Artificial Intelligence

Aurora Mobile Limited Announces Third Quarter 2022 Unaudited Financial Results

Published

1 year ago

November 23, 2022

SHENZHEN, China, Nov. 23, 2022 (GLOBE NEWSWIRE) — Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ: JG), a leading provider of customer engagement and marketing technology services in China, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Financial Highlights

Revenues were RMB80.4 million (US$11.3 million), a decrease of 11% year-over-year.
Cost of revenues was RMB26.4 million (US$3.7 million), an increase of 14% year-over-year.
Gross profit was RMB54.0 million (US$7.6 million), a decrease of 20% year-over-year.
Total operating expenses were RMB80.0 million (US$11.3 million), a decrease of 23% year-over-year.
Net loss was RMB20.7 million (US$2.9 million), compared with a net loss of RMB35.6 million for the same quarter last year.
Net loss attributable to Aurora Mobile Limited’s shareholders was RMB20.4 million (US$2.9 million), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB35.6 million for the same quarter last year.
Adjusted net loss (non-GAAP) was RMB14.5 million (US$2.0 million), compared with a RMB26.2 million adjusted net loss for the same quarter last year.
Adjusted EBITDA (non-GAAP) was a negative RMB6.7 million (US$0.9 million), compared with a negative RMB16.1 million for the same quarter last year.

Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “While we continued to navigate through macro-economic uncertainties, Q3’2022 was a solid quarter for performance and financial measurements in most of our business lines. We are also actively expanding our footprint into overseas markets and prioritizing opportunities for future growth. We continued our cost control initiatives into the 3rd quarter and are very pleased with our progress. Here is a snapshot of some of the key results that we want to share with you:

Lowest operating expenses for the past 16 quarters since Q4 of 2018, at RMB80.0 million, down 23% year-over-year
Lowest net loss since Q3 of 2019, at RMB20.7 million, narrowed down by 42% year-over-year
Adjusted EBITDA at negative RMB6.7 million, significantly improved by 58% year-over-year
Deferred Revenue balance is the highest in the history of the Company, at RMB139.1 million
Total customer number up 71% year-over-year to 4,665
AR turnover days significantly improved by 8 days from 46 days in Q2’2022 to 38 days despite the tough business environment

Another encouraging sign is from the revenue perspective, as we saw sequential revenue growth in most of our business lines this quarter. While we are anticipating more recovery in growth, it’s still too early to call this a definite trend. However, the sequential growth in our business lines is a major positive sign for us. In Q3’2022, Developer Services revenues increased by 3% quarter-over-quarter to RMB57.0 million, which was mainly due to the increase in Subscription Services. Year-over-year Developer Services decreased by 12% mainly due to the weakness in Value-added Services, offset by the growth in Subscription Services.

Subscription Services revenues were RMB41.7 million, up 9% quarter-over-quarter and up 5% year-over-year. Subscription Services, our core business line, including JPUSH, Analytics, UMS and others, are products and services that help APP developers and enterprises to improve their operational efficiency. The increase in ARPU contributed to the growth in revenues, and we managed to further grow our customer base, signing up several well-known and sizable customers.

During Q3’2022, we saw the ad market demand further pressured and advertisers continuing to cut back budgets. Although we believe that these factors are temporary and the ad market is expected to bounce back, we are taking actions and continue to prioritize our resources on projects that will drive the most growth. With the launch of our AD Mediation Platform in Q2’2022, over 3 million daily active users (“DAU”) and over 40 APPs have joined our platform and we are anticipating more DAUs to join our platform in Q4’2022.

While we put some emphasis on coping with the near-term uncertainties, we consistently stay focused on our long-term strategy of expanding our business overseas since we believe that going overseas is becoming a substantial growth strategy for Chinese companies. After several months of our team’s effort, in mid-October we launched our overseas messaging service platform EngageLab, allowing developers to reach global users effectively and efficiently. This is a major milestone for us, since we can now help both the Chinese companies and overseas based companies to carry out refined and accurate user reach and engagement at low cost with high message delivery rates and conversion rates. I invite you to visit our website at www.Engagelab.com and see for yourselves.”

Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “We have also seen sequential growth in Vertical Applications revenues. Vertical Applications mainly consist of Financial Risk Management and Market Intelligence. Vertical applications revenues increased by 12% quarter-over-quarter and decreased by 9% year-over-year.

Financial Risk Management Service revenues increased by 20% quarter-over-quarter to RMB14.4 million and decreased by 7% year-over-year. The Financial Risk Management sequential revenues growth was mainly due to the increase in customer numbers as demand has shown good growth over the quarters.

Our Market Intelligence Services also delivered strong revenue growth, up 23% quarter-over-quarter and 24% year-over-year to RMB8.9 million. During this quarter, we have further cemented our strategy to retain key account customers both from the PRC and overseas markets, and signed up numerous well-known customers.

As we mentioned earlier, tightening expense control has been the theme over the past few quarters. By doing so, we have achieved some very solid results to tide us through the tough times. We had another record low quarter for operating expenses at RMB80.0 million, down 23% year-over-year. All 3 components within the operating expense category have recorded year-over-year reductions.

Adjusted EBITDA (calculated as EBITDA excluding share-based compensation, reduction in force charges, impairment of long-term investment and change in fair value of foreign currency swap contracts), improved by 58% year-over-year and 16% quarter-over-quarter respectively, to negative RMB6.7 million.

AR turnover days decreased from 46 days in Q2’2022 to 38 days in this quarter. Our disciplined accounting policy and cash collecting efforts ensure a timely collection of our accounts receivables. This is very important to mitigate the exposure to bad and doubtful debts during these particularly challenging times.

Last but not least, our deferred revenue balance which represents cash collected in advance from customers for future contract performance, recorded the highest balance in history of the Company at RMB139.1 million. Another angle on this matter, our deferred revenue balance has been continually growing and exceeded RMB100 million at quarter end for the 10th consecutive quarter. This demonstrates the excellent health conditions of our financial KPIs under the SAAS businesses.”

Third Quarter 2022 Financial Results

Revenues were RMB80.4 million (US$11.3 million), a decrease of 11% from RMB90.5 million in the same quarter of last year, mainly due to the impact of COVID-19 on overall macroeconomic conditions.

Cost of revenues was RMB26.4 million (US$3.7 million), an increase of 14% from RMB23.2 million in the same quarter of last year. The increase was mainly due to the increase in short message cost of RMB1.3 million and increase in technical service cost of RMB1.1 million.

Gross profit was RMB54.0 million (US$7.6 million), a decrease of 20% from RMB67.4 million in the same quarter of last year.

Total operating expenses were RMB80.0 million (US$11.3 million), a decrease of 23% from RMB103.7 million in the same quarter of last year.

Research and development expenses were RMB38.3 million (US$5.4 million), a decrease of 31% from RMB55.5 million in the same quarter of last year, mainly due to a RMB9.4 million decrease in personnel costs, a RMB2.0 million decrease in technical service fee, a RMB2.9 million decrease in cloud cost, and a RMB1.4 million decrease in depreciation expense.
Sales and marketing expenses were RMB24.2 million (US$3.4 million), a decrease of 18% from RMB29.4 million in the same quarter of last year, mainly due to a RMB3.2 million decrease in personnel costs and a RMB1.7 million decrease in marketing expense.
General and administrative expenses were RMB17.6 million (US$2.5 million), a decrease of 7% from RMB18.8 million in the same quarter of last year, mainly due to a RMB0.7 million decrease in personnel costs and a RMB0.3 million decrease in travel and entertainment expense.

Loss from operations was RMB26.0 million (US$3.7 million), compared with RMB36.4 million in the same quarter of last year.

Net Loss was RMB20.7 million (US$2.9 million), compared with RMB35.6 million in the same quarter of last year.

Adjusted net loss (non-GAAP) was RMB14.5 million (US$2.0 million), compared with RMB26.2 million in the same quarter of last year.

Adjusted EBITDA (non-GAAP) was a negative RMB6.7 million (US$0.9 million), compared with a negative RMB16.1 million for the same quarter of last year.

The cash and cash equivalents, restricted cash and short-term investments were RMB108.1 million (US$15.2 million) as of September 30, 2022 compared with RMB284.6 million as of December 31, 2021. The decrease was primarily due to the short-term bank loan of RMB150.0 million was fully repaid in April 2022.

Update on Share Repurchase

As of September 30, 2022, the Company had repurchased a total of 947,749 ADS, of which 27,143 ADSs, or around US$27.9 thousand were repurchased during the third quarter in 2022 at the average purchase price of US$1.03.

Conference Call

The Company will host an earnings conference call on Wednesday, November 23, 2022 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing time on the same day).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration: https://register.vevent.com/register/BI14552f1bcf6b41d7bfa6f2da3c115cb9

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding share-based compensation, reduction in force charges, impairment of long-term investment and change in fair value of foreign currency swap contract. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, amortization of land use right, income tax expenses/(benefits), share-based compensation, reduction in force charges, impairment of long-term investment and change in fair value of foreign currency swap contract.

The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.

The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net loss and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

For investor and media inquiries, please contact:

Aurora Mobile Limited

[email protected]

Christensen

In China

Mr. Eric Yuan

Phone: +86-10-5900-1548

E-mail: [email protected]

In U.S.

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: [email protected]

–

Footnote:

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2022.

AURORA MOBILE LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data)

	Three months ended								Nine months ended
	September 30, 2021		June 30, 2022		September 30, 2022				September 30, 2021		September 30, 2022
	RMB		RMB		RMB		US$		RMB		RMB		US$

Revenues	90,517		76,147		80,431		11,307		256,126		241,908		34,007
Cost of revenues	(23,167	)	(22,673	)	(26,403	)	(3,712	)	(63,255	)	(75,904	)	(10,670	)
Gross profit	67,350		53,474		54,028		7,595		192,871		166,004		23,337
Operating expenses
Research and development	(55,511	)	(40,794	)	(38,275	)	(5,381	)	(161,730	)	(119,047	)	(16,735	)
Sales and marketing	(29,358	)	(23,326	)	(24,178	)	(3,399	)	(83,262	)	(73,787	)	(10,373	)
General and administrative	(18,831	)	(23,601	)	(17,569	)	(2,470	)	(65,523	)	(69,366	)	(9,751	)
Total operating expenses	(103,700	)	(87,721	)	(80,022	)	(11,250	)	(310,515	)	(262,200	)	(36,859	)
Loss from operations	(36,350	)	(34,247	)	(25,994	)	(3,655	)	(117,644	)	(96,196	)	(13,522	)
Foreign exchange gain/(loss), net	535		(2,667	)	(449	)	(63	)	(969	)	(3,713	)	(522	)
Interest income	1,668		388		276		39		4,998		1,915		269
Interest expenses	(1,936	)	(775	)	(194	)	(27	)	(6,914	)	(2,815	)	(396	)
Other (loss)/ income	(507	)	13,726		5,479		770		12,591		24,010		3,375
Change in fair value of structured deposits	–		3		49		7		20		52		7
Change in fair value of foreign currency swap contract	1,019		(677	)	–		–		2,924		764		107
Loss before income taxes	(35,571	)	(24,249	)	(20,833	)	(2,929	)	(104,994	)	(75,983	)	(10,682	)
Income tax (expenses)/ benefits	–		(139	)	110		15		(11	)	(25	)	(4	)
Net loss	(35,571	)	(24,388	)	(20,723	)	(2,914	)	(105,005	)	(76,008	)	(10,686	)
Less: net loss attributable to redeemable noncontrolling interests	–		(972	)	(296	)	(42	)	–		(2,357	)	(331	)
Net loss attributable to Aurora Mobile Limited’s shareholders	(35,571	)	(23,416	)	(20,427	)	(2,872	)	(105,005	)	(73,651	)	(10,355	)
Net loss attributable to common shareholders	(35,571	)	(23,416	)	(20,427	)	(2,872	)	(105,005	)	(73,651	)	(10,355	)
Net loss per share, for Class A and Class B common shares:
Class A and B Common Shares – basic and diluted	(0.45	)	(0.30	)	(0.26	)	(0.04	)	(1.33	)	(0.93	)	(0.13	)
Shares used in net loss per share computation:
Class A Common Shares – basic and diluted	61,906,065		62,138,645		62,306,416		62,306,416		61,748,610		62,168,880		62,168,880
Class B Common Shares – basic and diluted	17,000,189		17,000,189		17,000,189		17,000,189		17,000,189		17,000,189		17,000,189
Other comprehensive (loss)/income
Foreign currency translation adjustments	(294	)	3,519		3,472		488		360		7,300		1,026
Total other comprehensive (loss)/income, net of tax	(294	)	3,519		3,472		488		360		7,300		1,026
Total comprehensive loss	(35,865	)	(20,869	)	(17,251	)	(2,426	)	(104,645	)	(68,708	)	(9,660	)
Less: comprehensive loss attributable to noncontrolling interests	–		(972	)	(296	)	(42	)	–		(2,357	)	(331	)
Comprehensive loss attributable to Aurora Mobile Limited’s shareholders	(35,865	)	(19,897	)	(16,955	)	(2,384	)	(104,645	)	(66,351	)	(9,329	)

AURORA MOBILE LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of
	December 31, 2021		September 30, 2022
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	90,552		87,977		12,368
Restricted cash	164,030		137		19
Derivative assets	5,989		22		3
Short-term investments	30,000		20,000		2,812
Accounts receivable	43,860		32,167		4,522
Prepayments and other current assets	46,670		32,060		4,508
Amounts due from a related party	35		–		–
Total current assets	381,136		172,363		24,232
Non-current assets:
Long-term investments	141,926		142,908		20,090
Property and equipment, net	62,179		42,878		6,028
Intangible assets, net	5,398		25,191		3,541
Land use right	–		21,743		3,057
Goodwill	–		37,785		5,312
Other non-current assets	4,898		2,152		303
Total non-current assets	214,401		272,657		38,331
Total assets	595,537		445,020		62,563
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term loan	150,000		–		–
Accounts payable	18,292		17,456		2,454
Deferred revenue and customer deposits	119,991		132,714		18,657
Accrued liabilities and other current liabilities	85,305		88,240		12,405
Amounts due to a related party	54		63		9
Total current liabilities	373,642		238,473		33,525
Non-current liabilities:
Deferred revenue	3,845		6,366		895
Deferred tax liabilities	–		4,965		698
Other non-current liabilities	2,607		2,430		342
Total non-current liabilities	6,452		13,761		1,935
Total liabilities	380,094		252,234		35,460
Redeemable noncontrolling interests	–		31,582		4,440
Shareholders’ equity:
Common shares	49		49		7
Treasury shares	–		(199	)	(28	)
Additional paid-in capital	1,021,961		1,034,272		145,396
Accumulated deficit	(819,018	)	(892,669	)	(125,489	)
Accumulated other comprehensive income	12,451		19,751		2,777
Total shareholders’ equity	215,443		161,204		22,663
Total liabilities, redeemable noncontrolling interests and shareholders’ equity	595,537		445,020		62,563

AURORA MOBILE LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended								Nine months ended
	September 30, 2021		June 30, 2022		September 30, 2022				September 30, 2021		September 30, 2022
	RMB		RMB		RMB		US$		RMB		RMB		US$
Reconciliation of Net Loss to Adjusted Net Loss:
Net loss	(35,571	)	(24,388	)	(20,723	)	(2,914	)	(105,005	)	(76,008	)	(10,686	)
Add:
Share-based compensation	7,754		6,792		4,470		628		26,790		14,654		2,060
Reduction in force charges	–		–		1,712		241		–		5,903		830
Impairment of long-term investment	2,588		–		–		–		2,588		7,016		986
Change in fair value of foreign currency swap contract	(1,019	)	677		–		–		(2,924	)	(764	)	(107	)
Adjusted net loss	(26,248	)	(16,919	)	(14,541	)	(2,045	)	(78,551	)	(49,199	)	(6,917	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	(35,571	)	(24,388	)	(20,723	)	(2,914	)	(105,005	)	(76,008	)	(10,686	)
Add:
Income tax expenses/ (benefits)	–		139		(110	)	(15	)	11		25		4
Interest expenses	1,936		775		194		27		6,914		2,815		396
Depreciation of property and equipment	7,086		6,350		5,868		825		20,492		18,854		2,650
Amortization of intangible assets	1,156		1,671		1,665		234		3,346		4,412		620
Amortization of land use right	–		–		183		26		–		183		26
EBITDA	(25,393	)	(15,453	)	(12,923	)	(1,817	)	(74,242	)	(49,719	)	(6,990	)
Add:
Share-based compensation	7,754		6,792		4,470		628		26,790		14,654		2,060
Reduction in force charges	–		–		1,712		241		–		5,903		830
Impairment of long-term investment	2,588		–		–		–		2,588		7,016		986
Change in fair value of foreign currency swap contract	(1,019	)	677		–		–		(2,924	)	(764	)	(107	)
Adjusted EBITDA	(16,070	)	(7,984	)	(6,741	)	(948	)	(47,788	)	(22,910	)	(3,221	)

AURORA MOBILE LIMITED

UNAUDITED SAAS BUSINESSES REVENUE

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

Three months ended

Nine months ended

September 30, 2021

June 30, 2022

September 30,
2022

September 30, 2021

September 30,
2022

RMB

US$

RMB

US$

Developer Services

64,677

55,249

57,003

8,014

178,285

172,009

24,181

Subscription

39,773

38,343

41,692

5,862

110,987

114,391

16,081

Value-Added Services

24,904

16,906

15,311

2,152

67,298

57,618

8,100

Vertical Applications

25,840

20,898

23,428

3,293

77,841

69,899

9,826

Total Revenue

90,517

76,147

80,431

11,307

256,126

241,908

34,007

Gross Profits

67,350

53,474

54,028

7,595

192,871

166,004

23,337

Gross Margin

74.4%

70.2%

67.2%

75.3%

68.6%

Related Topics:AI Artificial Intelligence Machine learning

Up Next

Global Artificial Intelligence Market Research Report 2022-2027: Rapid Surge of Cybersecurity Incidents Driving Growth

Don't Miss

‘Construction 4.0’ the New Buzz Word in Construction Industry to Drive Sales of Construction Lasers, Says Fact.MR

GlobeNewswire

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024

Published

2 days ago

May 17, 2024

CISION (PR Newswire)

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]
Photo – https://mma.prnewswire.com/media/2416174/Regeneron_ISEF_2024_Winners_Photo.jpg
Logo – https://mma.prnewswire.com/media/2416197/Society_for_Science_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html

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

Published

2 days ago

May 17, 2024

CISION (PR Newswire)

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.

View original content:https://www.prnewswire.co.uk/news-releases/jp-morgan-life-sciences-private-capital-blue-horizon-advisors-and-united-al-saqer-announce-winner-of-inaugural-2024-life-sciences-innovation-summit-302149186.html

Artificial Intelligence

Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024

Published

2 days ago

May 17, 2024

CISION (PR Newswire)

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.
Photo – https://mma.prnewswire.com/media/2415818/Global_Data_Center_Facility_Summit_2024.jpg

View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html