Burcon Nutrascience - Ordinary Shares Stock Earnings Reports

Burford Capital reported strong underlying business momentum despite short-term volatility driven by litigation timing (notably the YPF appeal) and model-duration adjustments. Management emphasized confidence in the quality of the courts and a low probability that the YPF case will be dismissed on forum non conveniens grounds, while acknowledging the appeal process will take months into 2026. Key operational points: definitive commitments are up >50% year-to-date, the portfolio is up ~15% YTD (20% annualized), deployments rose sharply (Q3 up 61%), and realizations are running ahead of last year in volume though not yet driven by any single large settlement this year. Portfolio IRRs remain ~26% on $3.6bn of realizations and modeled unrealized upside remains significant (management referenced prior Investor Day modeling showing substantial potential realizations). The quarter saw a negative impact from extensions of modeled case durations (estimated $40–$50m impact on non-YPF fair value), which reduced capital-provision income but did not reflect a change in management’s view of case merits. Management reiterated prudence on capital allocation: despite share-price weakness and insider purchases, they are cautious about using corporate cash for buybacks because the business relies on irregular, uncertain timing of cash realizations and carries long-dated debt — diverting cash to buybacks would increase risk to the business. Balance sheet: ~$740m cash, recent $500m notes issued (July 2025), one remaining bond maturity in Dec 2026 being managed. Management remains focused on growing the business toward its 2030 doubling target, continuing to deploy capital and pursue both organic and inorganic opportunities.