PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Wag! Group Co.'s unaudited condensed consolidated financial statements for Q1 2025, including balance sheets, operations, equity, and cash flows, highlighting management's substantial doubt about going concern due to liquidity and debt maturities [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets were $28.8 million, liabilities increased to $32.3 million, and the stockholders' deficit widened to $3.5 million Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $14,658 | $15,065 | | **Total assets** | $28,840 | $29,438 | | **Total current liabilities** | $31,887 | $29,463 | | **Total liabilities** | $32,309 | $29,927 | | **Total stockholders' deficit** | $(3,469) | $(489) | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 revenues decreased to $15.2 million, and despite reduced expenses, the net loss widened to $4.9 million, resulting in a $(0.10) loss per share Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $15,165 | $23,219 | | **Total costs and expenses** | $18,941 | $25,002 | | **Net loss** | $(4,890) | $(4,241) | | **Loss per share, basic and diluted** | $(0.10) | $(0.11) | [Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit)](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity%20(Deficit)) The stockholders' deficit increased from $0.5 million at year-end 2024 to $3.5 million by March 31, 2025, primarily due to a $4.9 million net loss - The stockholders' deficit grew from **$(489) thousand** at the end of 2024 to **$(3,469) thousand** at the end of Q1 2025, mainly due to the net loss of **$4.9 million**[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw net cash provided by operating activities of $1.4 million, with cash and cash equivalents ending at $6.1 million, down from $12.6 million year-over-year Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,407 | $168 | | **Net cash used in investing activities** | $(396) | $(305) | | **Net cash used in financing activities** | $(518) | $(5,583) | | **Net change in cash and cash equivalents** | $493 | $(5,720) | | **Cash and cash equivalents, end of period** | $6,123 | $12,603 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes provide critical context, highlighting substantial doubt about going concern due to liquidity, history of losses, and $19.7 million debt maturing in August 2025, alongside ongoing legal proceedings - Management has determined there is substantial doubt regarding the Company's ability to continue as a going concern for at least one year from the issuance date of the financial statements due to projected cash needs, current liquidity levels, a history of net losses, and debt maturing in August 2025[28](index=28&type=chunk) - As of March 31, 2025, the company had **$6.1 million** in cash and cash equivalents against **$19.7 million** in debt obligations, with the majority maturing in August 2025[26](index=26&type=chunk) - In April 2025, Blue Torch assigned its rights and obligations under the Financing Agreement to Retriever LLC, with no terms modified by this assignment[63](index=63&type=chunk) - The company is contesting assessments from California (**$1.3 million**) and New York (**$1.8 million**) related to alleged misclassification of pet caregivers and unpaid unemployment insurance contributions[69](index=69&type=chunk)[71](index=71&type=chunk) Revenue by Offering (in thousands) | Offering | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Services revenue | $4,894 | $5,327 | | Wellness revenue | $9,168 | $15,769 | | Pet Food & Treats revenue | $1,103 | $2,123 | | **Total revenues** | **$15,165** | **$23,219** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, noting a 34.7% revenue decrease and widened net loss, reiterating substantial doubt about going concern due to critical liquidity and maturing debt [Key Operating and Financial Metrics](index=23&type=section&id=Key%20Operating%20and%20Financial%20Metrics) Key metrics for Q1 2025 show significant declines, with Platform Participants down 29.7%, revenues falling 34.7% to $15.2 million, and Adjusted EBITDA swinging to a $1.2 million loss Key Metrics Comparison (in thousands) | Metric | Q1 2025 | Q1 2024 | Change % | | :--- | :--- | :--- | :--- | | Platform Participants | 472 | 671 | (29.7)% | | Revenues | $15,165 | $23,219 | (34.7)% | | Net loss | $(4,890) | $(4,241) | 15.3% | | Adjusted EBITDA (loss) | $(1,235) | $168 | N/A | [Comparison of the Three Months Ended March 31, 2025 and 2024](index=25&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024) Q1 2025 revenues decreased by $8.1 million (34.7%) due to declines across segments and Platform Participants, leading to a widened net loss of $4.9 million despite cost reductions - Revenues decreased by **34.7% YoY**, attributed to a **$6.6 million** decrease in Wellness revenue, a **$1.0 million** decrease in Pet Food & Treats revenue, and a **$0.4 million** decrease in Services revenue, driven by a **30%** decrease in Platform Participants[107](index=107&type=chunk) - Sales and marketing expenses decreased by **$5.3 million (33.7%) YoY**, mainly due to a **$4.3 million** reduction in spending on partnerships for Wellness offerings[110](index=110&type=chunk) - Interest expense, net decreased by **$0.5 million (33.4%)** due to a lower outstanding balance on the Financing Agreement[113](index=113&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces critical liquidity challenges with $6.1 million cash against $19.7 million debt maturing in August 2025, raising substantial doubt about going concern and prompting a review of strategic alternatives - As of March 31, 2025, the company had **$6.1 million** in cash and cash equivalents and **$19.7 million** in outstanding debt, with the majority maturing in August 2025[117](index=117&type=chunk) - Due to projected cash needs, current liquidity, and a history of losses, there is substantial doubt about the company's ability to continue as a going concern[119](index=119&type=chunk) - The Board is conducting a review of strategic alternatives, but negative covenants in the Financing Agreement restrict actions like incurring new debt or selling assets, and failure to find a solution before August 2025 could lead to the lender (Retriever LLC) seizing assets, rendering securities worthless[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is not required to provide market risk disclosures as it qualifies as a smaller reporting company - The company is not required to provide information for this item as it qualifies as a smaller reporting company[134](index=134&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were ineffective as of March 31, 2025, due to persistent material weaknesses in financial reporting and IT general controls, with a remediation plan underway - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were not effective at a reasonable assurance level[136](index=136&type=chunk) - Material weaknesses persist from year-end 2024, related to insufficient finance/accounting resources for risk assessment and technical accounting, and deficiencies in IT general controls (logical access, segregation of duties, change controls)[137](index=137&type=chunk) - The company has implemented or is implementing a remediation plan, which includes hiring more finance and IT personnel, redesigning IT controls, and engaging third-party consultants[139](index=139&type=chunk)[142](index=142&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the financial statements for details on ongoing legal proceedings, including tax assessments in California and New York - For details on legal proceedings, the report refers to Note 8, Commitments and Contingencies, in the financial statements[144](index=144&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) This section highlights critical new risk factors, including potential lender foreclosure, the urgent need to refinance debt before August 2025 maturity, and pending Nasdaq delisting due to non-compliance - The Financing Agreement, now held by Retriever LLC, is secured by substantially all company assets, and a default could lead to foreclosure, which would materially harm the business and could render securities worthless[146](index=146&type=chunk)[148](index=148&type=chunk) - The company must renegotiate or refinance its debt before the August 2025 maturity to continue as a going concern, but its ability to do so is limited by its outstanding debt, low market capitalization, and pending Nasdaq delisting[150](index=150&type=chunk)[153](index=153&type=chunk) - The company received a delisting determination from Nasdaq on March 25, 2025, for failing to meet the Minimum Bid Price and Market Value of Listed Securities requirements, and while an appeal hearing was held on May 8, 2025, there is no assurance the appeal will be successful[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported for the period [Defaults Upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[158](index=158&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[159](index=159&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information) The company reported no other material information required to be disclosed under this item - None[161](index=161&type=chunk)[162](index=162&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, warrant agreements, incentive plans, the Financing Agreement amendment, and required CEO/CFO certifications - Key exhibits filed include certifications by the Principal Executive Officer and Principal Financial Officer, and Amendment No. 1 to the Financing Agreement, dated April 4, 2025[163](index=163&type=chunk) Signatures [Signatures](index=37&type=section&id=Signatures_child) The report was signed on May 12, 2025, by Garrett Smallwood (CEO) and Alec Davidian (CFO) - The report was signed on May 12, 2025, by Garrett Smallwood (CEO) and Alec Davidian (CFO)[168](index=168&type=chunk)[169](index=169&type=chunk)

Financial Data and Key Metrics Changes - The company reported a revenue of $15.2 million and an adjusted EBITDA loss of $1.2 million for Q1 2025, both showing a slight decline compared to Q4 2024 [6][12] - Total costs and expenses decreased by 25% year over year, amounting to over $6 million [12] - The company ended Q1 with $11.7 million in cash and cash equivalents and accounts receivable [14] Business Line Data and Key Metrics Changes - Revenue from services was $4.9 million, wellness was $9.2 million, and pet food and treats was $1.1 million in Q1 2025 [12] - Sales and marketing expenses were $10.4 million, which is within the historic range of 60% to 70% of revenue [13] Market Data and Key Metrics Changes - The company had 472,000 platform participants in the WAG ecosystem, reflecting a sequential growth of 6% quarter over quarter [12] Company Strategy and Development Direction - The company is focused on disciplined cost management and operational efficiencies, which have led to improved adjusted EBITDA despite a year-over-year revenue decline [6][7] - Strategic partnerships with three major distribution partners are expected to enhance marketing positioning and drive growth in the insurance comparison business starting in Q2 2025 [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum seen in early Q2 and emphasized a commitment to disciplined execution while growing efficiently [10][11] - The company remains committed to evaluating all strategic options to drive shareholder value [14] Other Important Information - The company is investing in AI and other technologies to optimize processes and systems, leading to increased efficiencies [13] - The board is evaluating potential options to improve the balance sheet and reduce debt [14] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from the CEO [15][16]

Financial Data and Key Metrics Changes - The company reported a revenue of $15.2 million and an adjusted EBITDA loss of $1.2 million for Q1 2025, both showing a slight decline compared to Q4 2024 [11] - Total costs and expenses decreased by 25% year over year, amounting to over $6 million [11] - The company ended Q1 with $11.7 million in cash and cash equivalents and accounts receivable [13] Business Line Data and Key Metrics Changes - Revenue from services was $4.9 million, wellness was $9.2 million, and pet food and treats was $1.1 million in Q1 2025 [11] - Sales and marketing expenses were $10.4 million, which is within the historic range of 60% to 70% of revenue [12] Market Data and Key Metrics Changes - The company had 472,000 platform participants in the WAG ecosystem, reflecting a sequential quarter-over-quarter growth of 6% [11] Company Strategy and Development Direction - The company is focused on disciplined cost management and operational efficiencies, which have led to improved adjusted EBITDA despite a year-over-year decline in revenue [6] - Strategic partnerships with three major distribution partners are expected to enhance marketing positioning and drive growth in the insurance comparison business starting in Q2 [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum seen in early Q2 and emphasized a commitment to disciplined execution while growing efficiently [10] - The company remains focused on evaluating all strategic options to drive shareholder value [13] Other Important Information - The company is investing in AI and other technologies to optimize processes and systems, leading to increased efficiencies [12] - The board is evaluating potential options to improve the balance sheet and reduce debt [13] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without further inquiries [14]

Wag.co Q1'2024 CONFIDENTIAL Legal Disclaimer Disclaimer The information provided in this presentation pertaining to Wag! Group Co. ("Wag!" or the "Company"), its business strategy and operations is for informational purposes only at the date of this presentation. The information in this presentation does not purport to be complete and does not contain all the information that is or may be material to investors or potential investors. The information in this presentation should not be considered as advice an ...

First Quarter 2025 Highlights: Exhibit 99.1 Wag! Reports First Quarter 2025 Results SAN FRANCISCO – (BUSINESS WIRE) – May 12, 2025 – Wag! Group Co. (the "Company" or "Wag!"; Nasdaq: PET), which strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household, today announced financial results for the first quarter ended March 31, 2025. "We are pleased to begin 2025 with results slightly ahead of our expectations on profitability and in line with expect ...

Core Insights - Tiziana Life Sciences announced significant results from a PET scan showing a marked reduction in microglia activation in a patient with moderate Alzheimer's disease after three months of treatment with intranasal foralumab, indicating potential efficacy in reducing neuroinflammation associated with the disease [1][5][7] Company Overview - Tiziana Life Sciences is a biotechnology company focused on developing innovative immunomodulation therapies, with its lead candidate being intranasal foralumab, a fully human anti-CD3 monoclonal antibody [1][9] - The company aims to address the urgent need for effective treatments for Alzheimer's disease, particularly in moderate stages, as current approved therapies are lacking [7][9] Treatment Mechanism - Intranasal foralumab works by inducing T regulatory cells (Tregs) that travel to the brain to reduce neuroinflammation, which has been confirmed in both animal models and patients with secondary progressive multiple sclerosis [6][9] - The treatment has shown a favorable safety profile and clinical response in ongoing studies, with all 10 patients in an open-label program experiencing either improvement or stability of their condition within six months [8][9] Research and Development - The findings were presented at the 2025 AD/PD Conference and highlight the need for further studies to explore the effects of foralumab in a broader patient population with moderate Alzheimer's disease [5][7] - Tiziana's innovative nasal delivery approach is expected to enhance the efficacy and safety of immunotherapy compared to traditional intravenous methods [9] Market Context - Alzheimer's disease currently affects over 50 million people worldwide, with projections indicating that this number could triple by 2050, underscoring the critical demand for new treatment options [7][9]

Company Overview - Wag! Group Co. aims to be the leading platform addressing the service, product, and wellness needs of modern U.S. pet households [3] - The company pioneered on-demand dog walking in 2015 with the Wag! app, which connects users to over 500,000 Pet Caregivers nationwide [3] - Wag! Group Co. operates several platforms including Petted (pet insurance comparison), Dog Food Advisor (pet food reviews), WoofWoofTV (pet content), maxbone (pet essentials), and Furmacy (pet prescriptions) [3] Financial Results Announcement - The company will report its first quarter 2025 financial results before the market opens on May 12, 2025 [1] - A conference call to discuss the financial results will be held at 8:30 a.m. Eastern Time on the same day [1] Investor Participation - Investors and analysts can participate in the conference call by dialing 800-717-1738 (or 1-646-307-1865 for international callers) approximately 10 minutes prior to the call [2] - A live audio webcast of the conference call will be available online, with a recorded replay accessible for 90 days after the call [2]

Financial Performance - The company incurred net losses of $17.6 million, $13.3 million, and $38.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, with an accumulated deficit of $179.3 million as of December 31, 2024[92]. - For the year ended December 31, 2024, the company reported a net loss of $17.6 million and net cash used in operating activities was $7.0 million[129]. - The company has incurred significant losses since inception, and failure to manage risks and challenges may adversely affect its long-term benefits and financial condition[92]. - The company faces substantial doubt regarding its ability to continue as a going concern due to projected cash needs and history of net losses[129]. - The company has approximately $229.6 million in U.S. federal net operating loss carryforwards and $189.9 million in state net operating loss carryforwards as of December 31, 2024[151]. Customer Dependence - For the fiscal year ended December 31, 2024, three customers accounted for an aggregate of 38% of total revenues, indicating substantial dependence on a small number of customers[96]. - The company is substantially dependent on revenues from a small number of customers, and any decline in revenue from these customers could adversely affect its financial condition[96]. Market and Competition - The company faces significant competition from various players in the pet care services market, which may impact its ability to attract and retain users[91]. - Demand for online pet care services has grown rapidly since the platform's launch in 2015, but the market is still in early stages, and future growth is uncertain[94]. - The company has launched new fee or pricing strategies, which may not be successful in attracting and retaining Pet Parents and Pet Caregivers due to competitive pressures[102]. - The company plans to continue investing in new offerings and initiatives to differentiate itself from competitors, but these efforts may increase expenses and organizational complexity[103]. Operational Risks - The company has experienced significant fluctuations in operating results, which may continue to vary significantly and are not necessarily indicative of future performance[93]. - The company faces risks related to privacy, data protection, and security breaches, which could lead to significant legal, regulatory, and financial exposure[161]. - The company has a limited operating history since its launch in 2015, making it difficult to predict future operating results and growth[119]. - International expansion poses additional risks, including compliance with various laws and managing operations across different cultures and legal systems[123]. Financial Condition and Funding - The company needs to obtain additional financing and/or refinance existing indebtedness, raising doubts about its ability to continue as a going concern[89]. - The company completed a registered public offering of common stock in July 2024 for net proceeds of approximately $8.6 million to alleviate financial conditions[129]. - The company is actively engaged in discussions to refinance its Financing Agreement, which is due in August 2025[129]. - As of December 31, 2024, the company had cash and cash equivalents of approximately $5.6 million and accounts receivable of $6.6 million, with total debt obligations amounting to $20.2 million[129]. Legal and Regulatory Risks - The company is subject to various legal and regulatory proceedings that could materially affect its reputation and financial condition[141]. - Regulatory scrutiny on gig economy companies may lead to new laws that could adversely affect the company's business model and operations[140]. - The company is currently subject to audits by tax authorities, which may result in additional tax liabilities[147]. - The company may face legal or regulatory proceedings related to intellectual property claims, which could result in substantial damages and affect its financial condition[183]. Cybersecurity and Data Privacy - The company has been subject to cybersecurity attacks in the past, which could harm its operations and reputation if such incidents occur again[89]. - The company maintains sensitive personal information and is vulnerable to data security breaches, which could adversely affect its business[157]. - The company may incur significant costs related to compliance with data privacy laws, which could affect its financial condition and operational results[165]. - Any negative publicity from data breaches or compliance failures could harm the company's reputation and user trust[166]. Internal Controls and Governance - The company has identified material weaknesses in its internal control over financial reporting as of December 31, 2024, which could lead to misstatements in financial statements[198]. - The company plans to remediate these material weaknesses by implementing technology, hiring personnel, and engaging external resources[199]. - The company is classified as an "emerging growth company," allowing it to take advantage of reduced reporting requirements, which may affect investor perception[202]. - The company has begun implementing remedial measures to address internal control weaknesses, but there is no assurance of success[199]. Stock and Market Risks - The stock price has fluctuated significantly, which may affect investor confidence and the ability to issue additional securities[208]. - The company's common stock has been below the minimum bid price requirement of $1.00 for 30 consecutive business days, which could lead to delisting from Nasdaq[219]. - The Market Value of Listed Securities (MVLS) was below the $50 million minimum requirement for continued listing on Nasdaq for 30 consecutive business days[219]. - If compliance is not regained, the company may face delisting, which could negatively impact share price and liquidity[221].

Wag! Group Co. (NASDAQ:PET) Q4 2024 Earnings Conference Call March 24, 2025 8:30 AM ET Company Participants Greg Robles - IR Garrett Smallwood - Chairman & CEO Adam Storm - President & Chief Product Officer Alec Davidian - CFO Conference Call Participants Jeremy Hamblin - Craig-Hallum Operator Good morning, and welcome to the Wag. Fourth Quarter and Full-Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal pr ...

Financial Performance - Revenues for Q4 2024 were $15.4 million, a decrease of 29.9% from $21.7 million in Q4 2023[10] - Full year 2024 revenues decreased 16% to $70.5 million, down from $83.9 million in 2023[10] - Net loss for Q4 2024 was $4.8 million, compared to a net loss of $3.5 million in Q4 2023[10] - Full year 2024 net loss was $17.6 million, compared to a net loss of $13.3 million in 2023[10] - Adjusted EBITDA loss for Q4 2024 was $1.0 million, compared to breakeven in Q4 2023[10] - Full year 2024 Adjusted EBITDA loss was $1.1 million, down from a positive Adjusted EBITDA of $0.7 million in 2023[10] - Revenues for Q4 2024 were $15,433,000, a decrease of 28.5% compared to $21,673,000 in Q4 2023[20] - Net loss for Q4 2024 was $4,814,000, compared to a net loss of $3,465,000 in Q4 2023, representing an increase in loss of 38.8%[20] - Adjusted EBITDA loss for Q4 2024 was $963,000, compared to a positive adjusted EBITDA of $5,000 in Q4 2023[24] - The net loss margin for Q4 2024 was 31.2%, up from 16.0% in Q4 2023[26] - Total costs and expenses for Q4 2024 were $18,971,000, down 19.7% from $23,586,000 in Q4 2023[20] - Cash used in operating activities for the year ended December 31, 2024, was $7,003,000, compared to $6,465,000 in 2023[22] - Cash and cash equivalents at the end of the period were $5,630,000, down from $18,323,000 at the beginning of the period[22] - The company incurred a loss on extinguishment of debt of $1,180,000 for the year ended December 31, 2024[22] - The company reported a decrease in sales and marketing expenses to $10,385,000 in Q4 2024, down from $13,735,000 in Q4 2023, a reduction of 24.5%[20] Future Outlook - The company expects revenues for 2025 to be in the range of $84 million to $88 million[10] - Adjusted EBITDA guidance for 2025 is projected to be between $2.0 million and $4.0 million[10] Strategic Initiatives - The company is reviewing strategic alternatives to maximize shareholder value, including potential investments and partnerships[1][2] - Three major new distribution partners were added, which are expected to accelerate demand for Wellness products[4] Operational Metrics - Platform participants as of December 31, 2024, were 445, unchanged from the previous year[26]