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]

Q1 2024 Performance Highlights - Wag! Group Co achieved a record quarterly revenue of $23.2 million in Q1 2024[9] - The company experienced a year-over-year (YoY) revenue growth of 13% in Q1 2024[10] - Platform Participants reached 671,000[11] - Adjusted EBITDA for Q1 2024 was +$0.2 million[12] - B2B revenue accounted for 78% of the total revenue[10] Strategic Initiatives and Expansion - The company reduced its headcount by 8%, from 84 employees in Q4 2023 to 78 employees in Q1 2024[16] - Annualized Revenue per Employee reached approximately $1.2 million in Q1 2024[16] - Wag! is expanding into new categories and channels, including pet insurance comparison through WeCompare.com[17, 33] - Furscription, a digital e-prescribing software for veterinary clinics, is being promoted to streamline prescription management[17, 21] Future Outlook - The company forecasts sustainable growth in 2024, aiming for over $200 million of annual revenue by FY2027[37] - The 2024 outlook includes revenue between $105 million and $115 million, with a YoY revenue growth of 31%[37] - Adjusted EBITDA is projected to be between $2 million and $6 million, resulting in an Adjusted EBITDA Margin of 4%[37]

Financial Performance - Revenues for Q1 2025 were $15.2 million, a decrease of 34.6% compared to $23.2 million in Q1 2024[5] - Net loss for Q1 2025 was $4.9 million, compared to a net loss of $4.2 million in Q1 2024[5] - Adjusted EBITDA loss was $1.2 million in Q1 2025, down from a positive Adjusted EBITDA of $0.2 million in Q1 2024[5] - For the three months ended March 31, 2025, the company reported a net loss of $4,890,000, compared to a net loss of $4,241,000 for the same period in 2024, reflecting an increase in loss of approximately 15.4%[23] - Revenues for the same period were $15,165,000, down 34.7% from $23,219,000 in the prior year[23] - The adjusted EBITDA loss for the three months ended March 31, 2025, was $1,235,000, compared to an adjusted EBITDA of $168,000 for the same period in 2024, indicating a significant decline[23] - The adjusted EBITDA loss margin was reported at (8.1)% for Q1 2025, compared to a positive margin of 0.7% in Q1 2024[23] - The net loss margin for Q1 2025 was (32.2)%, compared to (18.3)% in Q1 2024, indicating a worsening of profitability[25] Future Projections - The company expects full-year 2025 revenues to be in the range of $84 million to $88 million[6] - The company anticipates Adjusted EBITDA for the full year 2025 to be between $2.0 million and $4.0 million[6] Cash and Assets Management - Cash and cash equivalents increased to $6.1 million as of March 31, 2025, from $5.6 million at the end of 2024[17] - Total assets decreased to $28.8 million as of March 31, 2025, from $29.4 million at the end of 2024[17] - Total liabilities increased to $32.3 million as of March 31, 2025, compared to $29.9 million at the end of 2024[17] - Cash and cash equivalents at the end of the period were $6,123,000, down from $12,603,000 at the end of Q1 2024, indicating a decrease of approximately 51.5%[23] - The company reported a net cash used in financing activities of $518,000 for Q1 2025, a significant decrease from $5,583,000 in Q1 2024, reflecting improved cash management[23] Operational Metrics - The company had 472 platform participants as of March 31, 2025, a decrease from 671 participants in the same period last year, representing a decline of approximately 29.7%[25] - Net cash provided by operating activities increased to $1,407,000 for Q1 2025, compared to $168,000 in Q1 2024, showing a substantial improvement[25] - The company incurred stock-based compensation of $1,872,000 in Q1 2025, up from $1,296,000 in Q1 2024, reflecting a rise of approximately 44.4%[23] Strategic Focus - The company is focused on operational streamlining and higher-return initiatives to enhance profitability[4]

Core Insights - Wag! Group Co. reported financial results for Q1 2025, showing revenues of $15.2 million, a decrease from $23.2 million in Q1 2024, and a net loss of $4.9 million compared to a loss of $4.2 million in the same period last year [9][20]. Financial Performance - Revenues for Q1 2025 were $15.2 million, broken down into $4.9 million from Services, $9.2 million from Wellness, and $1.1 million from Pet Food & Treats [9]. - The net loss for Q1 2025 was $4.9 million, compared to a net loss of $4.2 million in Q1 2024 [9][20]. - Adjusted EBITDA loss was $1.2 million in Q1 2025, down from a positive Adjusted EBITDA of $0.2 million in Q1 2024 [9][25]. Operational Highlights - The company emphasized disciplined cost management and operational streamlining as key factors in its performance [3]. - Wag! is encouraged by early traction from newly launched distribution partnerships and positive business trends observed through April and into May [3]. Guidance - For the full year 2025, Wag! expects revenues to be in the range of $84 million to $88 million and Adjusted EBITDA to be between $2.0 million and $4.0 million [10]. Company Overview - Wag! Group Co. aims to be the leading platform for pet services, products, and wellness needs in the U.S. pet market, having pioneered on-demand dog walking in 2015 [8]. - The company operates various platforms, including Petted for pet insurance comparison and Dog Food Advisor for pet food reviews [8]. Key Metrics - As of March 31, 2025, the number of platform participants was 472, down from 671 in the previous year [27]. - The net cash provided by operating activities was $1.4 million for Q1 2025, compared to $0.2 million in Q1 2024 [28].

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]

Core Viewpoint - Wag! Group Co. announced its financial results for Q4 and full year 2024, highlighting a strategic review process to maximize shareholder value through potential investments, partnerships, or other transactions [1][2]. Financial Performance Fourth Quarter 2024 Results - Revenues were $15.4 million, down from $21.7 million in Q4 2023, with $5.3 million from Services, $8.9 million from Wellness, and $1.2 million from Pet Food & Treats [7]. - Net loss increased to $4.8 million from $3.5 million in Q4 2023 [7]. - Adjusted EBITDA loss was $1.0 million, compared to breakeven in Q4 2023 [7]. Full Year 2024 Results - Total revenues decreased by 16% to $70.5 million from $83.9 million in 2023, with $21.6 million from Services, $42.7 million from Wellness, and $6.2 million from Pet Food & Treats [7]. - Net loss for the year was $17.6 million, compared to a net loss of $13.3 million in 2023 [7]. - Adjusted EBITDA loss was $1.1 million, down from a positive $0.7 million in 2023 [7]. Guidance for 2025 - The company expects revenues in the range of $84 million to $88 million and Adjusted EBITDA between $2.0 million and $4.0 million for the full year 2025 [7]. Strategic Initiatives - The company is focused on strengthening its balance sheet and reducing debt, with a disciplined approach to strategic alternatives [2]. - The addition of three major distribution partners is expected to accelerate demand for Wellness products [4]. Operational Metrics - As of December 31, 2024, the number of platform participants was 445, down from 600 in 2023 [23]. - The net loss margin for Q4 2024 was 31.2%, compared to 16.0% in Q4 2023 [23]. - Adjusted EBITDA margin for Q4 2024 was -6.2%, compared to 0% in Q4 2023 [23].