Core Viewpoint - QuantumScape's share price experienced a significant decline of 31% over the last week, driven by bearish analyst coverage and unfavorable macroeconomic developments [1][5]. Group 1: Analyst Coverage - Goldman Sachs initiated new coverage on QuantumScape, reiterating a sell rating while raising the one-year price target from $2 to $3 per share, indicating a bearish outlook [4]. - The updated price target from Goldman Sachs suggests a potential downside of approximately 64% for QuantumScape's stock [5]. Group 2: Macroeconomic Factors - The stock faced additional selling pressure due to a worse-than-expected July jobs report and the announcement of new tariffs, which contributed to a negative macroeconomic outlook [6]. - The Federal Reserve's decision to maintain the benchmark interest rate further exacerbated the unfavorable conditions for speculative growth stocks like QuantumScape [6]. Group 3: Company Outlook - Despite recent advancements in manufacturing processes and an expanded contract with Volkswagen's PowerCo, QuantumScape remains a highly speculative stock with an uncertain future [7]. - The company is at risk of significant downside volatility if macroeconomic conditions continue to deteriorate [8].

Core Viewpoint - QuantumScape's stock experienced significant volatility, surging over 200% in late June due to a breakthrough in battery manufacturing, but has since retraced nearly half of those gains as investors reassess the company's path to commercialization [1][3]. Company Overview - QuantumScape specializes in lithium-based batteries, particularly solid-state batteries that outperform conventional lithium-ion batteries in energy storage and manufacturing costs [4]. - The company has not yet achieved commercial-scale production of its batteries, with only prototypes provided to car manufacturers for testing [5]. Technological Advancements - A recent breakthrough allows QuantumScape to complete a key manufacturing step approximately 25 times faster, enhancing production capacity and efficiency [2][10]. - The solid-state batteries developed by QuantumScape offer 15% to 40% more driving range compared to traditional lithium-ion batteries and maintain 95% of their charge capacity after 1,000 recharges, addressing durability concerns [7][8]. Financial Position - QuantumScape is currently operating at a loss, having spent over $500 million last year on research and development, with no revenue generated yet [14]. - The company has less than $1 billion in cash and liquid assets, raising concerns about future fundraising needs [14]. Market Potential and Partnerships - Volkswagen, a major stakeholder, has shown continued interest and support for QuantumScape, which may facilitate the development of its advanced battery technology [16]. - The timeline for commercial production is projected for 2026, with meaningful revenue expected to start flowing in 2027 or 2028 [15]. Investment Considerations - The stock presents a high-risk, high-reward scenario, with potential volatility and significant losses for investors [18]. - Investors are advised to remain cautious and consider other opportunities while waiting for tangible results from QuantumScape's technology [19].

Core Insights - Top executives and analysts emphasize the importance of consistent earnings growth as a reflection of a company's profitability, with earnings acceleration having a more significant impact on stock prices [1][3] - Successful stocks typically experience a speed-up in earnings before their stock prices rise, indicating potential investment opportunities [1][3] Earnings Acceleration - Earnings acceleration refers to the incremental growth in a company's earnings per share (EPS), specifically when the quarter-over-quarter earnings growth rate increases over time [2] - This metric helps identify stocks that have not yet attracted investor attention, which can lead to a subsequent rally in share prices [3] Screening Parameters - The screening process involves identifying stocks where the last two quarter-over-quarter EPS growth rates exceed previous periods' growth rates, with projected EPS growth rates for the upcoming quarter expected to surpass prior periods [5][6] - Additional criteria include a current price of at least $5 and an average 20-day trading volume of 50,000 or more to ensure adequate liquidity [7] Highlighted Stocks - QuantumScape Corporation (QS) is focused on developing solid-state lithium-metal batteries for electric vehicles, with an expected earnings growth rate of 17% for the current year [9] - Civeo Corporation (CVEO) provides hospitality services for the natural resource industry, projecting an earnings growth rate of 69.8% for the current year [10] - Agenus Inc. (AGEN) is a clinical-stage biotechnology company developing cancer therapies, with a leading projected earnings growth rate of 114.7% for the current year [11]

One other Auto-Tires-Trucks stock that has outperformed the sector so far this year is QuantumScape Corporation (QS) . The stock is up 111.6% year-to-date. In QuantumScape Corporation's case, the consensus EPS estimate for the current year increased 3.5% over the past three months. The stock currently has a Zacks Rank #2 (Buy). Looking more specifically, Phinia belongs to the Automotive - Original Equipment industry, a group that includes 50 individual stocks and currently sits at #74 in the Zacks Industry ...

Core Insights - The discussion revolves around whether QuantumScape Corporation is pursuing electrification or advancing energy storage technology [1] Group 1 - QuantumScape Corporation reported its Q2 2025 earnings, prompting discussions about its strategic direction in the energy sector [1] - The company is positioned at the intersection of electrification and energy storage, indicating potential growth opportunities in both areas [1]

Domestic News - The Ministry of Industry and Information Technology (MIIT) aims to consolidate the results of comprehensive rectification in the "involution" competition within the new energy vehicle industry, enhancing governance modernization and pushing for the exit of outdated production capacity through standards [4] - In the first half of the year, China completed a transportation fixed asset investment of 1.6 trillion yuan, with investments in railways, highways, waterways, and civil aviation amounting to 355.9 billion yuan, 1.1 trillion yuan, 109.3 billion yuan, and 53.1 billion yuan respectively, indicating stable economic operation in the industry [5] - Shanghai plans to achieve full-area opening for autonomous driving testing in the Pudong New Area by the end of the year, expanding the open areas for autonomous driving [6] - China Changan Automobile Group Co., Ltd. was established in Chongqing, focusing on smart vehicles, flying cars, and exploring a new ecosystem for multi-modal transportation [8] - WeRide, an autonomous driving technology company, has obtained the first autonomous driving license in Saudi Arabia, allowing it to deploy Robotaxi services nationwide [9] - The 2025 World Intelligent Connected Vehicles Conference will be held in Beijing from October 16 to 18, focusing on the development of the intelligent connected vehicle industry [10] - The China Association of Automobile Manufacturers organized a seminar on building a unified automobile market, emphasizing the digitalization of the entire automobile consumption process [11][12] - Autoliv's new technology research and development center in Wuhan is set to begin operations in the third quarter of 2026, enhancing the company's innovation capabilities in automotive safety systems [13] Foreign News - South Korea's cumulative registration of eco-friendly vehicles has surpassed 3 million for the first time, driven by the demand for hybrid and electric vehicles [15] - In June, the Philippines saw a 3.6% year-on-year increase in automobile sales, with total sales reaching 40,483 vehicles [16] - Volkswagen Group invested $131 million in QuantumScape to support the construction of a solid-state battery pilot production line in California, aiming for mass production capabilities [17][18] - VinFast, a Vietnamese electric vehicle manufacturer, opened its first showroom in India, planning to establish a nationwide charging and after-sales service network [19] Commercial Vehicles - Geely's remote X-VAN model was launched at a price of 269,900 yuan, featuring a versatile interior design and advanced functionalities [20][21] - Jiangling Motors is set to re-enter the South African market, planning to launch two models later this year [22] - Foton's new small truck, the Kavian Ledi, was officially released, targeting the new energy logistics market [23] - SAIC Maxus will launch the 2026 Star Series on August 7, with updates including more affordable options and a new SUV version [24]

Core Insights - QuantumScape's stock has more than doubled in the past month due to technical advancements and a strengthened partnership with Volkswagen [1] - The recent stock surge raises concerns about whether it has outpaced the company's actual progress [1] Group 1: Technological Developments - QuantumScape's Cobra separator process, which began baseline production in June, is pivotal for commercializing its QSE-5 solid-state lithium-metal batteries, offering faster charging, higher energy density, and improved safety compared to lithium-ion batteries [4][5] - The Cobra system is 25 times faster, more space-efficient, and cost-effective than the previous Raptor system, crucial for scaling production [5] Group 2: Strategic Partnerships - Volkswagen's battery subsidiary, PowerCo, has been a significant supporter of QuantumScape, recently expanding their collaboration to accelerate QSE-5 battery development and establish a pilot line in San Jose [6] - PowerCo will provide up to $131 million in milestone-based payments over the next two years, in addition to an initial $130 million related to a licensing deal, extending QuantumScape's cash runway into 2029 [6][7] Group 3: Financial Performance - QuantumScape has not yet generated revenue, reporting a Q2 loss of $123.6 million and projecting a negative EBITDA of up to $270 million for 2025 [7][9] - The company is focused on cost-cutting and process improvements, but commercial-scale production and field testing are not expected to begin until 2026 [10] Group 4: Market Valuation and Investor Sentiment - The stock's recent valuation surge is driven by future expectations, making it sensitive to market sentiment shifts, with a potential downside of approximately 60% from current levels based on Wall Street's average target price of $4.79 [11][14] - While QuantumScape presents a high-risk, high-reward opportunity for long-term investors, cautious investors may find the stock currently overheated due to the challenges in scaling production and the speculative nature of the battery technology market [12][13]

Core Viewpoint - QuantumScape Corporation's recent technological advancements, particularly the Cobra separator breakthrough, have generated investor excitement, but significant risks remain that could lead to value destruction despite these developments [2][11]. Financial Position - QuantumScape faces a critical financial situation with a trailing 12-month free cash burn rate of $331 million and an operating cash burn of $277 million, indicating a potential liquidity crisis [3]. - The company's original revenue projection of $39 million for 2025 now appears overly optimistic, and there is a pattern of missed financial milestones, suggesting that current cash runway calculations may be unrealistic [3][10]. Technology Risk - The commercial viability of solid-state batteries is increasingly questioned, with alternative technologies potentially overshadowing QuantumScape's decade-long investments [4]. - Industry experts note that the hype surrounding solid-state batteries is fading, which could jeopardize QuantumScape's market position if competitors succeed first [4]. Manufacturing Challenges - Scaling ceramics production to gigawatt-hour levels presents significant challenges, requiring mastery in materials science, precision manufacturing, quality control, and supply chain management [5]. - The Cobra process addresses only one aspect of this complex ecosystem, meaning failures in any area could derail commercialization efforts [5]. Competitive Landscape - Well-funded competitors such as Toyota, Samsung, LG Chem, and Solid Power have substantial advantages over QuantumScape, including established manufacturing capabilities and financial resources [7]. - These competitors can afford longer development timelines and multiple technology bets, which could lead to early market entry and dominant positions [7]. Partnership Dependency - QuantumScape's survival is heavily reliant on its partnership with PowerCo/Volkswagen, and any strategic or financial shifts by Volkswagen could jeopardize this relationship [8]. - The volatility of automotive partnerships for unproven technologies poses a significant risk, as losing this relationship would severely impact market access and credibility [8]. Share Dilution Risks - Continued cash burn may necessitate further capital raises, leading to share dilution through mechanisms like at-the-market offerings, which could diminish existing shareholders' value [10]. - The number of shares outstanding has increased from approximately 410 million in 2021 to 521 million currently, indicating ongoing dilution risks [10]. Conclusion - QuantumScape's future is characterized by binary outcomes: either revolutionary success or complete failure, with moderate outcomes being unlikely [11]. - While the Cobra breakthrough represents genuine progress, it may not be sufficient to overcome fundamental survival challenges, including cash exhaustion, technology obsolescence, competitive pressures, and partnership risks [11].

Core Viewpoint - QuantumScape Corporation (QS) is expanding its strategic partnership with Volkswagen Group's PowerCo SE to accelerate the development of solid-state lithium metal batteries, with a focus on scaling up the QSE-5 battery pilot line in San Jose [1]. Group 1: Partnership and Funding - The updated agreement allows PowerCo to provide up to $131 million (approximately 956 million RMB) in funding over the next two years, contingent on achieving several key milestones [1]. - The initial milestones have been successfully met, and QS expects to start receiving related payments in 2025 [1]. - This partnership enables PowerCo to engage early in the production and automation processes of the QSE-5 battery, facilitating rapid scaling and technology transfer [1]. Group 2: Financial Performance - As of the end of Q2 2025, QS reported $797.5 million in liquid assets and extended its cash flow forecast to 2029, six months longer than previously anticipated [6]. - The capital expenditure for Q2 was $8.3 million, primarily for facility and equipment procurement to support higher production of QSE-5 B1 samples [6]. - The full-year capital expenditure guidance has been narrowed to a range of $45 million to $65 million [6]. Group 3: Operational Metrics - In Q2, GAAP operating expenses were $123.6 million, with a GAAP net loss of $114.7 million [7]. - Adjusted EBITDA loss for the quarter was $63 million, aligning with expectations, and the full-year adjusted EBITDA loss guidance has been narrowed to $250 million to $270 million [7]. - PowerCo's solid-state battery production capacity could expand to 85 GWh annually based on QS's technology licensing [7]. Group 4: Technological Advancements - The new Cobra process has replaced the Raptor process, achieving significant efficiency improvements, with B1 samples expected to be delivered within the year and field testing planned for 2026 [8]. - High-capacity production line equipment is being deployed rapidly to support these advancements [8].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for QuantumScape Corporation as of June 30, 2025, report a **net loss** of **$114.7 million** for the second quarter and **$229.1 million** for the first six months, with **total assets** decreasing to **$1.17 billion** from **$1.32 billion** due to a **decrease** in **marketable securities**, as the company remains in a development stage with no **revenue** from its principal business activities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $172,451 | $140,866 | | Marketable securities | $625,042 | $769,901 | | Total current assets | $806,239 | $922,286 | | Total assets | $1,168,388 | $1,322,395 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $49,172 | $64,884 | | Total liabilities | $143,592 | $164,548 | | Total stockholders' equity | $1,024,796 | $1,157,847 | | Total liabilities and stockholders' equity | $1,168,388 | $1,322,395 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Research and development | $101,177 | $196,766 | | General and administrative | $22,409 | $50,395 | | Loss from operations | ($123,586) | ($247,161) | | Net loss | ($114,698) | ($229,121) | | Basic and Diluted net loss per share | ($0.20) | ($0.41) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($122,589) | ($123,096) | | Net cash provided by investing activities | $139,289 | $171,810 | | Net cash provided by financing activities | $14,885 | $5,150 | | Net increase in cash, cash equivalents and restricted cash | $31,585 | $53,864 | - The company is in the development stage and has not yet generated **revenue** from its main business activities as of June 30, 2025[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The notes detail the company's accounting policies, financial instrument valuations, balance sheet components, lease obligations, legal contingencies, and equity structure, highlighting the relationship with Volkswagen, stock-based compensation plans, ongoing litigations, and subsequent events including a lease termination and an amended collaboration agreement with PowerCo involving up to **$130.7 million** in project contributions over two years - Volkswagen is a related party stockholder with an approximate **26.0% voting interest** as of June 30, 2025[28](index=28&type=chunk) - The company recorded **impairment charges** of approximately **$14.9 million** in the first six months of 2025 for assets no longer in use, a significant **increase** from **$1.3 million** in the same period of 2024[40](index=40&type=chunk) - As of June 30, 2025, the company has **accrued** approximately **$3.0 million** for legal matters, a **decrease** from **$12.0 million** at the end of 2024[89](index=89&type=chunk) - Subsequent to the quarter end, on July 17, 2025, the company amended its collaboration agreement with PowerCo SE. PowerCo agreed to **contribute** up to **$130.7 million** for the joint project over the next two years, subject to technical milestones[116](index=116&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's status as a pre-revenue, development-stage entity focused on next-generation solid-state batteries, with key trends in product development (QSE-5 B-samples), process development (anode-free architecture), and commercialization through a licensing model, highlighted by the PowerCo collaboration, reporting a **net loss** of **$229.1 million** for the first half of 2025, with **G&A expenses** decreasing due to lower legal settlement costs, and believing its **cash resources** of approximately **$797.5 million** are **sufficient** to fund operations into **2029** - The company is a development-stage entity with no **revenue** to date, incurring a **net loss** from operations of **$247.2 million** for the six months ended June 30, 2025, and an **accumulated deficit** of approximately **$3.6 billion** since inception[120](index=120&type=chunk) - In **2024**, the company began producing and shipping B-samples of its first targeted commercial product, QSE-5, to automotive customers for testing. QSE-5 has an **energy density** of over **800 Wh/L** and supports **fast charging** (<**15 minutes** from **10%** to **80%**)[122](index=122&type=chunk) - The collaboration with PowerCo (Volkswagen's battery company) aims to industrialize the QSE-5 technology. This shifts the company's model towards licensing, which is expected to result in less **revenue** but also lower **costs** and capital requirements compared to a joint venture[133](index=133&type=chunk) - Based on the current business plan and transition to a licensing model, the company believes its **cash resources** will last into **2029**[136](index=136&type=chunk)[161](index=161&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, **total operating expenses** **decreased** by **7%** to **$247.2 million**, while **Research and development expenses** **increased** by **8%** to **$196.8 million** due to asset write-offs and higher depreciation, and **General and administrative expenses** **decreased** by **41%** to **$50.4 million** primarily from lower legal settlement costs, resulting in a **net loss** of **$229.1 million**, a **6% improvement** from the **$243.6 million loss** in the first half of 2024 Comparison of Operating Results (in thousands) | | Six Months Ended June 30, | | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | | | | Research and development | $196,766 | $181,593 | $15,173 | 8% | | General and administrative | $50,395 | $84,765 | ($34,370) | (41)% | | **Total operating expenses** | **$247,161** | **$266,358** | **($19,197)** | **(7)%** | | **Loss from operations** | **($247,161)** | **($266,358)** | **$19,197** | **(7)%** | | **Net loss** | **($229,121)** | **($243,581)** | **$14,460** | **(6)%** | - The **increase** in **R&D expense** for H1 **2025** was primarily due to a **$13.7 million increase** in write-offs of fixed assets and a **$12.8 million increase** in depreciation and amortization[152](index=152&type=chunk) - The **decrease** in **G&A expense** for H1 **2025** was mainly driven by a **$24.5 million reduction** in **costs** associated with the settlement of class action lawsuits that were present in the **2024** period[154](index=154&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, QuantumScape's principal sources of liquidity were **$797.5 million** in **cash**, **cash equivalents**, and **marketable securities**, with operations funded primarily through equity offerings, and management believes current **cash reserves** are **sufficient** to fund operations into **2029**, aided by the less capital-intensive licensing model with PowerCo, while **net cash used in operating activities** for the first six months of **2025** was **$122.6 million**, nearly flat compared to the prior year - As of June 30, 2025, the company's principal sources of liquidity were approximately **$797.5 million** in **cash**, **cash equivalents**, and **marketable securities**, down from **$910.8 million** at year-end **2024**[158](index=158&type=chunk) - The company believes its current **cash** on hand is **sufficient** to meet working capital and capital expenditure requirements for at least twelve months and will last into **2029** under the current business plan[161](index=161&type=chunk) Summary of Cash Flows (in thousands) | | For the Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | | Net cash used in operating activities | ($122,589) | ($123,096) | | Net cash provided by investing activities | $139,289 | $171,810 | | Net cash provided by financing activities | $14,885 | $5,150 | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes to its market risk exposure during the three months ended June 30, 2025, referring to the more detailed discussion in its Annual Report on Form 10-K - There have been no material changes to the Company's market risk during the three months ended June 30, 2025[176](index=176&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025, with no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls - Based on an evaluation by management, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[178](index=178&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the internal controls[179](index=179&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 7 of the condensed consolidated financial statements for detailed information regarding the company's ongoing legal proceedings - Information regarding legal proceedings is detailed in Note 7, Commitments and Contingencies, within the financial statements section of the report[182](index=182&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant risks to the company's business, including challenges in developing and scaling up its solid-state battery technology, reliance on third-party suppliers, and the ability to control **costs**, highlighting risks associated with its collaboration with Volkswagen/PowerCo, intellectual property risks, intense market competition, dependence on EV market adoption, financial risks including a history of **losses**, the need for future capital, and stock price volatility, as well as regulatory risks from trade policies and environmental laws - The company faces significant challenges in developing its solid-state battery and producing it at high volumes with acceptable performance, quality, **cost**, and safety[192](index=192&type=chunk) - The relationship with Volkswagen and PowerCo is **critical** but carries risks, including the need to meet technical milestones to secure the licensing agreement and potential over-reliance on a single partner[215](index=215&type=chunk)[217](index=217&type=chunk) - The battery market is **highly competitive**, with threats from established lithium-ion manufacturers and other companies developing alternative battery technologies, which may affect pricing and market share[239](index=239&type=chunk)[240](index=240&type=chunk) - The company's dual-class stock structure **concentrates voting power** with executive officers, directors, and major shareholders like Volkswagen, which may prevent other stockholders from influencing significant corporate decisions[299](index=299&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[331](index=331&type=chunk) [Other Information](index=81&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption of Rule 10b5-1 trading plans by several directors and executive officers during the last fiscal quarter, specifically by Dr. Timothy Holme (CTO), Kevin Hettrich (CFO), and JB Straubel (Director), each establishing trading arrangements for the sale of company stock with specified **share amounts** and durations - On June 5, 2025, CTO Dr. Timothy Holme adopted a Rule 10b5-1 trading plan for the sale of up to **2,714,753 shares** of Class A Common Stock, effective until August 21, 2026[333](index=333&type=chunk) - On June 11, 2025, CFO Kevin Hettrich adopted a Rule 10b5-1 trading plan for the sale of up to **117,600 shares** of Class A Common Stock, effective until August 26, 2026[334](index=334&type=chunk) - On June 13, 2025, Director JB Straubel adopted a Rule 10b5-1 trading plan for the sale of up to **791,329 shares** of Class A Common Stock, effective until June 15, 2026[335](index=335&type=chunk) [Exhibits](index=82&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including agreements incorporated by reference and certifications from the Principal Executive Officer and Principal Financial Officer, with newly filed exhibits including a Lease Termination Agreement and an offer letter to an executive - The report includes a list of exhibits, such as the Business Combination Agreement, Amended and Restated Certificate of Incorporation, and various certifications[339](index=339&type=chunk)