Hello, and welcome everyone joining today's Maravai Life Sciences 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 1 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 Deb Hart.

please go ahead. 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. As you can see from the agenda on slide two, our CEO, Vern Brust, will provide a business update, and our CFO, Raj Asaprota, will review our financial results. 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. This changes 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 this change is nomenclature only and does not impact our segment composition financial results for 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 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 gap measures, and we also post reconciling schedules to our investor website. 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.

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. 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. 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 clean-caps sales in Q4 2024. 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, 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, 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. 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. 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 Mott's tail product. 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 GMT-grade supply. In Discovery, MRNA Builder is enabling earlier, higher-value engagement with our research customers. MRNA Builder is Trilinx'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. 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. 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, remove functional silos, and improve 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 these are structural sustainable and scalable improvements combined with our technical record regulatory credibility and reputation for high quality supply these changes further reinforce tri-link 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 biologic 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 MPIs planned for 2026 our recently launched Mottetail 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 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 level for Cygnus, complementing our existing HCP and Eliza Kidd business. We also continue to invest in our MOG-V 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. Bio-pharma 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. 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, pre-clinical, and clinical development. Capplic 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. We believe with our newly released Montel 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 U.S. environment, our exposure to 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 longstanding customer relationships we continue to build greater transparency and intimacy. We have deep scientific credibility. Now all that coupled with the right team and appropriate sized operations to execute. Now I'll turn the call over to Raj for more details on the quarter and year end results and our 2026 financial guidance. Thank you, Barron. 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 Barrett 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. 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-based revenue grew 25% year-over-year, driven by GMP consumables and CDMO services. Thigness revenue was $15.3 million, up 4% versus last year. I'll 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. 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 gap net loss before non-controlling interest 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-unvined costs. This compares to a gap net loss before non-controlling interest 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. Adjusted EBITDA, a non-GAAP measure, was positive $536,000 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 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. 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. Cost-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. 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. Trialing revenue was $34.6 million in Q4, representing 69% of total revenue. Excluding the $14.3 million COVID green cap comp in the prior year quarter, base revenue grew 25%, driven by GMP consumables and CDMO services. Trialing 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 negative 23.1 million. Excluding high volume clean cap revenue, TriLink revenue declined 8% for the year. Thickness 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. 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 trialing 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 trialing 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 trialing GMP consumables. Total operating expenses are expected to decline approximately 13 percent. G&A expenses are expected to decline approximately 18 percent and sales and marketing should decline approximately 13 percent. 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. As you'll see when we file our 10K this week, we have completed the implementation of our remediation plan and enhance 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 am pleased to report that the United States District Court for the Southern District of California dismissed in full the securities class action lawsuits against Marvai, and certain of our former executives. 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. 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.

Thank you. If you'd like to ask a question, press star 1 on your keypad. To leave the queue at any time, press star 2. We do ask that you limit yourself to one question and one follow-up. Once again, that is star 1 if you'd like to ask a question. we'll take our first question from matt stanton with jeffries please go ahead

hey thanks uh maybe on the commentary on visibility improving and the color on 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 you're guiding on revenues for for 26 on year-in-year growth so 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 and if yes you know maybe I got some of the opportunity where you see the most areas of upside as we move through 26 here

thanks thanks Matt that is Bernd we shared in our last earnings call that you know there's a little luckiness 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 for the 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. 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. Where we see that specifically is in the trialing world, in our GMP consumables, as well as our larger order sizes in discovery. We look at our business in discovery to sort of two categories, orders under average 15 grand where we assume no salespeople are involved in orders over 15 that does require usually some kind of sales involvement where we're seeing material growth and 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.

Thanks. And maybe just on the GMP consumables, you talked about the strength in 4Q, 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've seen.

Yeah, it's really a broad set of customers. it's 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 a beauty actually about the business at the moment where it's certainly the covert years great revenues but from a very small number of programs the number of programs is quite quite significant at the moment and so yeah we feel good about the depth of our customers that we are currently interacting with thank you we'll take

our next question from Subbu Nambi with Guggenheim your line is now open you

guys, thank you for taking my question. First one is on the gross margin expansion of 1,200 BIPs from restructuring cost initiatives and product mix. Can you break out each of these

buckets, if possible? Yeah, sure. 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, 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. 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. and then there's additional expansion on gross margin that's going to come from mix mainly from GNP consumables contribution and the operating leverage

as we continue to expand revenue. And then one high level AI's role in drug discovery development and manufacturing is the investor focus off late. How is Merivai using AI either at the Flanders side and R&D or otherwise to generate

efficiency? So the question was how is AI driving efficiencies in the business? yeah yeah I think we're implementing this in in various areas of the organization you're just talking about mrna builder that we went live with I think it was a third quarter of last year it's really an automated platform that we acquired through the efficient acquisition early last year that allows customers without really any human intervention to 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 but that's probably the biggest involvement of AI that we have at the moment I can't speak to whether we use that into the CDMO world I don't believe so got it thank you so much thank you

we'll take our next question from Matt LaRue with William Blair. Please go ahead.

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, you know, just given Q3 and Q4, you had some lumpiness with some of the CDMO builds. And so, you know, a number of larger peers have characterized perhaps a softer first quarter um 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 you know an expected order conversion that might affect pacing and the first quarter in particular

um listen we're optimistic on q1 as we shared we're optimistic on the year uh as well on the top line it's really not any serious negative comps obviously we calmed out all of the covet 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 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 so we we really don't look at this as a negative or positive comp in Q1 I think if you look at this year probably q3 last year was pretty tough on the on the gmp world so we'll see what that means this year on q3 but um but 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 and 20 million dollars worth of covet caps uh 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. But other than that, I think it's true strength of customer spending.

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. So that continues to happen. So on the strength of that, we've seen Q1 coming in relatively strong, and that's going to kind continue through the balance of the year okay um and then you know the the cost reduction program

came in ahead of schedule and i think the way you guided op x is good to see in terms of r d getting dollars but finding efficiencies other places you know prior to covid marv i operated with you with the margins above 40 though that was maybe largely the private company and i understand it's maybe not a perfect cop but if you think about the midpoint of the guide this year even that the 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, 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, 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?

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 know you you did god knows how much volume during COVID that sits in the same infrastructure we still have 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 so So the natural margin increases, I think, are going to come purely from revenue growth over the outlying years here.

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

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 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? Okay. So, again, going back 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 profiles could remain the same our facilities is going to essentially remain the same our controllables expense are 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. But on the OPEC 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. There will be another modest drop in Q1, though, to get your question directly. Got it. Thank you. And then

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

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. And so I don't think we have a clear view on that at this time.

Understood.

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

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

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. But I think if you look at our GMP revenues, which, Raj, which are this year forecasted at what number do you remember? GMP consumables? It's somewhere around $43 million, 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 know it's a third of our revenues, something like that. And we're seeing the fastest growth happening there. So that certainly to us indicates that you're going to continue to see there are more programs coming into the GMP world or programs progressing and by higher volumes.

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. 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?

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 now that we've watched through the COVID comms from 2020. for. But when you look at just customer behavior, 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. 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. So 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. Thank you. We'll go next to Justin Bowers with Deutsche Bank. Your line is now open.

Hi, good afternoon. So sticking with GMP, can you give us a sense of what that, 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? I don't know if 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 a 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. And so 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. Understood. And just a quick follow-up that what was GMT consumables

in 2025? And then 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 I'm just curious if there's an update on those issues.

Well, on the facility front, we have one of our Flanders sites is our CDMO business, and that's fully occupied by that. And 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. 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. On the question around GMP consumables, maybe, Raj, you have those numbers.

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-30s. Sure.

Okay, got it. Thanks. Thanks so much. I'll jump back in queue.

Thank you. Our next question…

And by the way, 43… I'm sorry. Just for clarification. The 43 I mentioned a minute ago for GMP consumables, that excludes CDMO.

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

Good afternoon, and thank you for taking my questions. The first on APAC, the second on Mach-V. So starting on APAC, as a percentage of revenue, APAC increased pretty meaningfully in the fourth quarter compared to the third quarter. 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? And if so, what drove that change? And is this a trend that you expect to continue into 2026? And then on Mach-V, 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? And I'm just wondering if over time that could be a contributor to driving overall thickness growth up above the mid-single-digit construct.

Thank you.

I'll take the – I'll start with the GMP. in Asia-Pacific in Q4 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. And then so, 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. So that was what drove the APAC growth. And then, what was your second question again, sorry? Yeah, we did see mock-free growth, and we think that product has shown tremendous kind of runway from last year to this year, and in 20, sorry, from 24 to 25, and we see continued kind of growth on that product line within Cygnus.

If I also may add MACV, so Cygnus has supported several customers with their, including MACV data in the customer's clinical trial application. So the initial approach has been positive received by regulatory agency. So the idea of MACV could potentially replace expensive LENSI viral clearance study. you know, which can really broaden our potential customer base.

We think Mach-V has a great, 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 three months. It's a longer cycle business and 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 Mach-V could be a player there. We've invested some more in services. as we brought another mass spec into the organization. So I think you'll see some opportunity coming from there. And I think you're right, Asia does have some opportunities that are potentially there for us to capitalize on.

Thank you again.

Thank you.

We'll take our last question from Matthew Parisi with KeyBank Capital Markets. Your line is now open. And Matthew Parisi, please check your mute function. Your line is now open.

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. You mentioned that $10 million to $20 million will come in the first half. Can we assume that there will be additional COVID clean cap revenue in the second half?

I think we shared with all of you in Q4 that we expect $10 million 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. And you should keep that number as a guidance for the business. We expect this year that will come in the first half of the year.

Thank you. And 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 26. And when could we potentially expect to see the launch of those kits?

Chad, do you want to answer that or would you like to be there?

Yeah, so we've, the Mattel, you know, we launched the M&A service and catalog of M&A. And so the data coming back from customers that they're very positive. And so they are starting asking, as Brent mentioned, that we have large farm companies 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's defense. And for the IVT kit, you know, as you know, China has been doing mRNA for many years, so we have deep knowledge of IVT clean caps. So the kit is really well-received in the field. We have over 100 kits ordered first few weeks, first four weeks, and we see sequential growth from Q3 to Q4, and we also see more adoption in the field. also convert one major customer from competitor to use our kit so so it's all good and we are going to launch more kit and in different version of kit to meet

customer demand this year the mottail is an interesting product miss still early days obviously but you know the fact that we officially launched this in September commercial organization you know well over a million dollars in orders already. And that's through GenFeng's comments, service, and some catalog MRNA. Feedback that's come back from customers have been quite impressive. And so we have a lot of confidence of this product becoming a big driver of revenue growth for our business in the years to

come. Thank you. 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. Thank you. Thanks

again everybody for for dialing in sticking with us we we know that no 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 look at TriLink certainly that's been stabilizing and position for growth in 2026 the fact that sickness now has hit its positive growth quarter three in a row is a great story and we are confident that's going to have a great 2026 as well uh you know our cost savings uh they'll materially higher than we had initially initially planned really without impacting the business uh i think is an incredible sign for the organization uh we're going to see ebitda growth we're going to see cash uh positive direction in 2026 again uh we're leaner we move faster uh great interaction with our customers and uh highly confident that we're going to have a great 2026 here so thanks again for your time and interest in the company and we'll speak to you again in about a quarter

thanks thank you this brings us to the end of today's meeting we appreciate your time and participation you may now disconnect