[Executive Summary & Recent Developments](index=1&type=section&id=Executive%20Summary%20%26%20Recent%20Developments) Dogwood Therapeutics reported Q2 2025 progress in its Halneuron® trial and financial position, with CEO and CMO commentary highlighting pipeline potential and target mechanisms [Q2 2025 Highlights](index=1&type=section&id=Q2%202025%20Highlights) Dogwood Therapeutics reported key progress in its Halneuron® Phase 2b trial, including patient enrollment and a low discontinuation rate, with interim data expected in Q4 2025. The company also highlighted its cash position, providing an operational runway through Q1 2026 - Enrollment to-date of **52 patients** in the ongoing Halneuron® Phase 2b Trial for Chemotherapy-Induced Neuropathic Pain (CINP)[1](index=1&type=chunk)[3](index=3&type=chunk) - Halneuron® CINP Phase 2b study interim data readout remains on track for **Q4 2025**[1](index=1&type=chunk) - Low discontinuation rate (**5.8%**) due to adverse events in the first **38 patients** completing the trial, suggesting Halneuron® and placebo treatment have been generally well tolerated[1](index=1&type=chunk) - Cash on hand of **$13.4 million** provides operational runway through **Q1 2026**[1](index=1&type=chunk) [CEO & CMO Commentary](index=1&type=section&id=CEO%20%26%20CMO%20Commentary) The CEO emphasized the potential for Halneuron® to be the first FDA-approved CINP treatment and the opportunity to expand the NaV 1.7 research pipeline to other pain forms. The CMO highlighted the fundamental role of the NaV 1.7 sodium channel in pain transmission as a critical treatment target - CEO Greg Duncan believes Halneuron® has the potential to be the **first and only FDA-approved CINP treatment** and highlights its significant potential to expand the NaV 1.7 research pipeline to other forms of pain, including diabetic peripheral neuropathy, post herpetic neuralgia, and acute surgical pain[2](index=2&type=chunk) - CMO Michael Gendreau, MD, PhD, stated that the NaV 1.7 sodium channel plays a **fundamental role in pain transmission**, making its modulation applicable to both chronic and acute pain states, as evidenced by conditions like Congenital Insensitivity to Pain Syndrome[2](index=2&type=chunk) [Proprietary Pipeline Overview](index=3&type=section&id=Proprietary%20Pipeline%20Overview) Dogwood's pipeline includes Halneuron® for CINP in Phase 2b and an antiviral program with IMC-1 for Fibromyalgia (Phase 3 ready) and IMC-2 for Long-COVID (Phase 2a) [Halneuron® Program](index=3&type=section&id=Halneuron%C2%AE%20Program) Halneuron® is a non-opioid, NaV 1.7 inhibitor in Phase 2b development for chemotherapy-induced neuropathic pain (CINP), having received FDA Fast Track designation. Interim data from the ongoing study are anticipated in Q4 2025 - Halneuron® is in **Phase 2b development** as a non-opioid, NaV 1.7 inhibitor to treat pain conditions, including neuropathic pain associated with chemotherapy treatment[9](index=9&type=chunk) - Halneuron® has been granted **Fast Track designation** from the FDA for the treatment of CINP[9](index=9&type=chunk) - Interim data from the ongoing Phase 2b CINP study are expected in **Q4 2025**[9](index=9&type=chunk) [Antiviral Program](index=3&type=section&id=Antiviral%20Program) Dogwood's antiviral program includes IMC-1 for Fibromyalgia, which is Phase 3 ready with Fast Track designation, and IMC-2 for Long-COVID, currently in Phase 2a, with external funding paused due to government resource clarity issues [IMC-1 (Fibromyalgia)](index=3&type=section&id=IMC-1%20(Fibromyalgia)) IMC-1, a combination antiviral treatment for Fibromyalgia (FM), is ready for Phase 3 development and has received FDA Fast Track designation for FM - IMC-1 (famciclovir + celecoxib) is ready for **Phase 3 development** as a combination antiviral treatment for Fibromyalgia (FM)[9](index=9&type=chunk) - IMC-1 has been granted **Fast Track designation** by the FDA for the treatment of FM[9](index=9&type=chunk) [IMC-2 (Long-COVID)](index=3&type=section&id=IMC-2%20(Long-COVID)) IMC-2, a combination antiviral treatment for Long-COVID, is in Phase 2a development. External research funding and partnership discussions are currently paused due to uncertainties regarding U.S. Government commitment to COVID illness funding. The FDA has agreed to use reduction in fatigue as the primary endpoint for future IMC-2 research - IMC-2 (valacyclovir + celecoxib) is in **Phase 2a development** as a combination antiviral treatment for Long-COVID[9](index=9&type=chunk) - Current external research funding and partnership discussions for IMC-2 have been **paused** due to pervasive reductions in government health funding and a lack of clarity on U.S. Government resources for COVID illness[9](index=9&type=chunk) - The company has reached an agreement with FDA on using **reduction in fatigue as the primary endpoint** for future IMC-2 Long-COVID research[12](index=12&type=chunk) [Second Quarter 2025 Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) Dogwood Therapeutics reported a significant increase in operating expenses and net loss for Q2 2025, primarily driven by higher R&D and G&A costs [Operating Expenses](index=3&type=section&id=Operating%20Expenses) Operating expenses significantly increased in Q2 2025 compared to Q2 2024, primarily driven by higher research and development costs related to clinical trials and general and administrative expenses due to legal, accounting, and public company costs [Research and Development Expenses](index=3&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses for Q2 2025 increased by $2.2 million year-over-year, primarily due to the business combination with Pharmagesic, leading to higher clinical trial, drug development, and personnel costs Research and Development Expenses (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :------------------- | :-------- | :-------- | :----- | | R&D Expenses | $2.5 million | $0.3 million | +$2.2 million | - The **$2.2 million increase** was primarily due to the business combination with Pharmagesic, including increases in expenses for clinical trials (**$1.6 million** related to Halneuron® CINP Phase 2b study), drug development and manufacturing costs (**$0.5 million**), and salaries and related personnel costs (**$0.2 million**), offset by a decrease in regulatory costs (**$0.1 million**)[6](index=6&type=chunk) [General and Administrative Expenses](index=3&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses for Q2 2025 rose by $0.6 million compared to Q2 2024, mainly driven by increased legal and accounting fees, personnel costs, and expenses associated with being a public company General and Administrative Expenses (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :------------------- | :-------- | :-------- | :----- | | G&A Expenses | $1.3 million | $0.7 million | +$0.6 million | - The **$0.6 million increase** was primarily due to increases in legal and accounting fees (**$0.2 million**), salaries and related personnel costs (**$0.2 million**), expenses associated with being a public company (**$0.1 million**), and other general and administrative costs (**$0.1 million**)[7](index=7&type=chunk) [Net Loss and EPS](index=3&type=section&id=Net%20Loss%20and%20EPS) Dogwood Therapeutics reported a significantly higher net loss attributable to common stockholders in Q2 2025, reaching $3.8 million, compared to $1.0 million in Q2 2024, resulting in a basic and diluted net loss per share of $1.99 Net Loss and EPS (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--------------------------------------- | :-------- | :-------- | | Net Loss Attributable to Common Stockholders | $(3.8) million | $(1.0) million | | Basic and Diluted Net Loss Per Share | $(1.99) | $(1.15) | [Financial Statements](index=8&type=section&id=Financial%20Statements) The financial statements reveal increased operating expenses and net losses for Q2 2025, alongside a stronger balance sheet with improved stockholders' equity [Condensed Statements of Operations](index=8&type=section&id=Condensed%20Statements%20of%20Operations) The condensed statements of operations show a significant increase in operating expenses and net loss for both the three and six months ended June 30, 2025, compared to the prior year, primarily driven by increased R&D and G&A costs, and a substantial loss on debt conversion for the six-month period Condensed Statements of Operations Data (Three Months Ended June 30) | Statements of Operations Data | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | | Revenue | $ — | $ — | | Research and development | $2,569,943 | $336,084 | | General and administrative | $1,353,172 | $733,740 | | Total operating expenses | $3,923,115 | $1,069,824 | | Loss from operations | $(3,923,115) | $(1,069,824) | | Total other income (expense), net | $115,911 | $19,991 | | Loss before income taxes | $(3,807,204) | $(1,049,833) | | Deferred income tax provision | $(149) | $— | | Net Loss | $(3,807,353) | $(1,049,833) | | Net loss attributable to common stockholders | $(3,807,353) | $(1,049,833) | | Net loss per share of common stock — basic and diluted | $(1.99) | $(1.15) | | Weighted average shares outstanding — basic and diluted | 1,911,128 | 916,031 | Condensed Statements of Operations Data (Six Months Ended June 30) | Statements of Operations Data | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | | Revenue | $ — | $ — | | Research and development | $5,006,941 | $679,801 | | General and administrative | $3,346,100 | $1,704,124 | | Total operating expenses | $8,353,041 | $2,383,925 | | Loss from operations | $(8,353,041) | $(2,383,925) | | Loss on debt conversion with related party | $(6,134,120) | $— | | Interest income (expense), net | $(35,711) | $42,757 | | Exchange gain (loss), net | $(18,742) | $— | | Total other income (expense), net | $(6,188,573) | $42,757 | | Loss before income taxes | $(14,541,614) | $(2,341,168) | | Deferred income tax provision | $(190,691) | $— | | Net Loss | $(14,732,305) | $(2,341,168) | | Accrual of paid-in kind dividends on Series A non-voting convertible preferred stock | $(1,256,662) | $— | | Net loss attributable to common stockholders | $(15,988,967) | $(2,341,168) | | Net loss per share of common stock — basic and diluted | $(9.51) | $(2.78) | | Weighted average shares outstanding — basic and diluted | 1,680,827 | 843,174 | [Condensed Consolidated Balance Sheet](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, Dogwood Therapeutics reported $13.4 million in cash, total assets of $96.7 million, and a significant improvement in stockholders' equity, moving from a deficit of $10.1 million at December 31, 2024, to a positive $6.9 million Condensed Consolidated Balance Sheet Data | Data | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Cash | $13,402,809 | $14,847,949 | | Total assets | $96,692,527 | $94,308,246 | | Total liabilities | $14,151,904 | $30,027,223 | | Total stockholders' equity (deficit) | $6,878,599 | $(10,124,339) | [About Dogwood Therapeutics](index=5&type=section&id=About%20Dogwood%20Therapeutics) Dogwood Therapeutics is a development-stage biopharmaceutical company focused on developing new medicines for pain and fatigue-related disorders. Its research pipeline includes a non-opioid analgesic program, with Halneuron® as its lead candidate, and an antiviral program featuring IMC-1 and IMC-2 for conditions like fibromyalgia and Long-COVID - Dogwood Therapeutics (Nasdaq: DWTX) is a development-stage biopharmaceutical company focused on developing new medicines to treat **pain and fatigue-related disorders**[11](index=11&type=chunk) - The Dogwood research pipeline includes **two separate mechanistic platforms**: a non-opioid analgesic program and an antiviral program[11](index=11&type=chunk) - The non-opioid, NaV 1.7 analgesic program is centered on Halneuron®, a highly specific voltage-gated sodium channel modulator, which has demonstrated **pain reduction** in general cancer pain and chronic chemotherapy-induced neuropathic pain (CINP)[11](index=11&type=chunk) - The antiviral program includes IMC-1 and IMC-2, novel, proprietary, fixed-dose combinations of anti-herpes antivirals and celecoxib, applied to illnesses believed to be related to reactivation of previously dormant herpesviruses, such as **fibromyalgia (FM) and Long-COVID (LC)**[12](index=12&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains standard forward-looking statements, subject to substantial risks and uncertainties, as defined by the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions, with risks detailed in the company's Form 10-K, and Dogwood undertakes no obligation to update them except as required by law - Statements in this press release are "**forward-looking statements**" under the U.S. Private Securities Litigation Reform Act of 1995, subject to substantial risks and uncertainties[14](index=14&type=chunk) - Forward-looking statements are based on Dogwood's current expectations and are subject to inherent uncertainties, risks, and assumptions, including those related to the **completion, timing, and results of current and future clinical studies**[14](index=14&type=chunk) - These risks and uncertainties are described more fully in the "**Risk Factors**" section of the Annual Report on Form 10-K for the year ended December 31, 2024[16](index=16&type=chunk) - Dogwood undertakes **no duty to update** such information except as required under applicable law[16](index=16&type=chunk) [Investor Relations](index=7&type=section&id=Investor%20Relations) This section provides contact information for investor relations inquiries - Investor Relations contact: **CORE IR, (516) 222-2560, IR@dwtx.com**[17](index=17&type=chunk)

Core Viewpoint - Viridien has filed its interim financial report for the period ending June 30, 2025, with the Autorité des Marchés Financiers (AMF), indicating ongoing transparency and compliance with regulatory requirements [3]. Company Overview - Viridien is an advanced technology, digital, and Earth data company focused on sustainable solutions for complex challenges in natural resources, energy transition, and infrastructure [4]. - The company employs approximately 3,400 people globally and is listed on Euronext Paris SA under the ticker VIRI [4]. Financial Reporting - The interim financial report is accessible on the company's website, specifically in the Investors section under "Regulated information" and "Results and Publications" [3]. Contact Information - The legal department can be contacted at the registered office located at 27 avenue Carnot, 91300 Massy [5].

Core Insights - Viridien reported solid performance in Q2 2025, achieving a net cash flow of $30 million, reaffirming its full-year target of $100 million despite a volatile market environment [2][20]. Financial Performance - Q2 2025 revenue reached $234 million, a decrease of 26% year-on-year, while adjusted EBITDAs were $68 million, down 55% [12][30]. - The company generated a net cash flow of $30 million in Q2 2025, compared to a negative cash flow of $6 million in Q2 2024 [14][30]. - Net income for Q2 2025 was $6 million, a significant drop from $35 million in Q2 2024 [12][30]. Segment Performance - Geoscience segment revenue was $115 million, up 10% year-on-year, driven by increased demand for high-quality subsurface imaging [7][31]. - Data, Digital and Energy Transition (DDE) segment revenue was $181 million, reflecting a 3% increase year-on-year, primarily due to Geoscience [4][31]. - Sensing and Monitoring (SMO) segment revenue increased by 14% to $93 million, with strong performance in land activities [9][31]. Operational Highlights - The company achieved a 39% margin in adjusted EBITDAs for the Geoscience segment, an increase of approximately 270 basis points year-on-year [6][31]. - Earth Data segment adjusted EBITDAs reached $101 million, up 6% year-on-year, benefiting from improved margins following the end of a vessel capacity agreement [8][31]. - The company has a healthy Geoscience backlog of $317 million, up 29% from the previous year [32]. Cash Flow and Debt Management - The company reported a total net cash flow of $10 million for the first half of 2025, with significant pressure on working capital due to overdue receivables from PEMEX [14][18]. - Net debt increased by 8% to $997 million as of June 30, 2025, compared to $921 million at the end of 2024 [18][37]. - A successful refinancing effort extended bond maturity to October 2030, providing ample liquidity with a $125 million revolving credit facility [14][18]. Market Outlook - The oil price environment remains volatile but consistently above $60 per barrel, supporting exploration and development commitments from oil and gas companies [20][23]. - Viridien expects to maintain momentum in its operations, driven by a strong backlog and anticipated licensing activities towards year-end [2][20].

Core Insights - Viridien reported solid performance in Q2 2025, achieving a net cash flow of $30 million, reaffirming its full-year target of $100 million despite a volatile environment [2][21] - The company experienced year-on-year growth in segment revenue and margins, driven by a focus on offshore markets and leading oil companies [2][7] Financial Performance - Segment revenue for Q2 2025 was $274 million, up 6% from $258 million in Q2 2024, while H1 2025 revenue increased by 8% to $575 million [30] - Adjusted EBITDAs for Q2 2025 reached $107 million, a 14% increase year-on-year, with a margin of 39% [7][30] - Consolidated IFRS revenue for Q2 2025 was $234 million, down 26% from $317 million in Q2 2024, with EBITDAs at $68 million, a decrease of 55% [13][30] Segment Performance - Data, Digital and Energy Transition (DDE) segment revenue was $181 million in Q2 2025, a 3% increase year-on-year, driven by Geoscience [4][30] - Geoscience (GEO) segment revenue was $115 million, up 10% from $105 million in Q2 2024, with a strong backlog supporting future growth [30] - Sensing and Monitoring (SMO) segment revenue increased by 14% to $93 million, primarily driven by land segment activities [10][30] Cash Flow and Debt Management - The company generated a net cash flow of $30 million in Q2 2025, with a total of $10 million for H1 2025, despite significant working capital pressures [15][18] - Net debt increased by 6% to $997 million as of June 30, 2025, compared to $941 million at the end of 2024 [19][30] - Bond maturity was extended to October 2030 following successful refinancing, with $125 million available in revolving credit facilities [7][18] Market Outlook - The oil price environment remains volatile but consistently above $60 per barrel, supporting exploration and development commitments from oil and gas companies [21] - Viridien expects to maintain momentum in generating cash flow, supported by a healthy Geoscience backlog and anticipated licensing activity [2][21]

Core Viewpoint - Viridien is set to announce its second quarter 2025 financial results on July 31, after market close, indicating a significant upcoming event for stakeholders [1]. Company Overview - Viridien is an advanced technology, digital, and Earth data company focused on sustainable solutions for complex challenges in natural resources, digital, energy transition, and infrastructure [3]. - The company employs approximately 3,400 people globally and is listed on Euronext Paris SA under the ticker VIRI [3]. Conference Call Details - Participants must register for the conference call to receive a dial-in number and PIN code, with options to join via live webcast [2]. - A replay of the conference call will be available for 12 months in audio format on the company's website [2]. - The press release and presentation will be accessible on the company's website at 5:45 PM (CET) on July 31, followed by an English-language conference call at 6:00 PM (CET) [6].

Core Insights - Viridien has launched the Sercel Accel, the first onshore drop node solution aimed at transforming land seismic data acquisition [1][5] - The Accel solution significantly reduces deployment time and labor requirements, enhancing operational efficiency and reducing costs by up to 30% [2][5] Product Features - Accel eliminates the need for nodes to be buried or planted, streamlining logistics and improving in-field agility [2] - The solution is powered by the Sercel QuietSeis MEMS sensor, ensuring total data integrity and reliability [3] - Accel includes modular Solution Packs that combine nodes, software, and services, allowing customization based on project needs [4] Company Overview - Viridien is a technology and Earth data company focused on sustainable solutions for natural resources and infrastructure challenges, employing around 3,400 people globally [6]

Part I: Financial Information [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025, detailing a **$10.9 million net loss**, **$97.0 million total assets**, and financing activities that improved equity and Nasdaq compliance, despite going concern doubts [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Cash | $17,539,004 | $14,847,949 | | Total Assets | $96,984,688 | $94,308,246 | | Total Liabilities | $14,235,733 | $30,027,223 | | Total Stockholders' Equity (Deficit) | $7,086,931 | $(10,124,339) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Condensed Consolidated Statements of Operations (Unaudited) | Account | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Revenue | $0 | $0 | | Research and development | $2,436,998 | $343,717 | | General and administrative expenses | $1,992,928 | $970,384 | | Loss from operations | $(4,429,926) | $(1,314,101) | | Loss on debt conversion with related party | $(6,134,120) | $0 | | Net loss | $(10,924,952) | $(1,291,335) | | Net loss per common share, basic and diluted | $(8.45) | $(1.68) | [Condensed Consolidated Statements of Changes in Series A Non-Voting Convertible Preferred Stock and Stockholders' Equity (Deficit)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%20%28Deficit%29) - Stockholders' equity (deficit) improved from a deficit of **$(10.1) million** at year-end 2024 to positive equity of **$7.1 million** at March 31, 2025, primarily driven by the conversion of debt into **$25.0 million** of Series A-1 Preferred Stock and **$4.3 million** in net proceeds from a common stock offering, which offset the **$10.9 million** net loss for the quarter[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,682,554) | $(937,414) | | Net cash provided by financing activities | $7,372,378 | $0 | | Net increase (decrease) in cash | $2,689,824 | $(937,414) | | Cash, end of period | $17,539,004 | $2,379,532 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) These notes detail accounting policies, the company's pre-revenue biopharmaceutical nature, significant development risks, and substantial doubt about going concern, alongside the Pharmagesic acquisition and Q1 2025 financing activities crucial for Nasdaq compliance - The company is a pre-revenue, development-stage biopharmaceutical company focused on developing medicines for pain and fatigue-related disorders, with a pipeline including Halneuron® for pain and antiviral therapies IMC-1 and IMC-2[19](index=19&type=chunk) - Management has concluded there is substantial doubt about the Company's ability to operate as a going concern for at least 12 months from the financial statement issuance date, as current cash is insufficient to fund operations beyond Q1 2026[24](index=24&type=chunk) - In March 2025, the company converted **$19.5 million** in principal and **$0.4 million** in accrued interest from a related-party loan into 284.2638 shares of Series A-1 Preferred Stock, resulting in a **$6.1 million** loss on debt extinguishment[83](index=83&type=chunk)[86](index=86&type=chunk) - In March 2025, the company raised approximately **$4.25 million** in net proceeds through a registered direct offering of 578,950 shares of common stock at **$8.26 per share**[23](index=23&type=chunk)[110](index=110&type=chunk) - The company regained compliance with Nasdaq's minimum stockholders' equity requirement on April 8, 2025, following the debt conversion and equity offering[25](index=25&type=chunk)[26](index=26&type=chunk)[141](index=141&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results, highlighting its pre-revenue biopharmaceutical status, increased R&D and G&A expenses, and liquidity challenges with **$17.5 million cash** funding operations only through Q1 2026, raising going concern doubts - The company's lead product candidate, Halneuron®, commenced its Phase 2b clinical trial (HALT-CINP-203) in Q1 2025 for chemotherapy-induced neuropathic pain, with an interim analysis expected in Q4 2025 and top-line data anticipated in the second half of 2026[129](index=129&type=chunk) Operating Expense Comparison (Q1 2025 vs. Q1 2024) | Expense Category | Q1 2025 ($) | Q1 2024 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Research and Development | $2.4 million | $0.3 million | +$2.1 million | | General and Administrative | $2.0 million | $1.0 million | +$1.0 million | - The increase in R&D expenses was primarily due to **$1.8 million** in costs for the HALT-CINP-203 study, while the rise in G&A expenses was driven by **$0.6 million** in legal/professional fees related to the Combination and increased personnel costs[143](index=143&type=chunk)[144](index=144&type=chunk) - As of March 31, 2025, the company had **$17.5 million** in cash, which is anticipated to fund operations only through the first quarter of 2026, raising substantial doubt about the company's ability to continue as a going concern[145](index=145&type=chunk)[150](index=150&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is not required to provide disclosures on quantitative and qualitative market risk - This item is not required for smaller reporting companies[162](index=162&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[164](index=164&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, such controls[165](index=165&type=chunk) Part II: Other Information [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no pending or ongoing material legal proceedings - The company does not currently have any pending or ongoing material litigation[167](index=167&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the detailed risk factors outlined in the company's 2024 Annual Report on Form 10-K - Readers are referred to the risk factors section of the 2024 Annual Report on Form 10-K for information on risks that could materially affect the business[168](index=168&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported[169](index=169&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[170](index=170&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[171](index=171&type=chunk) [Item 5. Other Information](index=32&type=section&id=Item%205.%20Other%20Information) This section discloses no Rule 10b5-1 trading arrangement changes by directors or officers, and the board's ratification of a Series A Preferred Stock dividend payment on May 8, 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[172](index=172&type=chunk) - On May 8, 2025, the board of directors ratified the payment of a dividend of 55.345 shares of Series A Preferred Stock to holders of Series A Preferred Stock[173](index=173&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section refers to the Exhibit Index, listing all documents filed as exhibits with this Quarterly Report on Form 10-Q - Refers to the Exhibit Index for a list of filed documents[174](index=174&type=chunk)

Financial Performance - Net loss attributable to common stockholders for Q1 2025 was $12.2 million, or $8.45 per share, compared to a net loss of $1.3 million, or $1.68 per share, in Q1 2024[9] - Research and development expenses for Q1 2025 were $2.4 million, a significant increase of 700% compared to $0.3 million in Q1 2024, primarily due to clinical trial expenses[7] - General and administrative expenses for Q1 2025 were $2.0 million, up 100% from $1.0 million in Q1 2024, driven by increased legal and accounting fees[8] Cash and Assets - Cash on hand as of March 31, 2025, was $17.5 million, providing operational runway through Q1 2026[4] - Total assets increased to $96.98 million as of March 31, 2025, compared to $94.31 million at the end of 2024[20] - Total liabilities decreased to $14.24 million as of March 31, 2025, down from $30.03 million at the end of 2024[20] Regulatory and Development Updates - Dogwood Therapeutics commenced dosing in its Halneuron® Phase 2b Chemotherapy Induced Neuropathic Pain program, aiming to be the first FDA approved therapy for this condition[3] - Halneuron® has been granted fast track designation by the FDA for the treatment of chemotherapy induced neuropathic pain, with interim data expected in Q4 2025[10] Shareholder and Equity Changes - An affiliate of the company's largest shareholder converted a $19.5 million loan into equity, improving the company's balance sheet[3] - The company received confirmation from Nasdaq that it has regained compliance with the minimum stockholders' equity requirement of $2.5 million[5]

Core Insights - Viridien has sold its Sercel Marlin™ Offshore Logistics management solution to Oil and Natural Gas Corporation (ONGC) to improve operational efficiency and safety in ONGC's Western offshore exploration and production (E&P) operations in India [1][2] - The deal includes a five-year contract for dedicated on-premises software and support services, which will enhance ONGC's logistics through real-time vessel tracking and improved operational planning [1][2] - The integration of advanced AI and machine learning algorithms in the Sercel Marlin solution aims to future-proof ONGC's operations and support its carbon neutrality objectives [2][3] Company Overview - Viridien is a technology and digital company focused on Earth data, aiming to resolve complex challenges in natural resources, energy transition, and infrastructure [4] - The company employs approximately 3,400 people globally and is listed on Euronext Paris SA under the ticker VIRI [4]

Core Points - The Combined General Meeting of Viridien was held on April 30, 2025, in Paris, where all resolutions were approved [2] - The Board of Directors now consists of 8 directors, with 87.5% being independent and 50% women [3] - Patrick Choupin's term as Director representing employees ended, and no new appointment will be made due to headcount thresholds [2] - DELOITTE & ASSOCIES and BDO PARIS were appointed as statutory auditors, replacing ERNST & YOUNG et Autres and MAZARS respectively [4] - The terms of Philippe Salle, Anne-France Laclide-Drouin, and Michael Daly were renewed for four years, and Amélie Oyarzabal was co-opted as a new director [4] - Sophie Zurquiyah was appointed as Chairperson and Chief Executive Officer, while Philippe Salle continues as Vice-Chairman and Lead Independent Director [4][6] - The Board expressed gratitude to Philippe Salle for his leadership and vision, emphasizing continuity and stability in governance [6] - Viridien is an advanced technology and digital company focused on sustainable solutions, employing around 3,400 people globally and listed on Euronext Paris [7]