Episode 958: Martin Shkreli Reacts To FDA Advisory Committee Meeting (Capricor Therapeutics)

**SPEAKER_1** (0:00)
Once we begin the vote, the buttons will start flashing and will continue to flash even after you have entered your vote. So please press the button firmly that corresponds to your vote. If you're unsure of your vote and you wish to change your vote, you may press the corresponding button until the vote closes. And I believe the vote goes on for about 20 seconds, or maybe 30 seconds. After everyone has completed their vote, the vote will be locked in. The vote will then be displayed on the screen, and Cicely will read the vote from the screen into the record. And then, and this is the most important part, it's not what the vote says, it's not the tally, it's not winning or losing. I'll go around the room, and everybody needs to explain what influenced their vote, whether it was a no or a yes or an abstention, because more important than the vote is what your rationale was, what you were thinking, because that's what's most valuable to the FDA in making their final decision. And there's one question, and again, the denouement of the entire afternoon is your final explaining why you voted the way you did. And it could be that your rationale is even different than what you voted, but that'll be important for the FDA.
Okay, so I'm going to read the voting question into the record. Does the available evidence provide substantial evidence of effectiveness of dirumacil for the treatment of cardiomyopathy in patients with DMD? And your choices are yes, no, or abstain.
Yep, everybody can, the clock's starting.

**Dr. Pavlakis** (2:16)
I don't see where the button is.

**SPEAKER_1** (2:21)
I'm not sure how people online vote.

**Dr. Pavlakis** (2:24)
I think we just said, oh, I think-

**SPEAKER_1** (2:26)
Oh, you send an email in.

**Dr. Pavlakis** (2:27)
I'll send an email out, I think is what I'm thinking.

**SPEAKER_1** (2:29)
Okay, the people in the room have this little panel, and you have flashing lights with yes, no, and abstain.

**Dr. Pavlakis** (2:35)
No, I only wish I had flashing lights. I'll send, they're supposed to send an email back.

**SPEAKER_1** (2:39)
We'll see what we can do next time.

**SPEAKER_4** (2:41)
To whom do we send the email?

**Cicely** (2:45)
That instruction, so, can you check your email?
Can you check your email? There are voting instructions?

**SPEAKER_4** (2:53)
Yeah.

**Cicely** (2:53)
You can send it to me.

**SPEAKER_4** (2:56)
Who's me? Is that Cicely?

**Cicely** (2:58)
Yeah, it says Cicely.

**Martin Shkreli** (3:01)
I'm sending her an email right now. No, I vote no. Shkreli votes no.

**SPEAKER_6** (3:08)
and included $2.4 billion in charges related to legal proceedings and $1.2 billion in savings in the May 2026 headcount reduction. Year over year growth was primarily driven by increases in employee compensation, What's the vote? infrastructure costs, legal related costs, and third-party AI token costs.

**Martin Shkreli** (3:32)
Get the vote.

**SPEAKER_1** (3:33)
Exceeding the previously mentioned severance expenses. It's not working.

**Martin Shkreli** (3:37)
It just says, can select again, and it's still blinking.

**SPEAKER_1** (3:41)
Yeah, then no, that's fine. If you put it in there, let me make sure.

**John Tierling** (3:45)
Did the voice register?

**SPEAKER_1** (3:47)
Yeah, that's okay. It keeps flashing because you can change your mind. Until they stop flashing it again.

**SPEAKER_8** (3:52)
Q2 with over 75,000 employees.

**SPEAKER_4** (3:55)
Cicely, I just sent an e-mail.

**SPEAKER_1** (3:56)
I'm doing all the votes.

**SPEAKER_4** (3:58)
If you could confirm.

**Cynthia Tibb** (3:59)
Maximally 8,000 employees.

**SPEAKER_1** (4:01)
It takes a little bit longer because some people are online.

**SPEAKER_6** (4:05)
We expect the majority of impacted employees will no longer be captured in our headcount by the end of Q3 in 2026 Second quarter gap operating income was $18.8 billion, representing a 31% operating margin. Excluding the Q2 legal charges and severance expenses, our second quarter operating income would have increased 9% year over year.
Our tax rate for the quarter was 16%. Net income was $15.8 billion or $6.18 per share. Capital expenditures, including principal payments on finance leases, were $31.1 billion, driven by investments in servers, data centers, and network infrastructure. Free cash flow was $784 million. We ended the quarter with $90.3 billion in cash and marketable securities, and $83.7 billion in debt.
There are two primary factors that drive our revenue performance. Our ability to deliver engaging experiences for our community, and our effectiveness at monetizing that engagement over time. On the first, we continue to see significant gains from our content recommendation initiatives. On Instagram, global time spent this quarter grew by a lot. What the is happening? You guys voted or not?

**SPEAKER_1** (5:47)
I do want to emphasize, this is not really an election, even though I know everybody's breathing with baited breaths as if it is an election. It's not a winner or a loser, it's getting a sense of the committee. I don't know, I don't know. I don't know.