STOCKS TELEGRAPH

Author: Iqra Jamal

  • Cellectar Biosciences, Inc. (CLRB) Stock Surged 0.96% After-Hours, Here’s Why 

    Cellectar Biosciences, Inc. (CLRB) Stock Surged 0.96% After-Hours, Here’s Why 

    Cellectar Biosciences, Inc. (CLRB) is up 0.96% in the after-hours trading session at the price of $1.05 despite any recent news. CLRB discovers and develops drugs for the treatment of cancer. The company is developing proprietary drugs independently as well as through research and development collaborations. 

    CLRB Awarded $2.0 Million Phase II NIH SBIR Grant 

    On 18th August 2021, CLRB announced it had been awarded a peer-reviewed National Institutes of Health (NIH) Phase II Small Business Innovation Research (SBIR) grant from the National Cancer Institute (NCI). The awarded grant has a total worth of approximately $2 Million. The company is conducting a globally pivotal study of iopofosine I-131 (CLR 131). The study is for patients of Waldenstrom’s macroglobulinemia (WM) who have received at least two prior lines of therapy. It also includes patients of failed Bruton tyrosine kinase inhibitor or suboptimal response. The study has initiated in January of 2021. It is expected to take around 18 months to enroll fully.  

    CEO of CLRB, James Caruso, remarked that they appreciate the funding from NIH and NCI for their pivotal iopofosine program. WM is a deadly disease with existing treatment restricted to one approved drug and various unapproved therapies. This $2 million non-dilutive grant will support and accelerate the ongoing pivotal study. It will help them achieve top-line data and submission of the NDA, he added.  

    Agreement with Evergreen Theragnostics for CLR-131 

    On 16th August 2021, CLRB announced that it had entered into commercial manufacturing and supply agreement with Evergreen Theragnostics. It had also announced that United States Adopted Names Council (USAN) approved the use of iopofosine I-131, the generic name for CLR-131. Evergreen, a global radiopharmaceutical contract manufacturing organization, will conduct process development and validation of large-scale commercial quantities of iopofosine I-131. This mutual agreement with Evergreen provides a long-term commercial supply of iopofosine I-131. It will also supply clinical study material for Cellectar’s pivotal study in Waldenstrom’s macroglobulinemia (WM) as well as ongoing Phase 1 and Phase 2 clinical studies.  

    Second Quarter 2021 Financial Results 

     On 9th August 2021, CLRB announced financial results for the second quarter ended on 30th June 2021. The company reported cash and cash equivalents of $46.8 million by 30th June 2021. The cash equivalents were $57.2 million on 31st December 2020. The cash used in operating activities was $11.6 million during the six months ended on 30th June 2021, compared to $6.6 million for the same period the previous year. The net loss attributable to common stockholders for the three months ended 30th June 2021 was ($6.0) million or ($0.11) per share. For the three months ended 30th June 2020, net loss was ($3.6) million or ($0.26) per share. Net loss attributable to common stockholders for the six months ended 30th June 2021 was ($12.4) million or ($0.25) per share. It was ($7.6) million or ($0.65) per share for the same period of 2020. 

  • NMTC Stock Surged 2.75% Pre-Market, Here’s Why 

    NeuroOne Medical Technologies Corporation (NMTC) is up 2.75% in the pre-market trading session at the price of $4.85 despite any recent news.

    NMTC Featured on Cheddar News (VIDEO)

    NMTC is a developmental stage company that provides minimally invasive and high-definition solutions for EEG recording and brain stimulation. It also delivers ablation solutions for epilepsy, Parkinson’s disease, dystonia, essential tremors, chronic pain, and other neurological disorders. These solutions improve patient outcomes and reduce procedural costs. On 25th August 2021, NMTC published that it had featured on Cheddar News. The segment title was “Can This Brain Implant Save Lives?”

    CEO of NeuroOne, Dave Rosa, joined Cheddar News to speak about its latest device and development in neuroscience. During the video interview, Mr. Rosa stated that their electrodes have the capability to offer high-definition integration. The Evo Electrode has 16 points of contact in the brain and the sEEG electrode, with the same footprint, has about 900 points of contact. These electrodes provide better precision, high clarity, and better visuals.

    Third Quarter Fiscal 2021 Financial Results and Corporate Update

    On 13th August 2021, NMTC published financial results for the third quarter ended on 30th June 2021. Dave Rosa, CEO of NMTC, stated that they had made significant progress across their product portfolio during their fiscal third quarter. The company had completed the first commercial use of their first FDA-approved diagnostic product at Mayo Clinic. They have submitted 510(k) for their second diagnostic product line and remain on target to commercialize it by year-end. They are making progress in their ablation electrode and are targeting to launch it within the next eighteen months. Additionally, they are expecting data on their chronic use electrode technology later this year. They are focusing on the execution of their upcoming milestones to maximize shareholder value, he added.

    Third Quarter 2021 Financial Results

    NMTC reported product revenue of $40,000 for the third quarter of fiscal 2021. The collaboration revenue was $17,000 for the third quarter of 2021. There was no revenue for the same quarter of the previous year.  Net loss was $3.0 million for the third quarter of fiscal 2021. A net loss of $7.1 million, reported for the same period of 2020. The cash was $9.0 million for the third quarter ended on 30th June 2021. There was no debt outstanding on 30th June 2021. Total operating expenses in the third quarter of fiscal 2021 were $3.0 million. Total operating expenses were $1.6 million in the same period of the prior year.

  • Harpoon Therapeutics, Inc. (HARP) Stock Surged 6.15% after-hours, Here’s Why 

    Harpoon Therapeutics, Inc. (HARP) is up 6.15% in the after-hours trading session at the price of $9.5 despite any recent news. HARP is a clinical-stage immunotherapy company that develops a novel class of T-cell engagers. They check the power of the human immune system to treat patients with cancer and other diseases.  

    HARP to Participate in Upcoming Virtual Investor Conferences 

    On 2nd September 2021, HARP published that President and Chief Executive Officer Gerald McMahon will participate in three upcoming virtual investor conferences. The first penal will be at Citi’s 16th Annual BioPharma Conference on 9th September 2021. The discussion topic is Large Molecule Drugs for Oncology – Framing Tips of the Spear for Novel Antibodies and Protein Therapeutics. The second discussion, fireside chat, will be held at Baird’s 2021 Global Healthcare Conference on 15th September 2021. The third conference will be at Cantor’s 2021 Virtual Global Healthcare Conference on 28th September 2021.  

    Second Quarter 2021 Financial Results and Corporate Updates 

     On 5th August 2021, Harpoon Therapeutics published its financial results for the second quarter ended on 30th June 2021.  Chief Executive Officer of HARP Jerry McMahon remarked that the clinical data arising for their proprietary TriTAC portfolio continued to be encouraging. Their HPN424, HPN536, and HPN328 have shown cancer target engagement, significant treatment duration, and tumor size reduction. They remain focused on increasing dose levels across all four programs and providing additional interim clinical pipeline data, he added.  

    HARP Second Quarter 2021 Financial Results 

    HARP reported revenue of $5.8 million for the second quarter ended 30th June 2021. Revenue was $2.8 million for the second quarter ended on 30th June 2020.  For the six months ended on 30th June 2021, revenue was $14.8 million. Revenue of $6.1 million was reported for the same six months of the previous year. The increase in revenue for the second quarter of 2020 was primarily due to higher research and development services revenue related to Harpoon’s Development and Option Agreement with AbbVie. For the second quarter of 2021, the increase in revenue was due to the delivery of the second initial target under Harpoon’s Amended and Restated Discovery Collaboration Agreement with AbbVie.

    HARP reported a net loss of $16.8 million for the second quarter ended 30th June 2021. Net loss was $12.7 million for the quarter ended 30th June 2020. The net loss for the six months ended on 30th June 2021 was $78.5 million. The net loss was $25.2 million for the first six months of the previous year. 

  • Philip Morris International Inc. (PM) Stock Plunged 7.27% After-Hours, Here’s Why 

    Philip Morris International Inc. (PM) stock is down 7.27% in the after-hours trading session at the price of $98.38 despite any recent news.  Philip Morris International is the leading tobacco industry. It creates a smoke-free future and replaces cigarettes with smoke-free products to benefit adults, society, the company, and shareholders.  

    Barclays Global Consumer Staples Conference 

    On 1st September 2021, PM stock has scheduled a live video webcast at the Barclays Global Consumer Staples Conference.  It will be on Wednesday, 8th September 2021, at around 8:00 a.m. ET. Chief Financial Officer, Emmanuel Babeau, will present the company’s remarks and a question-and-answer session. The webcast will be held virtually and provide a live video of the entire session. Presentation slides will also be available on the company’s website.  

    Business Transformation-Linked Financing Framework 

    On 27th August 2021, Philip Morris International Inc. (PM) stock published its business transformation-linked financing framework. It integrates the smoke-free transformation into its financing strategy. The Framework presents the guidelines that PM will follow in issuing business transformation-linked financing instruments in the debt capital and loan markets. It includes public notes offerings, private placements, loans, and other related financing instruments. The Key Performance Indicators (KPIs) measure and respond to the PM’s sustainability and corporate strategy. Additionally, they address the health impact of the company’s products.   

    Chief Financial Officer, Emmanuel Babeau remarked that they want to link their material sustainability priorities to their financing. It will strengthen their commitment and further highlight the seriousness of their smoke-free ambitions. They believe that a business transformation-linked financing framework helps reinforce their commitment to reinventing their company. It will also allow investors and lenders to engage with and support their industry-leading transformation. They are working to accelerate the end of smoking by using their strong capabilities to develop products without nicotine. It will have a positive impact on society and youth life, he added.  

    PM Stock Launched New IQOS ILUMA in Japan 

    On 17th August 2021, PM stock launched the IQOS ILUMA. It is the latest and most innovative addition to their growing portfolio of smoke-free products. It will help adults who would otherwise continue to smoke or use nicotine products. This brand of better alternatives to cigarettes includes multiple generations of the IQOS tobacco heating system. Uniquely, the latest IQOS ILUMA becomes the brand’s first tobacco-heating system to introduce induction-heating technology, which works without a blade and requires no cleaning. The IQOS ILUMA series offers two devices in Japan, IQOS ILUMA PRIME and IQOS ILUMA. Both devices imply new induction-heating technology. They offer different designs to allow adult users to select a device that best satisfies their needs and suit their preferences.   

  • FuboTV Inc. (FUBO) Stock Surged 4.47% Pre-Market, Here’s Why 

    FuboTV Inc. (FUBO) is up 4.47% in the pre-market trading session at the price of $31.06 after the announcement of receiving a license from the Arizona Department of Gaming (ADG). FUBO Gaming Inc. is a Chicago-based subsidiary of the live TV streaming platform fuboTV Inc. It delivers a novel, hyper-personalized sports entertainment, and wagering experience. 

    FUBO Gaming Received License From the ADG

    On 2nd September 2021, FUBO Gaming announced that it had been granted a Management Services Provider Certification from the Arizona Department of Gaming (ADG). The license is subject to additional regulatory approvals. It will allow Fubo Gaming to offer mobile event wagering within the state of Arizona through a market access agreement. It signifies another milestone toward the launch of its mobile sportsbook, Fubo Sportsbook. After its launch, sports bettors in the Grand Canyon state will enjoy new and innovative mobile sportsbooks. It will improve their wagering experience through the feature of Watching Now. It is an industry-first integration of sports wagering and live streaming with fuboTV. 

    President of FUBO Gaming, Scott Butera, remarked that the license award in Arizona is an important strategic step as they intend to bring their integrated Fubo Sportsbook to the enthusiastic sports fans of Arizona. He thanked their partners at the Ak-Chin Indian Community for supporting them achieve this milestone. After the expected launch of Fubo Sportsbook, they will look forward to presenting a seamless user experience. It will enable fans to wager while watching their favorite sports. Fubo Sportsbook will add another exciting layer to the sports entertainment experience, he added. 

    Approval From the Iowa Racing and Gaming Commission 

    On 31st August 2021, FUBO Gaming announced that it had received approval to offer advance deposit online sports wagering from the Iowa Racing and Gaming Commission (IRGC). It is the next step in launching its mobile sportsbook, Fubo Sportsbook, which remains on track to go live in the fourth quarter of 2021. It will enhance their wagering experience through the “Watching Now” feature. It is an industry-first integration of sports wagering and live streaming with fuboTV. 

    President of Fubo Gaming, Scott Butera, remarked that they are excited to kick off this journey in Iowa. He thanked the IRGC and Casino Queen for being the perfect partner in assisting them to cross the goal line and bring this sportsbook to the ardent sports fans of Iowa. They believe Fubo Sportsbook will provide an elevated sports entertainment experience. It will enhance interaction and engagement between sports viewing and betting, he added.  

  • UMC Stock Surged 5.53% Pre-Market, Here’s Why 

    United Microelectronics Corporation (UMC) is up 5.53% in the pre-market trading session at the price of $12.40 despite any recent news. 

    UMC Published July 2021 Sales Report 

    UMC is a leading global semiconductor foundry. It provides high-quality IC production to serve the electronics industry while focusing on both logic and specialty technologies. On 5th August 2021, UMC reported unaudited net sales for July 2021. Total revenues for July 2021 were NT$18,366,122k. For July of 2020, the total revenue was NT$15,494,823k. It represents an increase of 18.53% year over year. From Jan to July 2021, total revenues were NT$116,370,875k. The revenue of NT$102,148,930k was reported, from Jan to July of 2020. It represents a year-over-year increase of 13.92%. 

    Second Quarter 2021 Financial Results 

    On 28th July 2021, UMC published its consolidated operating results for the second quarter of 2021. UMC reported consolidated revenue of NT$50.91 billion for the second quarter of 2021. It represents an increase of 8.1%  from NT$47.10 billion in the first quarter of 2021. Second-quarter 2021 revenue was up 14.7% year over year from NT$44.39 billion in the same quarter the previous year. The consolidated gross margin for the second quarter of 2021 was 31.3%. Net income attributable to the shareholders was NT$11.94 billion. 

    Operating revenues in the second quarter of 2021 increased 8.1% to NT$50.91 billion. It resulted from slightly higher wafer shipment and the enhancement in the blended product mix. UMC reported a 27.3% increase in gross profit to NT$15.91 billion, or 31.3% of revenue. Operating expenses grew 4.5% to NT$6.20 billion. Net income attributable to shareholders increased to NT$11.94 billion. UMC reported earnings per ordinary share of NT$0.98 for the second quarter of 2021. Earnings per ADS was US$0.176 during this period. 

    Co-president of UMC, Jason Wang, remarked that the strong demand boosted by 5G adoption and digital transformation underpinned their performance in the second quarter of 2021. Their manufacturing facilities surpassed 100% utilization while overall wafer shipments increased 3.0% to 2.44 million.  Revenue from 28nm technologies continued to rise sequentially, driven by 4G/5G smartphones, Solid State Drive, and Digital TV applications. They continued their product optimization and cost reduction efforts, lifting their gross margin. They anticipate the strength of structural demand to sustain and support the continuous improvement of blended ASP. They continue to take further steps to enhance their corporate governance and lead sustainability efforts in the industry, he added.  

  • FFHL Stock Surged 1.59% After-Hours, Here’s Why 

    Fuwei Films (Holdings) Co., Ltd. (FFHL) is up 1.59% in the after-hours trading session at the price of $10.20 after the release of financial results for the second quarter of 2021. 

    FFHL Announced Financial Results for the Second Quarter of 2021

    On 2nd September 2021, FFHL announced unaudited financial results for the second quarter and the first six months ended on 30th June 2021. FFHL conducts its business through its wholly-owned subsidiary, Fuwei Shandong Co., Ltd. It develops, manufactures, and distributes high-quality plastic films using the biaxially oriented stretch technique. 

    Second Quarter 2021 Financial Highlights 

    FFHL reported net sales of RMB100.6 million (US$15.6 million) for the second quarter ended 30th June 2021. Net sales were RMB82.9 million during the same quarter in 2020. It represents a year-over-year increase of RMB17.7 million or 21.4%. The rise in average sales price caused a year-over-year increase of RMB15.6 million and higher sales volume caused an increase of RMB2.1 million. Gross profit for the second quarter ended 30th June 2021 was RMB39.9 million (US$6.2 million). It represents a gross profit rate of 39.6%, as compared to a gross profit rate of 41.6% for the same quarter in 2020.  

    Operating expenses for the second quarter ended 30th June 2021 were RMB14.0 million (US$2.2 million). Operating expenses were RMB18.7 million for the second quarter in 2020. The drop resulted from a decrease in accrual depreciation of the third production line and trial production line. Net profit attributable to the company during the second quarter of 2021 was RMB19.8 million (US$3.1 million).  Net profit attributable to the company was RMB14.1 million during the same period of 2020. 

    Financial Results for the Six Months Ended 30th June 2021 

    FFHL announced net sales of RMB202.2 million (US$31.3 million) for the six months ended on 30th June 2021. Net sales were RMB166.1 million for the same period in 2020. It represents an increase of RMB36.1 million or 21.7%. The rise in average sales price caused an increase of RMB22.0 million and the increase in the sales volume caused an increase of RMB14.1 million. The gross profit was RMB82.3 million (US$12.7 million) for the first six months ended 30th June 2021. It represents a gross margin rate of 40.7%, compared to a gross margin rate of 38.7% for the same period in 2020.  

    Operating expenses for the six months ended 30th June 2021 were RMB24.4 million (US$3.8 million). The operating expenses were RMB33.8 million in the same period in 2020, 27.8% lower than the same period in 2020. This drop resulted from a decrease in accrual depreciation of the third production line and trial production line. Net income attributable to the company during the first half of 2021 was RMB51.2 million (US$7.9 million). Net income attributable to the company was RMB27.0 million during the same period in 2020. It represents an increase of RMB24.2 million from the same period in 2020 due to the factors explained above.

  • GWRE Stock Surged 6.38% After-Hours, Here’s Why 

    Guidewire Software, Inc. (GWRE) is up 6.38% in the after-hours trading session at the price of $126.00 after the release of the fourth quarter and fiscal year 2021 financial results. GWRE is the platform P&C insurers trust to engage, innovate, and grow efficiently. It combines digital, core, analytics, and AI to deliver the platform as a cloud service. 

    GWRE Published Fourth Quarter and Fiscal Year 2021 Financial Results 

    On 2nd September 2021, GWRE published its financial results for the fourth quarter and fiscal year ended 31st July 2021. CEO of GWRE, Mike Rosenbaum, remarked that they ended the fiscal year 2021 with high momentum across Guidewire Cloud. They have closed a record 17 core cloud deals in the fourth quarter. They have secured cloud migrations and signed new agreements. Additionally, they have expanded all pushed ARR, total revenue, and profitability. They enter the new fiscal year with confidence in their cloud vision, strategy, and execution. Looking ahead, they are well-positioned to drive increasing ARR growth, he added.  

    Fiscal Year 2021 Financial Highlights 

    GWRE reported total revenue of $743.3 million for the fiscal year 2021. It represents an increase of less than 1% from the fiscal year 2020. Subscription and support revenue were $252.4 million, an increase of 24%. The license revenue was $303.8 million, a decrease of 8%. Loss from operations was $105.6 million for the fiscal year 2021. Operating loss was $23.9 million for the fiscal year 2020. Net loss was $66.5 million for the fiscal year 2021, compared with $27.2 million for the fiscal year 2020. GAAP net loss per share was $0.79, compared with net loss per share of $0.33 for fiscal 2020. 

    Fiscal Fourth Quarter 2021 Financial Results 

    GWRE reported total revenue of $229.4 million for the fourth quarter of the fiscal year 2021. It represents a decrease of 6% from the same quarter in the fiscal year 2020. The subscription and support revenue were $70.0 million, an increase of 29%. The license revenue was $109.7 million, a drop of 20%. GAAP loss from operations was $0.1 million for the fourth quarter of the fiscal year 2021. GAAP income from operations was $44.3 million for the same quarter in the previous fiscal year. GAAP net loss was $1.0 million for the fourth quarter of the fiscal year 2021, compared with net income of $38.8 million for the same quarter in the fiscal year 2020. Net loss per share of $0.01, was reported for the fourth quarter of 2021. GAAP net income per share was $0.46 for the same quarter in the fiscal year 2020. 

  • Canaan Inc. (CAN) Stock Surged 5.25% Pre-Market, Here’s Why

    Canaan Inc. (CAN) stock is up 5.25% in the pre-market trading session at the price of $9.63 despite no recent news.

    Strategic Partnership with Genesis Digital Assets

    CAN stock is a leading high-performance computing solutions provider. On 31st August 2021, the company published that it had secured a purchase order from Genesis Digital Assets Limited. Genesis is a leading Bitcoin mining firm and has around 20,000 Bitcoin mining machines. It has extensive experience in building and operating industrial-scale Bitcoin mining data centers. As per the deal, Canaan has granted Genesis Digital an option to purchase up to 180,000 additional mining machines.

    CEO of CAN, Mr. Nangeng Zhang, remarked that since they partnered with Genesis Digital Assets earlier this year, both parties have signed several great deals. This order, with an option of future large purchases, further solidifies their collaborations. It reflects both parties’ confidence in the prospects of the cryptocurrency mining industry. All mutually beneficial deals show the quality of their products and their efforts to deliver for clients. They remain engaged in helping miner clients expand their computing power while generating value for their shareholders.

    CAN Stock Secured Substantial Order of 17,352 Bitcoin Mining Machines

    On 13th August 2021, CAN stock declared that it had received a purchase order from Mawson Infrastructure Group Inc. The order contains 17,352 bitcoin mining machines with an aggregate operating hash power of 1.5EH. According to the deal, the company will deliver the latest generations of its Avalon A1166 and A1246 bitcoin mining machines to Mawson’s operations.

    Mr. Nangeng Zhang, Chief Executive Officer of CAN, remarked that they are pleased to further enhance their partnership with Mawson. With robust computing performance, they are bringing their next-generation mining solutions to a growing cohort of renowned international miners. By strengthening their supply chain management, they have secured their production capacity and ensured the timely delivery of their products. Looking ahead, they will remain focused on their growth strategies for overseas advancement, R&D investment, and supply chain cultivation to enhance the sustainability of their business, he added.

    Enhancement of AI Business by Investment in Leading Visual Solution Provider

    On 11th August 2021, CAN stock disclosed that it has entered into an agreement with Pixelworks Semiconductor Technology Ltd. (PWSH). The company will invest roughly US$3.1 million in cash in exchange for an equity interest in PWSH. The deal is subject to certain closing conditions. Under the agreement, PWSH has agreed to complete all requirements to apply to a qualified initial public offering. The QIPO is consummated prior to 30th June 2024 for investors.

  • PHX Minerals Inc. (PHX) Stock Surged 8.54% Pre-Market, Here’s Why 

    PHX Minerals Inc. (PHX) is up 8.54% in the pre-market trading session at the price of $2.67 despite any recent news. 

    PHX Published At-The-Market Equity Offering Program 

    On 25th August 2021, PHX declared that it had filed a prospectus supplement with the U.S. Securities and Exchange Commission. It has entered into an At-The-Market Equity Offering Sales Agreement with Stifel, Nicolaus & Company. Under the deal, the company may offer and sell, from time to time to Stifel. The company will acquire up to 3,000,000 shares of its common stock through an “at-the-market” equity offering program. PHX aims to use the net proceeds from the sale of shares for general corporate purposes, including to fund working capital and acquisitions.  

    Third Quarter 2021 Financial Results 

    On 5th August 2021, PHX published financial and operating results for the third quarter ended 30th June 2021. Production volumes for the third quarter of 2021 grew 31% to 2,493 Mmcfe from 1,904 Mmcfe in the third fiscal quarter of 2020. It increased 9% from 2,297 Mmcfe in the second fiscal quarter of the previous year. Net loss was $1.4 million or $0.05 per share in the third fiscal quarter of 2021. For the third quarter of 2020,  net loss was $3.6 million or $0.21 per share. A net loss of $0.5 million or $0.02 per share, reported in the second fiscal quarter of 2021. Net loss on derivative contracts was $5,487,483 in the 2021 quarter. For the same quarter of 2020, a net loss was $838,282. The net loss on derivative contracts was principally due to the natural gas, oil collars, and fixed price swaps. 

    PHX reported a nine-month net loss of $2,453,037 or $0.10 per share in the 2021 period. Net loss was $22,117,915 or $1.34 per share in the 2020 same period. The change in net loss was principally the result of increased natural gas, oil, and NGL sales and decreased LOE, DD&A, impairment expense, and G&A. The change was partially offset by an increase in losses on derivative contracts, transportation, gathering, and marketing expenses, production taxes, and income tax benefit. Net loss on derivative contracts was $8,089,662 in the 2021 period. The net gain on derivative contracts was $2,415,401 in the 2020 period. 

    Chad L. Stephens, CEO of PHX, remarked that they had reduced their debt to $19.9 million at quarter-end. It represents a 15% decrease to the prior quarter and a 34% decline compared to the year-over-year quarter. It has put them in a great financial position and will allow them to allocate a majority of their growing free cash flow to mineral acquisitions. They look forward to informing their results to drive shareholder value in the future, he added.