Washington, D.C. 20549 FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ 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 Number 001-41967 DT Cloud Acquisition Corporation (Exact name of registrant as specified in its charter) Cayman Islands n/a (St ...

Table of Contents 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 Commission File Number: 001-42270 Zenas BioPharma, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

Financial Performance - As of March 31, 2025, the company reported an accumulated deficit of $321.3 million, up from $308.9 million as of December 31, 2024[199]. - Revenues for the three months ended March 31, 2025, were $13.6 million, a decrease of 22.3% compared to $17.5 million for the same period in 2024[232]. - The net loss attributable to the company for the three months ended March 31, 2025, was $12.4 million, compared to a net loss of $9.8 million in the same period of 2024[232]. - Adjusted EBITDA loss for the three months ended March 31, 2025, was $8.3 million, an increase from a loss of $5.1 million in the same period of 2024[232]. - Total revenue decreased by $3.8 million, or 21.9%, to $13.6 million for the three months ended March 31, 2025, from $17.5 million for the same period in 2024[274]. - Gross profit for the three months ended March 31, 2025, was $8.8 million, down from $11.6 million in 2024, reflecting a gross profit margin of 64.2% compared to 66.6%[272]. - Loss from operations increased to $9.5 million for the three months ended March 31, 2025, compared to a loss of $7.8 million in 2024[272]. Cash and Financing - The company had cash and cash equivalents of $3.2 million as of March 31, 2025, compared to $4.3 million as of December 31, 2024[199]. - Cash provided by financing activities for the three months ended March 31, 2025, was $5.3 million, primarily from short-term bridge financing[315]. - The company expects to use proceeds from various financing activities for general working capital purposes[301]. - The company entered into a Loan and Security Agreement on April 23, 2024, providing for a term loan of $2.2 million and additional delayed draw term loans of up to $2.8 million[216]. - The company generated gross proceeds of $6.7 million from the 2022 Private Placement, completed on November 18, 2022[206]. - The company completed multiple placements under the 2023 Multi-Tranche Private Placement, raising a total of $5.0 million through various transactions[209][210][211]. - The company may issue up to $9.0 million in shares of Senior Preferred Stock under the 2023 Multi-Tranche Private Placement, with the initial placement generating $2.0 million from the sale of 280,899 shares[298]. Operational Challenges - The company has incurred recurring net operating losses and negative cash flows from operations, indicating ongoing financial challenges[199]. - The company anticipates supply challenges during 2025 due to geopolitical disruptions and inflationary pressures affecting production lead times[245]. - The U.S. Federal administration has increased tariffs on goods imported from Israel to 10%, impacting the company's cost of goods and potentially leading to margin erosion[243][245]. - The company has ceased direct sales operations in 14 countries since June 2020, focusing on the U.S. market to improve profitability[239]. - The decline in lease program revenues in the first three months of 2025 was attributed to a strategy prioritizing cash deals and economic uncertainty impacting customers' financing capabilities[252]. Sales and Revenue Sources - Approximately 25% of the company's aesthetic system revenues were derived from internal lease programs in the three months ended March 31, 2025, consistent with the same period in 2024[226]. - Approximately 68% of total system revenues for the three months ended March 31, 2025, were derived from traditional sales, compared to 62% for the same period in 2024[253]. - Revenues from internal financing programs accounted for approximately 25% of total system revenues for both the three months ended March 31, 2025, and 2024[252]. - Revenues from distributor sales decreased to approximately 7% of total system revenues for the three months ended March 31, 2025, down from 13% in 2024[256]. - A total of 196 systems were delivered in the three months ended March 31, 2025, down from 314 systems delivered in the same period of 2024, representing a decline of 37.5%[238]. - The company sold 196 systems in Q1 2025, a decrease of 37.5% from 314 systems sold in Q1 2024, with systems revenue from internal lease programs remaining at approximately 25%[275]. Expenses and Cost Management - Operating expenses totaled $18.3 million for the three months ended March 31, 2025, compared to $19.4 million in 2024, with selling and marketing expenses at $7.0 million[272]. - Total operating expenses were $18.3 million in Q1 2025, a decrease of $1.1 million, or 5.8%, compared to $19.4 million in Q1 2024[279]. - Selling and marketing expenses decreased by $0.4 million, or 5.2%, in Q1 2025, but as a percentage of total revenues, they increased from 42.2% to 51.2%[280]. - General and administrative expenses decreased by $0.5 million, or 5.0%, in Q1 2025, but increased as a percentage of total revenues from 58.6% to 71.4%[281]. - Research and development expenses are expected to increase in absolute dollars as the company continues to invest in new products and technologies[265]. - Research and development expenses decreased by $0.2 million, or 12.8%, in Q1 2025, with an increase in percentage of total revenues from 10.2% to 11.4%[282]. Regulatory and Compliance - The company has received regulatory clearance for twelve novel aesthetic technology platforms, including ARTAS and NeoGraft systems, enhancing its product offerings[229]. - The allowance for expected credit losses as of March 31, 2025, was $3.1 million, representing approximately 11% of gross outstanding accounts receivable, down from $5.3 million or 13% as of March 31, 2024[241][248]. - The allowance for expected credit losses is based on customer account collectability assessments and aging of invoices, reflecting the company's best estimate of probable credit losses[327]. - Warranty accruals are recorded at the time of sale, based on historical costs and management estimates, with a one-year warranty period for systems sold[328]. - Stock-based compensation costs are recognized based on fair values, using the Black-Scholes option-pricing model for estimating stock options[329][330]. Market and Economic Conditions - The company operates directly in 11 international markets through 9 offices, including the United States, Canada, and China[231]. - The company expects a shift in the ratio of lease program sales to traditional sales to approximately 30:70 for the remainder of 2025 and beyond[286]. - The company anticipates that inventory levels will remain relatively flat in the short term but will increase at a lower rate than revenue growth over the longer term[286]. - The company is restricted by covenants in its loan agreements, which may limit its ability to incur additional indebtedness[306]. Accounting and Reporting - Revenue is recognized based on ASC 606, which includes five steps for contract identification and performance obligation satisfaction[323]. - Long-term receivables are related to internal lease programs with payment terms exceeding one year, discounted at implicit interest rates between 8% and 10%[325]. - Recent accounting pronouncements are detailed in the quarterly report, affecting financial statement presentation and recognition[333]. - As a smaller reporting company, the company is not required to provide disclosures about market risk[334].

- Reiterates 2025 outlook - TOMBALL, Texas -- (BUSINESS WIRE) -- Acuren Corporation (NYSE American: TIC) ("Acuren" or the "Company"), a leading provider of critical asset integrity services, today reported its financial results for the three months ended March 31, 2025. Exhibit 99.1 - Revenue of $234.2 million, up 5.0% driven by deeper service line penetration with recurring customers and market share Acuren Corporation Announces Results for the First Quarter 2025 gains - Capital Resources and Liquidity At ...

Regulatory Approvals - Invivyd, Inc. received emergency use authorization (EUA) from the FDA for PEMGARDA on March 22, 2024, for pre-exposure prophylaxis of COVID-19 in certain adults and adolescents [156]. - The company received Emergency Use Authorization (EUA) from the FDA for PEMGARDA on March 22, 2024 [181]. Financial Performance - The company reported a net loss of $16.3 million for the three months ended March 31, 2025, with an accumulated deficit of $918.3 million as of the same date [165]. - Product revenue, net was $11.3 million for the three months ended March 31, 2025, compared to $0 for the same period in 2024, reflecting sales from the launch of PEMGARDA [191]. - The company reported a net loss of $16.3 million for the three months ended March 31, 2025, a decrease from a net loss of $43.5 million in the same period of 2024 [206][207]. - Other income decreased to $0.6 million for the three months ended March 31, 2025, from $2.6 million in 2024, primarily due to interest earned on invested cash balances [197]. - The company incurred a net cash used in operating activities of $21.1 million for the three months ended March 31, 2025, compared to $50.2 million for the same period in 2024, indicating a 58.1% improvement [205][207]. - The company reported a net decrease in cash and cash equivalents of $21.3 million for the three months ended March 31, 2025, compared to a decrease of $11.3 million in the same period of 2024 [205]. Research and Development - The ongoing Phase 1 clinical trial of VYD2311 is evaluating safety, tolerability, pharmacokinetics, and immunogenicity, with positive clinical data reported for both safety and pharmacokinetics [157]. - The company aims to develop monoclonal antibodies (mAbs) for serious viral diseases, starting with COVID-19 and potentially expanding into other high-need indications [158]. - The company expects research and development expenses to increase as it advances VYD2311 through clinical development and seeks regulatory approval for its product candidates [177]. - Research and development expenses decreased by $20.5 million to $10.6 million for the three months ended March 31, 2025, from $31.2 million in 2024 [196]. - Acquired in-process research and development expenses consist primarily of costs related to acquiring rights to Adimab's antibodies for COVID-19 and SARS [182]. Commercialization and Expenses - Invivyd, Inc. has incurred significant commercialization expenses related to product manufacturing, marketing, sales, and distribution of PEMGARDA [166]. - The company anticipates ongoing expenses related to the commercialization of PEMGARDA and the development of other product candidates, which may lead to continued operating losses [198]. - Selling, general and administrative expenses increased by $1.8 million to $16.8 million for the three months ended March 31, 2025, compared to $14.9 million in 2024 [196]. - Cost of product revenue was $0.8 million for the three months ended March 31, 2025, with no cost recorded for the same period in 2024 [192]. - The company has committed to noncancelable purchase obligations of $27.4 million related to commercial drug substance and drug product manufacturing, expected to be paid in 2025 [214]. Funding and Liquidity - Invivyd, Inc. has financed operations primarily with net proceeds of $464.7 million from preferred stock sales and $327.5 million from its IPO [164]. - The company expects to require additional funding to support ongoing operations and growth strategy, with substantial doubt about its ability to continue as a going concern without securing additional funds [169]. - The company entered into a Loan Agreement providing for a senior secured term loan facility of up to $30 million, with terms including a repayment period starting March 1, 2029 [203][204]. - The company raised $39.3 million from the sale of 9,000,000 shares of common stock at an average price of $4.50 per share under a Sales Agreement in February 2024 [202]. - The company expects to finance operations through a combination of revenue contributions, equity offerings, and debt financing, indicating a focus on maintaining liquidity [213]. - The company has substantial doubt about its ability to continue as a going concern, as it may not have sufficient cash to fund operations beyond one year from the issuance of its financial statements [212]. Inventory and Manufacturing - The company has capitalized inventory costs since March 2024, which would have resulted in reported margins approaching 80% if pre-EUA manufacturing costs had been capitalized [193]. - The company is actively monitoring SARS-CoV-2 variants and reported continued neutralizing activity of PEMGARDA against variants KP.3.1.1 and LB.1 [161]. - The company has initiated discovery efforts to assess pipeline expansion beyond SARS-CoV-2, including potential targets such as respiratory syncytial virus and measles [162]. Accounting and Compliance - The JOBS Act allows emerging growth companies to delay the adoption of new accounting standards until they apply to private companies [220]. - Companies are exempt from compliance with the auditor attestation requirement for internal control over financial reporting [221]. - Reduced disclosure obligations regarding executive compensation are available for smaller reporting companies [221]. - Exemptions from non-binding advisory votes on executive compensation and stockholder approval of golden parachute payments are provided [221]. - Companies are not required to disclose quantitative and qualitative information about market risk as they qualify as smaller reporting companies [222].

Financial Performance - Net sales for the three months ended March 31, 2025, were $12.1 million, a 13.7% decrease from $14.1 million in the same period of 2024[2] - Gross profit increased by $100,000 or 6.7% to $2.0 million, with gross profit as a percentage of sales rising to 16.8%, an increase of 320 basis points from 13.6% in 2024[2] - Operating expenses increased by $615,000 or 28.4%, primarily due to a $412,000 increase in non-cash stock compensation expense[2] - Operating loss was $746,000, compared to an operating loss of $259,000 in 2024[2] - Net loss for the first quarter of 2025 increased by $282,000 to $988,000[2] - Adjusted EBITDA improved to $576,000, representing a 59.1% increase over 2024[4] Operational Metrics - The Book-to-Bill ratio was 1.34 to 1.00 at the end of the first quarter of 2025, nearly a 20% improvement from the prior year[4] - Funded backlog of firm customer orders increased by $2.7 million or 2.3%, while total backlog continues to exceed a quarter of a billion dollars[9] Future Outlook - The company reaffirms belief that full-year 2025 results will exceed those of 2024[9] - Operating loss increased primarily due to higher non-cash stock compensation expenses, which accounted for 67% of the increase in operating expenses[4]

Financial Performance - Total revenue for Q1 2025 was $13.6 million, down 22% year-over-year from $17.5 million in Q1 2024[6] - U.S. revenue decreased by $1.7 million, or 16.5%, to $8.4 million, while international revenue decreased by $2.2 million, or 29.3%, to $5.2 million[7] - Gross profit for Q1 2025 decreased by $2.9 million, or 25%, to $8.8 million, with a gross margin of 64.2% compared to 66.6% in Q1 2024[8] - Revenue for the three months ended March 31, 2025, was $13,643 million, a decrease of 22.3% compared to $17,479 million in the same period of 2024[22] - Net loss for the three months ended March 31, 2025, was $12,366 million, compared to a net loss of $9,789 million in the same period of 2024, representing a 26.1% increase in losses[22] - Adjusted EBITDA for the three months ended March 31, 2025, was $(8,344) million, compared to $(5,118) million in the same period of 2024, indicating a worsening operational performance[27] Operating Expenses - Operating expenses for Q1 2025 decreased by $1.1 million, or 6%, to $18.3 million, reflecting cost containment efforts[9] - Total operating expenses for the three months ended March 31, 2025, were $18,283 million, down from $19,407 million in the same period of 2024, a decrease of 5.8%[22] - Cash used in operating activities for the three months ended March 31, 2025, was $(6,310) million, compared to $(2,878) million in the same period of 2024, reflecting increased cash outflows[24] Cash and Debt - Cash and cash equivalents as of March 31, 2025, were $3.2 million, down from $4.3 million at the end of 2024[12] - Total debt obligations decreased to approximately $35.5 million from $39.7 million as of December 31, 2024[12] - Cash and cash equivalents and restricted cash at the end of the period were $3,199 million, down from $5,087 million at the end of the same period in 2024[24] Shareholder Impact - The net loss attributable to stockholders for Q1 2025 was $12.4 million, or $17.44 per share, compared to a net loss of $9.8 million, or $16.91 per share in Q1 2024[11] - The weighted-average number of shares used in the basic and diluted loss per share calculation increased to 709 million in 2025 from 579 million in 2024[22] Strategic Actions - The company is not providing full-year 2025 financial guidance due to ongoing evaluations of strategic alternatives and potential trade disruptions[13] - The company completed a registered direct offering, raising approximately $1.1 million and $1.57 million from two separate transactions in April 2025[6] - The company intends to challenge the Canada Revenue Agency's assessment regarding the denial of CEWS claims, which could impact future cash flows[29] Foreign Exchange - The company experienced a foreign exchange gain of $(119) million for the three months ended March 31, 2025, compared to a loss of $324 million in the same period of 2024[27] Loss on Debt - The company reported a loss on debt extinguishment of $1,049 million for the three months ended March 31, 2025[27] Revenue Sources - The percentage of total systems revenue derived from the company's internal lease programs was approximately 25% in Q1 2025, consistent with the prior year[7]

- Enrollment of Phase 2 SunStone trial in Systemic Lupus Erythematosus expected to be completed by year-end 2025; topline results expected mid-2026 - Exhibit 99.1 Zenas BioPharma Reports First Quarter 2025 Financial Results and Provides Corporate Updates - Topline results from pivotal Phase 3 INDIGO trial in Immunoglobulin G4-Related Disease expected around year-end 2025 - - Phase 2 MoonStone trial in Relapsing Multiple Sclerosis enrollment concluding; topline results expected early in the fourth quarter 20 ...

Financial Performance - Total revenue for Q1 2025 was $165.8 million, a decrease of 38.5% compared to $270.1 million in Q1 2024[2] - Net loss for Q1 2025 was $9.5 million, improved from a net loss of $22.0 million in Q1 2024[2] - Adjusted EBITDA for Q1 2025 was $(4.0) million, compared to $(18.2) million in Q1 2024[2] - The company reported a net loss of $9,533,000 for the three months ended March 31, 2025, compared to a net loss of $21,980,000 in the same period of 2024, indicating an improvement in financial performance[14] - Adjusted EBITDA for the three months ended March 31, 2025, was $(4,025,000), an improvement from $(18,161,000) in Q1 2024, highlighting a positive trend in core operating results[18] Profitability Metrics - Gross profit increased to $43.8 million in Q1 2025, with a total gross profit margin of 26.4%, up from 14.0% in Q1 2024[11][12] - New vehicle retail gross profit margin improved to 11.1% in Q1 2025, compared to 3.7% in Q1 2024[12] Sales and Units - Retail units sold decreased to 2,148 in Q1 2025 from 3,521 in Q1 2024[12] - Average selling price for new vehicles increased to $85,318 in Q1 2025, up from $74,263 in Q1 2024[12] Debt and Liabilities - The company repaid approximately $145 million in debt during the quarter, significantly de-leveraging its balance sheet[2] - Total liabilities decreased to $429.1 million as of March 31, 2025, down from $586.2 million at the end of 2024[13] Cash Flow and Liquidity - Net cash provided by operating activities was $26,032,000 for Q1 2025, a decrease from $80,240,000 in Q1 2024, reflecting changes in working capital[14] - Total cash at the end of the period was $19,727,000, down from $39,350,000 at the end of Q1 2024, indicating a decrease in liquidity[14] - The company’s cash flow from financing activities showed a net outflow of $144,939,000 in Q1 2025, compared to a net outflow of $90,210,000 in Q1 2024, indicating increased financing pressures[14] Expenses - The company incurred $10,759,000 in interest expense for the three months ended March 31, 2025, compared to $12,199,000 in the same period of 2024[18] - Depreciation and amortization expenses totaled $4,582,000 for Q1 2025, down from $5,461,000 in Q1 2024, suggesting improved asset utilization[18] Inventory and Asset Management - The company reported a significant increase in inventories, with a change of $32,346,000 for the three months ended March 31, 2025, compared to $109,442,000 in the same period of 2024[14] - The company experienced a loss on the sale of businesses, property, and equipment amounting to $459,000 in Q1 2025, while there were no such losses reported in Q1 2024[18] - The company generated $113,947,000 in net proceeds from the sale of businesses, property, and equipment during the three months ended March 31, 2025[14]

Exhibit 99.1 Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs. Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to de ...