, and 1% Latin and Central America.

Speaker #2: Turning to slide 11, our gap net loss before non-controlling interests was $63 million for the fourth quarter of 2025. This included a $25.8 million non-cash, intangible asset impairment charge related to TriLink, and $12.1 million of non-cash restructuring charges, including lease unwind costs.

Speaker #2: This compares to a gap net loss before non-controlling interests of $46.1 million in Q4, 2024. For the full year, gap net loss was $230.8 million, compared to a loss of $259.6 million for 2024.

Rajesh Asarpota: For the full year, GAAP net loss was $230.8 million, compared to a loss of $259.6 million for 2024. Adjusted EBITDA, a non-GAAP measure, was positive $536 thousand for Q4, above our expectations, driven by efficiency of initiating our cost restructuring actions and stronger revenue. This compares to negative $1.1 million in Q4 2024. For the full year, Adjusted EBITDA was negative $31.2 million, versus $35.9 million for 2024. Moving to Slide 12 and EPS. Basic and diluted loss per share in Q4 was $0.24, compared to a loss of $0.18 per share in Q4 2024. Adjusted EPS was a loss of $0.04, compared to a loss of $0.06 last year.

Raj Asarpota: For the full year, GAAP net loss was $230.8 million, compared to a loss of $259.6 million for 2024. Adjusted EBITDA, a non-GAAP measure, was positive $536 thousand for Q4, above our expectations, driven by efficiency of initiating our cost restructuring actions and stronger revenue. This compares to negative $1.1 million in Q4 2024. For the full year, Adjusted EBITDA was negative $31.2 million, versus $35.9 million for 2024. Moving to Slide 12 and EPS. Basic and diluted loss per share in Q4 was $0.24, compared to a loss of $0.18 per share in Q4 2024. Adjusted EPS was a loss of $0.04, compared to a loss of $0.06 last year.

Speaker #2: Adjusted EBITDA on non-gap measure was positive $536,000 for Q4, above our expectations driven by efficiency of initiating our cost restructuring actions and stronger revenue.

Speaker #2: This compares to negative $1.1 million in Q4, 2024. For the full year, adjusted EBITDA was negative $31.2 million, versus $35.9 million for 2024. Moving to slide 12 and EPS.

Speaker #2: Basic and diluted loss per share in Q4 was $24, compared to a loss of $0.18 per share in Q4, 2024. Adjusted EPS was a loss of $0.04, compared to a loss of $0.06 last year.

Speaker #2: For the year, basic and diluted loss per share was $0.90, versus a loss of $1.05 in 2024. Adjusted fully diluted EPS on a non-GAAP measure was a loss of $0.29 per share, versus a loss of $0.10 in the prior year.

Rajesh Asarpota: For the year, basic and diluted loss per share was $0.90, versus a loss of $1.05 in 2024. Adjusted fully diluted EPS, a non-GAAP measure, was a loss of $0.29 per share, versus a loss of $0.10 in the prior year. Advancing to the balance sheet, cash flow, and other financial metrics on Slide 13. We ended the year with $216.9 million in cash and $294.2 million in long-term debt. Cash used in operations in Q4 was $22.8 million, including $3.6 million related to restructuring. Depreciation and amortization was $12.4 million. Net interest expense was $4.2 million. Stock-based compensation and non-cash charge was $3.9 million for the quarter. During Q1 2026, we made a voluntary $50 million debt repayment using cash on hand.

Raj Asarpota: For the year, basic and diluted loss per share was $0.90, versus a loss of $1.05 in 2024. Adjusted fully diluted EPS, a non-GAAP measure, was a loss of $0.29 per share, versus a loss of $0.10 in the prior year. Advancing to the balance sheet, cash flow, and other financial metrics on Slide 13. We ended the year with $216.9 million in cash and $294.2 million in long-term debt. Cash used in operations in Q4 was $22.8 million, including $3.6 million related to restructuring. Depreciation and amortization was $12.4 million. Net interest expense was $4.2 million. Stock-based compensation and non-cash charge was $3.9 million for the quarter. During Q1 2026, we made a voluntary $50 million debt repayment using cash on hand.

Speaker #2: Advancing to the balance sheet, cash flow, and other financial metrics on slide 13. We ended the year with $216.9 million in cash and $294.2 million in long-term debt.

Speaker #2: Cash used in operations in Q4 was $22.8 million, including $3.6 million related to restructuring. Depreciation and amortization was $12.4 million, net interest expense was $4.2 million.

Speaker #2: Stock-based compensation on non-cash charge was $3.9 million for the quarter. During Q1, 2026, we made a voluntary $50 million debt repayment using cash on hand, as a result, both cash and total debt were reduced by $50 million, from these year-end numbers.

Rajesh Asarpota: As a result, both cash and total debt were reduced by $50 million from these year-end numbers. We believe this was a prudent step to reduce ongoing interest expense. Next to Slide 14 and the discussion of segment performance. TriLink revenue was $34.6 million in Q4, representing 69% of total revenue. Excluding the $14.3 million COVID CleanCap comp in the prior year quarter, base revenue grew 25%, driven by GMP consumables and CDMO services. TriLink generated $936,000 of Adjusted EBITDA in Q4, returning to positive Adjusted EBITDA for the first time since Q4 2024. For the full year, TriLink revenue was $119.8 million, or 64% of total revenue, with Adjusted EBITDA of -$23.1 million. Excluding high volume CleanCap revenue, TriLink revenue declined 8% for the year.

Raj Asarpota: As a result, both cash and total debt were reduced by $50 million from these year-end numbers. We believe this was a prudent step to reduce ongoing interest expense. Next to Slide 14 and the discussion of segment performance. TriLink revenue was $34.6 million in Q4, representing 69% of total revenue. Excluding the $14.3 million COVID CleanCap comp in the prior year quarter, base revenue grew 25%, driven by GMP consumables and CDMO services. TriLink generated $936,000 of Adjusted EBITDA in Q4, returning to positive Adjusted EBITDA for the first time since Q4 2024. For the full year, TriLink revenue was $119.8 million, or 64% of total revenue, with Adjusted EBITDA of -$23.1 million. Excluding high volume CleanCap revenue, TriLink revenue declined 8% for the year.

Speaker #2: We believe this was a prudent step to reduce ongoing interest expense. Next to slide 14 and the discussion of segment performance. TriLink revenue was $34.6 million in Q4, representing $69% of total revenue.

Speaker #2: Excluding the $14.3 million COVID clean cap comp in the prior year quarter, base revenue grew 25%, driven by GMP consumables and CDMO services. TriLink generated $936,000 of adjusted EBITDA in Q4, returning to a positive adjusted EBITDA for the first time since Q4, 2024.

Speaker #2: For the full year, TriLink revenue was $119.8 million, or $64% of total revenue, with adjusted EBITDA of negative $23.1 million. Excluding high-volume clean cap revenue, TriLink revenue declined 8% for the year.

Speaker #2: Cygnus revenue was $15.3 million in Q4, up 4% year over year, and representing $31% of total revenue. Growth was driven by continued demand for HCP kits, particularly from our core customers.

Rajesh Asarpota: Cygnus revenue was $15.3 million in Q4, up 4% year-over-year and representing 31% of total revenue. Growth was driven by continued demand for HCP kits, particularly from our core customers. Cygnus delivered $10.2 million of Adjusted EBITDA in Q4, for a 66.7% margin. For the full year, Cygnus revenue increased 5% to $66 million, with Adjusted EBITDA of $44.2 million and a 67% margin. Corporate shared services expense impacting Adjusted EBITDA was $10.6 million in Q4, down $2.8 million sequentially. These expenses include HR, finance, legal, IT, and public company costs. Please turn to Slide 15. As Bernd mentioned, we are ahead of our previously announced target of greater than $50 million annualized reduction in expenses and are now estimating savings of greater than $65 million.

Raj Asarpota: Cygnus revenue was $15.3 million in Q4, up 4% year-over-year and representing 31% of total revenue. Growth was driven by continued demand for HCP kits, particularly from our core customers. Cygnus delivered $10.2 million of Adjusted EBITDA in Q4, for a 66.7% margin. For the full year, Cygnus revenue increased 5% to $66 million, with Adjusted EBITDA of $44.2 million and a 67% margin. Corporate shared services expense impacting Adjusted EBITDA was $10.6 million in Q4, down $2.8 million sequentially. These expenses include HR, finance, legal, IT, and public company costs. Please turn to Slide 15. As Bernd mentioned, we are ahead of our previously announced target of greater than $50 million annualized reduction in expenses and are now estimating savings of greater than $65 million.

Speaker #2: Cygnus delivered $10.2 million of adjusted EBITDA in Q4 for a 66.7% margin. For the full year, Cygnus revenue increased 5% to $66 million, with adjusted EBITDA of $44.2 million and a 67% margin.

Speaker #2: Corporate shared services expense impacting adjusted EBITDA was $10.6 million in Q4, down $2.8 million sequentially. These expenses include HR, finance, legal, IT, and public company costs.

Speaker #2: Please turn to slide 15. As Bernd mentioned, we are ahead of our previously announced target of greater than $50 million annualized reduction in expenses and are now estimating savings of greater than $65 million.

Speaker #2: We continue to identify additional opportunities to streamline operations and improve profitability. Now, let's discuss our financial expectations for 2026 on slide 16. We expect total revenue of $200 million to $210 million, representing growth of 8% to 13% over 2025.

Rajesh Asarpota: We continue to identify additional opportunities to streamline operations and improve profitability. Now, let's discuss our financial expectations for 2026 on Slide 16. We expect total revenue of $200 million to 210 million, representing growth of 8% to 13% over 2025. We expect TriLink to grow low double digits at the midpoint, driven by double-digit growth in GMP consumables and stabilization in discovery. Cygnus is expected to grow low to mid single digits year-over-year. We expect full year Adjusted EBITDA of $18 million to 20 million, representing an improvement of $50 million to 52 million over 2025, primarily from improvements in our TriLink segment. We expect gross margin expansion of approximately 1,200 basis points year-over-year, driven by our restructuring actions, cost initiatives, and product mix, as we expect greater revenue contributions from TriLink GMP consumables.

Raj Asarpota: We continue to identify additional opportunities to streamline operations and improve profitability. Now, let's discuss our financial expectations for 2026 on Slide 16. We expect total revenue of $200 million to 210 million, representing growth of 8% to 13% over 2025. We expect TriLink to grow low double digits at the midpoint, driven by double-digit growth in GMP consumables and stabilization in discovery. Cygnus is expected to grow low to mid single digits year-over-year. We expect full year Adjusted EBITDA of $18 million to 20 million, representing an improvement of $50 million to 52 million over 2025, primarily from improvements in our TriLink segment. We expect gross margin expansion of approximately 1,200 basis points year-over-year, driven by our restructuring actions, cost initiatives, and product mix, as we expect greater revenue contributions from TriLink GMP consumables.

Speaker #2: We expect TriLink to grow low double digits at the midpoint, driven by double-digit growth in GMP consumables and stabilization in discovery. Cygnus is expected to grow low to mid-single digits year over year.

Speaker #2: We expect full-year adjusted EBITDA of $18 million to $20 million, representing an improvement of $50 million to $52 million over 2025, primarily from improvements in our TriLink segment.

Speaker #2: We expect gross margin expansion of approximately $1,200 basis points year over year, driven by our restructuring actions, cost initiatives, and product mix as we expect greater revenue contributions from TriLink GMP consumables.

Speaker #2: Total operating expenses are expected to decline approximately 13%. G&A expenses are expected to decline approximately 18%, and sales and marketing should decline approximately 13%.

Rajesh Asarpota: Total operating expenses are expected to decline approximately 13%. G&A expenses are expected to decline approximately 18%. Sales and marketing should decline approximately 13%. R&D is expected to be modestly up as we continue to fund new product innovation. To help you with your modeling, here are a few additional expectations behind the guide. Interest expense, net of interest income, $15 million to $17 million. Depreciation and amortization of $50 million to $52 million. Stock-based compensation of $26 million to $28 million. As is fully converted share count of approximately 261 million shares. Net capital expenditures of $4 million to $6 million. Finally, I'd like to provide an update on internal controls and the securities class action litigation.

Raj Asarpota: Total operating expenses are expected to decline approximately 13%. G&A expenses are expected to decline approximately 18%. Sales and marketing should decline approximately 13%. R&D is expected to be modestly up as we continue to fund new product innovation. To help you with your modeling, here are a few additional expectations behind the guide. Interest expense, net of interest income, $15 million to $17 million. Depreciation and amortization of $50 million to $52 million. Stock-based compensation of $26 million to $28 million. As is fully converted share count of approximately 261 million shares. Net capital expenditures of $4 million to $6 million. Finally, I'd like to provide an update on internal controls and the securities class action litigation.

Speaker #2: R&D is expected to be modestly up as we continue to fund new product innovation. To help you with your modeling, here are a few additional expectations behind the guide.

Speaker #2: Interest expense net of interest income $15 million to $17 million. Depreciation and amortization of $50 million to $52 million. Stock-based compensation of $26 million to $28 million.

Speaker #2: As is fully converted share count of approximately 261 million shares, net capital expenditures of $4 million to $6 million. Finally, I'd like to provide an update on internal controls and the securities class action litigation.

Speaker #2: As you'll see when we file our 10-K this week, we have completed the implementation of a remediation plan and enhanced the design and operation of our controls to address the previously identified material weaknesses.

Rajesh Asarpota: As you'll see when we file our 10-K this week, we have completed the implementation of our remediation plan and enhanced the design and operation of our controls to address the previously identified material weaknesses. Those weaknesses related to controls over our revenue process, as well as controls around key inputs and assumptions used in determining the fair value of our reporting units in the quantitative goodwill impairment assessment. To remediate these matters, we strengthened controls over period and revenue recognition and pricing approvals, enhanced the review and documentation of key inputs and assumptions used in the goodwill impairment analysis, and provided additional training to control owners. In addition, I'm pleased to report that the United States District Court for the Southern District of California dismissed in full the securities class action lawsuits against Maravai and certain of our former executives.

Raj Asarpota: As you'll see when we file our 10-K this week, we have completed the implementation of our remediation plan and enhanced the design and operation of our controls to address the previously identified material weaknesses. Those weaknesses related to controls over our revenue process, as well as controls around key inputs and assumptions used in determining the fair value of our reporting units in the quantitative goodwill impairment assessment. To remediate these matters, we strengthened controls over period and revenue recognition and pricing approvals, enhanced the review and documentation of key inputs and assumptions used in the goodwill impairment analysis, and provided additional training to control owners. In addition, I'm pleased to report that the United States District Court for the Southern District of California dismissed in full the securities class action lawsuits against Maravai and certain of our former executives.

Speaker #2: Those weaknesses related to controls over our revenue process, as well as controls around key inputs and assumptions used in determining the fair value of our reporting units in the quantitative goodwill impairment assessment.

Speaker #2: To remediate these matters, we strengthened controls over a period and revenue recognition and pricing approvals, enhanced the review and documentation of key inputs and assumptions used in the goodwill impairment analysis, and provided additional training to control owners.

Speaker #2: In addition, I'm pleased to report that the United States District Court for the Southern District of California dismissed in full the securities class action lawsuits against MARAVAI and certain of our former executives.

Speaker #2: I want to thank the team for their focused work in resolving these matters. In closing, our fourth quarter reflects the benefits of the actions we have taken.

Rajesh Asarpota: I want to thank the team for their focused work in resolving these matters. In closing, our Q4 reflects the benefits of the actions we have taken: sequential revenue growth, positive Adjusted EBITDA, and continued cost discipline. We're entering 2026 with a leaner cost structure, improved operating leverage, and clear priorities. We remain focused on execution, driving revenue, and continued margin expansion. I'll now turn the call back to the operator for Q&A.

Raj Asarpota: I want to thank the team for their focused work in resolving these matters. In closing, our Q4 reflects the benefits of the actions we have taken: sequential revenue growth, positive Adjusted EBITDA, and continued cost discipline. We're entering 2026 with a leaner cost structure, improved operating leverage, and clear priorities. We remain focused on execution, driving revenue, and continued margin expansion. I'll now turn the call back to the operator for Q&A.

Speaker #2: Sequential revenue growth, positive adjusted EBITDA, and continued cost discipline. We are entering 2026 with a leaner cost structure. Improved operating leverage and clear priorities.

Speaker #2: We remain focused on execution, driving revenue, and continued margin expansion. I'll now turn the call back to the operator for Q&A.

Speaker #1: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two.

Operator: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two. We do ask that you limit yourself to one question and one follow-up. Once again, that is star one if you'd like to ask a question. We'll take our first question from Matthew Stanton with Jefferies. Please go ahead.

Speaker #1: We do ask that you limit yourself to one question and one follow-up. Once again, that is star one if you'd like to ask a question.

Speaker #1: We'll take our first question from Matt Stanton with Jefferies. Please go ahead.

Speaker #3: Hey, thanks. Maybe on the commentary on visibility improving and the caller on slide eight, you talked about strong order volume. Is it fair to say orders are tracking kind of ahead of what you're guiding on revenues for '26 on year-on-year growth?

Matthew Stanton: Hey, thanks. Maybe on the commentary on visibility improving and the color on slide eight, you talked about strong order volume. Is it fair to say orders are tracking, you know, kind of ahead of what you're guiding on revenues for 2026 on year-over-year growth? Maybe just, you know, de-risking a bit or leaving a bit of upside. Is there any more color you can give in terms of order and funnel growth tied to the strong order volume? If yes, you know, maybe spike out some of the opportunity where you see the most areas of upside as you move through 2026 here. Thanks.

Matt Stanton: Hey, thanks. Maybe on the commentary on visibility improving and the color on slide eight, you talked about strong order volume. Is it fair to say orders are tracking, you know, kind of ahead of what you're guiding on revenues for 2026 on year-over-year growth? Maybe just, you know, de-risking a bit or leaving a bit of upside. Is there any more color you can give in terms of order and funnel growth tied to the strong order volume? If yes, you know, maybe spike out some of the opportunity where you see the most areas of upside as you move through 2026 here. Thanks.

Speaker #3: So maybe just de-risking a bit or leaving a bit upside. Is there any more color you can give in terms of order and funnel growth tied to the strong order volume?

Speaker #3: And if yes, maybe spike out some of the opportunity where you see the most areas of upside as we move through '26 year. Thanks.

Speaker #4: Thanks, Matt. That is Bernd. We shared in our last earnings call that there's a little bit of lumpiness, of course, in this business, right?

Rajesh Asarpota: Thanks, Matt. This is Bernd. We shared in our last earnings call that, you know, there's little lumpiness, of course, in this business, right? In the business, that's, you know, a couple hundred million bucks in revenue, and our average order volume is fairly high. Average order cycle is about six months, so it's hard to get a true outlook on what happens in for the full year. We're certainly, I think, trying to be somewhat conservative as to how we set ourselves up for the future here. Specific to your question, order volumes are materially higher so far than they were last year at this period of time. That's a good sign, obviously.

Bernd Brust: Thanks, Matt. This is Bernd. We shared in our last earnings call that, you know, there's little lumpiness, of course, in this business, right? In the business, that's, you know, a couple hundred million bucks in revenue, and our average order volume is fairly high. Average order cycle is about six months, so it's hard to get a true outlook on what happens in for the full year. We're certainly, I think, trying to be somewhat conservative as to how we set ourselves up for the future here. Specific to your question, order volumes are materially higher so far than they were last year at this period of time. That's a good sign, obviously.

Speaker #4: In a business that's a couple hundred million bucks in revenue, and average order volume is fairly high. Average order cycle is about six months.

Speaker #4: So it's hard to get a true outlook on what happens in a full year. And so we're certainly, I think, trying to be somewhat conservative as to how we set ourselves up for the future here.

Speaker #4: But specific to your question, order volumes are materially higher so far than they were last year at this period of time. So that's a good sign, obviously.

Rajesh Asarpota: Where we see that specifically is in the TriLink world, in our GMP consumables, as well as our larger order sizes in discovery. When we look at our business in discovery into sort of 2 categories, orders under average 15 grand, where we assume no salespeople are involved, and orders over 15, that does require usually some kind of sales involvement, where we're seeing material growth in these larger orders in discovery alongside with GMP. Order volumes are great, and we feel very, very confident about where we are with our forecasts for the year.

Speaker #4: Where we see that specifically is in the TriLink world, in our GMP consumables, as well as our larger order sizes in discovery, right? We look at our business in discovery to sort of two categories.

Bernd Brust: Where we see that specifically is in the TriLink world, in our GMP consumables, as well as our larger order sizes in discovery. When we look at our business in discovery into sort of 2 categories, orders under average 15 grand, where we assume no salespeople are involved, and orders over 15, that does require usually some kind of sales involvement, where we're seeing material growth in these larger orders in discovery alongside with GMP. Order volumes are great, and we feel very, very confident about where we are with our forecasts for the year.

Speaker #4: Orders under average 15 grand, where we assume no salespeople are involved, and orders over 15 that does require usually some kind of sales involvement.

Speaker #4: Where we're seeing material growth is in these larger orders in discovery alongside with GMP. But order volumes are great. And we feel very, very confident about where we are with our forecast for the year.

Speaker #3: Thanks. And maybe just on the GMP consumables, you talked about the strength in four Q, the strength in orders. Could you talk a little bit more about is that tied to a few programs moving further through the clinic?

Matthew Stanton: Thanks. Maybe just on the GMP consumables, you talked about the strength in Q4, the strength in orders. Can you talk a little bit more about? Is that tied to, you know, a few programs moving further through the clinic? Is it selling, you know, more products into the GMP consumable ecosystem? Just talk about maybe some of the underlying demand factors underpinning the GMP consumable strength you're seeing. Thanks.

Matt Stanton: Thanks. Maybe just on the GMP consumables, you talked about the strength in Q4, the strength in orders. Can you talk a little bit more about? Is that tied to, you know, a few programs moving further through the clinic? Is it selling, you know, more products into the GMP consumable ecosystem? Just talk about maybe some of the underlying demand factors underpinning the GMP consumable strength you're seeing. Thanks.

Speaker #3: Is it selling more products into the GMP consumable ecosystem? Just talk about maybe some of the underlying demand factors underpinning the GMP consumable strength you've seen.

Speaker #3: Thanks.

Speaker #4: Yeah, it's really a broad set of customers. There's really not one customer that stands out that says, "This is where we're seeing all of our growth." So I think that's the beauty, actually, about the business at the moment, where certainly in the COVID years, great revenues, but from a very small number of programs, the number of programs is quite significant at the moment.

Rajesh Asarpota: Yeah, it's really a broad set of customers. There's really not one customer that stands out that says this is where we're seeing all of our growth. I think that's the beauty, actually, about the business at the moment, where certainly in the COVID years, great revenues, but from a very small number of programs. The number of programs is quite significant at the moment. Yeah, we feel good about the depth of our customers that we are currently interacting with.

Bernd Brust: Yeah, it's really a broad set of customers. There's really not one customer that stands out that says this is where we're seeing all of our growth. I think that's the beauty, actually, about the business at the moment, where certainly in the COVID years, great revenues, but from a very small number of programs. The number of programs is quite significant at the moment. Yeah, we feel good about the depth of our customers that we are currently interacting with.

Speaker #4: And so yeah, we feel good about the depth of our customers that we are currently interacting with.

Speaker #3: Great. Thank you.

Bernd Brust: Great. Thank you.

Matt Stanton: Great. Thank you.

Operator: Thank you. We'll take our next question from Subbu Nambi with Guggenheim. Your line is now open.

Speaker #2: Yes.

Speaker #1: Thank you. We'll take our next question from Subu Nambi with Guggenheim. Your line is now open.

Speaker #5: Hey, guys. Thank you for taking my question. The first one is on the gross margin expansion of 1,200 bps from restructuring cost initiatives and product mix.

Subbu Nambi: Hey, guys. Thank you for taking my question. First one is on the gross margin expansion of 1,200 bps from restructuring cost initiatives and product mix. Can you break out each of these buckets, if possible?

Speaker #5: Can you break out each of these buckets, if possible?

Speaker #4: Yeah. Sure. We can I can give you the details on the cost savings that we've outlined before. So we talked about the 55 million that we previously mentioned.

Rajesh Asarpota: Yeah, sure. I can give you the details on the cost savings that we've outlined before. We talked about the $55 million that we previously mentioned. Now the actual gross margin expansion is going to be coming from the $65 million annualized savings. Again, I'd like to remind you that we captured about $3 million of that in Q3 and another $8 million in Q4. The $65 million in annualized cost savings basically resets the fixed cost base to create that margin lift on gross margin, which is independent of volume growth. There's additional expansion on gross margin that's going to come from mix, mainly from GMP consumables contribution and the operating leverage as we continue to expand revenue.

Raj Asarpota: Yeah, sure. I can give you the details on the cost savings that we've outlined before. We talked about the $55 million that we previously mentioned. Now the actual gross margin expansion is going to be coming from the $65 million annualized savings. Again, I'd like to remind you that we captured about $3 million of that in Q3 and another $8 million in Q4. The $65 million in annualized cost savings basically resets the fixed cost base to create that margin lift on gross margin, which is independent of volume growth. There's additional expansion on gross margin that's going to come from mix, mainly from GMP consumables contribution and the operating leverage as we continue to expand revenue.

Speaker #4: And now, the actual gross margin expansion is going to be coming from the $65 million annualized savings. And again, I'd like to remind you that we captured about $3 million of that in Q3 and another $8 million in Q4.

Speaker #4: So the 65 million in annualized cost savings basically resets the fixed cost base to create that margin lift on gross margin, which is independent of volume growth.

Speaker #4: And then there's additional expansion on gross margin that's going to come from mix, mainly from GMP consumables contribution, and the operating leverage as we continue to expand revenue.

Speaker #5: Thank you for that. And then one high-level AI's role in drug discovery development and manufacturing, is the investor focus off late? How is MERAVAI using AI either at the Flanders site and R&D or otherwise to generate efficiency?

Subbu Nambi: Thank you for that. On high level, AI's role in drug discovery, development, and manufacturing is the investor focus of late. How is Maravai using AI, either at the Flanders site, in R&D, or otherwise to generate efficiency?

Speaker #3: I'm sure the question was, how is AI driving efficiencies in the business?

Bernd Brust: I'm sure the question was how is AI driving efficiencies in the business?

Speaker #5: Yes.

Subbu Nambi: Yes.

Bernd Brust: Yeah, I think we're implementing this in various areas of the organization. You heard us talk about mRNA Builder that we went live with, I think it was the Q3 of last year. It's really an automated platform that we acquired through the Officinae Bio acquisition early last year, that allows customers, without really any human intervention, to upload their DNA construct and then create an optimized RNA construct from there. I think so far since we've been live, something like 70 or so orders have been going through that system. It's gradually picking up. That's probably the biggest involvement of AI that we have at the moment. I can't speak to whether we use that in the CDMO world. I don't believe so.

Speaker #4: Yeah, I think we're implementing this in various areas of the organization. You heard us talk about mRNA builder, that we went live with. I think it was the third quarter of last year.

Speaker #4: It's really an automated platform that we acquired through the Efficient AI acquisition early last year, that allows customers without really any human intervention to upload their DNA construct and then create an optimized RNA construct from there.

Speaker #4: I think so far, since we've been live, something like 70 or so orders have been going through that system. It's gradually picking up. But that's probably the biggest involvement of AI that we have at the moment.

Speaker #4: I can't speak to whether we use that in the CDMO world. I don't believe so.

Speaker #5: Got it. Thank you so much, guys.

Subbu Nambi: Got it. Thank you so much, guys.

Speaker #1: Thank you. We'll take our next question from Matt Leroux with William Blair. Please go ahead.

Operator: Thank you. We'll take our next question from Matt Larue with William Blair. Please go ahead.

Matt Larue: Hey, good afternoon. Congrats on the update. It seems like you've turned a corner here. I wanted to ask about the guide for the year. You know, just given Q3 and Q4, you had some lumpiness with some of the CDMO builds. You know, a number of larger peers have characterized perhaps a softer Q1, though they're optimistic about the builds for the year. Just curious if there's anything you'd call out, either from a prior year comp or, you know, an expected order conversion that might affect pacing in Q1 in particular.

Matt LaRue: Hey, good afternoon. Congrats on the update. It seems like you've turned a corner here. I wanted to ask about the guide for the year. You know, just given Q3 and Q4, you had some lumpiness with some of the CDMO builds. You know, a number of larger peers have characterized perhaps a softer Q1, though they're optimistic about the builds for the year. Just curious if there's anything you'd call out, either from a prior year comp or, you know, an expected order conversion that might affect pacing in Q1 in particular.

Speaker #6: Hey, good afternoon. And congrats on the update. It seems like you've turned a corner here. I wanted to ask, about the guide for the year, just given Q3 and Q4, you had some lumpiness with some of the CDMO builds.

Speaker #6: And so a number of larger peers have characterized perhaps a softer first quarter, though they're optimistic about the build for the year. So just curious if there's anything you'd call out either from a prior year comp or an expected order conversion that might affect pacing in the first quarter in particular.

Bernd Brust: Well, listen, we're optimistic on Q1. As we shared, we're optimistic on the year as well. On the top line, there's really not any serious negative comps. Obviously, we comped out all of the COVID hits that we comped against 24 and 25. When you look at the orders that we are currently seeing in the business, it's a real, quite a diverse set of customers across the portfolio of TriLink, and obviously, Cygnus continues to run at their sort of mid-single-digit revenue levels as well. We really don't look at this as a negative or positive comp in Q1.

Speaker #4: Well, listen, we're optimistic on Q1, as we shared. We're optimistic on the year as well. On the top line, it's really not any serious negative comps.

Speaker #4: Obviously, we comped out all of the COVID hits that we comped against '24 and '25. But when you look at the orders that we are currently seeing in the business, it's quite a diverse set of customers across the portfolio.

Speaker #4: Of TriLink. And obviously, Cygnus continues to run at their sort of mid-single-digit revenue levels as well. So we really don't look at this as a negative or positive comp in Q1.

Bernd Brust: I think if you look at this year, probably Q3 last year was pretty tough on the GMP world, so we'll see what that means this year on Q3. Certainly as we look at the first half of the year here, you know, we shared with, I think, the group here in September that we were expecting somewhere between $10 million and $20 million worth of COVID caps in 2026, specifically the first half. We still expect that to happen in the first half, so that is the one positive comp that you'll see in the first half. Other than that, I think it's true strength of customer spending.

Speaker #4: I think if you look at this year, probably Q3 last year was pretty tough on the GMP world. So we'll see what that means this year on Q3.

Speaker #4: But certainly, as we look at the first half of the year here, we shared with, I think, the group here in September that we were expecting somewhere between 10 and 20 million dollars worth of COVID caps in 2026, specifically the first half.

Speaker #4: We still expect that to happen in the first half. So that is the one positive comp that you'll see in the first half. But other than that, I think it's true strength of customer spending.

Speaker #6: I think the one thing that again, what we I think we spoke about this in the previous call in terms of our commercial engagement and how that's giving us better visibility into the GMP consumables world.

Matt Larue: Okay, and then...

Matt LaRue: Okay, and then...

Rajesh Asarpota: I think, the one thing that, again, what we spoke about this on the previous call in terms of our commercial engagement and how that's giving us better visibility into, you know, the GMP consumables world, that continues to happen. On the strength of that, we've seen, you know, Q1 coming in relatively strong, and that's going to kind of continue through the balance of the year.

Raj Asarpota: I think, the one thing that, again, what we spoke about this on the previous call in terms of our commercial engagement and how that's giving us better visibility into, you know, the GMP consumables world, that continues to happen. On the strength of that, we've seen, you know, Q1 coming in relatively strong, and that's going to kind of continue through the balance of the year.

Speaker #6: So, that continues to happen. So, on the strength of that, we've seen Q1 coming in relatively strong, and we think that's going to kind of continue through the balance of the year.

Speaker #6: Okay. And then the cost reduction program came in ahead of schedule. And I think the way you guide it, OPEX is good to see in terms of R&D getting dollars, but finding efficiencies other places.

Matt Larue: Okay. Then, you know, the cost reduction program came in ahead of schedule, and I think the way you guided OpEx is good to see in terms of R&D getting dollars, but finding efficiencies other places. You know, prior to COVID, Maravai operated with EBITDA margins above 40%, though that was maybe largely as a private company. I understand it's maybe not a perfect comp. If you think about the midpoint of the guide this year, EBITDA margins being roughly 9% and where you expect to be in the future, obviously now you have a services portfolio, you're adding new products, you know, which we don't fully know the margins of. Where do you think margins can go long term?

Matt LaRue: Okay. Then, you know, the cost reduction program came in ahead of schedule, and I think the way you guided OpEx is good to see in terms of R&D getting dollars, but finding efficiencies other places. You know, prior to COVID, Maravai operated with EBITDA margins above 40%, though that was maybe largely as a private company. I understand it's maybe not a perfect comp. If you think about the midpoint of the guide this year, EBITDA margins being roughly 9% and where you expect to be in the future, obviously now you have a services portfolio, you're adding new products, you know, which we don't fully know the margins of. Where do you think margins can go long term?

Speaker #6: Prior to COVID, MARAVAI operated with the margins above 40%, though that was maybe largely the private company. And I understand it's maybe not a perfect comp, but if you think about the midpoint of the guide this year, even at the margins being roughly 9% and where you expect to be in the future, obviously, now you have a services portfolio.

Speaker #6: You've added you're adding new products. Which we don't fully know the margins of. But where do you think margins can go long-term? And understanding that long-term is maybe undefinable in terms of timeline at this point.

Matt Larue: Understanding that long term is maybe undefinable in terms of timeline at this point, but just in terms of the structure of the business and the kind of products and services you're offering, but where do you think you can get over time?

Matt LaRue: Understanding that long term is maybe undefinable in terms of timeline at this point, but just in terms of the structure of the business and the kind of products and services you're offering, but where do you think you can get over time?

Speaker #6: But just in terms of the structure of the business and the kind of products and services you're offering, where do you think you can get over time?

Bernd Brust: I think you're gonna get your margins up truly through higher product sales, right? When you look at the organization today, you have a fairly complex GMP operating model here that, you know, you did God knows how much volume during COVID that sits in the same infrastructure we still have. We can absorb a large number of other GMP orders without really increasing our cost structure, with the exception of raw materials and maybe a little bit of labor. The natural margin increases, I think are gonna come purely from revenue growth over the out over the outlying years here.

Speaker #4: I think you're going to get your margins up truly through higher product sales, right? When you look at the organization today, you have a fairly complex GMP operating model here that you did God knows how much volume during COVID that sits in the same infrastructure we still have.

Speaker #4: So we can absorb a large number of other GMP orders without really increasing our cost structure with the exception of raw materials and maybe a little bit of labor.

Speaker #4: So the natural margin increases I think are going to come purely from revenue growth over the outlying years here.

Speaker #1: Thank you. We'll take our next question from Matt Hewitt with Craig Hallam. Your line is now open.

Operator: Thank you. We'll take our next question from Matthew Hewitt with Craig-Hallum. Your line is now open.

Speaker #7: Good afternoon. Thanks for taking the questions. Maybe first up, regarding the restructuring, you got through that earlier than expected. So should we anticipate that the expense lines kind of have reset at this point, maybe a little bit below the Q4 numbers for sales in general and all that?

Matthew Hewitt: Good afternoon. Thanks for taking the questions. Regarding the restructuring, you got through that earlier than expected. Should we anticipate that the expense lines kind of have reset at this point, maybe a little bit below the Q4 numbers for sales in general and all that, and kind of show some normalized growth, cola growth, if you will, over the course of the year? Is there still yet one more step down after Q1?

Matt Hewitt: Good afternoon. Thanks for taking the questions. Regarding the restructuring, you got through that earlier than expected. Should we anticipate that the expense lines kind of have reset at this point, maybe a little bit below the Q4 numbers for sales in general and all that, and kind of show some normalized growth, cola growth, if you will, over the course of the year? Is there still yet one more step down after Q1?

Speaker #7: And kind of show some normalized growth, COLA growth, if you will, over the course of the year? Or is there still yet one more step down after Q1?

Rajesh Asarpota: Okay. Again, going back at, to the macro level, the $65 million in expense reductions that we've outlined, those expense categories haven't changed. Some have moved a little bit towards being more favorable. You know, our labor expense profile is gonna remain the same. Our facilities is going to essentially remain the same. Our controllables expense is going to be down a lot more than we anticipated. Just by the account types, if you look at our COGS profile, that's gonna materially essentially remain the same. On the OpEx side, we're gonna get a lot more out of G&A. Like we said, we're gonna invest a little bit on R&D, and then sales and marketing is going to essentially remain the same.

Raj Asarpota: Okay. Again, going back at, to the macro level, the $65 million in expense reductions that we've outlined, those expense categories haven't changed. Some have moved a little bit towards being more favorable. You know, our labor expense profile is gonna remain the same. Our facilities is going to essentially remain the same. Our controllables expense is going to be down a lot more than we anticipated. Just by the account types, if you look at our COGS profile, that's gonna materially essentially remain the same. On the OpEx side, we're gonna get a lot more out of G&A. Like we said, we're gonna invest a little bit on R&D, and then sales and marketing is going to essentially remain the same.There will be another modest drop in Q1, though, I think, to get to your question directly.

Speaker #6: Okay. So again, going back at the going back to the macro level, the 65 million in expense reductions, that we've outlined, those expense categories haven't changed.

Speaker #6: Some have moved a little bit towards being more favorable. Our labor expense profile is going to remain the same. Our facilities is going to essentially remain the same.

Speaker #6: Our controllable expense is going to be down a lot more than we anticipated. And then just by the account types, if you look at our COGS profile, that's going to materially essentially remain the same.

Speaker #6: But on the OPEX side, we're going to get a lot more out of GNA and, like we said, we're going to invest a little bit on R&D and then sales and marketing is going to essentially remain the same.

Speaker #6: There will be another modest drop in Q1, though. I think to get your question directly.

Rajesh Asarpota: There will be another modest drop in Q1, though, I think, to get to your question directly.

Speaker #7: Got it. Thank you. And then maybe a separate question. The FDA recently provided some new draft guidance regarding some of your markets. And I'm just curious, your thoughts were on that draft guidance.

Matthew Hewitt: Got it. Thank you. Then maybe a separate question. The FDA recently provided some new draft guidance regarding some of your markets. I'm just curious what your thoughts were on that draft guidance, and more importantly, you know, when do you think that you could maybe start to see some benefit from that?

Matt Hewitt: Got it. Thank you. Then maybe a separate question. The FDA recently provided some new draft guidance regarding some of your markets. I'm just curious what your thoughts were on that draft guidance, and more importantly, you know, when do you think that you could maybe start to see some benefit from that?

Speaker #7: And more importantly, when do you think that you could maybe start to see some benefit from that?

Speaker #4: Yeah, I don't think we have internally looked at that very closely. We don't have a ton of exposure on where that dialogue sits at the moment.

Bernd Brust: Yeah, I don't think we have internally looked at that very closely. We don't have a ton of exposure, on where that dialogue sits at the moment. I don't think we have a clear point of view on that at this stage.

Speaker #4: And so I don't think we have a clear point of view on that at this stage.

Speaker #7: Understood. All right. Thank you.

Matthew Hewitt: Understood. All right. Thank you.

Matt Hewitt: Understood. All right. Thank you.

Speaker #1: Thank you. Our next question comes from Katherine Schulte with Baird. Your line is now open.

Operator: Thank you. Our next question comes from Catherine Schulte with Baird. Your line is now open.

Speaker #6: Hey, guys. This is Josh on for Katherine. Thanks for taking my question. You mentioned that working with around 150 to 300 customers within the mRNA, ecosystem, was just wondering where kind of market shares shook out between clinical and preclinical customers.

[Analyst] (Baird): Hey, guys. This is Josh on for Catherine. Thanks for taking my question. You mentioned that you're working with around 250 to 300 customers within the mRNA ecosystem. Was just wondering, you know, where kind of market shares shook out between clinical and preclinical customers, and how you'd kind of characterize the recent market share dynamics there? Just lastly, how do you kind of feel about current mRNA pipeline trends heading into 2026? Thanks.

Josh Heinen: Hey, guys. This is Josh on for Catherine. Thanks for taking my question. You mentioned that you're working with around 250 to 300 customers within the mRNA ecosystem. Was just wondering, you know, where kind of market shares shook out between clinical and preclinical customers, and how you'd kind of characterize the recent market share dynamics there? Just lastly, how do you kind of feel about current mRNA pipeline trends heading into 2026? Thanks.

Speaker #6: And how you kind of characterize a recent market share dynamics there. And then just lastly, how do you kind of feel about current mRNA pipeline trends heading into 2026?

Speaker #6: Thanks.

Speaker #4: Yeah. I think we assume about a third market share, right, of an mRNA customers out there. It's not always that easy to talk about programs because we don't always know how many programs or customers run at a given point in time.

Bernd Brust: Yeah. you know, I think we assume about a third market share, right, of mRNA customers out there. It's not always that easy to talk about programs because we don't always know how many programs a customer is running at a given point in time. I think if you look at our GMP revenues, which Raj, which are this year forecasted at what number, do you remember?

Speaker #4: But I think if you look at our GMP revenues, which Rajesh, which are this year forecasted at what number? Do you remember?

Speaker #6: GMP consumables. Around 43.

Rajesh Asarpota: GMP consumables?

Raj Asarpota: GMP consumables?

Bernd Brust: It's somewhere around...

Rajesh Asarpota: Forty-three

Raj Asarpota: Forty-three

Bernd Brust: ... $43, $45 million, right? Something like that. That suggests that your discovery business is still, you know, larger than our GMP business. I would say that today in the GMP world, I know it's a third of our revenue, something like that. We're seeing the fastest growth happening there. You know, that certainly to us indicates that you're gonna continue to see either more programs coming into the GMP world or programs progressing and by higher volumes.

Speaker #4: 45 million dollars, right? Something like that. And so that suggests that your discovery business is still larger than our GMP business. So I would say that today in the GMP world, I don't know, it's a third of our revenue, something like that.

Speaker #4: And we're seeing the fastest growth happening there. So that's certainly to us indicates that you're going to continue to see either more programs coming into the GMP world or programs progressing in buyer higher volumes.

Speaker #7: Great. And then throughout 2025, we saw a lot of policy headwinds around areas like mRNA, solid gene therapy, and MFN. You're heading into 2026.

[Analyst] (Baird): Great. Throughout 2025, we saw a lot of policy headwinds around areas like mRNA, solid gene therapy, and MFN. You're heading into 2026, how are you feeling about the broader policy backdrop here? How does this inform the improved visibility that you're seeing across the business?

Josh Heinen: Great. Throughout 2025, we saw a lot of policy headwinds around areas like mRNA, solid gene therapy, and MFN. You're heading into 2026, how are you feeling about the broader policy backdrop here? How does this inform the improved visibility that you're seeing across the business?

Speaker #7: How are you feeling about the broader policy backdrop here? And how does this inform the improved visibility that you're seeing across the business?

Speaker #4: Yeah. I think a lot of the policy has been driven around vaccines, right? And so we really don't have a ton of exposure in that area any longer.

Bernd Brust: Yeah. I think a lot of the policy has been driven around vaccines, right? We really don't have a ton of exposure in that area any longer, now that we've washed through the COVID comps from 2024. When you look at just customer behavior, and, you know, we're a consumables provider, and we're directly dependent, of course, on customers doing either mRNA research or trials. We're starting to see more and more traction coming from our broader customer base, not just in GMP, but also in the discovery world. That tends to be the best sign, of course, in that you have to assume when you have larger discovery orders coming in, that some of those will move into a GMP clinical trial world at some point.

Speaker #4: Now that we've washed through the COVID comps from 2020, but when you look at just customer behavior, and we're a consumables provider and we're directly dependent, of course, on customers doing either mRNA research or trials.

Speaker #4: We're starting to see more and more traction coming from our broader customer base, not just in GMP, but also in the discovery world. And that tends to be the best sign, of course, in that you have to assume when you have larger discovery orders coming in, that some of those will move into a GMP clinical trial world at some point.

Speaker #4: So the fact that, again, discovery orders and larger size are becoming more and more I think prominent at the moment is a very good sign where we think the GMP world will lead into.

Bernd Brust: The fact that, again, discovery orders at larger size are becoming more and more, I think prominent at the moment, is a very good sign where we think the GMP world will lead into.

Speaker #1: Thank you. We'll go next to Justin Bowers with Deutsche Bank. Your line is now open.

Operator: Thank you. We'll go next to Justin Bowers with Deutsche Bank. Your line is now open.

Speaker #8: Hi, good afternoon. So, sticking with GMP, can you give us a sense of how much revenue that generated in 2025? And then, as we think about 2026, excluding the COVID revenue, is there any seasonality that we should take into consideration for TriLink?

[Analyst] (Aiera): Hi, good afternoon. Sticking with GMP, can you give us a sense of what that how much revenue that generated in 2025? As we think about 2026, excluding the COVID revenue, is there any seasonality that we should take into consideration for TriLink?

Justin Bowers: Hi, good afternoon. Sticking with GMP, can you give us a sense of what that how much revenue that generated in 2025? As we think about 2026, excluding the COVID revenue, is there any seasonality that we should take into consideration for TriLink?

Speaker #4: I don't think there's seasonality necessarily. That's kind of the interesting part about this business. The lumpiness exists based on these order sizes and really until you get some of these programs to become commercial, you have changes from certainly discovery into GMP.

Bernd Brust: I don't think there's seasonality necessarily. That's kind of the interesting part about this business. The lumpiness exists based on these order sizes, and really until you get some of these programs becoming commercial, you know, you have changes from certainly discovery into GMP. You have certainly movement from phase one to two to three. Some programs don't make it out of certain trial levels. The lumpiness that we see in the business is really not seasonal, it's purely tied to really how successful these clinical trials are. But yeah, the nature of our business is such that because these orders are fairly large, as they shift between programs, they will likely shift between time as well.

Speaker #4: You have certainly movement from phase one to two to three. Some programs don't make it out of certain trial levels. And so the lumpiness that we see in the business is really not seasonal.

Speaker #4: It's purely tied to really how successful these clinical trials are. But yeah, the nature of our business is such that because these orders are fairly large, as they shift between programs, they will likely shift between time as well.

Speaker #8: Understood. And just a quick follow-up that what was GMP consumables in 2025? And then part two of that would be, I think last year you talked about maybe some maybe sharing space or thinking about some alternative revenue generation.

[Analyst] (Aiera): Understood. Just a quick follow-up, the what was GMP consumables in 2025? Part two of that would be, I think, you know, last year you talked about maybe some, you know, maybe sharing space or thinking about some alternative revenue generation activities in Flanders, and just curious if there's an update on those initiatives.

Justin Bowers: Understood. Just a quick follow-up, the what was GMP consumables in 2025? Part two of that would be, I think, you know, last year you talked about maybe some, you know, maybe sharing space or thinking about some alternative revenue generation activities in Flanders, and just curious if there's an update on those initiatives.

Speaker #8: Activities in Flanders and just curious if there's an update on those shifts.

Bernd Brust: Well, on the facility front, we have one of our Flanders sites is our CDMO business, and that's fully occupied by that. The other Flanders site, currently, we don't occupy. We have closed that facility. If we find somebody to take it over, we will deal with that at that point, but we're not looking for incremental revenues necessarily coming from that piece. That has been all addressed, I think, in our accounting world as well. We don't take those into our EBITDA lines any longer. On the question around GMP consumables, maybe Raj, you have those numbers.

Speaker #4: Well, on the facility front, we have one of our Flanders sites—it's our CDMO business—and that's fully occupied by that. The other Flanders site, currently, we don't occupy.

Speaker #4: We have closed that facility. If we find somebody to take it over, we will deal with that at that point, but we're not looking for incremental revenues necessarily coming from that piece.

Speaker #4: And so that has been all addressed, I think, in our accounting world as well. We don't take those into our EBITDA lines any longer.

Speaker #4: On the question around GMP consumables, maybe Rajesh, we have those numbers.

Speaker #6: Yeah. We kind of don't break that out completely, but if you look at the GMP and CDMO business combined, that's in the mid-30s.

Rajesh Asarpota: Yeah, we kind of don't break that out completely, but, you know, if you look at the GMP and CDMO business combined, that's in the mid thirties.

Raj Asarpota: Yeah, we kind of don't break that out completely, but, you know, if you look at the GMP and CDMO business combined, that's in the mid thirties.

Bernd Brust: Last year.

Speaker #4: Last year.

Speaker #8: Okay. Got it.

[Analyst] (Aiera): Okay, got it.

Justin Bowers: Okay, got it.

Speaker #4: Last year.

Rajesh Asarpota: Last year.

Raj Asarpota: Last year.

[Analyst] (Aiera): Thanks.

Justin Bowers: Thanks.

Speaker #8: Thanks.

Speaker #6: Yep.

Rajesh Asarpota: Yeah.

Raj Asarpota: Yeah.

Speaker #8: Thanks so much. I'll jump back in queue.

[Analyst] (Aiera): Thanks so much. I'll jump back in queue.

Justin Bowers: Thanks so much. I'll jump back in queue.

Speaker #1: Thank you. Our next.

Operator: Thank you. Our next-

Bernd Brust: By the way, I'm sorry, just for clarification, the 43 I mentioned a minute ago for GMP consumables, that excludes CDMO.

Speaker #4: And by the way, I'm sorry for just for clarification, the 43 I mentioned a minute ago for GMP consumables, that excludes CDMO.

Bernd Brust: By the way, I'm sorry, just for clarification, the 43 I mentioned a minute ago for GMP consumables, that excludes CDMO.

Operator: Thank you. Our next question comes from Doug Schenkel with Wolfe Research. Your line is now open.

Speaker #1: Thank you. Our next question comes from Doug Schinkel with Wolf Research. Your line is now open.

Speaker #7: Good afternoon and thank you for taking my questions. The first on APAC, the second on MOCV. So starting on APAC, as a percentage of revenue, APAC increased pretty meaningfully in the fourth quarter compared to the third quarter.

Doug Schenkel: Good afternoon, thank you for taking my questions. The first on APAC, the second on MockV. Starting on APAC, as a percentage of revenue, APAC increased pretty meaningfully in Q4 compared to Q3. I think you said China was stable, it does seem to imply that there was a pretty big pickup in Asia ex China. Am I thinking about that right? If so, what drove that change, and is this a trend that you expect to continue into 2026? On MockV, you called out demand as a driver of growth in the quarter. How has that been trending, and how do you expect that to contribute in 2026?

Speaker #7: I think you said China was stable. So it does seem to imply that there was a pretty big pickup in Asia ex-China. Am I thinking about that right?

Speaker #7: And if so, what drove that change? And is this a trend that you expect to continue into 2026? And then on MOCV, you called out demand as a driver of growth in the quarter.

Speaker #7: How has that been trending, and how do you expect that to contribute in 2026? And I'm just wondering if over time, that could be a contributor to driving overall sickness growth up above the mid-single-digit construct.

Doug Schenkel: I'm just wondering if over time, that could be a contributor to driving overall Cygnus growth up above the mid-single-digit construct. Thank you.

Speaker #7: Thank you.

Rajesh Asarpota: I'll take the, I'll start with the GMP. It, like in Asia Pacific in Q4, was driven by 2 large GMP orders. They were kind of tied to our ongoing programs and partnerships and not kind of the one-time events. You know, we view this as a sustainable kind of event and reflective of the ongoing improving program momentum we have, and it's not a one-off event. That was what drove the APAC growth. What was your second question again? Sorry.

Speaker #8: I'll take that. I'll start with the GMP, and like in Asia Pacific in Q4, it was driven by two large GMP orders. But they were kind of tied to our ongoing programs and partnerships, and not kind of the one-time events.

Raj Asarpota: I'll take the, I'll start with the GMP. It, like in Asia Pacific in Q4, was driven by 2 large GMP orders. They were kind of tied to our ongoing programs and partnerships and not kind of the one-time events. You know, we view this as a sustainable kind of event and reflective of the ongoing improving program momentum we have, and it's not a one-off event. That was what drove the APAC growth. What was your second question again? Sorry.

Speaker #8: And then so we view this as a sustainable kind of event and reflective of the ongoing improving program momentum we have. And it's not a one-off event.

Speaker #8: So that was what drove the APAC growth. And then what was your second question again? I'm sorry. Yeah. We did see MOCV growth, and we think that product has shown tremendous kind of runway from last year to this year.

Operator: MockV.

Chanfeng Zhao: MockV.

Rajesh Asarpota: Yeah. We did see MockV growth, and we think that product has shown tremendous kind of runway from last year to this year, and sorry, from 2024 to 2025, and we see continued kind of growth on that product line within Cygnus for growing.

Raj Asarpota: Yeah. We did see MockV growth, and we think that product has shown tremendous kind of runway from last year to this year, and sorry, from 2024 to 2025, and we see continued kind of growth on that product line within Cygnus for growing.

Speaker #8: And in 20 sorry, from 24 to 25, and we see continued kind of growth on that product line within sickness for 2026.

Chanfeng Zhao: If I also may add...

Speaker #2: If I also may add MOCV, so sickness has supported several customers with their including MOCV data in the customer's clinical trial application. So the initial approach has been positive received by regulatory agencies.

Rajesh Asarpota: Sure.

Raj Asarpota: Sure.

Chanfeng Zhao: MockV. Cygnus has supported several customers with their, including MockV data, in the customer's clinical trial application. The initial approach has been positive, received by our regulatory agency. The idea of MockV could potentially replace expensive, lengthy, viral clearance study, you know, which can really broaden our potential customer base.

Speaker #2: So the idea of MOCV could potentially replace expensive lengthy viral clearance study which can really broaden or potential customer base.

Speaker #4: And we think MOCV has great potential runway here and I think it's a good indication of that. I would also say don't expect that to happen in three months.

Bernd Brust: We think MockV has great potential runway here, and I think it's a good indication of that. I'll also say, don't expect that to happen in 3 months. It's a longer cycle business and, you know, short-term growth, I think the question was, how do we potentially look at Cygnus growing faster than sort of mid-single digits? I think certainly, you know, long-term MockV could be a player there. We've invested some more in services. We've brought another mass spec into the organization, so I think you'll see some opportunity coming from there. I think you're right, Asia does have some opportunities that are potentially there for us to capitalize on.

Speaker #4: I think it's a longer cycle business. And short-term growth, I think the question was how do we potentially look at sickness growing faster than sort of mid-single digits?

Speaker #4: I think certainly long-term MOCV could be a player there. We've invested some more in services. We bought another mass spec into the organization. So I think you'll see some opportunity coming from there.

Speaker #4: And I think you're right. Asia does have some opportunities that are potentially there for us to capitalize on.

Speaker #7: Thank you again.

Doug Schenkel: Thank you again.

Speaker #2: Thanks, Doug.

Speaker #1: Thank you. We'll take our last question from Matthew Parisi with KeyBanc Capital Markets. Your line is now open. And Matthew Parisi, please check your mute function.

Operator: Thank you. We'll take our last question from Matthew Parisi with KeyBanc Capital Markets. Your line is now open. Matthew Parisi, please check your mute function. Your line is now open.

Speaker #1: Your line is now open.

Speaker #8: Oh, hi. Sorry. This is Matthew Parisi on for Paul Knight at KeyBank Capital Markets. Congrats on the great quarter. So quick question about the COVID clean cap revenue.

Matthew Parisi: Oh, hi, sorry. This is Matthew Parisi on for Paul Knight at KeyBanc Capital Markets. Congrats on the great quarter. Quick question about the COVID CleanCap revenue. You mentioned that $10 to 20 million will come in the first half. Can we assume that there'll be additional COVID CleanCap revenue in the second half?

Speaker #8: You mentioned that 10 to 20 million will come in the first half. Can we assume that there'll be additional COVID clean cap revenue in the second half?

Speaker #4: No, I think we shared with all of you in Q4 that we expect $10 to $20 million will be the total number for 2026.

Bernd Brust: No. I think we shared with all of you in Q4 that we expect $10 to $20 million will be the total number for 2026, and we kind of look at that as the ongoing run rate in the following years as well. You should keep that number in as a guidance for the business. We expect this year that all to come in the first half of the year.

Speaker #4: And we kind of look at that as the ongoing run rate in the following years as well. And you should keep that number as a guidance for the business.

Speaker #4: And we expect this year that all to come in the first half of the year.

Speaker #8: All right. Thank you. And then next would be kind of you talked to the significant traction you're seeing in mod tail. I was wondering if you could talk to the traction you're seeing in the new IVT kits and then you had previously mentioned that you intend to launch new kits.

Matthew Parisi: All right, thank you. Then next would be kind of you talked to the significant traction you're seeing in ModTail. I was wondering if you could talk to the traction you're seeing in the new IVT kits, and then you had previously mentioned that you intend to launch new kits in 2026, and when could we potentially expect to see the launch of those kits?

Speaker #8: In 26, and when could we potentially expect to see the launch of those kits?

Bernd Brust: Jianfeng, you want to answer that, or would you like me to?

Speaker #4: Chad, you want to answer that or would you like me to?

Bernd Brust: Jianfeng, you want to answer that, or would you like me to?

Speaker #2: Yeah. Yeah. So we've the mass tail we launched as M&A service, and the catalog M&A. And so the data coming back from customers that they're very positive.

Chanfeng Zhao: Yeah. Yeah, so we've the ModTail, you know, we launched the mRNA service and the catalog mRNA. The data coming back from customers, that they're very positive, and so they are starting asking, as Bernd mentioned, that we have large pharma companies using this technology, and as the positive data coming back, they are asking sort of a GMP-related question. You know, obviously, we'll be ready for GMP to meet the customer demand. For the IVT kit, you know, as you know, TriLink has been doing mRNA for many years, so we have deep knowledge in IVT CleanCaps. The kit is really well received in the field.

Speaker #2: And so they are starting asking as Bernd mentioned that we have large pharma companies using this technology. And as the positive data coming back, they are asking sort of a GMP-related question.

Speaker #2: Obviously, we'll be ready for GMP to meet the customer demand. And for the IVT kit, as you know, China has been doing M&A for many years.

Speaker #2: So we have deep knowledge in IVT clean caps. So the kit is really well received in the field. We have over 100 kits ordered first a few weeks first four weeks.

Chanfeng Zhao: We have over 100 kits ordered, first a few weeks, first 4 weeks, and we see sequential growth from Q3 to Q4. We also see more adoption in the field. We also convert 1 major customer from competitor to use our kit. It's all good, and we are going to launch more kit and a different version of kit to meet customer demand this year.

Speaker #2: And we see sequential growth from Q3 to Q4. And we also see more adoption in the field. We also convert one major customer from a competitor to use our kit.

Speaker #2: So it's all good. And we are going to launch more kits. And in different versions of kit to meet customer demand this year.

Bernd Brust: ModTail is an interesting product. I mean, it's still early days, obviously, but, you know, the fact that we officially launched this in September through the commercial organization, you know, well over $1 million in orders already, and that's through Jianfeng's comment, service and some catalog mRNA. Feedback that's come back from customers have been quite impressive. We have a lot of confidence this product becoming a big driver of revenue growth for our business in the years to come.

Speaker #7: So Mod Tail is an interesting product. I mean, it's still early days, obviously, but the fact that we could officially launch this in September through the commercial organization, well over $1 million in orders already.

Speaker #7: And that's through Jan Feng's comments, service, and some catalog mRNA. Feedback that's come back from customers has been quite impressive. And so we have a lot of confidence in this product becoming a big driver of revenue growth for our business in the years to come.

Speaker #8: Thank you.

Matthew Parisi: Thank you.

Speaker #1: Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to our presenters for any additional or closing remarks.

Operator: Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to our presenters for any additional or closing remarks.

Speaker #4: Thank you. Thanks again, everybody, for dialing in. Sticking with us, we know that we're still new in this organization. I think we are bringing it around very quickly.

Bernd Brust: Thank you. Thanks again, everybody, for dialing in, sticking with us. We know that, you know, we're still new in this organization. I think we are bringing it around very quickly. We are highly confident about the progress that we're making. You know, the TriLink, certainly that's been stabilizing and positioned for growth in 2026. The fact that Cygnus now has hit its positive growth quarter, 3 in a row, is a great story, and we are confident that's gonna have a great 2026 as well. You know, our cost savings, materially higher than we had initially planned, really without impacting the business, I think is an incredible sign for the organization. We're gonna see EBITDA growth. We're gonna see cash positive direction in 2026 again.

Speaker #4: We are highly confident about the progress that we're making. Look at TriLink—certainly, that's been stabilizing and positioned for growth in 2026. The fact that SUTURE now has hit its positive growth quarter three in a row is a great story.

Speaker #4: And we are confident that's going to have a great 2026 as well. Our cost savings, they'll materially higher than we had initially planned, really without impacting the business.

Speaker #4: I think it's an incredible sign for the organization. We're going to see EBITDA growth. We're going to see cash-positive direction in 2026 again.

Speaker #4: We're leaner. We move faster. Great interaction with our customers. And highly confident that we're going to have a great 2026 here. So thanks again for your time and interest in the company.

Bernd Brust: We're leaner, we move faster, great interaction with our customers and highly confident that we're gonna have a great 2026 here. Thanks again for your time and interest in the company, and we'll speak to you again in about a quarter. Thanks.

Speaker #4: And we'll speak to you again in about a quarter. Thanks.

Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Q4 2025 Maravai Life Sciences Holdings LLC Earnings Call

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