2025 Business Highlights Exhibit 99.1 Blaize Announces Fourth Quarter and Full-Year 2025 Financial Results El Dorado Hills, Calif. – March 24, 2026 — Blaize Holdings, Inc. (NASDAQ: BZAI, NASDAQ: BZAIW) ("Blaize," the "Company," "we," "us," and "our"), a leader in programmable, energy-efficient edge AI computing, today announced financial results for the fourth quarter and full year ended December 31, 2025, reflecting strong execution as AI infrastructure increasingly centers on inference-driven systems, ena ...

Exhibit 99.1 Blaize Announces Fourth Quarter and Full-Year 2025 Financial Results El Dorado Hills, Calif. – March 24, 2026 — Blaize Holdings, Inc. (NASDAQ: BZAI, NASDAQ: BZAIW) ("Blaize," the "Company," "we," "us," and "our"), a leader in programmable, energy-efficient edge AI computing, today announced financial results for the fourth quarter and full year ended December 31, 2025, reflecting strong execution as AI infrastructure increasingly centers on inference-driven systems, enabled by efficiency-focuse ...

Financial Performance - The company has incurred significant net losses of $61.8 million and $138.4 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $449.0 million as of December 31, 2025[142]. - The company expects to continue incurring significant losses for the foreseeable future, particularly as it advances its research and development efforts and clinical trials[141]. - As of December 31, 2025, the company had $56.2 million in cash, cash equivalents, and restricted cash, which is not sufficient to continue operations for at least one year without additional financing[152]. - The company has not generated any revenues from product sales and has incurred significant operating losses since inception, with substantial doubt about its ability to continue as a going concern for the next twelve months[155]. - The company may need to raise substantial additional capital to finance its operations, which could lead to dilution of stockholder equity[151]. - The company plans to raise additional capital through public or private equity offerings, debt financings, and potential collaborations, but there is no assurance that such financing will be available on acceptable terms[155]. Product Development - The lead product candidate, icovamenib, is currently under investigation in Phase II clinical trials for type 2 diabetes, with plans to explore its potential in other metabolic disorders[137]. - The company received IND clearance from the FDA for BMF-650 in September 2025 and initiated an ongoing Phase I trial in obese, otherwise healthy volunteers[137]. - The lead product candidate, icovamenib, and the next-generation candidate, BMF-650, are in clinical development, but current data is limited and may not translate into larger trials[165]. - The company has not yet completed clinical testing of icovamenib or BMF-650, and revenue generation is not expected for several years, if at all[166]. - The success of the product candidates depends on several factors, including successful clinical trials, regulatory approvals, and market acceptance[172]. - The company is focused on developing novel small molecule therapies targeting menin for diabetes and obesity, but the complexity and potential safety concerns may hinder development[164]. Regulatory and Approval Challenges - The company has not submitted any NDA to the FDA or similar regulatory authority, and there is uncertainty regarding the approval of current or future product candidates[171]. - The FDA lifted a previous clinical hold on icovamenib for type 1 and type 2 diabetes in September 2024, but delays in clinical trials could shorten patent protection periods[177]. - Regulatory approval processes are lengthy and unpredictable, potentially delaying commercialization and revenue generation[220]. - The FDA or foreign regulatory authorities may require additional data, delaying or preventing approval and commercialization plans[225]. - Orphan drug designation may not be obtained or maintained, limiting potential market exclusivity and financial incentives[226]. - The company must demonstrate safety and efficacy through complex preclinical studies and clinical trials before obtaining regulatory approvals[221]. Market and Competitive Landscape - The pharmaceutical industry is characterized by intense competition, with many competitors having greater resources and experience[189]. - The market opportunities for the product candidates may be limited to patients ineligible for or who have failed prior treatments, with type 2 diabetes having over sixty approved therapies[187]. - The company is currently the only one in the U.S. clinically developing irreversible covalent binders specifically against menin, facing substantial competition from larger pharmaceutical and biotechnology companies[192]. - The Wegovy® pill was approved in December 2025 for obesity treatment, highlighting the competitive landscape for the company's product candidates[195]. - The success of product candidates will depend on factors such as potency, selectivity, safety, convenience, and pricing, as well as the level of generic competition[198]. Clinical Trial Risks - Clinical trials may face delays due to various factors, including difficulties in recruiting participants and obtaining regulatory approvals[174]. - The company may face challenges in recruiting participants for clinical trials if significant adverse events are observed, which could lead to trial abandonment[201]. - Delays in clinical trials could result in increased development costs and jeopardize the ability to obtain marketing approval[185]. - The success of preclinical studies does not guarantee success in later clinical trials, with variability in safety and efficacy results possible[179]. Intellectual Property and Legal Risks - The company relies on a combination of patent applications and trade secret protections to safeguard its intellectual property, which is subject to significant legal uncertainties[304]. - The strength and enforceability of the company's patents are uncertain, and pending patent applications may not result in issued patents that effectively protect its technology[305]. - Legal challenges to patent validity could result in loss of patent protection, impacting collaboration and commercialization efforts[324]. - The company may face expensive and time-consuming lawsuits to protect its patents and intellectual property, which could divert management's attention and resources[328]. Operational and Management Challenges - The company has a limited operating history and has not yet demonstrated an ability to transition from a research and development focus to supporting commercial activities[139]. - The company is highly dependent on key personnel, and the loss of leadership could adversely affect its business strategy and operations[265]. - Attracting and retaining qualified personnel is critical, as competition from other biotechnology companies may limit the company's ability to grow[266]. - The company expects to need additional personnel in managerial, clinical, regulatory, operational, sales, marketing, and financial roles to support future growth[269]. Compliance and Regulatory Risks - The company is subject to stringent healthcare regulatory laws, which could expose it to substantial penalties and affect its operations if found in violation[252]. - Compliance with privacy, data protection, and information security laws may require significant costs and could result in reputational harm if not adhered to[254]. - The FDA actively enforces regulations against off-label promotion, which could impact commercialization efforts[246]. - Changes in regulatory policies and additional government regulations could delay the approval of product candidates, impacting business operations[263].

Revenue Growth - Full-year 2025 total revenues reached $82.0 million, a 40.5% increase from 2024[3] - Pharma revenue surged 167.8% to $33.89 million, driven by the addition of 55 net patient affordability programs[6] - Patient affordability claim volume increased over 79% compared to the previous year[3] - Fourth quarter 2025 total revenues were $22.76 million, up 45.8% from Q4 2024[7] - Plasma industry revenue for the year ended December 31, 2025, was $45.62 million, compared to $43.88 million in 2024, reflecting a growth of 4.0%[27] - Pharma industry revenue increased significantly to $33.89 million in 2025 from $12.65 million in 2024, representing a growth of 167.5%[27] Net Income and Profitability - Full-year 2025 net income was $7.55 million, or $0.13 per diluted share, up 97.9% from $3.82 million, or $0.07 per diluted share in 2024[11] - Net income for Q4 2025 was $1,362,617, compared to $1,372,872 in Q4 2024, reflecting a slight decrease[32] - Net income margin for Q4 2025 was 6.0%, down from 8.8% in Q4 2024, suggesting a decline in profitability[34] - Net income is projected to nearly double compared to 2025, reaching between $13.0 million and $16.0 million, or $0.21 to $0.26 per diluted share[23] EBITDA and Operational Efficiency - Adjusted EBITDA for 2025 was $19.94 million, a 107.3% increase from $9.62 million in 2024[3] - Adjusted EBITDA for Q4 2025 reached $5,431,241, a significant increase from $2,864,673 in Q4 2024, representing an increase of 89%[32] - Adjusted EBITDA margin for Q4 2025 was 23.9%, up from 18.4% in Q4 2024, indicating improved operational efficiency[34] - EBITDA for the year ended December 31, 2025, was $15,681,636, compared to $7,016,494 for the year ended December 31, 2024, marking a 123% increase[32] - The company anticipates adjusted EBITDA for 2026 to be in the range of $30.0 million to $33.0 million, or $0.49 to $0.53 per diluted share[23] Future Projections - For 2026, the company expects revenue between $106.5 million and $110.5 million, representing 30.0% to 35.0% year-over-year growth[18] - The estimated net income for 2026 is projected to nearly double to a range of $13.0 million to $16.0 million, or $0.21 to $0.26 per diluted share[19] - The first quarter of 2026 is expected to generate revenue of $27.0 million to $27.5 million, indicating a growth of 45.2% to 47.8% compared to the first quarter of 2025[23] Cash and Assets - The company exited 2025 with $21.07 million in unrestricted cash and zero debt[3] - Total assets as of December 31, 2025, were $276.25 million, up from $179.03 million in 2024, reflecting a growth of 54.4%[28] Operating Expenses - The company expects operating expenses to increase by 20% over 2025 as it continues to invest in people and technology[23] Shareholder Information - Basic adjusted EBITDA per share for the year ended December 31, 2025, was $0.37, compared to $0.18 for the year ended December 31, 2024, reflecting a 106% increase[32] - The weighted average diluted shares increased from 55,588,459 in 2024 to 59,648,531 in 2025, indicating a rise in share count[32] Expenses - Depreciation and amortization expenses for the year ended December 31, 2025, were $8,318,797, compared to $5,994,986 in 2024, showing an increase of 39%[32] - Stock-based compensation for the year ended December 31, 2025, was $4,262,058, up from $2,604,589 in 2024, reflecting increased compensation costs[32] - Interest income, net for Q4 2025 was $(639,391), an improvement from $(771,273) in Q4 2024, indicating reduced interest expenses[32]

Financial Position - LENZ has $292.3 million in cash, cash equivalents, restricted cash, and marketable securities as of December 31, 2025, which is expected to fund operations to positive operating cash flow [449]. - The company incurred an accumulated deficit of $227.1 million as of December 31, 2025, primarily due to research and development and selling, general, and administrative costs [450]. - As of December 31, 2025, the company had $292.3 million in cash, cash equivalents, restricted cash, and marketable securities, with an accumulated deficit of $227.1 million [483]. - Net cash used in operating activities for the year ended December 31, 2025 was $69.2 million, resulting from a net loss of $82.1 million [491]. - Cash used in investing activities for the year ended December 31, 2025 was $75.7 million, primarily due to $280.8 million in purchases of marketable securities [493]. - Cash provided by financing activities for the year ended December 31, 2025 was $149.7 million, mainly from net proceeds of $147.7 million from common stock sold under the Sales Agreement [495]. Product Development and Commercialization - VIZZ, the first FDA-approved aceclidine-based eye drop for presbyopia, has a U.S. market opportunity exceeding $3 billion [447]. - The commercial launch of VIZZ began in August 2025, with product availability in retail pharmacies starting in November 2025 [448]. - Lotus submitted a New Drug Application for VIZZ in South Korea on December 1, 2025, marking the first submission under the Lotus License [464]. - A Marketing Authorization Application for VIZZ was submitted to the European Medicines Agency on March 10, 2026, representing the fifth ex-U.S. regulatory submission [465]. - The company expects product sales and associated costs to increase in 2026 as the commercialization of VIZZ continues [462]. Revenue and Expenses - Product sales, net for the year ended December 31, 2025 were $1.6 million, driven by approximately 20,000 paid prescriptions filled after FDA approval of VIZZ in July 2025 [475]. - License revenue increased to $17.5 million for the year ended December 31, 2025, due to upfront payments under the Lotus and Théa Licenses and regulatory milestones under the CORXEL License [476]. - Selling, general and administrative expenses rose by $62.3 million, or 216%, to $91.1 million for the year ended December 31, 2025, primarily due to increased employee salaries and marketing costs [478]. - Research and development expenses decreased by $11.1 million, or 37%, to $18.7 million for the year ended December 31, 2025, mainly due to reduced clinical trial costs [481]. - Other income, net for the year ended December 31, 2025 was $9.5 million, an increase from $8.8 million in 2024, driven by additional interest income [482]. Company Operations and Future Outlook - The company expects to continue incurring significant expenses and operating losses in the early stages of VIZZ commercialization [483]. - The company has built a cross-functional commercial team and expanded its sales force, leading to increased selling, general, and administrative expenses [462]. - The company does not anticipate paying dividends in the future, having historically paid none except for a special dividend prior to a merger [507]. Accounting and Reporting - The company is classified as an emerging growth company under the JOBS Act, allowing it to rely on certain exemptions from public company disclosure requirements until December 31, 2026 [508]. - The market value of the company's stock held by non-affiliates was less than $700 million as of June 30, 2025, qualifying it as a smaller reporting company [511]. - The company has not experienced material differences between estimates and actual results in its consolidated financial statements historically [501]. - The company uses a simplified method to calculate the expected term for stock options due to insufficient historical exercise data [505]. - The expected volatility for stock options is derived from comparable publicly traded companies due to limited historical data [506]. - Recent accounting pronouncements are discussed in Note 2 of the consolidated financial statements [512].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ___________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o 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 001-40532 ___________________________ LENZ THERAPEUTICS, INC. (Exact na ...

Financial Performance - Biomea Fusion reported a net loss of $61.8 million for the year ended December 31, 2025, a significant reduction from a net loss of $138.4 million in 2024, reflecting improved financial performance [9]. - The company had cash, cash equivalents, and restricted cash of $56.2 million as of December 31, 2025, down from $58.6 million in 2024, with a projected cash runway into the first quarter of 2027 [9]. - General and Administrative (G&A) expenses decreased to $19.3 million in 2025 from $26.0 million in 2024, driven by reduced personnel-related expenses due to a decrease in headcount [9]. - The total operating expenses for 2025 were $83.5 million, down from $144.1 million in 2024, indicating a focus on cost management [9]. Research and Development - Research and Development (R&D) expenses decreased to $62.0 million in 2025 from $118.1 million in 2024, primarily due to a strategic realignment and reduced clinical activities [9]. - Two Phase II trials (COVALENT-211 and COVALENT-212) for icovamenib in type 2 diabetes have been initiated, with primary endpoint data expected in the fourth quarter of 2026 [6]. - The company advanced its next-generation oral GLP-1 receptor agonist, BMF-650, into a Phase I study, with initial 28-day weight reduction data anticipated in the second quarter of 2026 [6]. - The company completed a 52-week follow-up from the Phase II COVALENT-112 study in type 1 diabetes, with data expected in the second quarter of 2026 [9]. Clinical Outcomes - Icovamenib demonstrated a 1.2% mean reduction in HbA1c in patients with severe insulin-deficient type 2 diabetes, maintained through Week 52 after a 12-week treatment course [7]. - Biomea Fusion is positioned to execute on key value-creating milestones with multiple data readouts from its four clinical studies [4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025. Commission File Number: 001-33852 VirnetX Holding Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 308 Dorla Court, Suite 206 Zephyr Cove, Nevada 89448 (Address of princ ...

Revenue Growth - Revenue for Q4 2026 was $205.2 million, a 27.9% increase year-over-year from $160.4 million in Q4 2025[2] - Full fiscal year 2026 revenue reached $738.2 million, up 24.4% from $593.4 million in fiscal year 2025[5] - The company reported a revenue of $205.17 million for the three months ended January 31, 2026, representing a 28% increase from $160.4 million in the same period of 2025[37] - Guidance for Q1 FY 2027 projects revenue between $204.5 million and $205.5 million[11] Customer Metrics - Dollar-based net retention for the trailing twelve months was 109% in Q4 2026, down from 111% in Q4 2025[2] - Total customers increased to 2,609 as of January 31, 2026, from 2,296 as of January 31, 2025[2] - Braze's dollar-based net retention rate is calculated based on ARR from a cohort of customers, showing the company's ability to retain and expand existing customer relationships[23] Operating Performance - GAAP operating loss for Q4 2026 was $28.2 million, compared to a loss of $21.6 million in Q4 2025[2] - Non-GAAP operating income for Q4 2026 was $14.5 million, up from $7.9 million in Q4 2025[5] - Total operating expenses for the three months ended January 31, 2026, were $162.59 million, compared to $132.65 million in the prior year, reflecting increased investment in sales and marketing[37] - The net loss attributable to Braze, Inc. for the three months ended January 31, 2026, was $31.6 million, compared to a net loss of $17.19 million in the same period of 2025[37] Financial Position - Total assets increased to $1,113,757,000 in January 31, 2026, up from $870,998,000 in January 31, 2025, representing a growth of 27.9%[40] - Total current liabilities rose to $420,414,000 in January 31, 2026, compared to $324,477,000 in January 31, 2025, an increase of 29.5%[40] - Cash, cash equivalents, and restricted cash at the end of the period increased to $128,338,000 from $83,592,000, a growth of 53.4%[43] - Total stockholders' equity increased to $623,767,000 in January 31, 2026, from $474,861,000 in January 31, 2025, a rise of 31.3%[40] Profitability Metrics - Non-GAAP gross profit for the fiscal year ended January 31, 2026, was $507,004,000, up from $414,430,000 in 2025, marking a 22.4% increase[46] - GAAP gross margin decreased to 67.1% in 2026 from 69.1% in 2025, while non-GAAP gross margin also decreased to 68.7% from 69.8%[46] - Non-GAAP income from operations for the same period was $14.5 million, up from $7.9 million year-over-year, reflecting a non-GAAP operating margin of 7.1% compared to 5.0% in the prior year[47] - Non-GAAP net income attributable to Braze, Inc. was $11.1 million for the three months ended January 31, 2026, down from $12.3 million in the prior year[47] Investment and Development - BrazeAI Decisioning Studio™ and other AI products were launched, enhancing the company's product offerings and market position[10] - Braze's research and development expenses increased to $45.03 million for the three months ended January 31, 2026, from $33.6 million in the prior year, highlighting ongoing investment in product development[37] - Acquisition-related expenses for the fiscal year ended January 31, 2026, amounted to $12.0 million, with no such expenses reported in the previous year[47] Stockholder Returns - Braze announced a $100 million share repurchase authorization, including a $50 million accelerated buyback[12] - Stock-based compensation expense for the fiscal year ended January 31, 2026, was $4,829,000, compared to $4,022,000 in 2025, reflecting a 20% increase[46] - The company incurred stock-based compensation expenses of $37.3 million for the three months ended January 31, 2026, compared to $27.8 million in the same period of 2025[47] Future Outlook - The company anticipates continued growth and has outlined forward-looking statements regarding its financial outlook for the first quarter and full fiscal year ending January 31, 2027[26] - Braze has been recognized as a leader in marketing technology and received accolades such as G2's "Best of Marketing and Digital Advertising Software Product" in 2025[33] - The company operates with a focus on enhancing customer engagement through its BrazeAI products and features, aiming to deliver personalized experiences[33]

Stock Split and Equity - The company reported a reverse stock split of one-for-ten (1:10) on February 24, 2025, adjusting all shares and options retrospectively[15] - The company reported a reverse stock split of 1-for-10 on February 24, 2025, adjusting all shares and options retrospectively without impacting total stockholders' equity[15] Forward-Looking Statements and Risks - The company emphasizes the importance of forward-looking statements regarding future revenues, expenses, and business performance, which are subject to various risks and uncertainties[17] - The company emphasizes the importance of forward-looking statements regarding future revenues, expenses, and business performance, highlighting the inherent risks and uncertainties involved[17] Industry Data and Projections - The company relies on third-party industry data and forecasts, particularly in the solar and renewable fuels sectors, acknowledging potential inaccuracies in long-term projections[16] - The company relies on third-party industry data and forecasts, particularly in the solar and renewable fuels sectors, acknowledging potential inaccuracies in long-term projections[16] Technology and Innovation - The company is focused on the commercialization of new technologies and the impact of emerging technologies on its business[17] - The company is focused on the commercialization of new technologies and the impact of emerging technologies on its business strategy[17] - The company is actively involved in research and development to enhance its product offerings and operational efficiency[17] - The company is exploring opportunities for market expansion and potential mergers or consolidations to enhance its competitive position[17] Market Conditions and Operational Risks - The company faces risks related to market conditions, including commodity price volatility and regulatory changes that could affect its operations[19] - The company faces risks related to market conditions, including commodity price volatility and regulatory changes that could affect its operations[19] - The company is actively monitoring its production capabilities to mitigate interruptions due to equipment failures or capital constraints[19] Compliance and Financial Management - The company is committed to maintaining compliance with financial and management controls as per the Sarbanes-Oxley Act[19] - The company is focused on maintaining its listing on securities exchanges and fulfilling periodic reporting obligations to the SEC[19] Environmental and Health Considerations - The company acknowledges the potential adverse effects of climate change and health epidemics on its business[19] - The company acknowledges the potential impact of climate change and health epidemics on its business operations and financial performance[19] Strategic Planning - The company is focused on strategic planning and operational activities to mitigate risks associated with its business environment[19] - The company has outlined potential challenges in raising additional capital and securing financing, which could impact its operations[19]