The earnings call reveals several concerns: a significant revenue decline, increased R&D expenses, and dependence on a single agreement for financial stability. Despite improved gross margins and a slight reduction in net loss, the transition risks, potential revenue drop, and economic uncertainties weigh heavily. The Q&A session offered no new positive insights and highlighted challenges, such as siRNA revenue not offsetting legacy declines. Given these factors, the stock is likely to experience a negative reaction, potentially in the range of -2% to -8%.