Artificial Intelligence
Nauticus Robotics Reports Second Quarter 2023 Results and Provides Business Update
HOUSTON, Aug. 11, 2023 (GLOBE NEWSWIRE) — Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ: KITT), a developer of autonomous robots using artificial intelligence for data collection and intervention services to the ocean industries, today announced results for the second quarter ended June 30, 2023.
Highlights
- Signed a contract with Shell plc (NYSE: SHEL) for an initial project in the Gulf of Mexico Princess Field. Pending success, this contract could lead to multi-million dollars worth of additional contracts over the next few years.
- Signed a contract with Petrobras (NYSE: PBR), one of the world’s largest energy companies, to deploy Aquanaut, the Company’s autonomous subsea robot, to support Petrobras’ offshore activities. The contract opens up a potential market opportunity of more than $100 million per year for Nauticus.
- Announced an additional award under the current contract with Leidos Holdings, Inc. (NYSE: LDOS) for the continued development of an Aquanaut-derivative in preparation for customer adoption decisions expected later this year.
- Continued successful commissioning exercises for the first of three 2nd generation commercial Aquanauts by logging over 100 hours of offshore testing to date; expected to qualify in September for commercial service for Shell.
- Advanced in both programs with the U.S. Defense Innovation Unit (DIU), successfully completing contract phases that further develop specialized autonomous platforms for amphibious and mine-counter measure capabilities for the U.S. Navy and U.S. Marine Corps utilizing Nauticus’ autonomy software package toolKITT.
- Closed the first tranche of a $15 million senior secured debt facility led by existing strategic equity investors.
“As we embark on the commercial launch of the Nauticus Fleet, the demand for our autonomous service offering is increasing. Over the last few months, we have signed commercial deals with leading energy companies such as Petrobras and Shell and are in advanced discussions with several additional majors,” said Nic Radford, CEO of Nauticus. “These contracts equate to multi-million-dollar bookings and open up a much larger potential scope of work as these companies spend hundreds of millions of dollars per year on offshore inspection, maintenance, and repair work.”
“Although we tend to talk more about our commercial offerings, the government-oriented side of our business remains a key component of our long-term strategy with much of our IP being borne out of our government work. While revenue from these projects was down this quarter due to delays in contract authorizations, we expect to recover in the upcoming quarters.”
“I’ve never been more optimistic about the future of Nauticus. We employ some of the best minds in the industry, and we are positioned with the right product at the right time to disrupt a $30 billion market. Demand from potential customers is high, but constructing our fleet is capital intensive. As such, we’re finalizing a $15 million senior secured debt round led by one of our key strategic investors, with $5 million of the amount deposited last month.”
“The recent revaluation of our warrants reflects an updated modeling process and our current belief that debt rather than equity can be used to finance Nauticus’ near-term capital requirements,” said Rangan Padmanabhan, Chief Financial Officer of Nauticus. “We are thankful for the continued support of our existing investors, as well as the holders of our existing convertible debentures for working with us, as we are seeing significant traction with commercial customers, and debt funding will help us turn that into substantial future revenue growth.”
Second Quarter 2023 Financial Results
Nauticus reported second quarter revenue of $1.1 million compared to $2.8 million in the prior-year period. The decrease in revenue is primarily attributable to delays in contract authorization with government entities.
Total operating expenses during the second quarter were $8.0 million, a $2.5 million increase from the prior-year period. $1.7 million of the increase was associated with non-cash stock compensation expense. The balance of increase was attributable to increased general and administrative (“G&A”) costs associated with being a public company as well as to support the continued growth of the Company as it transitions to commercial operations.
For the quarter, Nauticus recorded a net income attributable to common stockholders of $20.7 million, or $0.49 per diluted share. This compares to a net loss attributable to common stockholders of $3.4 million, or $0.35 per diluted share in the prior-year comparable period. The increase was primarily due to the positive impact from the change in fair value of warrant liabilities.
Net loss attributable to common stockholders for the second quarter of 2023 includes certain items typically excluded from published estimates by the investment community. Adjusted net loss attributable to common stockholders, which excludes the impact of these items as described in the non-GAAP reconciliation table below, was $8.1 million, or $0.20 per diluted share, in the second quarter of 2023, compared to a net loss of $3.4 million, or $0.35 per diluted share, in the second quarter of 2022.
Nauticus ended the second quarter with $4.4 million in cash and cash equivalents. The Company had a working capital surplus of $11.7 million at the end of the second quarter.
Conference Call and Webcast Information
Nauticus will host a conference call today, August 11, 2023 at 10:00 a.m. Eastern time (7:00 a.m. Pacific time). A question-and-answer session will follow management’s presentation.
U.S. dial-in number: 1-877-407-9039
International number: 1-201-689-8470
Conference ID: 13740225
The conference call will broadcast live and be available for replay here.
A replay of the call will be available through August 25, 2023.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Conference ID: 13740225
About Nauticus
Nauticus Robotics, Inc. is a developer of autonomous robots using artificial intelligence for data collection and intervention services for the ocean industries. Nauticus’ robotic systems and services are delivered to commercial and government-facing customers through a Robotics-as-a-Service (RaaS) business model and direct product sales for both hardware platforms and software licenses. Besides a standalone service offering and products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofitting/upgrading legacy systems and other third-party vehicle platforms. Nauticus provides customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions to improve offshore health, safety, and environmental exposure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include, but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated 2023 operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on March 28, 2023. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
| Nauticus Robotics, Inc. Consolidated Balance Sheets (Unaudited) |
|||||||
| June 30, 2023 | December 31, 2022 | ||||||
| Assets | (Unaudited) | ||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 4,353,179 | $ | 17,787,159 | |||
| Restricted certificate of deposit | 250,375 | 250,375 | |||||
| Short-term investments | – | 4,959,263 | |||||
| Accounts receivable, net | 1,302,494 | 1,622,434 | |||||
| Inventories | 12,536,004 | 6,666,912 | |||||
| Contract assets | 611,236 | 573,895 | |||||
| Prepaid expenses | 6,121,038 | 5,046,599 | |||||
| Other current assets | 53,605 | 56,410 | |||||
| Total Current assets | 25,227,931 | 36,963,047 | |||||
| Property and equipment, net | 21,784,483 | 15,167,367 | |||||
| Operating lease right-of-use asset | 1,384,779 | 317,208 | |||||
| Other assets | 129,370 | 155,490 | |||||
| Total assets | $ | 48,526,563 | $ | 52,603,112 | |||
| Liabilities and Stockholders’ Equity (Deficit) | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 5,731,767 | $ | 324,484 | |||
| Accrued liabilities | 7,310,051 | 3,142,977 | |||||
| Operating lease liabilities – current | 524,279 | 410,158 | |||||
| Total Current Liabilities | 13,566,097 | 3,877,619 | |||||
| Warrant liabilities | 5,847,057 | 32,688,342 | |||||
| Operating lease liabilities – long-term | 992,660 | 87,214 | |||||
| Notes payable – long-term, net of discount | 17,800,494 | 15,922,118 | |||||
| Total Liabilities | 38,206,308 | 52,575,293 | |||||
| Commitments and Contingencies | |||||||
| Stockholders’ Equity (Deficit): | |||||||
| Common stock, $0.0001 par value; 625,000,000 shares authorized, 47,894,251 and 47,250,771 shares issued, respectively, and 47,894,251 and 47,250,771 shares outstanding, respectively | 4,789 | 4,725 | |||||
| Additional paid-in capital | 71,885,793 | 68,128,196 | |||||
| Accumulated deficit | (61,570,327 | ) | (68,105,102 | ) | |||
| Total Stockholders’ Equity (Deficit) | 10,320,255 | 27,819 | |||||
| Total Liabilities and Stockholders’ Equity (Deficit) | $ | 48,526,563 | $ | 52,603,112 | |||
| Nauticus Robotics, Inc. Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
| Three months ended | Six months ended | ||||||||||||||
| June 30, |
June 30, |
||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenue: | |||||||||||||||
| Service | $ | 1,128,115 | $ | 2,796,159 | $ | 3,948,395 | $ | 5,032,124 | |||||||
| Service – related party | – | 193,400 | 500 | 193,400 | |||||||||||
| Total revenue | 1,128,115 | 2,989,559 | 3,948,895 | 5,225,524 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Cost of revenue (exclusive of items shown separately below) | 1,900,602 | 2,540,062 | 4,832,869 | 4,439,223 | |||||||||||
| Depreciation | 53,209 | 117,086 | 326,308 | 228,405 | |||||||||||
| Research and development | 482,761 | 583,870 | 709,728 | 1,851,282 | |||||||||||
| General and administrative | 5,560,565 | 2,271,138 | 10,773,209 | 3,917,179 | |||||||||||
| Total costs and expenses | 7,997,137 | 5,512,156 | 16,642,114 | 10,436,089 | |||||||||||
| Operating loss | (6,869,022 | ) | (2,522,597 | ) | (12,693,219 | ) | (5,210,565 | ) | |||||||
| Other (income) expense: | |||||||||||||||
| Other (income) expense, net | 746 | (9,453 | ) | 1,153,127 | (5,241 | ) | |||||||||
| (Gain) on sale of assets | (3,908 | ) | – | (3,908 | ) | – | |||||||||
| Foreign currency transaction (gain) | (17,709 | ) | (9,848 | ) | (27,593 | ) | – | ||||||||
| Gain on exchange of warrants | 590,266 | – | 590,266 | – | |||||||||||
| Change in fair value of warrant liabilities | (29,668,454 | ) | – | (27,431,550 | ) | – | |||||||||
| Interest expense, net | 1,556,597 | 853,660 | 6,491,664 | 1,655,634 | |||||||||||
| Total other (income) expense, net | (27,542,462 | ) | 834,359 | (19,227,994 | ) | 1,650,393 | |||||||||
| Net income (loss) | $ | 20,673,440 | $ | (3,356,956 | ) | $ | 6,534,775 | $ | (6,860,958 | ) | |||||
| Basic income (loss) per share | $ | 0.52 | $ | (0.35 | ) | $ | 0.16 | $ | (0.71 | ) | |||||
| Diluted income (loss) per share | $ | 0.49 | $ | (0.35 | ) | $ | 0.16 | $ | (0.71 | ) | |||||
| Basic weighted average shares outstanding | 39,963,266 | 9,669,217 | 39,872,864 | 9,669,217 | |||||||||||
| Diluted weighted average shares outstanding | 44,345,319 | 9,669,217 | 40,602,678 | 9,669,217 | |||||||||||
| Nauticus Robotics, Inc. Consolidated Statements of Cash Flows (Unaudited) |
|||||||
| Six months ended June 30, |
|||||||
| 2023 | 2022 | ||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 6,534,775 | $ | (6,860,958 | ) | ||
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||
| Depreciation | 326,308 | 228,405 | |||||
| Accretion of debt discount | 1,878,376 | 347,106 | |||||
| Stock-based compensation | 3,077,027 | 388,814 | |||||
| Gain on exchange of warrants | 590,266 | – | |||||
| Change in fair value of warrant liabilities | (27,431,550 | ) | – | ||||
| Noncash impact of lease accounting | 145,253 | 88,212 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 319,940 | (811,016 | ) | ||||
| Inventories | (5,869,092 | ) | (2,380,429 | ) | |||
| Contract assets | (37,341 | ) | (60,585 | ) | |||
| Other assets | (1,045,514 | ) | (1,360,086 | ) | |||
| Accounts payable and accrued liabilities | 8,733,185 | 1,039,296 | |||||
| Contract liabilities | – | (373,791 | ) | ||||
| Operating lease liabilities | (193,257 | ) | (155,382 | ) | |||
| Net cash from operating activities | (12,971,624 | ) | (9,910,414 | ) | |||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (6,102,253 | ) | (3,080,199 | ) | |||
| Proceeds from sale of short-term investments | 4,959,263 | – | |||||
| Net cash from investing activities | (1,142,990 | ) | (3,080,199 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from exercise of stock options | 342,579 | – | |||||
| Proceeds from exercise of warrants | 338,055 | – | |||||
| Net cash from financing activities | 680,634 | – | |||||
| Net change in cash and cash equivalents | (13,433,980 | ) | (12,990,613 | ) | |||
| Cash and cash equivalents, beginning of period | 17,787,159 | 20,952,867 | |||||
| Cash and cash equivalents, end of period | $ | 4,353,179 | $ | 7,962,254 | |||
| Supplemental disclosure of cash flow information: | |||||||
| Cash paid for interest | $ | 908,184 | $ | 761,189 | |||
| Non-cash investing and financing activities: | |||||||
| Capital expenditures included in accounts payable | 841,171 | 1,949,142 | |||||
| Right of use asset assumed through lease liability | 1,212,824 | – | |||||
| Lease assumed through lease liability | 1,212,824 | – | |||||
Nauticus Robotics, Inc.
Non-GAAP Financial Measures (Unaudited)
Reconciliation of Net Income (Loss) Attributable to Common Stockholders (GAAP) to Adjusted Net Loss Attributable to Common Stockholders (Non-GAAP)
Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net loss attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and amount cannot be reasonably estimated or are non-recurring.
Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.
Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net loss attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net loss attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net loss attributable to common stockholders and may vary among companies, the Company’s calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net income (loss) attributable to stockholders (GAAP) | $ | 20,673,440 | $ | (3,356,956 | ) | $ | 6,534,775 | $ | (6,860,958 | ) | |||||
| Sales and use tax assessment | 0 | 0 | 1,189,164 | 0 | |||||||||||
| Foreign currency (gain)/loss | (17,709 | ) | (9,848 | ) | (27,593 | ) | 0 | ||||||||
| Loss on exchange of warrants | 590,266 | 590,266 | |||||||||||||
| Interest and Penalties | 362,045 | 0 | 4,320,690 | ||||||||||||
| Change in fair value of warrant liability | (29,668,454 | ) | – | (27,431,550 | ) | – | |||||||||
| Adjusted Net loss attributable to stockholders (non-GAAP) | $ | (8,060,412 | ) | $ | (3,366,804 | ) | $ | (14,824,248 | ) | $ | (6,860,958 | ) | |||
| Adjusted Basic (loss) per share | $ | (0.20 | ) | $ | (0.35 | ) | $ | (0.37 | ) | $ | (0.71 | ) | |||
| Adjusted Diluted (loss) per share | $ | (0.20 | ) | $ | (0.35 | ) | $ | (0.37 | ) | $ | (0.71 | ) | |||
| Basic weighted average shares outstanding | 39,963,266 | 9,669,217 | 39,872,864 | 9,669,217 | |||||||||||
| Diluted weighted average shares outstanding | 44,345,319 | 9,669,217 | 40,602,678 | 9,669,217 | |||||||||||
Investor Relations Contact:
Ralf Esper
Gateway Group, Inc.
(949) 574-3860
[email protected]
Media Contact
Zach Kadletz
Gateway Group, Inc.
(949) 574-3860
[email protected]
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]
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
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
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
-
Artificial Intelligence7 days agoWIO Taps Gracenote to Revolutionize Television Broadcast Reporting
-
Uncategorized5 days agoCrossover Markets Becomes First Crypto ECN to Integrate with Talos
-
Uncategorized5 days ago
Precisely Showcases Critical Role of Trusted Data in AI at the Gartner® Data & Analytics Summit in London
-
Artificial Intelligence4 days agoAdvanced HPC Server Platforms by MiTAC and TYAN Spotlighted at ISC High Performance 2024
-
Uncategorized3 days ago
Artificial intelligence tool detects sex-related differences in brain structure
-
Artificial Intelligence6 days agoElevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
-
Artificial Intelligence5 days agoMSI Highlights Optimized AI Platforms to Accelerate Compute-Intensive Applications at ISC 2024
-
Artificial Intelligence5 days ago
Supermicro’s Rack Scale Liquid-Cooled Solutions with the Industry’s Latest Accelerators Target AI and HPC Convergence
