Revenue and Expenses - For the three months ended March 31, 2025, the company generated revenues of $23,732, primarily from RNK Health, which provided non-clinical services amounting to $22,552[120] - Operating expenses for the same period increased by $371,569, or 35.6%, totaling $1,415,427 compared to $1,043,858 in the prior year[121] - General and administrative expenses totaled $1,194,438, reflecting an increase of $332,909, or 38.7%, compared to $861,529 in the previous year[123] - Research and development fees rose to $220,989, an increase of $38,660, or 21.2%, primarily due to costs associated with Gaxos Health[122] Net Loss and Cash Flow - The net loss for the three months ended March 31, 2025, was $1,232,062, an increase of $319,917, or 35.1%, from $912,145 in the same period of 2024[130] - The company reported a loss from operations of $1,391,695 for the three months ended March 31, 2025, an increase of $347,856, or 33.3%[128] - For the three months ended March 31, 2025, the net cash used in operations was $1,297,485, primarily due to a net loss of $1,232,062[134] - For the three months ended March 31, 2024, the net cash used in operations was $1,099,417, resulting from a net loss of $912,145[135] Investments and Financing Activities - For the three months ended March 31, 2025, net cash used in investing activities was $10,529,274, mainly from the purchase of short-term investments of $12,171,293[136] - For the three months ended March 31, 2024, net cash provided by investing activities was $349,602, resulting from proceeds from the sale of short-term investments of $2,616,619[137] - For the three months ended March 31, 2025, there were no cash flows from financing activities[138] - For the three months ended March 31, 2024, net cash provided by financing activities was $3,037,382, from a private placement of common stock and warrants[139] Future Outlook and Capital Needs - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead and R&D costs[133] - The company believes existing working capital will meet operating needs and debt requirements for the next twelve months[133] - The company plans to pursue research and development of products, requiring additional capital from third-party sources[140] New Initiatives - The company launched Gaxos Labs in September 2024, focusing on generative AI services for game developers and publishers[109] - Gaxos Health, initiated in 2024, aims to provide AI-powered health optimization solutions, integrating biometric data with personalized wellness strategies[111] Accounting Standards - The company does not expect the adoption of new accounting standards to have a material impact on its consolidated financial statements[142]

Revenue and Expenses - For the three months ended March 31, 2025, the company generated revenues of $23,732, primarily from RNK Health, which provided non-clinical services totaling $22,552[120]. - Operating expenses for the same period increased by $371,569, or 35.6%, totaling $1,415,427 compared to $1,043,858 in the prior year[121]. - General and administrative expenses totaled $1,194,438, reflecting an increase of $332,909, or 38.7%, compared to $861,529 in the previous year[123]. - Research and development fees rose to $220,989, an increase of $38,660, or 21.2%, primarily due to costs associated with Gaxos Health[122]. Net Loss and Cash Flow - The net loss for the three months ended March 31, 2025, was $1,232,062, an increase of $319,917, or 35.1%, from $912,145 in the same period of 2024[130]. - The company reported a loss from operations of $1,391,695 for the three months ended March 31, 2025, an increase of $347,856, or 33.3%[128]. - For the three months ended March 31, 2025, the net cash used in operations was $1,297,485, primarily due to a net loss of $1,232,062[134]. - For the three months ended March 31, 2024, the net cash used in operations was $1,099,417, resulting from a net loss of $912,145[135]. Investments and Financing - For the three months ended March 31, 2025, net cash used in investing activities was $10,529,274, mainly from the purchase of short-term investments of $12,171,293[136]. - The company sold 1,449,277 common shares at $3.45 per share in December 2024, generating net proceeds of $4,449,055[132]. - For the three months ended March 31, 2024, net cash provided by financing activities was $3,037,382, following a private placement of common stock and warrants[139]. Future Outlook and Plans - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead and research and development costs[133]. - The company believes existing working capital will be sufficient to meet operating needs for the next twelve months[133]. - The company plans to pursue research and development of products, requiring additional capital from third-party sources[140]. Company Initiatives - The company launched Gaxos Labs in September 2024, focusing on generative AI services for game developers and publishers[109]. - Gaxos Health, initiated in 2024, aims to provide AI-powered health optimization solutions, integrating biometric data with personalized wellness strategies[111]. Accounting and Compliance - The company did not have any off-balance sheet arrangements for the three months ended March 31, 2025 and 2024[141]. - The company intends to rely on exemptions under the JOBS Act until certain revenue or debt thresholds are met[146]. - The company does not expect the adoption of new accounting standards to have a material impact on its consolidated financial statements[142].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41304 VALUENCE MERGER CORP. I (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission file number: 001-41988 IB ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (State or other jurisdiction of incorporation or organiza ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41304 VALUENCE MERGER CORP. I (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to CANTOR EQUITY PARTNERS, INC. (Exact name of registrant as specified in its charter) Cayman Islands 001-42250 98-1576482 (State or other jurisdiction of inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Address of principal executive offices) (Zip Code) FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42496 STELLAR V CAPITAL CORP. (Exact Name of Registrant as Specified in Its Charter) Ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42496 STELLAR V CAPITAL CORP. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 86-2887484 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to CANTOR EQUITY PARTNERS I, INC. (Exact name of registrant as specified in its charter) Cayman Islands 001-42464 98-1576503 (State or other jurisdiction of i ...

Financial Performance - Total costs and expenses for the three months ended March 31, 2025, were $10.2 million, a 143% increase compared to the same period in 2024[139]. - For the nine months ended March 31, 2025, project expenses increased by $114 thousand, or 3%, mainly due to increased wellfield development activity and site-related costs[141]. - General and administrative expenses increased by $268 thousand, or 9%, for the three months ended March 31, 2025, primarily due to higher professional fees[144]. - General and administrative expenses decreased by $5.1 million, or 31%, for the nine months ended March 31, 2025, mainly due to reductions in base compensation and employee benefits[145]. - Depreciation and amortization expense increased by $4.9 million for the three months ended March 31, 2025, and by $14.8 million for the nine months ended March 31, 2025, due to the commencement of operations of the small-scale facility[147]. - Interest income decreased by $52 thousand, or 71%, for the three months ended March 31, 2025, and by $147 thousand, or 68%, for the nine months ended March 31, 2025, reflecting lower average cash balances[149]. - Interest expense for the three months ended March 31, 2025, increased by $1.0 million, or 127%, compared to the prior fiscal year, primarily due to capitalizing less interest expense to construction-in-progress[158]. - For the nine months ended March 31, 2025, interest expense increased by $2.1 million, or 48%, primarily due to a $17.0 million increase in the principal balance of Convertible Notes and a reduction in capitalized interest[159]. - Net cash used in operating activities for the nine months ended March 31, 2025, was $17.4 million, a decrease of approximately $2.2 million or 11% compared to the prior fiscal year[167]. - Cash flows used for investing activities decreased by approximately $4.5 million, or 76%, to $1.4 million for the nine months ended March 31, 2025, primarily related to engineering services for the commercial-scale facility[168]. - Cash flows provided by financing activities for the nine months ended March 31, 2025, totaled $17.9 million, an increase of 36% compared to the prior fiscal year, driven by various equity and debt financing transactions[169]. Project Development - The first phase of commercial production is expected to deliver 77,000 short tons of B2O3 with targeted capital expenditure between approximately $390 million and $430 million, and an unlevered internal rate of return ranging from 18% to 22%[121]. - The company successfully completed specialty glass trials, demonstrating that its boric acid performed as well as or better than competitors' products, advancing customer onboarding[120]. - The company plans to complete vendor equipment testing by June 2025, with a final investment decision anticipated in early 2026[122]. - The company is targeting completion of a pre-feasibility report with a robust final economic analysis in June 2025[121]. - The company received a non-binding letter of intent from the U.S. Export-Import Bank for a loan-backed guarantee on project debt financing of up to $285 million for its proposed commercial scale facility[135][136]. - The company had purchase order commitments of approximately $2.7 million as of March 31, 2025, primarily for raw materials and engineering services[177]. Financing and Capital Structure - The company raised an aggregate of $17 million from financing transactions, including the January 2025 Notes, March 2025 Subscription, and May 2025 Subscription, improving its cash position[130]. - The company issued 1,408,173 shares of common stock at a subscription price of $3.5507 per share, resulting in gross proceeds of $5 million in March 2025[128]. - The company extinguished all outstanding indebtedness under the Convertible Notes in March 2025, improving its cash position and eliminating the financial covenant requiring a minimum cash balance[164]. - The company plans to explore various financing strategies, including equity or debt financing, to support its business growth and operations over the next 12 months[180]. Compliance and Regulatory Matters - The company’s project is designated as Critical Infrastructure by the U.S. Department of Homeland Security, highlighting its strategic importance[119]. - The company’s stock regained compliance with Nasdaq listing rules after the closing bid price was above $1.00 per share for 10 consecutive business days[133]. - There is substantial doubt regarding the company's ability to continue as a going concern for a period of one year after the date of the unaudited condensed consolidated financial statements[181]. - The company may need to curtail planned activities, discontinue certain operations, or sell assets if unable to raise additional capital or generate necessary cash flows[181]. Accounting and Reporting Changes - No significant changes in critical accounting policies were reported during the nine months ended March 31, 2025[182]. - The FASB issued ASU 2023-07, effective after December 15, 2023, enhancing segment reporting disclosure requirements[183]. - ASU 2023-09, effective after December 15, 2024, aims to improve income tax disclosures, including reconciliation items and disaggregation of income[184]. - ASU 2024-03 requires disaggregation of certain expenses in financial notes, effective after December 15, 2026[185]. - The company is evaluating the impact of ASU 2023-07, ASU 2023-09, and ASU 2024-03 on its consolidated financial statements[183][184][185]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[186].