Maravai Lifesciences Holdings Inc — Earnings Call Q3 2026

Operator: Please stand by. Your meeting is about to begin. Hello and welcome everyone. Joining today's Maravai Life Sciences Q3 26 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 Q&A session. 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. Debra Hart: Good afternoon, everyone. Thanks for joining us for our third quarter 2026 earnings call. The press release and the slides that accompany today's call are available at investors.maravi.com. As you can see from the agenda on Slide 2, our CEO, Bernd Brust, will provide a business update and our CFO, Rajesh J. Asorpota, will review our financial results. Dr. Chanfeng Zhao, our Chief Scientific Officer and Kurt Oreshack, our executive vice president and general counsel will join us for the Q&A session. Management will make forward looking statements and refer to GAAP and non-GAAP financial measures during today's call. Actual results could differ materially from expectations and we undertake no obligation to update them. We refer you to Slide 3 for details on our forward looking statements. And Slide 4 for our use of non GAAP financial measures. The press release and the slides provide reconciliations to the directly comparable GAAP measures, and we also post reconciling schedules to our investor website. Please also refer to the risk factors in Maravai's annual report on Form 10-K for 2025. Our subsequent quarterly reports on Form 10 Q, and our other SEC filings for additional information on the risks and uncertainties that may impact our operating results performance and financial condition. Now I will turn the call over to Bernd. Bernd Brust: Good afternoon, and thank you for joining us. We are pleased with our third quarter performance, which builds on the momentum we established in the first half of the year. Our results reflect solid execution across the business, and reinforce our confidence in both our near term outlook and long term strategy. During the quarter, we generated revenue of $45.9 million representing 10% year over year growth. TriLink revenue increased 12%, led by strong demand for our mRNA products. MRNA revenue was up 28% year over year. Within mRNA, GMP consumables grew 30%, and was flat at 27%. We had no high volume clean cap revenue for commercial phase COVID vaccine programs in the quarter. CDMO revenue grew 8% while specialty chemistry was down 4% as some large orders from Q3 of 2025 did not repeat in the quarter this year. Cygnus also delivered a solid quarter with revenue growing at 8%. This is the sixth consecutive quarter of year over year growth for Cygnus. From a profitability standpoint, adjusted gross margin expanded more than 1.7 thousand basis points year over year to 57.7%. While adjusted EBITDA improved by $16.6 million to $5.8 million. These results reflect higher revenue a favorable product mix, the benefits of the operating model we have built over the past year. Now let's turn to slide 7 and highlight some of the landmark clinical progress we are seeing in our largest most strategic part of the business, the mRNA market. While the Moderna Merck Phase 3 cancer vaccine for melanoma has captured the headlines, There were several other mRNA advancements during Q3 that marked an equally transformative period for our field. In rare metabolic disease, an investigational mRNA protein replacement therapy for a severe inherited liver disease with limited treatment options showed meaningful Phase 2 clinical activity across key metabolic biomarkers. This is mRNA as a protein replacement platform, not a vaccine. And the addressable population extends across a broad class of rare inherited enzyme deficiencies. In gene editing, a single dose LNP delivered based editing therapy for a severe inherited condition affecting the lungs and liver entered a global pivotal cohort intended to support a request for US accelerated approval. Phase 1/2 data at 18 months showed sustained correction above clinically meaningful thresholds. It is the first genetic medicine to reach pivotal stage development for this condition. In infectious disease, a major biopharma company announced plans to initiate a Phase 3 trial for mRNA flu vaccine. Targeting both HA and NA antigens. The first Phase 3 of its kind. The program carries FDA Fast Track designation, and the sponsor has said that it expects preliminary data next year and to complete its regulatory submission in 2028. Now not every program will succeed, and we did see a couple of mRNA cancer vaccine programs recently report disappointing results. That is the nature of drug development. And why a broad diverse pipeline like ours matters. We are supporting over 50 GMP customers in 2026 and estimate each customer has 2 to 3 clinical programs on average. As programs progress from early stage studies to pivotal trials and commercialization, they typically require greater volumes of higher quality GMP grade materials. Directly linking this clinical progress to our long term growth. We at Maravai are proud of the key role that our customers, partners, and employees are playing in bringing mRNA therapies to patients. Now let's turn to slide 8 and discuss progress against our 3 strategic priorities. Innovation, commercial execution, and operational excellence. Innovation remains the foundation of our long term growth strategy. And this quarter we made meaningful progress. At TriLink, Matteo continues to build momentum. We continue to expect GMP grade Matteo to launch before year end, and customer interest remains strong. As of the end of Q3, we had more than 180 customers actively using this technology, up from 125 as of the end of Q2. Adoption is coming through new accounts, repeat orders, and expanding use across applications. Beyond our current commercial offerings, we are also building the next wave of mRNA capping innovation at TriLink. Within our R&D vault, we have available a broad library of novel caps. Each with differentiated cap chemistry with the potential to optimize mRNA for different applications. We are now introducing this library to our customers, and are working with them to determine which caps suit their application best. This approach lets customers select a cap based on its therapeutic impact for their specific program. We believe this is a competitive differentiator and valuable resource for our customer. At Cygnus,, our recently launched residual Prism A Mix-N-Go kit continues to gain traction. Although still small, revenue has increased each month since it launched in June, These kits reduce the complexity of the assay and shorten the time to result over traditional protein A ELISAs. Cygnus also recently expanded its innovation portfolio through the launch of a new SV40 particle kit. This is the 3rd kit introduced in the Mach V franchise and is tailor made for those working on gene therapy products. Specifically AAV. It will enable bioprocess scientists to analyze the efficacy of their downstream viral filtration step at a fraction of the cost and time associated with live viral clearance studies. Under innovation, we will also start talking about AI initiatives. Now beyond new products, our innovation efforts also extend to helping customers design better mRNA candidates. AI is reshaping that process and Trilink is positioned to participate not just as a manufacturing partner, but also as a design partner. Most of the AI conversation in drug discovery focuses on identifying the right sequence. But a sequence is not a drug. It becomes a drug only when protein is expressed in the right amount in the right tissue for the right duration. And those variables are determined at the mRNA design level. That is the design space where Trilink's expertise is uniquely relevant. Our proprietary AI assisted mRNAbuilder, enables rapid prototyping of mRNA candidates to test diverse combinations of cap analogs, chemistry modifications, and sequence designs to let customers refine constructs before manufacturing. These capabilities are gaining commercial traction. The mRNAbuilder, customer base is growing, and has become a significant channel for new customer acquisition, particularly in early stage research. mRNAbuilder expands role from reagent supplier to mRNA design service provider. We believe this broader role gives us a lasting competitive advantage. We are confident our R&D engine throughout TriLink and Cygnus is robust. And we continue to innovate through new product introduction, and our AI initiatives with the goal to help customers' drug development programs succeed. We also continue to strengthen our intellectual property portfolio. BaiLing received an additional China patent in Q3, adding broad composition of matter protection to our intellectual property protection. Together with the patent received in June, these 2 China patents create a multilayered intellectual property asset covering both the process of making clean cap. Capped RNA and the fundamental molecular structures at the core of that process. Moving on to commercial execution. Our commercial go to market strategy continues to translate into results. In discovery mRNA, we added more than 70 new customers in Q3, exceeding our prior record from Q2. We saw 27% growth in discovery mRNA, supported by continued strength in research funding, and our commercial and product initiatives. Discovery activity continues to strengthen which we believe will create future growth opportunities for our GMP pipeline as customer programs advance into clinical development. In Q3, 4 additional discovery customers transitioned to clinical stage GMP customers. As they progressed toward their Phase 1 clinical trials. Bringing year to date RUO to GMP conversions to 10, and surpassing our initial full year target of 9 new GMP customers. And Cygnus continues to deliver steady performance through its purpose built portfolio, for HCP bioprocess impurity testing. Throughout TriLink and Cygnus, we continue to broaden commercial presence around the world and recently established an in country sales presence in China, to support further market expansion. Operational excellence remains a key driver of our financial performance, and you can see that in our results. The actions under our restructuring are complete. The cost base has been reset. And the infrastructure we have in place is built to scale. Leveraging our in place infrastructure, we expect to drive further margin improvements and improve financial performance as we grow. And AI is now a meaningful part of how we operate. Across Maravai, more than 40% of our employees are weekly active AI users. A number that reflects genuine integration into day to day workflows, not a pilot. We believe that adoption is translating into real operating improvements. Let me give you a few examples of what this looks like in practice. In engineering, AI assisted analysis helped optimize compressor operating settings, reducing equipment run time, and energy consumption. This illustrates how targeted applications can improve efficiency across our operations. Our finance team is using AI to expand scenario analysis. Research, and assumption testing. This allows us to bring more analytical work in house and support the business without adding headcount. We analyze customer purchasing trends to identify customers ready to move into GMP products, and larger programs that may benefit from our CDMO services. This helps our commercial teams focus their outreach and connect customers with the right capabilities as their programs advance. And in our R&D organization, we have compressed what used to take days into hours. The common thread is simple. Our scientists are spending less time on information gathering, and more time on the creative and scientific work that accelerates innovation. To summarize, Q3 was another quarter of strong execution. Revenue, grew 10% with mRNA growing double digits, Discovery mRNA up 27% and GMP consumables up 30%. Cygnus grew 8%. And delivered its sixth consecutive quarter of year over year growth. Innovation is at the core of what we do, and supports our long term growth. We combine strong R&D with close customer collaboration to develop new products and services to address their challenges. We believe AI enabled drug discovery is creating a new wave of customer engagement for Trilink, and we are positioned to capture it. Although our GMP consumable business can have quarterly variability, the mRNA clinical pipeline remains strong, with exciting clinical advancements and we are a foundational partner to that ecosystem. We feel good about where we are and where we are going. I will now turn the call over to Rajesh to review the quarter and discuss our updated outlook. Rajesh? Rajesh J. Asorpota: Thank you, Bernd. Our third quarter reflects continued execution across both segments. I will focus on the key drivers behind the quarter, including revenue composition, profitability and our updated outlook. Let me start with a closer look at revenue on slide 10. Our business remains well diversified across end markets. Revenue by customer type was 23% biopharma, 33% research, 7% academia, 7% CRO, CMO, CDMO, and 30% distributors. By geography, revenue was 64% North America, 17% EMEA, 10% Asia Pacific, excluding China, 8% in China, and 1% in Latin And Central America. Turning to Slide 11, our GAAP net loss before non controlling interest was $24 million. This compares to a GAAP net loss before noncontrolling interest of $45.1 million in the prior year period. Adjusted EBITDA, a non GAAP measure, was $5.8 million for Q3 improving by $16.6 million year over year. This was driven by stronger revenue, favorable mix toward high margin GMP, and mRNA discovery as well as continued OpEx discipline. Basic and diluted loss per share in Q3 was $0.09 compared to a loss of $0.18 per share. in Q3 2025. Adjusted EPS was a loss of $0.03 compared to a loss of $0.08 per share last year. Moving to the balance sheet and other financial metrics on slide 12. We ended the quarter with $73 million in cash, up $2.9 million from our Q2 balance. Our debt stands at $147 million. Depreciation and amortization was $12.2 million, net interest expense was $3.4 million, and stock based compensation, a non cash charge, was $10.1 million for the quarter. Turning to segment performance on Slide 13. TriLink represented 62% of total revenue in the quarter, and contributed $2.5 million of adjusted EBITDA. This represents an improvement of more than $10 million year over year. Within Tri Link, mRNA represented $15.3 million of revenue, growing 28% year over year. Specialty chemistry contributed $11 million and was down 4% as some large orders from Q3 2025 did not repeat this year, while CDMO contributed $2 million and grew 8% year over year, in line with our expectations based on the timing of customer programs. As a reminder, 2 meaningful parts of our TriLink business, CDMO and large GMP consumables orders, are program driven by nature. Individual orders can be large, and the timing can vary meaningfully quarter to quarter. Cygnus represented 38% of total revenue and continued to deliver strong profitability. Cygnus generated $12.5 million of adjusted EBITDA with margins of 71%. Cygnus saw steady demand for HCP and ELISA kits and strength in China, Korea, and India. Corporate expenses impacting adjusted EBITDA were $9.1 million in the quarter. These expenses include HR, finance, legal, IT, and public company costs. Turning to our guidance on Slide 14. Based on our Q3 results and our visibility into Q4, we are raising our expected 2026 revenue range to $212 million to $216 million up from the prior range of $205 million to $215 million, or up $4 million at the midpoint. We are also raising our full year adjusted EBITDA guidance to $40 million to $42 million up $7 million at the midpoint from prior range of $33 million to $35 million. This represents an improvement of over $70 million year over year. Additionally, we expect continued adjusted gross margin expansion of greater than 1.6 thousand basis points year over year. Overall, we are encouraged by the momentum in the business and the strength of our pipeline. Our infrastructure is in place, our balance sheet is strong, and our R&D engine continues to broaden our product portfolio. As customer programs advance from discovery into clinical development and ultimately commercialization, we believe we are well positioned to deliver attractive long term revenue growth, expanding margins, and increasing cash generation. We remain excited by our long term opportunity and our position in enabling drug development. With that, I will turn the call back over to the operator for Q&A. Operator: Thank you. Press star 1 on your keypad. To leave the queue at any time, press star 2. Once again, that is star and 1 to ask a question. Take our first question from Matt Stanton with Jefferies. Please go ahead. Your line is open. Matt Stanton: Hey, thanks. Maybe to start, would love if you guys could offer any kind of framing comment on 2027. I think you will do high single digit for the base business here in 2026. You have a number of exciting initiatives on the ramp of GMP ModTail, taking TriLink more into China. if we look back a year ago, obviously revamped your guidance policy to sort of, you know, talk about or put in what is at hand. So we would love to just hear a little bit of color in terms of order trends, funnel dynamics as we think about what is in hand, for you guys now as we move into the last 2 months of the year as we look out to 2027. Any color you guys could add there? Thanks. Bernd Brust: Hey, Matt. it is Brent. Maybe a little bit early to talk a lot about 2027 here in general. We feel really good about our pipeline. Certainly, the fact that our discovery revenues both in early stage discovery and advanced later stage drug discovery. Are both looking very healthy. Actually, we really see no reason why there is any material change happening there next year, maybe only improvement with some of the things that we are doing. The GMP funnel is looking good. I think you will find some timing where it is a little bit heavier in the second half than the first half this again due to timing of customer programs. Nothing really market related. And on the Cygnus front, you know, we feel that is probably similar market conditions and a few other things we are doing will drive similar performances next year. Matt Stanton: Okay. Thanks. Maybe on that point, you know, mRNA discovery 27%. I think it was up 17% last quarter, so nice pickup there. I think to date, you have talked a lot about kind of commercial execution driving strength. Are you starting to see more activity tied to biotech funding starting to show up for the small and midsized guys. Just any finer point you can put in terms of what you are seeing in customer discussions on the folks that are tethered more to the funding. I know you started to see some of that healthy funding the last few quarters. Showing up more in demand. Thanks. Bernd Brust: Yes, it is really across the board. We kind of look at our business as base discovery and, again, advanced drug discovery or closer to final stage to get to the clinic. Growth is growth is similar across the board. Our academic area is fairly small percentage of our business, but that is that is starting to bounce back as well. it is pretty consistent growth across the board there. Market for sure is helping there that we launched mRNAbuilder a little while ago that allows people to you put their DNA sequence into our system and look them up with some constructs recommendations for optimized mRNA that seems to be working really well. And then certainly, our R&D is driving a lot of adoption. At the moment as well. So I think it is a combination of incremental commercial focus, certainly R&D, and then the market for sure are helping as well. Matt Stanton: Super. Thank you. Bernd Brust: Thanks, Matt. Operator: Thank you. We will move next with Whitney Wolfe with TD Cowen. Please go ahead. Brendan Smith: Great. Thanks for taking the questions, guys, and congrats on the quarter here. Some really nice numbers here actually, especially on adjusted EBITDA. And I guess I guess with the updated guide, we can more or less kind of estimate where that goes over the next quarter. But maybe as we think about some of the operating leverage you guys have now, especially with, you know, GMP ModTail and some of the newer offerings coming online, I guess, how should we think about and maybe we just assume adjusted EBITDA as kind of a steady sequential grower into and through next year? Or are there kind of quarter over quarter considerations here we should be mindful of? And then I have a follow-up. Thanks. Rajesh J. Asorpota: Yeah. I think 1 thing again, what I will echo what said in the prepared remarks in terms of our EBITDA is a function of, you know, just the revenue mix. And we, you know, we have said that our business model now is such that every incremental dollar of revenue drives, you know, like, 70% of it falls to the bottom line. Right? But it is. It goes both ways. So you will have quarterly. Swings as your revenue mix is up or down. So that is definitely a function. it is not kind of linear just like our GMP and CDMO businesses are not linear. Likewise, EBITDA is a little bit of a function of that product mix. And, you know, that is kind of the way to think about it. Brendan Smith: Okay. Got it. that is helpful. And then maybe just as for some of the kind of newer capping technology you guys discussed in the pipeline, how should we think about potential phasing in of some of those over the coming quarters and just any incremental color on how revenue contribution for each of these would compare with existing offerings? I guess, these kind of like existing customers would maybe switch from what they use today, or should we think of those as primarily, like, new offerings to cast a wider net for new customers or products, kind of a thing? Thanks. Bernd Brust: Yeah. Yeah, this is Bernd. You know, I think a lot of these caps are not necessarily newly developed They have been developed over the years for a number of reasons, right, either to find improvements to our capping technology, our IP positioning, And what we have come to learn with this broad library of caps as we see more and more mRNA activity happening in specialty areas that small variations in these caps can make meaningful changes to how the mRNA reex reacts depending on the cap. And so what we are doing here is as we have opened that we call it our R and D vault. We have opened that to have access to our customers where they can you know, select 3, 4, 5 different caps in their mRNA and see which 1 performs best So these are currently available. We will continue to develop new caps, obviously, as well. And, and so we are just commercializing that more than anything at the moment. Brendan Smith: Got it. Sounds good. Thanks, guys. Bernd Brust: Whitney. Operator: Thank you. We will move next with Justin Bowers with Deutsche Bank. Please go ahead. Justin Bowers: Hi. Good afternoon, everyone. I appreciate the additional detail that you are providing on innovation and commercial. You talked about 50 new clinical GMP customers, as of this quarter end. You help us understand what that looked like at year end last year? As far as number of customers or programs? For clinical GMP customers, yes. Bernd Brust: Well, like we said, we have brought 10 new ones in this year. versus our target of 9. So we certainly see that funnel being healthy. I think maybe even more importantly at the moment, you know, when you are seeing this really nice growth in early stage discovery and, and some of those programs will evolve over time. That should mean your pipeline for GMP only gets better. Right? You are coming out of a few years of pretty tough discovery growth. But given from where we are, it is in line with what we are expecting. Hopefully, we will see our first GMP customers going into the clinic sometime next year. I would assume it is later in the year. Just from a timing perspective. But in general, we feel really good about the pipeline of, number 1, the GMP customers we have, but maybe even more importantly, of the pipeline that is being built out of the discovery site. Thanks. Justin Bowers: And then 1 follow-up. When you look at your Discovery customers or RUO customers that have gone into GMP, What is your retention rate for those customers? Bernd Brust: Yeah. So, I mean, that is that is more tied to the success or failure of clinical trials. We kind of look statistically at that, what that means. Historically on trials. I think we shared those numbers in the past. I do not know what they are at hand, but that is no longer a competitive environment. But, you know, I think we shared something like 10% or so of all clinical trials end up in Phase 1 end up in Phase 3 at some point. So whatever you see standard in the industries, that is how we look at our retention of customers. Justin Bowers: Understood. Thank you. Operator: Thank you. We will move next with Douglas Schenkel with UBS. Please go ahead. Sean Gardner: Hi. This is Sean Gardner on for Douglas. Thank you for taking my question. A quick question on ModTail. Again. So mentioned adoption has grown to over 180 customers, GMP launch remains on track for year end. You mentioned last quarter that a few customers had already requested GMP material. Can you provide an update just on discussions there? You know, are we advancing in the actual process, qualification, supply planning, what the primary gating factor for initial orders as we enter next year might look like? And if I can tag on 1 more there. I know you mentioned this is likely a later in the year dynamic. Can you just help us understand the phasing a bit more and kind of the dynamics of the rollout there? Thank you. Bernd Brust: Yeah. Most of the interaction right now that is happening with customers on GMP mod tail is around they are progressing into their drug discovery. Want to make sure those materials are ready if they do get into the clinic. I do not think there is anything ready to go into the clinic tomorrow. I think we expect that you know, not completely in our hands, of course, for that to happen at some point next year. But us having GMP material available so they can make the decision to stick with ModTail moving forward into the clinic is the way you have to think about that. So you know, I think if I look at 2027, you will continue to see growth there in discovery. I think, again, you will see some early stage clinic there, but I do not. Would expect massive dollars in 2027 on ModTail in GMP. Thank you. Operator: Thank you. Our next question comes from Matthew Larew with William Blair. Please go ahead. Jacob Krahenbuhl: Hi, thanks. This is Jake Krahenbuhl on for Matthew, taking the questions. So I wanted to ask first just on the guide. The midpoint of the 4Q guide implies just about 2% growth versus 10% year-to-date growth so far this year. Last quarter, you talked about a handful of large GMP orders that were expected to hit sometime in the second half of this year. Or early next year, but we are not including guidance just wanted to confirm that, I guess, number 1, these are still. These orders are still in the hopper. And number 2, that the guide raise still does not assume these orders come in the back half, really just trying to get a sense for how much prudence is embedded in the updated guide. Rajesh J. Asorpota: Yeah. Let me take that 1. So yeah, you are right. I mean, I think what you are getting to, and again, I will emphasize both our GMP and CDMO businesses remain lumpy. So a single order can kind of move the quarter. But again, emphasizing that our underlying demand is not slowing. We are showing really positive growth both in discovery mRNA and GMP And then just also keep in mind, the third quarter, our GMP growth was on a pretty low basis. As you think about Q4, we will expect volume growth that would be multiples of Q3 performance, but again, continuing to maintain that there is going to be quarterly variation. But the pipeline is really strong like Bernd said and we expect long term growth. I think to your final point there, we are very comfortable with the full year outlook. And where we land within the range, is gonna reflect when those orders that we are expecting convert to revenue. And our guidance kind of allows for that variability. So we see little or no risk to what we have guided right now. Bernd Brust: And to build on that, and we keep talking about this, when you look at GMP, I think based on our current Q4 forecast, like, Rajesh said, that is certainly a lot more volume than Q3. Q4 was big last year, so you may not see material growth there. But net for the full year, you are looking at plus 20% growth for GMP, right? that is hard to look at that when we look at 2027. I think the first question from Brendan maybe was on 2027 guidance. I think we feel great about GMP numbers for the next year. But I do think next year, you will see a quarterly shift later into the second half of the year. So that is the 1 thing you are going to have to kind of accept in our business. We have great line of sight to the GMP funnel. Those customers tend to be locked in But that variability by quarters is something we are gonna have to absorb and deal with. Jacob Krahenbuhl: Got it. Yeah. that is helpful. Wanted to ask a follow-up just on Cygnus. That business has also been growing well, growing for 6 straight quarters now. It was up high single digits in the third quarter. Just wondering what is kind of the right long term framework is for this business? And should we assume that the business is, I think, mid-single-digit plus. This is kind of like the low-end, mid single digits. But, you know, could maybe MockV or other new products coming in this business could help elevate Cygnus' long term growth profile above this? Bernd Brust: Yeah. I think there is a few things you can think about here. Certainly, the base business, the way we see it, is mid single digits. Mid single digits plus is the right way to think about it. Where do we see upside? Certainly,, commercial execution outside of the U.S. there is been very little commercial presence there other than some dealers, and so we think there is some upside to be had there. there is still a materials section of our customer base that is homegrown, in that world. And so there, again, some commercial execution interacting with those more effectively should give us a little bit of growth here and there. And then MockV is an example, and it would add services to that as well. You know, those are new offerings in the business that I think might be more controlled by regulatory acceptance, and that is a little bit out of our control when that would happen. But interaction, and we feel good about where the long term future sits there. On services, earlier this year, we built some infrastructure capabilities. Those are longer sales cycles, and I think those will start picking up again as you move into next year as well. So we like Cygnus. But, obviously, it is a it is a great cash generator for the business. it is starting to see good growth. I think there is enough movement there to get that growth even a little higher from where we are. For the year, I think Cygnus is probably for the year is about 5% to 6%, where we are kind of expanding here. But, yeah, there is a few things there that could get that a little bit north of that. Thank you. Operator: If you can We will move next with Matthew Parisi with KeyBanc Capital Markets. Please go ahead. Matthew Parisi: Yes. This is Matthew Parisi on for Paul Knight at KeyBanc Capital Markets. You called out that you expected 9 customers to transition to GMP throughout 2026. Yet 10 have converted year to date. Do you expect additional conversions for the remainder of the year? Bernd Brust: Yeah. We are at 10 so far. it is hard to judge it exactly, particularly in Q4 at the end of the year. is obviously a little different with the holidays. So it could be. We are not guiding to anything like that. But the pipeline of new customers both for the remainder of this year, certainly into next year, we feel good about. Rajesh J. Asorpota: Yeah. Either way, any new ads at the end of the year would only translate to material revenue next year. So, appreciate the insight. Matthew Parisi: And then for a follow-up, following the addition of the China patent protection, additional China patent protection and then also, the establishment of a sales presence. How should we think about the commercial opportunity in China? Bernd Brust: Well, I think for TriLink, Infinite in that we are starting from about zero. Right? So there is really no basis there to come from. And we have been very careful with it just to make sure that we protect our brand and our product IP. Now that we have these new IP issued in China, We are reassessing that, and I think we will have some good ideas as to how we are gonna move forward with that. More to come maybe next year on it. But, certainly, we expect TriLink to start building a position in China as well. For Cygnus, you know, it is been pretty good growth this year in China to begin with. So the markets are healthy there. Putting our direct sales force on the ground there I think it is a combination of not just going direct there. it is not the intent, but supporting our dealers better, interacting with our customers better. So that should lead to upside. But certainly, China for Cygnus has been performing very well this year in general already. Matthew Parisi: Thanks for the questions. Congrats again on the quarter. Bernd Brust: Thank you. Operator: Thank you. We will move next with Subhalaxmi Nambi with Guggenheim. Please go ahead. Subhalaxmi Nambi: Hey, guys. Thank you for taking my question. Does TriLink supply into other individualized new antigen programs, and how does that compare to the economics when it is individualized cancer vaccine versus like a prophylactic vaccine for you? Bernd Brust: Yeah. I mean, listen. I think that ultimately becomes an answer when we understand the volumes that come there. When it goes personalized, it does not I think, theoretically matter that much to us in that capping and tailing is the same. This probably is more applicable in the CDMO world. That we that we play in. And so it is something that we will talk through with pricing models here. I do not know if we have everything sorted out completely ourselves yet. But certainly pricing will be modified depending on how volume versus very specialized mRNA. Subhalaxmi Nambi: that is fair. You have seen the non COVID commercial launches for 2028 to 2029. Is that still the right framework, or are there any other clinical customer in Phase 3 or file today that could be approved in 2027? Bernd Brust: I am sorry. Are you asking if there is more phase 3 approved into commercial next year? Correct. We think there are a few customers out there that are close, whether they will happen in 2027, it is not in our control, obviously. But there is a few phase 3 customers that we are working with. Perfect. Subhalaxmi Nambi: Thank you so much, guys. Operator: Thank you. And once again, if you would like to ask a question, please press star 1. Will move next with Matthew Hewitt with Craig Hallum. Please go ahead. Your line is open. Talif: Hello, and thank you for taking the question. This is Talif [Phonetic] on for Matthew. Can you talk about the embedded assumptions about China and the guidance? Thank you. Rajesh J. Asorpota: Sorry. So guidance for China What are we assuming from China in the guidance? Okay. I think. So most of our China growth and revenue comes from Cygnus. You know, in Q3, China grew about 48%. And we. You know, that is a little bit of a function of timing from Q2 softness into Q3. We expect normal growth back in the fourth quarter and all of that is kind of baked into our roughly 5% growth for the total year. And Trilink is zero, of course. Yeah. For Q4, we have no China revenue assumptions. Talif: Thank you. Operator: Thank you. And at this time, we show no further questions in queue. I will turn the call back to Bernd Brust for closing comments. Bernd Brust: Thank you, everyone, for joining the call. Maybe a few closing points. MRNA, a highly strategic part of our portfolio. This quarter's key growth driver both in discovery where we grew 27% and GMP where we grew 30%. Clearly, both excellent performances. And I think what makes it that much more impressive discovery growing both in base discovery and advanced drug discovery, at similar levels shows us a high level of confidence in what is happening not only in the markets, but with what we are doing as a company to capture share there. Cygnus at 8%, another great quarter. That business is stable, high margin. We talked a little bit about this in some questions and performing to plan. I think we are all seeing this. The mRNA clinical landscape is robust. Cancer vaccines, rare disease protein replacements, gene editing, infectious disease vaccines, and we are in the middle of all of it. We are foundational to customer programs that can improve human health. Progress we have made over the past year is real. it is meaningful, and we are just getting started. So thanks again for your time. Look forward to speaking next quarter. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.