{
  "report_rows": [
    {
      "kpi": "Total Revenue",
      "prediction": "MISS",
      "answer": "pred ~$90M vs. cons ~$115M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "GAAP/Non-GAAP EPS (net loss per share)",
      "prediction": "BEAT",
      "answer": "pred ~-$1.80 vs. cons ~-$1.98",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "R&D Expense (cost discipline run-rate)",
      "prediction": "IN-LINE",
      "answer": "pred ~$740M vs. cons ~$750M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue Growth Target",
      "prediction": "UNCHANGED",
      "answer": "guide ~up to 10% vs. cons ~9% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted Cash Costs (R&D+SG&A)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.2B vs. cons ~$4.2B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Year-end 2026 Cash & Investments (pre/post Arbutus payment)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.5-5.0B vs. cons ~$4.7B (FY2026 year-end)",
      "confidence": "LOW"
    },
    {
      "kpi": "Melanoma Phase 3 Interim Analysis Timing Commentary",
      "prediction": "UNKNOWN",
      "answer": "guide ~Q4 2026/2027 vs. cons ~Oct-Nov 2026 (2026 event window)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "Revenue miss vs. stale higher consensus triggers initial negative reaction, but with revenue base still tiny (<$150M/qtr) relative to $23-24B market cap, the earnings print carries limited information content; attention rapidly shifts to the Aug 5 flu PDUFA decision and pending melanoma Phase 3 interim, causing the earnings-specific residual to fade as trading reverts to catalyst-driven positioning rather than compounding on the print itself. Any implicit H2 revenue cut (H1 well below some outside estimates) could pressure out-year numbers further, but guidance reiteration on FY growth/cost targets limits follow-through downside.",
  "day5_confidence": "LOW"
}