[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 ...

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 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 ...

Financial Performance - For the three months ended March 31, 2025, the company reported total operating expenses of $11,260,678, an increase from $10,970,201 in the same period of 2024, resulting in an operating loss of $(11,260,678) compared to $(10,970,201) in 2024[126]. - The company did not generate any revenues for the three months ended March 31, 2025 or 2024, maintaining a net loss of $(11,511,505) for Q1 2025, compared to $(8,544,154) in Q1 2024[128]. - The net loss for the three months ended March 31, 2025, was $11,511,505, compared to a net loss of $8,544,154 for the same period in 2024, reflecting an increase of $2,967,351[138]. - The net loss for the six months ended March 31, 2025, was $21,792,751, an increase of $4,017,412 from a net loss of $17,775,339 for the same period in 2024[150]. - As of March 31, 2025, Citius Pharma had an accumulated deficit of $222,054,969 and negative working capital of approximately $31.5 million[152]. Research and Development Expenses - Research and development expenses for the three months ended March 31, 2025 were $3,766,525, up from $3,605,898 in the same period of 2024[126]. - Research and development expenses for the three months ended March 31, 2025, were $3,766,525, an increase of $160,627 compared to $3,605,898 for the same period in 2024[129]. - Research and development costs for LYMPHIR increased by $1,880,563 to $3,641,479 for the three months ended March 31, 2025, compared to $1,760,916 for the same period in 2024[132]. - For the six months ended March 31, 2025, research and development expenses totaled $5,893,563, a decrease of $334,245 from $6,227,808 for the same period in 2024[141]. General and Administrative Expenses - General and administrative expenses increased to $4,792,122 in Q1 2025 from $4,285,911 in Q1 2024[126]. - General and administrative expenses for the three months ended March 31, 2025, were $4,792,122, an increase of $506,211 from $4,285,911 in the prior year[134]. - General and administrative expenses for the six months ended March 31, 2025, were $10,179,874, an increase of $2,233,235 compared to $7,946,639 in the prior year[146]. Stock-Based Compensation - Stock-based compensation expense decreased to $2,702,031 in Q1 2025 from $3,078,392 in Q1 2024[126]. Revenue Generation and Future Plans - The company has not yet realized any revenues from its operations as of March 31, 2025[110]. - Citius Pharma plans to continue funding Citius Oncology until adequate capital is raised or revenue is generated from LYMPHIR sales[154]. Milestone Payments and Acquisitions - The company is required to pay Dr. Reddy's a $40 million upfront payment for the acquisition of E7777, with additional milestone payments up to $300 million based on commercial sales[118]. - The FDA approved the BLA for LYMPHIR on August 8, 2024, which triggers a $27.5 million milestone payment to Dr. Reddy's, with a remaining balance of $22.5 million due as of March 31, 2025[120]. Stock Split - A reverse stock split of 1-for-25 was executed on November 25, 2024, retroactively adjusting all share amounts[111]. Equity Issuance - The company received net proceeds of $6,039,858 from equity issuance during the six months ended March 31, 2025[153]. In-Process Research and Development - The company has significant in-process research and development valued at $73,400,000 for LYMPHIR, expected to be amortized over 12 years starting from revenue generation in 2025[109].

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: 001-42164 SIM Acquisition Corp. I (Exact name of registrant as specified in its charter) | Cayman Islands | 35-2838851 | | --- | -- ...