```markdown Part I. Financial Information [Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025 and 2024, covering balance sheets, operations, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) By March 31, 2025, total assets slightly increased, while a significant reduction in derivative liabilities drove down total liabilities, leading to a notable rise in stockholders' equity | Balance Sheet Highlights (In thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$266,227** | **$265,381** | | Cash and cash equivalents | $25,016 | $22,629 | | Inventories | $138,449 | $139,270 | | **Total Liabilities** | **$179,126** | **$198,514** | | Syndicated line of credit | $53,196 | $50,196 | | Derivative liabilities | $17,836 | $39,158 | | Term loan, net | $67,230 | $67,150 | | **Total Stockholders' Equity** | **$87,101** | **$66,867** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income for Q1 2025 decreased to $18.2 million from $24.9 million YoY, driven by lower revenue and a smaller gain from derivative liabilities, resulting in diluted EPS falling to $0.31 | Statement of Operations (In thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue, net | $87,001 | $100,838 | | Gross profit | $14,128 | $16,094 | | Net loss from operations | $(2,032) | $(960) | | Change in fair value of derivative liabilities | $21,209 | $26,380 | | **Net income** | **$18,180** | **$24,938** | | **Diluted EPS** | **$0.31** | **$0.44** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Total stockholders' equity increased from $66.9 million to $87.1 million by March 31, 2025, primarily driven by $18.2 million in net income and $2.0 million in stock-based compensation expense - Stockholders' equity increased from **$66.9 million** on Dec 31, 2024, to **$87.1 million** on March 31, 2025[19](index=19&type=chunk) - The primary drivers of the equity increase were **$18.2 million** in net income and **$2.0 million** in stock-based compensation[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly improved to $1.2 million generated in Q1 2025 from $17.9 million used in Q1 2024, contributing to an ending cash balance of $27.9 million | Cash Flow Summary (In thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $1,221 | $(17,898) | | Net cash from investing activities | $63 | $(12,752) | | Net cash from financing activities | $1,103 | $2,629 | | **Net change in cash** | **$2,387** | **$(28,021)** | | Cash, end of period | $27,936 | $28,651 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed accounting policies and disclosures for financial statement items, including the land-light strategy, segment reporting, and debt financing - The company operates with a **land-light strategy**, primarily constructing single-family homes in South Carolina, North Carolina, and Georgia[25](index=25&type=chunk) - UHG has three reportable segments: **GSH South Carolina** (entry-level and first move-up homes), **Rosewood** (second and third move-up homes), and **Other** (Raleigh, NC operations and a mortgage JV)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - As of March 31, 2025, the company had lot deposits of **$46.9 million** related to option contracts with an aggregate remaining purchase price of **$336.8 million**[36](index=36&type=chunk) - On December 11, 2024, the company redeemed its convertible notes and financed the transaction with a new **$70.0 million** term loan[67](index=67&type=chunk)[87](index=87&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, noting a challenging market with elevated mortgage rates that led to a 13.7% YoY revenue decrease and a 22.9% drop in net new orders, while liquidity remains sufficient | Key Metrics | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue, net | $87,001 K | $100,838 K | (13.7)% | | Home closings | 252 | 311 | (19.0)% | | Net new orders | 296 | 384 | (22.9)% | | Backlog (units) | 201 | 262 | (23.3)% | | Gross profit % | 16.2% | 16.0% | +0.2 p.p. | | Adjusted EBITDA | $2,873 K | $7,283 K | (60.6)% | - Market conditions in Q1 2025 were impacted by persistently elevated mortgage rates, macroeconomic uncertainty, and housing affordability concerns, leading to softer demand[111](index=111&type=chunk) - In response to market conditions, the company is utilizing sales incentives like mortgage rate buy-downs and executing operational improvements, including revising house plans and rebidding supplier contracts to reduce costs[112](index=112&type=chunk) - As of March 31, 2025, the company had **$25.0 million** in cash and cash equivalents and **$61.9 million** in unused capacity on its Syndicated Line, which management believes is sufficient for its needs[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity, which impacts housing demand and borrowing costs, with a 100 basis point rate increase estimated to reduce annual net income by $1.2 million - The company's operations are sensitive to interest rate changes, which affect both homebuyer affordability and its own borrowing costs on variable-rate debt[165](index=165&type=chunk)[166](index=166&type=chunk) - A **100 basis point** increase in interest rates would reduce net income by approximately **$1.2 million** annually, based on the **$53.2 million** outstanding on the syndicated line of credit and **$67.2 million** on the term loan as of March 31, 2025[167](index=167&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management 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 - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[168](index=168&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[169](index=169&type=chunk) Part II. Other Information [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ordinary course construction defect claims not expected to be material, though a specific lawsuit against Rosewood has a reasonably possible loss that cannot be estimated - The company is subject to ordinary course litigation, mainly consisting of construction defect claims, which are not expected to have a material adverse effect[84](index=84&type=chunk)[171](index=171&type=chunk) - The subsidiary Rosewood is a co-defendant in a lawsuit for which a loss is deemed reasonably possible, but the amount or range of loss cannot currently be estimated[85](index=85&type=chunk)[86](index=86&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Key risks, unchanged from the last annual report, include the cyclical nature of homebuilding, sensitivity to economic conditions, adverse weather events, and the impact of U.S. trade policies on costs - The residential homebuilding industry is highly cyclical and significantly affected by changes in general economic conditions, including interest rates, employment levels, and consumer confidence[173](index=173&type=chunk) - Adverse weather conditions, such as the abnormal snow events in South Carolina in early 2025, can harm business by decreasing buyer traffic and delaying construction[176](index=176&type=chunk) - Changes in U.S. trade policies, including tariffs on materials like lumber and steel, may significantly increase construction costs and negatively impact profit margins[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during Q1 2025 that were not previously disclosed in a Form 8-K - None[180](index=180&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the quarter - None[183](index=183&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[181](index=181&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) This section reiterates no unregistered sales of securities occurred during the quarter that were not previously reported on a Form 8-K - During the quarter ended March 31, 2025, there were no unregistered sales of the Company's securities that were not reported in a Current Report on Form 8-K[183](index=183&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications and Inline XBRL data files - The report includes an index of all exhibits filed, such as Sarbanes-Oxley certifications (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents (101 series)[188](index=188&type=chunk) ```

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 Delaware 85-3460766 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 917 Chapin Road Chapin, South Carolina 29036 (Address of principal executive offices) (844) 766-4663 (Registrant's telephone number) N/A o TRANSITION REPORT PU ...

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: 001-42143 Alumis Inc. (Exact name of registrant as specified in its charter) Delaware 86-1771129 (State or other ...

[First Quarter 2025 Financial Results and Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results%20and%20Highlights) [Executive Summary](index=1&type=section&id=Executive%20Summary) Dyadic's Q1 2025 results highlight a strategic shift to commercialize Dapibus™ and C1 platforms for recurring revenue, supported by new grants - The company's primary focus is shifting to developing and commercializing scalable products with recurring revenue potential in sectors like life sciences, bioactives, and industrial markets, leveraging its C1 and Dapibus platforms[3](index=3&type=chunk) Q1 2025 Key Financial & Operational Highlights | Metric | Value | Source | | :--- | :--- | :--- | | Cash & Equivalents | **$7.3 million** | As of Mar 31, 2025 | | Q1 2025 Revenue | **$394,000** | +17.6% YoY | | Q1 2025 Net Loss | **($2.03 million)** | vs. ($2.01 million) in Q1 2024 | | Net Loss Per Share | **($0.07)** | Unchanged YoY | | CEPI Grant | Up to **$4.5 million** | For recombinant protein vaccine development | | Gates Foundation Grant | **$3.0 million** | For malaria and RSV antibody programs | [Recent Company Developments](index=1&type=section&id=Recent%20Company%20Developments) Dyadic is making significant progress in product commercialization, including key launches and promising results, bolstered by new CEPI and Gates Foundation grants [Product Commercialization Targets](index=1&type=section&id=Product%20Commercialization%20Targets) Dyadic advances its commercial pipeline in non-animal products, with key launches and promising results for recombinant proteins and industrial enzymes - **Human Serum Albumin**: In partnership with Proliant, a commercial launch is expected in **Q3 2025** for use in research, diagnostics, and cell culture media. A third milestone payment is anticipated in **Q2 2025**[6](index=6&type=chunk) - **Recombinant Transferrin & FGF**: Initial studies for both products demonstrated comparable performance to reference standards in growing animal muscle cells, with sampling for FGF expected to begin in **Q2 2025**[6](index=6&type=chunk)[7](index=7&type=chunk) - **Industrial Enzymes**: Fermbox Bio launched EN3ZYME, produced using Dyadic's Dapibus™ platform, and received an initial large purchase order in **Q1 2025**[11](index=11&type=chunk) - **DNase1 (RNase-free)**: Dyadic has partnered with an EU-based CDMO to validate the production process and manufacture research-grade material, with increased sampling and licensing discussions ongoing[11](index=11&type=chunk) [C1 Platform Development for Vaccines & Antibodies](index=3&type=section&id=C1%20Platform%20Development%20for%20Vaccines%20%26%20Antibodies) C1 platform gains significant non-dilutive funding from CEPI and Gates Foundation for vaccine and antibody development, with pandemic readiness evaluation - Dyadic's C1 platform is being advanced through a **$4.5 million CEPI grant** to accelerate recombinant protein vaccine development, with Dyadic receiving up to **$2.4 million** as a subcontractor[11](index=11&type=chunk) - In collaboration with the Gates Foundation, a **$3 million project** was initiated to develop low-cost monoclonal antibodies for malaria and RSV using the C1 platform, with promising initial data[11](index=11&type=chunk) - Dyadic's C1 technology will be evaluated as part of the European Vaccines Hub for Pandemic Readiness (EVH), an initiative backed by approximately **€100 million** in EU funding[11](index=11&type=chunk) [Animal and Human Health Applications](index=5&type=section&id=Animal%20and%20Human%20Health%20Applications) Dyadic develops animal and human health solutions, expanding Phibro partnership and advancing a C1-produced H5 Avian Influenza vaccine candidate - Dyadic expanded its partnership with Phibro Animal Health/Abic to develop vaccines and treatments for livestock[21](index=21&type=chunk) - A C1-produced H5 Avian Influenza vaccine candidate is being evaluated for diagnostics and vaccines for poultry, cattle, and humans, with early data showing cross-protection against multiple H5 strains[21](index=21&type=chunk) [Q1 2025 Financial Performance](index=5&type=section&id=Q1%202025%20Financial%20Performance) Dyadic's Q1 2025 revenue increased to **$394,000** due to new grant revenue, loss from operations narrowed, and cash stood at **$7.3 million** Q1 2025 vs Q1 2024 Financial Comparison | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | **$394,000** | **$335,000** | **+17.6%** | | - Grant Revenue | **$210,000** | **$0** | N/A | | - R&D Revenue | **$183,000** | **$335,000** | **-45.4%** | | Loss from Operations | **($2,002,000)** | **($2,126,000)** | **-5.8% (Improved)** | | Net Loss | **($2,028,000)** | **($2,010,000)** | **+0.9% (Widened)** | | G&A Expenses | **$1,596,000** | **$1,789,000** | **-10.8%** | - The increase in total revenue was driven by new grant revenue from the Gates Foundation and CEPI, which offset a decrease in R&D revenue resulting from fewer active collaborations (**four in Q1 2025 vs. nine in Q1 2024**)[14](index=14&type=chunk) - Cash, cash equivalents, and investment-grade securities decreased to **$7.3 million** as of March 31, 2025, from **$9.3 million** at the end of 2024[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Unaudited financial statements for Q1 2025 show a net loss of **($2.03 million)**, total assets of **$7.9 million**, and stockholders' equity of **$0.9 million** [Consolidated Statements of Operations (Unaudited)](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) For Q1 2025, total revenues increased to **$393,572**, loss from operations improved, and net loss was **($2,027,579)** or **($0.07)** per share Three Months Ended March 31, 2025 and 2024 | | 2025 | 2024 | | :--- | :--- | :--- | | **Revenues:** | | | | Research and development revenue | **$183,100** | **$334,617** | | Grant revenue | **$210,472** | **$—** | | **Total revenue** | **$393,572** | **$334,617** | | **Costs and expenses:** | | | | Total costs and expenses | **$2,396,047** | **$2,460,175** | | **Loss from operations** | **($2,002,475)** | **($2,125,558)** | | Total other income (expense), net | **($25,104)** | **$115,962** | | **Net loss** | **($2,027,579)** | **($2,009,596)** | | **Basic and diluted net loss per common share** | **($0.07)** | **($0.07)** | [Consolidated Balance Sheets (Unaudited)](index=8&type=section&id=Consolidated%20Balance%20Sheets%20%28Unaudited%29) As of March 31, 2025, total assets were **$7.9 million**, total liabilities **$7.0 million**, and stockholders' equity **$0.9 million**, reflecting a decrease in cash As of March 31, 2025 and December 31, 2024 | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | **$5,064,941** | **$6,506,750** | | Total current assets | **$7,805,212** | **$9,827,668** | | **Total assets** | **$7,894,878** | **$9,930,275** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | **$1,962,160** | **$2,448,017** | | Total liabilities | **$6,971,267** | **$7,459,985** | | Total stockholders' equity | **$923,611** | **$2,470,290** | | **Total liabilities and Stockholders' Equity** | **$7,894,878** | **$9,930,275** |

PART I FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Dyadic's Q1 2025 saw increased revenue from new grants, a slightly higher net loss, decreased assets, yet sufficient liquidity Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $5,064,941 | $6,506,750 | | Total current assets | $7,805,212 | $9,827,668 | | Total assets | $7,894,878 | $9,930,275 | | Total current liabilities | $1,962,160 | $2,448,017 | | Total liabilities | $6,971,267 | $7,459,985 | | Total stockholders' equity | $923,611 | $2,470,290 | Consolidated Statements of Operations Highlights (Unaudited) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $393,572 | $334,617 | | Total costs and expenses | $2,396,047 | $2,460,175 | | Loss from operations | ($2,002,475) | ($2,125,558) | | Net loss | ($2,027,579) | ($2,009,596) | | Basic and diluted net loss per common share | ($0.07) | ($0.07) | Consolidated Statements of Cash Flows Highlights (Unaudited) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,949,731) | ($1,112,979) | | Net cash provided by (used in) investing activities | $482,104 | ($654,907) | | Net cash provided by financing activities | $24,249 | $5,824,326 | | Net (decrease) increase in cash and cash equivalents | ($1,441,809) | $4,054,786 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses advancing C1 and Dapibus™ platforms, recent grants, and commercialization efforts, noting a slight Q1 2025 net loss increase but sufficient liquidity [Overview](index=30&type=section&id=Overview) Dyadic focuses on its C1 and Dapibus™ protein platforms, targeting both biopharmaceutical and non-pharmaceutical markets, with a successful C1 Phase 1 human study - A key validation milestone was the successful completion of a Phase 1 first-in-human study in **2024** for a vaccine antigen produced using the C1 platform, demonstrating its safety[146](index=146&type=chunk) - The company has a dual strategy: leveraging the Dapibus™ platform for near-term revenue in non-pharmaceutical markets and advancing the C1 platform for long-term value in biopharmaceuticals[147](index=147&type=chunk) [Recent Developments](index=30&type=section&id=Recent%20Developments) Recent developments include a **$4.5 million** CEPI grant, anticipated Q3 2025 commercial launch of Human Serum Albumin, and a **$3 million** Gates Foundation project for low-cost monoclonal antibodies - Received a **$4.5 million** CEPI grant (Dyadic's share up to **$2.4 million**) to accelerate recombinant protein vaccine development using the C1 platform[149](index=149&type=chunk) - Expects commercial launch of Human Serum Albumin with partner Proliant in **Q3 2025** for research, diagnostics, and cell culture media applications[150](index=150&type=chunk) - Partner Fermbox Bio launched EN3ZYME, an enzyme cocktail produced using the Dapibus™ platform, and received its first large purchase order in **Q1 2025**[150](index=150&type=chunk) - Initiated a **$3 million** project with the Gates Foundation to develop low-cost monoclonal antibodies for malaria and RSV[155](index=155&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q1 2025 total revenue increased due to new grant revenue, operating loss slightly improved, but net loss marginally increased due to higher interest expenses and a non-recurring gain Revenue and Cost of Revenue Comparison (Q1 2025 vs Q1 2024) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development revenue | $183,100 | $334,617 | | Grant revenue | $210,472 | $— | | Costs of research and development revenue | $126,480 | $143,955 | | Cost of grant revenue | $171,178 | $— | - Research and development expenses decreased to **$495,000** in Q1 2025 from **$523,000** in Q1 2024 due to a reduction in the number of internal research projects[176](index=176&type=chunk) - General and administrative expenses decreased by **10.8%** to **$1.60 million** in Q1 2025 from **$1.79 million** in Q1 2024, reflecting lower business development, incentive, and legal costs[177](index=177&type=chunk) - Other expenses were **$25,000** in Q1 2025, compared to other income of **$116,000** in Q1 2024. The change was mainly due to an **$81,000** increase in interest expense and a **$61,000** gain on the sale of Alphazyme in 2024 that did not recur[179](index=179&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, Dyadic held **$7.4 million** in cash and investments, deemed sufficient for the next 12 months, supported by **$5.8 million** from 2024 convertible notes - In March **2024**, the company raised **$5.8 million** in net proceeds from a **$6.0 million** issuance of **8.0%** Senior Secured Convertible Promissory Notes due **2027**[182](index=182&type=chunk) - The company had total cash, cash equivalents, and investment securities of **$7.4 million** as of **March 31, 2025**[188](index=188&type=chunk) - Management expects existing cash and investments to be sufficient to fund operations for at least the next **12 months** from the report's issuance date[188](index=188&type=chunk) - Net cash used in operating activities for **Q1 2025** was **$2.0 million**, primarily due to the net loss for the period[189](index=189&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Dyadic is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Dyadic is not required to provide quantitative and qualitative disclosures about market risk[193](index=193&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 - Management concluded that the company's disclosure controls and procedures were effective as of **March 31, 2025**[194](index=194&type=chunk)[195](index=195&type=chunk) - No material changes to the internal control over financial reporting occurred during the first quarter of **2025**[196](index=196&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material litigation that would adversely affect its financial condition or operations - The company reports no current material litigation[199](index=199&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No changes to the company's risk factors were reported since the 2024 fiscal year Annual Report filing - No changes to risk factors were reported since the **2024** Annual Report[200](index=200&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None[201](index=201&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended March 31, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement in **Q1 2025**[204](index=204&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including corporate documents, note amendments, and officer certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 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 001-40608 ESTRELLA IMMUNOPHARMA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) D ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER 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 001-40608 ESTRELLA IMMUNOPHARMA, INC. (Exact name of registrant as specified in its charter) (Registrant's tele ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

Financial Performance - Net income attributable to First Capital, Inc. for the three months ended March 31, 2025, was $3,235 thousand, compared to $2,952 thousand for the same period in 2024, reflecting an increase of 9.6%[11]. - Earnings per common share attributable to First Capital, Inc. increased to $0.97 for Q1 2025, compared to $0.88 for Q1 2024, representing a growth of 10.2%[11]. - Comprehensive income attributable to First Capital, Inc. for Q1 2025 was $6,426 thousand, significantly higher than $1,319 thousand in Q1 2024[14]. - Net income for the three months ended March 31, 2025, was $3,238,000, an increase of 9.5% compared to $2,955,000 for the same period in 2024[19]. - Cash dividends paid during the three months ended March 31, 2025, totaled $974,000, compared to $905,000 in the same period of 2024, reflecting an increase of 7.6%[19]. Asset Growth - Total assets increased to $1,214,538 thousand as of March 31, 2025, up from $1,187,523 thousand at December 31, 2024, representing a growth of 2.3%[9]. - Cash and cash equivalents totaled $116,623 thousand as of March 31, 2025, up from $105,917 thousand at the end of 2024, an increase of 10.8%[9]. - Total deposits reached $1,083,921 thousand as of March 31, 2025, an increase of 1.5% from $1,066,439 thousand at the end of 2024[9]. - The net increase in deposits for the three months ended March 31, 2025, was $17,482,000, compared to a decrease of $15,119,000 in the same period of 2024[19]. - Total loans increased to $651,359,000 as of March 31, 2025, up from $639,376,000 at December 31, 2024, representing a growth of approximately 1.54%[42]. Income and Interest - Total interest income rose to $13,346 thousand for Q1 2025, a 12.7% increase from $11,837 thousand in Q1 2024[11]. - Net interest income after provision for credit losses was $9,243 thousand for Q1 2025, up from $8,320 thousand in Q1 2024, marking an increase of 11.1%[11]. - The tax equivalent net interest margin increased from 3.14% for the quarter ended March 31, 2024, to 3.34% for the same period in 2025[137]. - Total interest income increased by $1.5 million due to an increase in the average tax-equivalent yield on interest-earning assets from 4.29% to 4.63%[135]. Credit Losses and Provisions - The allowance for credit losses was $9,535 thousand as of March 31, 2025, compared to $9,281 thousand in 2024, indicating a slight increase in credit risk management[9]. - The provision for credit losses increased to $338,000 for the three months ended March 31, 2025, from $280,000 in the same period of 2024[19]. - Nonperforming loans totaled $4,075,000 as of March 31, 2025, compared to $4,382,000 as of December 31, 2024, showing a decrease of approximately 6.99%[59]. - The total charge-offs for the three months ended March 31, 2025, were $127,000, compared to $100,000 for the same period in 2024, representing a 27% increase[52]. Loan Portfolio - The principal loan balance for 1-4 Family Residential Mortgage increased to $140,853,000 as of March 31, 2025, from $138,936,000 at December 31, 2024, reflecting a growth of 1.31%[42]. - Multi-family Residential loans rose to $45,891,000 as of March 31, 2025, compared to $36,822,000 at December 31, 2024, marking a significant increase of 24.6%[42]. - Commercial Real Estate loans increased to $189,309,000 as of March 31, 2025, up from $184,851,000 at December 31, 2024, which is an increase of 2.48%[42]. - Consumer and Other loans decreased slightly to $57,148,000 as of March 31, 2025, from $58,406,000 at December 31, 2024, a decline of 2.15%[42]. Securities and Investments - As of March 31, 2025, total securities available for sale amounted to $417,251,000 with a fair value of $391,718,000, reflecting a gross unrealized loss of $26,555,000[26]. - The company purchased securities available for sale totaling $30,783,000 during the three months ended March 31, 2025, compared to $27,030,000 in 2024[19]. - The investment in qualified affordable housing projects was $1.5 million as of March 31, 2025, down from $1.6 million at the end of 2024[76]. - The balance of investments in renewable energy tax credits increased significantly to $4.1 million as of March 31, 2025, compared to $401,000 at December 31, 2024[78]. Risk Management and Compliance - The Bank's Community Bank Leverage Ratio (CBLR) was 10.61% as of March 31, 2025, indicating compliance with capital adequacy requirements[148]. - The Company does not engage in high-risk derivative instruments and is not exposed to foreign currency exchange rate risk or commodity price risk[156]. - The Company has not experienced any material changes in risk factors since the last annual report[174]. - There have been no changes in the Company's internal control over financial reporting that materially affect its effectiveness[170].

Washington, D.C. 20549 FORM 10-Q (MARK ONE) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Table of Contents ☒ 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: 001-42383 OAKTREE ACQUISITION CORP. III LIFE SCIENCES (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 9 ...