All Three Patients Treated in First Dose Cohort Administered Fludarabine-free Conditioning and Show Rapid, Deep, and Sustained B-cell Depletion with Favorable Safety Profile First Patient to Reach 6-Month Follow-up Remains in DORIS Clinical Remission and Free of All Immunosuppressive Therapies Company Plans to Initiate Dose Expansion at First Dose Level of 360M Cells SAN DIEGO, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. FATE , a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune disorders, today presented new clinical and translational data from the Company's FT819 Phase 1 Autoimmunity study for moderate-to-severe systemic lupus erythematosus (SLE) at the American Society of Hematology (ASH) Annual Meeting being held in San Diego, CA. The first three study patients, each of whom presented with active lupus nephritis (LN) despite having been treated with multiple standard-of-care therapies, received fludarabine-free conditioning followed by a single dose of FT819 at 360 million cells. There were no dose-limiting toxicities (DLTs), no events of any grade of cytokine release syndrome (CRS), immune effector-cell associated neurotoxicity syndrome (ICANS), or graft-versus-host disease (GvHD), and rapid, deep, and sustained elimination of CD19+ B cells in the periphery was observed during the first month of treatment. FT819 is the Company's off-the-shelf, CD19-targeted, 1XX CAR T-cell product candidate comprised of CD8αβ+ T cells with a memory phenotype and high CXCR4 expression to promote tissue trafficking. "We continue to be very pleased with early clinical observations of fludarabine-free conditioning and FT819 off-the-shelf, CAR T-cell therapy in patients with moderate-to-severe SLE. The remarkable experience of the first patient treated in April is ongoing, as the patient remains on-study in drug-free clinical remission. In addition, the initial clinical and translational data from the two additional patients treated at the first dose level continue to support the potential for disease transformation," said Bob Valamehr, President of Research and Development of Fate Therapeutics. "We are now initiating dose expansion at this first dose level to accelerate development, and are also escalating dose based on the favorable safety profile observed. In addition, I am pleased to announce that the first patient has now been treated with FT819 as an add-on to maintenance therapy without conditioning chemotherapy. We believe our therapeutic approach is highly-differentiated and has the potential to transform disease outcomes without requiring patient apheresis, discontinuation of maintenance therapy, intense conditioning chemotherapy, and extended hospitalization." FT819 Phase 1 Autoimmunity Study The ongoing multi-center, Phase 1 clinical trial for patients with moderate-to-severe SLE is designed to evaluate the safety, pharmacokinetics, and anti-B cell activity of FT819 (NCT06308978). The first three patients, all of whom presented with active LN despite having been treated with multiple standard-of-care therapies, received fludarabine-free conditioning consisting of either cyclophosphamide alone or bendamustine alone, followed by a single dose of FT819 at 360 million cells. In all three patients, FT819 was detected in the peripheral blood and rapid, deep, and sustained elimination of CD19+ B cells in the periphery was observed during the first month of treatment. All three patients remain on-study, and there have been no DLTs and no events of any grade of CRS, ICANS, or GvHD. Based on these clinical observations, the Company is initiating dose expansion in up to 10 patients at this first dose level, and is also escalating dose to 720 million cells. The Company's FT819 Phase 1 Autoimmunity study also includes a second treatment arm to assess the safety, pharmacokinetics, and anti-B cell activity of a single dose of FT819 as an add-on to maintenance therapy without conditioning chemotherapy in patients with SLE. The first patient has now been treated in this second arm, which is being conducted in parallel with the study's conditioning arm. FT819 Patient 1 Case Study The first patient treated in the Phase 1 Autoimmunity study presented with active LN and severe disease, which was marked by renal BILAG A (British Isles Lupus Assessment Group) disease activity score based on biopsy, SLEDAI-2K (Systemic Lupus Erythematosus Disease Activity Index) score of 20, FACIT-Fatigue (Functional Assessment of Chronic Illness Therapy-Fatigue) score of 33 (range 0-52, where a score of 52 indicates no fatigue) and PGA (Physician Global Assessment) score of 2.5 (where a score of 3 indicates most severe activity). Following administration of fludarabine-free conditioning and treatment with a single dose of FT819 at 360 million cells, the patient was discharged from the hospital without notable adverse events (AEs) after a protocol-required three-day stay. Rapid elimination of CD19+ B cells in the periphery was observed following treatment, and B-cell recovery by Month 3 was predominantly comprised of naïve, non-class switched B cells with near-complete elimination of switched memory B cells and deep depletion of plasmablasts, indicative of an immune reset. The patient reported that her debilitating fatigue had entirely resolved without further treatment, and treatment with methylprednisolone was discontinued at Month 3. The patient achieved DORIS (definition of remission in SLE) clinical remission, including with resolution of arthritis and active urinary sediment and with a substantial reduction in proteinuria, as of Month 6 follow-up. The patient continues on-study, in DORIS clinical remission, and remains free of all immunosuppressive therapy. iPSC-derived CAR T-cell Product Platform The Company also highlighted the scientific progress of its proprietary iPSC-derived CAR T-cell product platform at the ASH Annual Meeting. In an oral presentation entitled " Off-the-shelf Product Candidate Incorporates Novel Sword & Shield Technology Designed to Promote Functional Persistence without Conditioning Chemotherapy ", the Company compared its novel Sword & Shield technology, which utilizes a 4-1BB-targeted CAR (ADR) alongside the complete knock-out of CD58 (CD58KO) to both target and evade host alloreactive immune cells, to other host immune evasion strategies. In preclinical studies of allogeneic models, the Company showed that its Sword and Shield Technology specifically engaged with alloreactive T cells and supported functional persistence while avoiding the killing of general host T cells and activated anti-tumor T cells. This unique observation was not seen with other approaches that are either too broad and undesirably eliminate most of the host immune system or have limited coverage and cannot adequately protect the allogeneic cell product. In a second presentation entitled " Development of Induced Pluripotent Stem Cell-Derived T Cells Exhibiting Phenotypic and Functional Attributes of Primary CAR T Cells ", the Company conducted a series of high-resolution analyses to show stimulated iPSC-derived T cells elicit primary T-cell like activation, proliferation, transcriptional and functional program engagement, and iPSC-derived CAR T cells uniquely emulate antigen-mediated response similar to primary-derived autologous CAR T cells. About Fate Therapeutics' iPSC Product Platform Human induced pluripotent stem cells (iPSCs) possess the unique dual properties of unlimited self-renewal and differentiation potential into all cell types of the body. The Company's proprietary iPSC product platform combines multiplexed-engineering of human iPSCs with single-cell selection to create clonal master iPSC lines. Analogous to master cell lines used to mass produce biopharmaceutical drug products such as monoclonal antibodies, the Company utilizes its clonal master iPSC lines as a starting cell source to manufacture engineered cell products which are well-defined and uniform in composition, can be stored in inventory for off-the-shelf availability, can be combined and administered with other therapies, and can potentially reach a broad patient population. As a result, the Company's platform is uniquely designed to overcome numerous limitations associated with the manufacture of cell therapies using patient- or donor-sourced cells. Fate Therapeutics' iPSC product platform is supported by an intellectual property portfolio of over 500 issued patents and 500 pending patent applications. About Fate Therapeutics, Inc. Fate Therapeutics is a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune diseases. Using its proprietary iPSC product platform, the Company has established a leadership position in creating multiplexed-engineered master iPSC lines and in the manufacture and clinical development of off-the-shelf, iPSC-derived cell products. The Company's pipeline includes iPSC-derived natural killer (NK) cell and T-cell product candidates, which are selectively designed, incorporate novel synthetic controls of cell function, and are intended to deliver multiple therapeutic mechanisms to patients. Fate Therapeutics is headquartered in San Diego, CA. For more information, please visit www.fatetherapeutics.com . Forward-Looking Statements This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the safety and therapeutic potential of the Company's iPSC-derived CAR T-cell product candidates, including FT819, the advancement of and plans related to the Company's product candidates, clinical studies and preclinical research and development programs, the Company's progress, plans and timelines for the clinical investigation of its product candidates, including the expected clinical development plans for FT819, the initiation and continuation of enrollment in the Company's clinical trials, the initiation of additional clinical trials and additional dose cohorts in ongoing clinical trials of the Company's product candidates, the timing and availability of data from the Company's clinical trials, the therapeutic and market potential of the Company's research and development programs and product candidates, the Company's clinical and product development strategy, and the Company's expectations regarding progress, plans, and timelines. These and any other forward-looking statements in this release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that the Company's research and development programs and product candidates, including those product candidates in clinical investigation, may not demonstrate the requisite safety, efficacy, or other attributes to warrant further development or to achieve regulatory approval, the risk that results observed in prior studies of the Company's product candidates, including preclinical studies and clinical trials, will not be observed in ongoing or future studies involving these product candidates, the risk of a delay or difficulties in the initiation and conduct of, or enrollment of patients in, any clinical trials, the risk that the Company may cease or delay preclinical or clinical development of any of its product candidates for a variety of reasons (including requirements that may be imposed by regulatory authorities on the initiation or conduct of clinical trials, changes in the therapeutic, regulatory, or competitive landscape for which the Company's product candidates are being developed, the amount and type of data to be generated or otherwise to support regulatory approval, difficulties or delays in patient enrollment and continuation in the Company's ongoing and planned clinical trials, difficulties or delays in manufacturing or supplying the Company's product candidates for clinical testing, failure to demonstrate that a product candidate has the requisite safety, efficacy, or other attributes to warrant further development, and any adverse events or other negative results that may be observed during preclinical or clinical development), and the risk that its product candidates may not produce therapeutic benefits or may cause other unanticipated adverse effects. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the risks and uncertainties detailed in the Company's periodic filings with the Securities and Exchange Commission, including but not limited to the Company's most recently filed periodic report, and from time to time in the Company's press releases and other investor communications. Fate Therapeutics is providing the information in this release as of this date and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise. Contact: Christina Tartaglia Precision AQ 212.362.1200 christina.tartaglia@precisionaq.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
DAMASCUS, Syria — Syria’s prime minister said Monday that most cabinet ministers were back at work after rebels overthrew President Bashar Assad, but some state workers failed to return to their jobs, and a United Nations official said the country’s public sector had come “to a complete and abrupt halt.” Meanwhile, streams of refugees crossed back into Syria from neighboring countries, hoping for a more peaceful future and looking for relatives who disappeared during Assad’s brutal rule. There were already signs of the difficulties ahead for the rebel alliance now in control of much of the country. The alliance is led by a former senior al-Qaida militant who severed ties with the extremist group years ago and has promised representative government and religious tolerance. The rebel command said Monday they would not tell women how to dress. “It is strictly forbidden to interfere with women’s dress or impose any request related to their clothing or appearance, including requests for modesty,” the command said in a statement on social media. Nearly two days after rebels entered the capital, some key government services had shut down after state workers ignored calls to go back to their jobs, the U.N. official said, causing issues at airports and borders and slowing the flow of humanitarian aid. Rebel leader Ahmad al-Sharaa, who was long known by his nom de guerre Abu Mohammed al-Golani, also met for the first time with Prime Minister Mohammad Ghazi Jalali, who stayed in Syria when Assad fled. “You will see there are skills” among the rebels, al-Sharaa said in a video shared on a rebel messaging channel. Israel said it carried out airstrikes on suspected chemical weapons sites and long-range rockets to keep them from falling into the hands of extremists. Israel also seized a buffer zone inside Syria after Syrian troops withdrew. In northern Syria, Turkey said allied opposition forces seized the town of Manbij from Kurdish-led forces backed by the United States, a reminder that even after Assad’s departure, the country remains split among armed groups that have fought in the past. The Kremlin said Russia has granted political asylum to Assad, a decision made by President Vladimir Putin. Kremlin spokesperson Dmitry Peskov declined to comment on Assad’s specific whereabouts and said Putin did not plan to meet with him. Damascus was quiet Monday, with life slowly returning to normal, though most shops and public institutions were closed. In public squares, some people were still celebrating. Civilian traffic resumed, but there was no public transport. Long lines formed in front of bakeries and other food stores. There was little sign of any security presence though in some areas, small groups of armed men were stationed in the streets. Across swathes of Syria, families are now waiting outside prisons, security offices and courts, hoping for news of loved ones who were imprisoned or who disappeared. Just north of Damascus in the feared Saydnaya military prison, women detainees, some with their children, screamed as rebels broke locks off their cell doors. Amnesty International and other groups say dozens of people were secretly executed every week in Saydnaya, and they estimate that up to 13,000 Syrians were killed between 2011 and 2016. “Don’t be afraid,” one rebel said as he ushered women from packed cells. “Bashar Assad has fallen!” Britain and the U.S. are both considering whether to remove the main anti-Assad rebel group from their lists of designated terrorist organizations. Hayat Tahrir al-Sham began as an offshoot of al-Qaida but cut ties with the group years ago and has worked to present a more moderate image. The group’s leader, al-Sharaa, “is saying some of the right things about the protection of minorities, about respecting people’s rights,” British Cabinet minister Pat McFadden said, adding that a change would be considered “quite quickly.” But British Prime Minister Keir Starmer, speaking later during a visit to Saudi Arabia, said it was “far too early” to make that decision. In Washington, a Biden administration official noted that HTS will be an “important component” in Syria’s future and that the U.S. needs to “engage with them appropriately.” Another administration official said the U.S. remains in a “wait and see” mode on whether to remove the designation. Both officials requested anonymity to discuss the ongoing internal deliberations. The U.S. also announced it was sending its special envoy for hostage affairs to Beirut to seek information about the whereabouts of Austin Tice, a journalist who vanished in Syria 12 years ago and who President Joe Biden has said is believed to be alive. Israel, meanwhile, confirmed it struck suspected chemical weapons and rockets inside Syria. Israelis welcomed the fall of Assad, who was a key ally of Iran and Lebanon’s Hezbollah militant group, while expressing concern over what comes next. Israel says its forces temporarily seized a buffer zone inside Syria dating back to a 1974 agreement after Syrian troops withdrew in the chaos. “The only interest we have is the security of Israel and its citizens,” Israeli Foreign Minister Gideon Saar told reporters Monday. Saar did not provide details about the targets, but the British-based Syrian Observatory for Human Rights said they included weapons warehouses, research centers, air defense systems and aircraft squadrons.Martin Lewis shares the four conditions that could mean you pay no council tax
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec 9, 2024-- Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Results: Descriptions of our non-GAAP financial measures are contained in the section titled "Explanation of Non-GAAP Financial Measures" below and reconciliations of GAAP and non-GAAP financial measures are contained in the tables below. Proposed Acquisition; Conference Call and Guidance On October 17, 2024, we announced that Zuora entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. (“GIC”). The transaction is valued at $1.7 billion, with Silver Lake and GIC to acquire all outstanding shares of Zuora common stock for $10.00 per share in cash. The acquisition is expected to close in the first calendar quarter of 2024, subject to customary closing conditions and approvals, including the receipt of the required regulatory approvals. Upon completion of the transaction, Zuora will become a privately held company. Given the proposed acquisition of Zuora, we will not be holding a conference call or live webcast to discuss Zuora's third quarter of fiscal 2025 financial results, we will not be providing any forward looking guidance, and we are withdrawing all previously provided goals, outlook, and guidance. Key Operational and Financial Metrics: Explanation of Key Operational and Financial Metrics: Annual Contract Value (ACV) . We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions. We define the number of customers at the end of any particular period as the number of parties or organizations that have entered into a distinct subscription contract with us and for which the term has not ended. Each party with whom we have entered into a distinct subscription contract is considered a unique customer, and in some cases, there may be more than one customer within a single organization. Dollar-based Retention Rate (DBRR) . We calculate DBRR as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate. Annual Recurring Revenue (ARR). ARR represents the annualized recurring value at the time of initial booking or contract modification for all active subscription contracts at the end of a reporting period. ARR excludes the value of non-recurring revenue such as professional services revenue as well as contracts with new customers with a term of less than one year. ARR should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. ARR growth is calculated by dividing the ARR as of a period end by the ARR for the corresponding period end of the prior fiscal year. Explanation of Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures including: non-GAAP cost of subscription revenue; non-GAAP subscription gross margin; non-GAAP cost of professional services revenue; non-GAAP professional services gross margin; non-GAAP gross profit; non-GAAP gross margin; non-GAAP income from operations; non-GAAP operating margin; non-GAAP net income; non-GAAP net income per share; and adjusted free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. We exclude the following items from one or more of our non-GAAP financial measures: Additionally, we disclose "adjusted free cash flow", which is a non-GAAP measure that includes adjustments to operating cash flows for cash impacts related to Shareholder matters and Acquisition-related expenses described above, and net purchases of property and equipment. We include the impact of net purchases of property and equipment in our adjusted free cash flow calculation because we consider these capital expenditures to be a necessary component of our ongoing operations. We believe this measure is meaningful to investors because management reviews cash flows generated from operations excluding such expenditures that are not related to our ongoing operations. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. Forward-Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties. Words such as “believes,” “may,” “will,” “determine,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” “strategy,” “likely,” and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include statements regarding the proposed acquisition of Zuora, including the expected timing of the closing of the acquisition, and expectations for Zuora following the completion of the acquisition. Forward-looking statements are based on management's expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on August 29, 2024 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the possibility that the closing conditions to the proposed acquisition are not satisfied (or waived), including the risk that required approvals from Zuora’s stockholders for the proposed acquisition or required regulatory approvals to consummate the acquisition are not obtained in a timely manner (or at all); the outcome of the current complaint and any potential litigation relating to the proposed acquisition; uncertainties as to the timing of the consummation of the proposed acquisition; the ability of each party to consummate the proposed acquisition; our ability to attract new customers and retain and expand sales to existing customers; our ability to manage our future revenue and profitability plans effectively; adoption of monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions; our ability to develop and release new products and services, or successful enhancements, new features and modifications; challenges related to growing our relationships with strategic partners; loss of key employees; our ability to compete in our markets; adverse impacts on our business and financial condition due to macroeconomic or market conditions; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; market acceptance of our products; the success of our product development efforts; risks associated with currency exchange rate fluctuations; risks associated with our debt obligations; successful deployment of our solutions by customers after entering into a subscription agreement with us; the success of our sales and product initiatives; our security measures; our ability to adequately protect our intellectual property; interruptions or performance problems; litigation and other shareholder related costs; the anticipated benefits of acquisitions and ability to integrate operations and technology of any acquired company; geopolitical conflicts or destabilizing events; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Important Information and Where to Find It In connection with the proposed acquisition, Zuora has filed with the Securities and Exchange Commission (the “SEC”) a proxy statement in preliminary form on November 25, 2024, a definitive version of which will be mailed or otherwise provided to its stockholders. The Company and affiliates of the Company have jointly filed a transaction statement on Schedule 13E-3 (the Schedule 13E-3). Zuora may also file other documents with the SEC regarding the potential transaction. BEFORE MAKING ANY VOTING DECISION, ZUORA’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND THE SCHEDULE 13E-3 IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the proxy statement, the Schedule 13E-3 and other documents that Zuora files with the SEC from the SEC’s website at www.sec.gov and Zuora’s website at investor.zuora.com . In addition, the proxy statement, the Schedule 13E-3 and other documents filed by Zuora with the SEC (when available) may be obtained from Zuora free of charge by directing a request to Zuora’s Investor Relations at investorrelations@zuora.com . Participants in the Solicitation Zuora and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from Zuora’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of the stockholders of Zuora in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be set forth in the proxy statement and Schedule 13E-3 and other materials to be filed with the SEC. You may also find additional information about Zuora’s directors and executive officers in Zuora’s proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on May 16, 2024 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected in Zuora’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You can obtain free copies of these documents from Zuora using the contact information above. About Zuora, Inc. Zuora provides a leading monetization suite to build, run and grow a modern business through a dynamic mix of usage-based models, subscription bundles and everything in between. From pricing and packaging, to billing, payments and revenue accounting, Zuora’s flexible, modular software platform is designed to help companies evolve monetization strategies with customer demand. More than 1,000 customers around the world, including BMC Software, Box, Caterpillar, General Motors, The New York Times, Schneider Electric and Zoom use Zuora’s leading combination of technology and expertise to turn recurring relationships and recurring revenue into recurring growth. Zuora is headquartered in Silicon Valley with offices in the Americas, EMEA and APAC. To learn more, please visit zuora.com . © 2024 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, Subscription Economy Index, Zephr, and Subscription Experience Platform are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release. SOURCE: ZUORA, INC. ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue: Subscription $ 105,253 $ 98,048 $ 308,263 $ 283,232 Professional services 11,676 11,801 33,831 37,760 Total revenue 116,929 109,849 342,094 320,992 Cost of revenue: Subscription 1 23,954 20,378 67,207 62,304 Professional services 1 14,383 14,650 43,483 47,851 Total cost of revenue 38,337 35,028 110,690 110,155 Gross profit 78,592 74,821 231,404 210,837 Operating expenses: Research and development 1 26,833 27,504 76,853 79,428 Sales and marketing 1 36,597 40,245 108,579 124,488 General and administrative 1 26,880 15,893 71,351 54,160 Total operating expenses 90,310 83,642 256,783 258,076 Loss from operations (11,718 ) (8,821 ) (25,379 ) (47,239 ) Change in fair value of debt derivative and warrant liabilities (20,174 ) 6,997 (29,115 ) 2,241 Interest expense (7,045 ) (5,610 ) (20,781 ) (14,604 ) Interest and other income (expense), net 6,505 2,272 19,988 13,639 Loss before income taxes (32,432 ) (5,162 ) (55,287 ) (45,963 ) Income tax (benefit) provision (226 ) 340 (2,152 ) 1,396 Net loss (32,206 ) (5,502 ) (53,135 ) (47,359 ) Comprehensive loss: Foreign currency translation adjustment 462 (696 ) 386 (1,383 ) Unrealized gain (loss) on available-for-sale securities 248 (18 ) 63 494 Comprehensive loss $ (31,496 ) $ (6,216 ) $ (52,686 ) $ (48,248 ) Net loss per share, basic and diluted $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Weighted-average shares outstanding used in calculating net loss per share, basic and diluted 152,263 141,488 149,457 138,789 (1) Stock-based compensation expense was recorded in the following cost and expense categories: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of subscription revenue $ 2,331 $ 2,350 $ 6,291 $ 6,889 Cost of professional services revenue 2,598 2,747 7,359 8,997 Research and development 7,697 7,165 21,680 20,661 Sales and marketing 7,613 8,191 20,609 24,857 General and administrative 4,694 5,648 13,163 16,569 Total stock-based compensation expense $ 24,933 $ 26,101 $ 69,102 $ 77,973 ZUORA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 277,615 $ 256,065 Short-term investments 280,909 258,120 Accounts receivable, net 82,414 124,602 Deferred commissions, current portion 15,995 15,870 Prepaid expenses and other current assets 25,183 23,261 Total current assets 682,116 677,918 Property and equipment, net 27,403 25,961 Operating lease right-of-use assets 20,591 22,462 Purchased intangibles, net 23,146 10,082 Deferred commissions, net of current portion 24,941 27,250 Goodwill 73,903 56,657 Other assets 4,972 3,506 Total assets $ 857,072 $ 823,836 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 761 $ 3,161 Accrued expenses and other current liabilities 45,167 32,157 Accrued employee liabilities 29,860 37,722 Deferred revenue, current portion 177,436 199,615 Operating lease liabilities, current portion 7,030 6,760 Total current liabilities 260,254 279,415 Long-term debt 368,348 359,525 Deferred revenue, net of current portion 860 2,802 Operating lease liabilities, net of current portion 32,573 37,100 Deferred tax liabilities 4,066 3,725 Other long-term liabilities 6,781 7,582 Total liabilities 672,882 690,149 Stockholders’ equity: Class A common stock 15 14 Class B common stock 1 1 Additional paid-in capital 1,067,329 964,141 Accumulated other comprehensive loss (410 ) (859 ) Accumulated deficit (882,745 ) (829,610 ) Total stockholders’ equity 184,190 133,687 Total liabilities and stockholders’ equity $ 857,072 $ 823,836 ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended October 31, 2024 2023 Cash flows from operating activities: Net loss $ (53,135 ) $ (47,359 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization and accretion 14,715 13,684 Stock-based compensation 69,102 77,973 Provision for credit losses 2,117 457 Amortization of deferred commissions 13,946 14,415 Reduction in carrying amount of right-of-use assets 3,470 4,876 Change in fair value of debt derivative and warrant liabilities 29,115 (2,241 ) Other (2,418 ) 2,630 Changes in operating assets and liabilities: Accounts receivable 40,149 12,476 Prepaid expenses and other assets (2,657 ) 878 Deferred commissions (12,107 ) (12,013 ) Accounts payable (2,529 ) (634 ) Accrued expenses and other liabilities 6,843 (82,904 ) Accrued employee liabilities (7,986 ) 509 Deferred revenue (24,439 ) (7,461 ) Operating lease liabilities (7,476 ) (10,962 ) Net cash provided by (used in) operating activities 66,710 (35,676 ) Cash flows from investing activities: Purchases of property and equipment (9,252 ) (6,913 ) Purchases of short-term investments (240,093 ) (66,665 ) Maturities of short-term investments 222,279 175,128 Cash paid for acquisition, net of cash acquired (24,786 ) (4,524 ) Net cash (used in) provided by investing activities (51,852 ) 97,026 Cash flows from financing activities: Proceeds from issuance of common stock upon exercise of stock options 3,372 1,000 Proceeds from issuance of common stock under employee stock purchase plan 4,481 4,765 Payment for taxes related to net share settlement of stock options (1,547 ) — Proceeds from issuance of convertible senior notes, net of issuance costs — 145,861 Net cash provided by financing activities 6,306 151,626 Effect of exchange rates on cash and cash equivalents 386 (1,383 ) Net increase in cash and cash equivalents 21,550 211,593 Cash and cash equivalents, beginning of period 256,065 203,239 Cash and cash equivalents, end of period $ 277,615 $ 414,832 ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except percentages) (unaudited) Subscription Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of subscription revenue: GAAP cost of subscription revenue $ 23,954 $ 20,378 $ 67,207 $ 62,304 Less: Stock-based compensation (2,331 ) (2,350 ) (6,291 ) (6,889 ) Amortization of acquired intangibles (1,164 ) (607 ) (2,706 ) (2,083 ) Workforce reductions (228 ) — (796 ) (38 ) Acquisition-related expenses (12 ) — (103 ) — Asset impairment — (439 ) — (439 ) Shareholder matters — — (20 ) — Non-GAAP cost of subscription revenue $ 20,219 $ 16,982 $ 57,291 $ 52,855 GAAP subscription gross margin 77 % 79 % 78 % 78 % Non-GAAP subscription gross margin 81 % 83 % 81 % 81 % Professional Services Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of professional services revenue: GAAP cost of professional services revenue $ 14,383 $ 14,650 $ 43,483 $ 47,851 Less: Stock-based compensation (2,598 ) (2,747 ) (7,359 ) (8,997 ) Acquisition-related expenses (22 ) — (22 ) — Shareholder matters — — (28 ) — Workforce reductions — — (5 ) (46 ) Non-GAAP cost of professional services revenue $ 11,763 $ 11,903 $ 36,069 $ 38,808 GAAP professional services gross margin (23 )% (24 )% (29 )% (27 )% Non-GAAP professional services gross margin (1 )% (1 )% (7 )% (3 )% ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except percentages) (unaudited) Total Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of gross profit: GAAP gross profit $ 78,592 $ 74,821 $ 231,404 $ 210,837 Add: Stock-based compensation 4,929 5,097 13,650 15,886 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 228 — 801 84 Acquisition-related expenses 34 — 125 — Asset impairment — 439 — 439 Shareholder matters — — 48 — Non-GAAP gross profit $ 84,947 $ 80,964 $ 248,734 $ 229,329 GAAP gross margin 67 % 68 % 68 % 66 % Non-GAAP gross margin 73 % 74 % 73 % 71 % Operating (Loss) Income and Operating Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of (loss) income from operations: GAAP loss from operations $ (11,718 ) $ (8,821 ) $ (25,379 ) $ (47,239 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP income from operations $ 25,100 $ 15,990 $ 69,287 $ 31,620 GAAP operating margin (10 )% (8 )% (7 )% (15 )% Non-GAAP operating margin 21 % 15 % 20 % 10 % ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except per share data) (unaudited) Net (Loss) Income and Net (Loss) Income Per Share Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of net (loss) income: GAAP net loss $ (32,206 ) $ (5,502 ) $ (53,135 ) $ (47,359 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Change in fair value of debt derivative and warrant liabilities 20,174 (6,997 ) 29,115 (2,241 ) Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP net income $ 24,786 $ 12,312 $ 70,646 $ 29,259 GAAP net loss per share, basic and diluted 1 $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Non-GAAP net income per share, basic and diluted 1 $ 0.16 $ 0.09 $ 0.47 $ 0.21 (1) For the three months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 152.3 million and 141.5 million basic and diluted weighted-average shares of common stock, respectively. For the nine months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 149.5 million and 138.8 million basic and diluted weighted-average shares of common stock, respectively. Adjusted Free Cash Flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of adjusted free cash flow: Net cash provided by (used in) operating activities (GAAP) $ 22,408 $ (55,657 ) $ 66,710 $ (35,676 ) Add: Acquisition-related expenses 5,587 28 7,300 135 Shareholder matters 824 71,377 4,379 72,130 Less: Purchases of property and equipment (3,330 ) (3,075 ) (9,252 ) (6,913 ) Adjusted free cash flow (non-GAAP) $ 25,489 $ 12,673 $ 69,137 $ 29,676 Net cash provided by (used in) investing activities (GAAP) $ 18,999 $ 2,005 $ (51,852 ) $ 97,026 Net cash (used in) provided by financing activities (GAAP) $ (1,295 ) $ 145,899 $ 6,306 $ 151,626 View source version on businesswire.com : https://www.businesswire.com/news/home/20241209614914/en/ CONTACT: Investor Relations Contact: Luana Wolk investorrelations@zuora.com 650-419-1377Media Relations Contact: Margaret Juhnke press@zuora.com 619-609-3919 KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE PAYMENTS ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY ELECTRONIC COMMERCE FINTECH OTHER TECHNOLOGY SOURCE: Zuora, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:10 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209614914/enGreeley City Council declines raises for council members, mayor from late 2025 through 2027
NoneST. SIMONS ISLAND, Ga. (AP) — Maverick McNealy steadied himself after a rugged start Saturday with a 4-under 66 and caught up with Vince Whaley in a wild third round at the RSM Classic in which a half-dozen players had at least a share of the lead. Read this article for free: Already have an account? To continue reading, please subscribe: * ST. SIMONS ISLAND, Ga. (AP) — Maverick McNealy steadied himself after a rugged start Saturday with a 4-under 66 and caught up with Vince Whaley in a wild third round at the RSM Classic in which a half-dozen players had at least a share of the lead. Read unlimited articles for free today: Already have an account? ST. SIMONS ISLAND, Ga. (AP) — Maverick McNealy steadied himself after a rugged start Saturday with a 4-under 66 and caught up with Vince Whaley in a wild third round at the RSM Classic in which a half-dozen players had at least a share of the lead. McNealy looked as though he might have the lead when he hit wedge on the final hole that rolled just by the cup and settled 8 feet away. He missed the putt, still in great position to go after his first PGA Tour victory. Whaley, also winless on tour, birdied the 18th for a 63 and will be playing in the final group for the first time on the PGA Tour. McNealy, who joined him at 14-under 198, also shared the 54-hole lead in 2021 at the season opener in Napa, California. Whaley was playing with a sense of freedom not everyone has at the final PGA Tour event this year. He was playing on a medical extension and fulfilled the necessary points in July. The next step was finishing in the top 125 in the FedEx Cup. He secured that last week with a tie for fifth in the Bermuda Championship. Everything else feels like a bonus, and there could be no greater perk than a victory to get into the Masters and PGA Championship, along with a two-year exemption. “I’ve really got nothing to lose and everything to gain, so I’m just excited for the opportunity,” Whaley said. Opportunity abounds going into the final round. Daniel Berger shot a 63 and played his way into the final group, just two shots behind. He was tied with former Sea Island winner Mackenzie Hughes (65), Michael Thorbjornsen (67) and Patrick Fishburn (69). Berger and Thorbjornsen were among those who arrived at Sea Island outside the top 125, the number required to keep full status on tour on next year. Thorbjornsen already has that locked up as the No. 1 player in the PGA Tour University ranking. Berger needed a big week and he’s delivering, even though he says he doesn’t feel stress. Berger missed 19 months with a back injury that he feared might end his career. Now he’s healthy enough to have played 27 times this year. “Regardless when I play well, I’m going to be fine,” said Berger, who played in the 2021 Ryder Cup at Whistling Straits. “When you miss that much amount of time it takes a little bit of a while to get back. It’s just a matter of being patient and eventually good things come around.” Henrik Norlander and Hayden Springer, also on the the wrong side of No. 125, each shot 63 and were among those tied for 12th, a position that currently would let them move into the top 125. Joel Dahmen, who had to make a 5-foot par putt on Friday to make the cut, shot 70 and was tied for 61st. He is at No. 124 and his future depends on a big round Sunday, along with how Thorbjornsen, Berger, Norlander and Springer fare. Closer to the top, eight players were separated by three shots. That includes Luke Clanton, the Florida State sophomore and No. 1 amateur in the world who already has three top-10 finishes on the PGA Tour and was going after another one. ___ AP golf: https://apnews.com/hub/golf Advertisement
CHRIS DOBEY has issued a grovelling apology for his "absolute s*** show" at the Players Championship. The darts star was thrashed 6-1 by a struggling Nathan Aspinall in the tournament on Friday. Dobey , 34, won one leg in the match to save himself the embarrassment of being whitewashed. The Northumberland-born thrower was 4-0 down in the match before he won his first leg. But it was too little too late as Aspinall won the next two legs to wrap up the match. Dobey was furious with his performance as he had entered the tournament as the top seed. He took out his frustration on social media as he apologised to his supporters. He wrote: "That was an absolute s*** show tonight. "I apologise to everyone for making you sit through that, I was abysmal. "Need to seriously get my act together before the worlds. CASINO SPECIAL - BEST CASINO WELCOME OFFERS "I dunno what’s happened to me, I just can’t seem to play on stage." Plenty of fans did show their backing for Dobey as they reacted on social media. One posted: "You’ll be back Chris, keep your head up." A second wrote: "Try and channel it out. Best wishes for the world’s mate." A third commented: "Chin up. Everyone goes through bad spells. Form is temporary, Class is permanent." A fourth said: "Every player has a blip mate, you’ll be back. We all know what you can do on your day." Another added: "Keep your head up Chris. It’ll come. Keep pushing." Dobey will now have to wait for his return to the oche at the Worlds at Alexandra Palace next month. BELOW is a list of Darts world champions by year. The list does not include winners from the pre-Professional Darts Corporation (PDC) era or BDO world champions. That means Raymond van Barneveld, for example, is only listed once - Barney also won four BDO titles - and none of Eric Bristow's five BDO titles are included. Most World TitlesTaylor Swift is singing with her dress unbuttoned — well, unzipped — in the midst of an unforeseen technical issue. In the middle of her Friday, November 22, concert at Toronto’s Rogers Centre, Swift, 34, appeared to have a technical issue during her Tortured Poets Department set. As Swift sang “But Daddy I Love Him,” she stoically stood in place while backup dancer Natalie Peterson seemed to adjust her mic pack in social media footage. Fellow performer Kam Saunders , for his part, assisted Peterson by holding Swift’s dress in place. Once the issue was sorted, Peterson zipped up the Vivienne Westwood gown and the pop star quipped, “Thanks, Nat!” Friday was Swift’s fifth concert in Toronto, where she also delighted fans with an array of new acoustic mash-ups . Swift combined “Ours” and “The Last Great American Dynasty” for her guitar selection before launching into a three-part medley of “Cassandra,” “Mad Woman” and “I Did Something Bad” on piano. Swift has been on tour since March 2023, performing more than 40 songs across all of her current and past albums. She also has a surprise song section, where she rotates additional tracks each night. everyone say THANKS NAT! #TorontoTSTheErasTour pic.twitter.com/GwLj6L1pSh — ellie 🫶🏼 TAYRONTO🇨🇦 (@ellie_elizabet) November 23, 2024 “I want to be as creative as possible with the acoustic set moving forward and I don’t want to limit anything or say, ‘Oh, if I played this song, I can’t play it again,’” Swift previously explained during her Australian show in February. “So, from now on, I don’t want to take any paint colors out of the paintbox [or] tools out of the toolbox.” She added at the time, “I want to be able to play songs more than once if I feel like it and I want to be able to make changes to songs.” By this summer, Swift started introducing mash-ups to the setlist, where she seamlessly blended tracks from different albums together. You have successfully subscribed. By signing up, I agree to the Terms and Privacy Policy and to receive emails from Us Weekly Check our latest news in Google News Check our latest news in Apple News Swift will wrap the Eras Tour — which her boyfriend, Travis Kelce , exclusively told Us Weekly in May was “unbelievable” — for good on December 8. After a Saturday, November 23, concert in Toronto, Swift will hit Vancouver for a three-night residency. “People have been like, ‘How are you going to celebrate the 100th show?’ The celebration of the 100th show for me means this is the very first time I’ve acknowledged to myself and admitted that this tour is going to end in December . Like, that’s it,” Swift previously said during her June concert in Liverpool, England. “[It’s been] the most exhausting, all-encompassing, but most joyful, most rewarding, most wonderful thing that has ever happened in my life.” She continued, “I think that this tour has really become my entire life . It’s taken over everything. I think I once had hobbies, but I don’t know what they were anymore. All I do when I’m not on stage is sit at home and try to think of clever acoustic song mash-ups and think about what you might want to hear.”By REBECCA SANTANA WASHINGTON (AP) — President-elect Donald Trump has promised to end birthright citizenship as soon as he gets into office to make good on campaign promises aiming to restrict immigration and redefining what it means to be American. But any efforts to halt the policy would face steep legal hurdles. Birthright citizenship means anyone born in the United States automatically becomes an American citizen. It’s been in place for decades and applies to children born to someone in the country illegally or in the U.S. on a tourist or student visa who plans to return to their home country. It’s not the practice of every country, and Trump and his supporters have argued that the system is being abused and that there should be tougher standards for becoming an American citizen. But others say this is a right enshrined in the 14th Amendment to the Constitution, it would be extremely difficult to overturn and even if it’s possible, it’s a bad idea. Here’s a look at birthright citizenship, what Trump has said about it and the prospects for ending it: During an interview Sunday on NBC’s “Meet the Press” Trump said he “absolutely” planned to halt birthright citizenship once in office. “We’re going to end that because it’s ridiculous,” he said. Trump and other opponents of birthright citizenship have argued that it creates an incentive for people to come to the U.S. illegally or take part in “birth tourism,” in which pregnant women enter the U.S. specifically to give birth so their children can have citizenship before returning to their home countries. “Simply crossing the border and having a child should not entitle anyone to citizenship,” said Eric Ruark, director of research for NumbersUSA, which argues for reducing immigration. The organization supports changes that would require at least one parent to be a permanent legal resident or a U.S. citizen for their children to automatically get citizenship. Others have argued that ending birthright citizenship would profoundly damage the country. “One of our big benefits is that people born here are citizens, are not an illegal underclass. There’s better assimilation and integration of immigrants and their children because of birthright citizenship,” said Alex Nowrasteh, vice president for economic and social policy studies at the pro-immigration Cato Institute. In 2019, the Migration Policy Institute estimated that 5.5 million children under age 18 lived with at least one parent in the country illegally in 2019, representing 7% of the U.S. child population. The vast majority of those children were U.S. citizens. The nonpartisan think tank said during Trump’s campaign for president in 2015 that the number of people in the country illegally would “balloon” if birthright citizenship were repealed, creating “a self-perpetuating class that would be excluded from social membership for generations.” In the aftermath of the Civil War, Congress ratified the 14th Amendment in July 1868. That amendment assured citizenship for all, including Black people. “All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside,” the 14th Amendment says. “No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States.” But the 14th Amendment didn’t always translate to everyone being afforded birthright citizenship. For example, it wasn’t until 1924 that Congress finally granted citizenship to all Native Americans born in the U.S. A key case in the history of birthright citizenship came in 1898, when the U.S. Supreme Court ruled that Wong Kim Ark, born in San Francisco to Chinese immigrants, was a U.S. citizen because he was born in the states. The federal government had tried to deny him reentry into the county after a trip abroad on grounds he wasn’t a citizen under the Chinese Exclusion Act. But some have argued that the 1898 case clearly applied to children born of parents who are both legal immigrants to America but that it’s less clear whether it applies to children born to parents without legal status or, for example, who come for a short-term like a tourist visa. “That is the leading case on this. In fact, it’s the only case on this,” said Andrew Arthur, a fellow at the Center for Immigration Studies, which supports immigration restrictions. “It’s a lot more of an open legal question than most people think.” Some proponents of immigration restrictions have argued the words “subject to the jurisdiction thereof” in the 14th Amendment allows the U.S. to deny citizenship to babies born to those in the country illegally. Trump himself used that language in his 2023 announcement that he would aim to end birthright citizenship if reelected. Trump wasn’t clear in his Sunday interview how he aims to end birthright citizenship. Asked how he could get around the 14th Amendment with an executive action, Trump said: “Well, we’re going to have to get it changed. We’ll maybe have to go back to the people. But we have to end it.” Pressed further on whether he’d use an executive order, Trump said “if we can, through executive action.” He gave a lot more details in a 2023 post on his campaign website . In it, he said he would issue an executive order the first day of his presidency, making it clear that federal agencies “require that at least one parent be a U.S. citizen or lawful permanent resident for their future children to become automatic U.S. citizens.” Related Articles National Politics | Trump has flip-flopped on abortion policy. His appointees may offer clues to what happens next National Politics | In promising to shake up Washington, Trump is in a class of his own National Politics | Election Day has long passed. In some states, legislatures are working to undermine the results National Politics | Trump taps his attorney Alina Habba to serve as counselor to the president National Politics | Setting the agenda: Trump eyes ending birthright citizenship and pardoning Jan. 6 rioters for day one Trump wrote that the executive order would make clear that children of people in the U.S. illegally “should not be issued passports, Social Security numbers, or be eligible for certain taxpayer funded welfare benefits.” This would almost certainly end up in litigation. Nowrasteh from the Cato Institute said the law is clear that birthright citizenship can’t be ended by executive order but that Trump may be inclined to take a shot anyway through the courts. “I don’t take his statements very seriously. He has been saying things like this for almost a decade,” Nowrasteh said. “He didn’t do anything to further this agenda when he was president before. The law and judges are near uniformly opposed to his legal theory that the children of illegal immigrants born in the United States are not citizens.” Trump could steer Congress to pass a law to end birthright citizenship but would still face a legal challenge that it violates the Constitution. Associated Press reporter Elliot Spagat in San Diego contributed to this report.