Artificial Intelligence
Cemtrex Reports First Quarter 2022 Financial Results
Brooklyn, NY, Feb. 22, 2022 (GLOBE NEWSWIRE) — – Cemtrex Inc. (NASDAQ: CETX, CETXP), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, has reported its financial and operational results for the first quarter ended December 31, 2021.
Key First Quarter 2022 and Subsequent Highlights
- Revenue increased 21% to $10.7 million compared to $8.8 million in Q1’21.
- Regained compliance with Nasdaq Audit Committee composition requirements.
- Appointed independent directors Chris Wagner, a technology expert in the video internet streaming industry, and Manpreet Singh, CFA, founder and Chief Investment Officer of Singh Capital Partners, to the Board of Directors.
- Initiated a process with the Company’s board of directors to evaluate potential strategic alternatives to maximize shareholder value.
- A full range of strategic, operational and financial alternatives including the sale of one or more of the Company’s business units.
- Second investment of $0.5 million into Masterpiece Studio (formerly MasterPieceVR), a developer of a professional desktop and VR application suite that offers 3D content creation tools, primarily for virtual reality and the Metaverse.
- onXRP.com, a leading technology and content platform which provides user-driven innovation to the XRP Ledger (XRPL), and CXR, a subsidiary of Cemtrex, partnered to create a set of modular extensions that will help further develop the onXRP ecosystem.
- Launched the SmartDesk Connect D, a new version that extends compatibility to more devices including most mid- to high-end laptops, Apple® M1 products and select Microsoft Surface® devices.
- Bravo Strong has continued with the development of first VR game and expects a beta release of StarForceVR in Oculus Quest App Lab in CY22 Q1.
- Presented at the Imperial Capital 2021 Security Investor Conference.
Management Commentary
Cemtrex Chairman and CEO, Saagar Govil, commented on the results: “Cemtrex has engaged in a series of acquisitions and investments over the last several years, executing on an aggressive growth strategy focused on building a leading multi-industry technology company. With a strong cash position and consecutive year-over-year revenue growth for our core business segments (industrial and security), management believes the current valuation does not reflect the sum of the parts for our Internet of Things (IoT), machine vision & artificial intelligence, and augmented & virtual reality segments. In conjunction with our new board appointments, Cemtrex has commenced a strategic review of our business units to determine a more focused approach and to unlock shareholder value through the potential sale of one of more of our business units. We expect to update shareholders more on this initiative in the coming months.”
“The first quarter of 2022 was highlighted by the development of key partnerships with technology companies in blockchain and VR and improving year over year revenues. We remained focused on our top line growth with investments in our sales and marketing program, ongoing research and development, and advancing our technology partnerships.”
“We continue to invest in opportunities that will rapidly expand our breadth as a company, with a recent follow-on investment in Masterpiece Studio, a developer of the most intuitive and powerful software for content creation using virtual reality. The ability to create 3D content easily and quickly is rapidly gaining in importance with the rise of the far more interactive and collaborative metaverse, and we are looking forward to further collaboration with the team.”
“Our recent partnership with OnXRP to create a set of modular extensions will help further develop XRPL NFT-supporting technology that strives to be the first of its kind on this Blockchain. With increasing market adoption around crypto economies – the metaverse, blockchain and NFTs are rapidly becoming the new internet, and these partnerships will enable us to be stay at the forefront of their evolution.”
“During the quarter we released an improved SmartDesk Connect product that allows users to use their own laptop instead of a built-in PC. As supply chain and delivery issues improve, we expect this advanced version will continue to resonate with customers seeking an all-in-one multiple monitor display and motorized sit-stand desk, powered by just a laptop.”
First Quarter 2022 Financial Results
Revenue for the three months ended December 31, 2021, and 2020 was $10.7 million and $8.8 million, respectively, an increase of 21%. This increase is mainly due to an improvement in economic conditions from the impact of the COVID-19 crisis during the same period last year. The Advanced Technologies segment revenues for the three months ended December 31, 2021, increased by 20% to $5.6 million, and the Industrial Services segment revenues for quarter increased by 21%, to $5.1 million.
Gross Profit for the first quarter of 2022 was $3.9 million, or 36% of revenues as compared to gross profit of $4.0 million, or 45% of revenues for the year ago period. Gross profit decreased due to increased cost of revenues and varied from product to product and from customer to customer.
Total operating expenses for three months ended December 31, 2021, were $7.9 million, compared to $6.1 million in the prior year’s quarter.
Operating activities for continuing operations used $4.4 million for the three months ended December 31, 2021 compared to using $1.1 million of cash for the three months ended December 31, 2020.
Net loss for the quarter ended December 31, 2021 was $4.5 million, as compared to a net loss of $1.7 million in 2020. Net loss increased in the first quarter as compared to the same period last year primarily due to costs of revenues and operating expenses.
Cash and cash equivalents totaled $10.3 million at December 31, 2021, as compared to $15.4 million at September 30, 2021.
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry technology company that is driving innovation in markets such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems. www.cemtrex.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of an offering, gross proceeds from an offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
| (Unaudited) | ||||||||
| December 31, | September 30, | |||||||
| Assets | 2021 | 2021 | ||||||
| Current assets | ||||||||
| Cash and equivalents | $ | 10,338,978 | $ | 15,426,976 | ||||
| Restricted cash | 1,633,452 | 1,759,347 | ||||||
| Short-term investments | 14,960 | 14,981 | ||||||
| Trade receivables, net | 5,547,749 | 7,810,896 | ||||||
| Trade receivables – related party | 1,492,321 | 1,487,155 | ||||||
| Inventory –net of allowance for inventory obsolescence | 7,085,698 | 5,657,287 | ||||||
| Prepaid expenses and other assets | 2,727,511 | 2,585,652 | ||||||
| Total current assets | 28,840,669 | 34,742,294 | ||||||
| Property and equipment, net | 6,736,871 | 6,738,944 | ||||||
| Right-of-use assets | 2,725,616 | 2,940,127 | ||||||
| Goodwill | 7,821,283 | 7,821,283 | ||||||
| Other | 697,624 | 697,240 | ||||||
| Total Assets | $ | 46,822,063 | $ | 52,939,888 | ||||
| Liabilities & Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 3,512,267 | $ | 4,235,002 | ||||
| Short-term liabilities | 7,591,892 | 9,977,972 | ||||||
| Lease liabilities – short-term | 789,346 | 830,791 | ||||||
| Deposits from customers | 722,690 | 62,970 | ||||||
| Accrued expenses | 1,478,746 | 2,094,303 | ||||||
| Deferred revenue | 1,621,244 | 2,004,170 | ||||||
| Accrued income taxes | 323,371 | 448,194 | ||||||
| Total current liabilities | 16,039,556 | 19,653,402 | ||||||
| Long-term liabilities | ||||||||
| Loans payable to bank | 486,262 | 767,279 | ||||||
| Long-term lease liabilities | 1,936,270 | 2,017,408 | ||||||
| Notes payable | 2,400,000 | 2,350,000 | ||||||
| Mortgage payable | 2,232,812 | 2,257,785 | ||||||
| Other long-term liabilities | 750,905 | 839,171 | ||||||
| Paycheck Protection Program Loans | 60,700 | 1,032,200 | ||||||
| Deferred Revenue – long-term | 497,771 | 467,967 | ||||||
| Total long-term liabilities | 8,364,720 | 9,731,810 | ||||||
| Total liabilities | 24,404,276 | 29,385,212 | ||||||
| Commitments and contingencies | – | – | ||||||
| Shareholders’ equity | ||||||||
| Preferred stock , $0.001 par value, 10,000,000 shares authorized, | ||||||||
| Series 1, 3,000,000 shares authorized, 1,979,753 shares issued and | ||||||||
| outstanding as of December 31, 2021 and 1,885,151 shares issued and | ||||||||
| outstanding as of September 30, 2020 (liquidation value of $10 per share) | 1,980 | 1,885 | ||||||
| Series C, 100,000 shares authorized, 50,000 shares issued and outstanding at | ||||||||
| December 31, 2021 and September 30, 2021 | 50 | 50 | ||||||
| Common stock, $0.001 par value, 50,000,000 shares authorized, | ||||||||
| 23,673,210 shares issued and outstanding at September 30, 2021 and | ||||||||
| 20,782,194 shares issued and outstanding at September 30, 2021 | 23,673 | 20,782 | ||||||
| Additional paid-in capital | 65,058,290 | 61,727,834 | ||||||
| Retained earnings (accumulated deficit) | (46,386,013 | ) | (41,908,062 | ) | ||||
| Treasury stock at cost | (148,291 | ) | (148,291 | ) | ||||
| Accumulated other comprehensive income (loss) | 2,955,944 | 2,896,452 | ||||||
| Total Cemtrex stockholders’ equity | 21,505,633 | 22,590,650 | ||||||
| Non-controlling interest | 912,154 | 964,026 | ||||||
| Total liabilities and shareholders’ equity | $ | 46,822,063 | $ | 52,939,888 | ||||
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss)
(Unaudited)
| For the three months ended | ||||||||
| December 31, 2021 | December 31, 2020 | |||||||
| Revenues | $ | 10,672,489 | $ | 8,836,076 | ||||
| Cost of revenues | 6,803,295 | 4,830,606 | ||||||
| Gross profit | 3,869,194 | 4,005,470 | ||||||
| Operating expenses | ||||||||
| General and administrative | 6,612,004 | 5,417,196 | ||||||
| Research and development | 1,311,713 | 634,225 | ||||||
| Total operating expenses | 7,923,717 | 6,051,421 | ||||||
| Operating income/(loss) | (4,054,523 | ) | (2,045,951 | ) | ||||
| Other income/(expense) | ||||||||
| Other income/(expense) | 930,169 | 950,988 | ||||||
| Interest Expense | (1,405,469 | ) | (608,941 | ) | ||||
| Total other income/(expense), net | (475,300 | ) | 342,047 | |||||
| Net loss before income taxes | (4,529,823 | ) | (1,703,904 | ) | ||||
| Income tax benefit/(expense) | – | (28,954 | ) | |||||
| Net income/(loss) | (4,529,823 | ) | (1,732,858 | ) | ||||
| Less income/(loss) in noncontrolling interest | (51,872 | ) | (40,247 | ) | ||||
| Net income/(loss) attributable to Cemtrex, Inc. shareholders | $ | (4,477,951 | ) | $ | (1,692,611 | ) | ||
| Other comprehensive income/(loss) | ||||||||
| Net income/(loss) | $ | (4,529,823 | ) | $ | (1,732,858 | ) | ||
| Foreign currency translation gain/(loss) | 59,492 | 37,864 | ||||||
| Comprehensive income/(loss) | (4,470,331 | ) | (1,694,994 | ) | ||||
| Less comprehensive income/(loss) attributable to noncontrolling interest | 51,872 | (40,247 | ) | |||||
| Comprehensive income/(loss) attributable to Cemtrex, Inc. shareholders | $ | (4,522,203 | ) | $ | (1,654,747 | ) | ||
| Income/(loss) Per Share-Basic | $ | (0.20 | ) | $ | (0.09 | ) | ||
| Income/(loss) Per Share-Diluted | $ | (0.20 | ) | $ | (0.09 | ) | ||
| Weighted Average Number of Shares-Basic | 22,713,683 | 17,842,664 | ||||||
| Weighted Average Number of Shares-Diluted | 22,713,683 | 17,842,664 | ||||||
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| For the three months ended | ||||||||
| December 31, | ||||||||
| Cash Flows from Operating Activities | 2021 | 2020 | ||||||
| Net income/(loss) | $ | (4,529,823 | ) | $ | (1,732,858 | ) | ||
| Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ||||||||
| Depreciation and amortization | 262,833 | 360,578 | ||||||
| Gain on disposal of property and equipment | 27,170 | 4,050 | ||||||
| Amortization of right-of-use assets | 214,511 | 186,777 | ||||||
| Change in allowance for doubtful accounts | 94,588 | (3,979 | ) | |||||
| Share-based compensation | 45,371 | 16,069 | ||||||
| Income tax expense/ (benefit) | – | (28,954 | ) | |||||
| Interest expense paid in equity shares | 821,592 | 87,099 | ||||||
| Accrued interest on notes payable | 132,162 | 126,390 | ||||||
| Amortization of original issue discounts on notes payable | 325,000 | 250,000 | ||||||
| Gain/loss on marketable securities | 21 | (942,923 | ) | |||||
| Discharge of Paycheck Protection Program Loans | (971,500 | ) | – | |||||
| Changes in operating assets and liabilities net of effects from acquisition | ||||||||
| of subsidiaries: | ||||||||
| Accounts receivable | 2,168,559 | 2,213,132 | ||||||
| Accounts receivable – related party | (5,166 | ) | (243,006 | ) | ||||
| Inventory | (1,428,411 | ) | (632,610 | ) | ||||
| Prepaid expenses and other current assets | (141,859 | ) | 273,705 | |||||
| Other assets | (384 | ) | 141,058 | |||||
| Other liabilities | (88,266 | ) | 7,856 | |||||
| Accounts payable | (722,735 | ) | (702,285 | ) | ||||
| Operating lease liabilities | (122,583 | ) | (192,534 | ) | ||||
| Deposits from customers | 659,720 | 3,539 | ||||||
| Accrued expenses | (615,557 | ) | (38,891 | ) | ||||
| Deferred revenue | (353,122 | ) | (156,166 | ) | ||||
| Income taxes payable | (124,823 | ) | (74,099 | ) | ||||
| Net cash used by operating activities – continuing operations | (4,352,702 | ) | (1,078,052 | ) | ||||
| Net cash provided/(used) by operating activities – discontinued operations | – | – | ||||||
| Net cash used by operating activities | (4,352,702 | ) | (1,078,052 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Purchase of property and equipment | (291,666 | ) | (13,321 | ) | ||||
| Investment in Virtual Driver Interactive | – | – | ||||||
| Investment in MasterpieceVR | – | (900,000 | ) | |||||
| Proceeds from sale of marketable securities | – | 4,307,594 | ||||||
| Purchase of marketable securities | – | (3,569,760 | ) | |||||
| Net cash provided/(used) by investing activities | (291,666 | ) | (675,487 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from notes payable | – | – | ||||||
| Payments on notes payable | (326,763 | ) | (1,275,000 | ) | ||||
| Payments received on notes receivable | – | |||||||
| Proceeds on bank loans | – | – | ||||||
| Payments on bank loans | (305,990 | ) | (354,708 | ) | ||||
| Proceeds from Paycheck Protection Program Loans | – | |||||||
| Proceeds from securities purchase agreements | – | – | ||||||
| Payments on capital lease liabilities | – | |||||||
| Expenses on securities purchase agreements | – | – | ||||||
| Revolving line of credit | – | – | ||||||
| Net cash provided by financing activities | (632,753 | ) | (1,629,708 | ) | ||||
| Effect of currency translation | 63,228 | (24,116 | ) | |||||
| Net increase in cash, cash equivalents, and restricted cash | (5,277,121 | ) | (3,383,247 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 17,186,323 | 21,072,859 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 11,972,430 | $ | 17,665,496 | ||||
| Balance Sheet Accounts Included in Cash, Cash Equivalents, and Restricted Cash | ||||||||
| Cash and equivalents | $ | 10,338,978 | $ | 15,866,068 | ||||
| Restricted cash | 1,633,452 | 1,799,428 | ||||||
| Total cash, cash equivalents, and restricted cash | $ | 11,972,430 | $ | 17,665,496 | ||||
| Supplemental Disclosure of Cash Flow Information: | ||||||||
| Cash paid during the period for interest | $ | 126,715 | $ | 145,452 | ||||
| Cash paid during the period for income taxes | $ | 124,823 | $ | 74,099 | ||||
| Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||||
| Investment in Virtual Driver Interactive | $ | – | $ | 439,774 | ||||
| Stock issued to pay notes payable | $ | 3,288,071 | $ | 407,854 | ||||
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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