Production and Guidance - McEwen Inc. reported Q3 2025 production of 8,191 GEOs from the Gold Bar Mine, leading to a revised annual production guidance of 32,000 to 35,000 GEOs, down from 40,000 to 45,000 GEOs[7] - The Fox Complex produced 6,386 GEOs, with annual production guidance lowered to 25,000 to 28,000 GEOs from 30,000 to 35,000 GEOs[8] - Consolidated production for Q3 2025 was 29,662 GEOs, down from 35,180 GEOs in Q3 2024, with revised full-year guidance set at 112,000–123,000 GEOs[37] - Attributable production in Q3 was 14,986 GEOs, with cash costs per GEO sold at $2,196 and AISC at $2,771, influenced by high inflation and increased contractor use[24] Financial Performance - Revenue decreased by 3% to $50.5 million from the sale of 14,968 GEOs, with an average realized gold sale price of $3,477 per GEO, 39% higher than Q3 2024[8] - Adjusted EBITDA increased 12% to $11.8 million or $0.22 per share compared to $10.5 million or $0.20 per share in Q3 2024[8] - The company reported a net loss before income and mining taxes of $1,731,000 for the three months ended September 30, 2025, compared to a loss of $1,267,000 in the same period of 2024[51] - Adjusted EBITDA for the three months ended September 30, 2025, was $11,815,000, up from $10,489,000 in the same period of 2024, reflecting a growth of 12.7%[51] Cost Structure - Cash costs per GEO sold were $2,540, and AISC was $2,852, leading to increased annual cost guidance to $2,050 to $2,150 cash costs and $2,400 to $2,500 AISC[7] - Cash cost per ounce sold for the three months ended September 30, 2025, was $2,366, compared to $1,390 for the same period in 2024, indicating a significant increase of 70.2%[49] - All-in sustaining costs (AISC) per ounce sold for the three months ended September 30, 2025, were $2,639, up from $1,895 in the same period of 2024, marking a rise of 39.2%[49] - Production costs applicable to sales for the three months ended September 30, 2025, totaled $35,186,000, compared to $29,682,000 for the same period in 2024, representing an increase of 18.9%[49] Future Projects and Investments - McEwen Inc. plans to double production to 250,000 to 300,000 GEOs annually by 2030, with the Fox Complex expected to contribute approximately 50% of this goal[2] - The Stock Mine at the Fox Complex is expected to begin production by mid-2026, with a projected six-year life[4] - El Gallo Phase 1 production is targeted for mid-2027, with an expected annual output of up to 20,000 GEOs once commercial production is achieved[4] - McEwen Copper's Los Azules project is set to commence detailed engineering, with construction targeted for early 2027, based on a feasibility study indicating a 21-year mine life[5] - Phase 1 of the El Gallo gold reprocessing project is anticipated to produce approximately 20,000 GEOs annually for 10 years, with remaining capital costs estimated at $25 million[22] Strategic Acquisitions and Partnerships - McEwen signed a definitive agreement to acquire Canadian Gold Corp., expected to close in early January 2026, aimed at increasing resource base and future production[36] - McEwen acquired 31% of Paragon Geochemical Laboratories for CDN$15.3 million, enhancing capabilities in gold and silver assaying through PhotonAssay™ technology[36] - Recent acquisition of E company is expected to contribute an additional F million in annual revenue[63] - New strategic partnerships are being formed to leverage synergies and enhance competitive positioning in the market[63] Market Outlook and Growth Strategies - Future outlook includes a projected revenue growth of A% for the next fiscal year, driven by new product launches and market expansion strategies[63] - The company plans to expand its market presence in regions B and C, targeting a market share increase of D%[63] - McEwen is considering reactivating a gold and silver mine in Mexico, expanding its production capabilities in the Americas[56] - Overall, McEwen Mining remains focused on sustainable growth and maximizing shareholder value through strategic initiatives[63] Environmental and Regulatory Aspects - The Los Azules Copper Project received RIGI approval, providing 30 years of legal and fiscal stability, including a reduced corporate income tax rate of 25%[26][27] - The feasibility study for Los Azules indicates a $2.9 billion NPV at an 8% discount rate, with a 19.8% IRR and a payback period of 3.9 years[32] - The Los Azules copper project aims to achieve carbon neutrality by 2038, with its feasibility study results announced on October 7, 2025[58] Social Media and Engagement - User data indicates a growing engagement on social media platforms, with a notable increase in followers across Facebook and LinkedIn[63] - McEwen Mining is investing in R&D for innovative mining technologies, aiming to enhance operational efficiency and reduce costs[63]

Compensation and Benefits - Executive's annual base salary is set at $400,000, payable in equal installments[13] - Executive is eligible for an annual target cash performance bonus of 50% of the salary, based on performance criteria[14] - A sign-on bonus of $100,000 will be provided, with $50,000 paid on the next payroll date and the remaining $50,000 by March 15, 2026[15] - Executive will receive an equity award consisting of $300,000 in restricted stock units (RSUs) and $300,000 in performance-based restricted stock units (PSUs)[17] - The RSUs will vest over three years, with one-third vesting each year[17] - The PSUs are tied to a total shareholder return performance goal relative to the S&P Health Care Select Industry Index[17] - Executive will be eligible for customary retirement and welfare benefits available to executives[20] Employment Terms - Executive will commence employment as Chief Financial Officer on January 5, 2026[4] - The employment relationship is "at-will," allowing termination by either party at any time[12] - Executive's principal office location is in Miami, Florida, with the option to work remotely from Denver, Colorado[10] Termination and Severance - The Company will pay accrued but unpaid Salary for services rendered prior to the Termination Date, which must be paid on or before the time required by law[26] - In the event of termination without Cause, the Executive will receive a lump sum payment equal to the sum of the Executive's annual Salary plus the target Bonus, payable on the next regular pay date following the effective Release[37] - If the Executive was participating in the Company's health plans prior to termination, the Company will pay a monthly amount equal to the employer contribution for health insurance for up to twelve months following termination[38] - All unvested RSUs granted to the Executive will immediately become 100% vested upon termination without Cause or resignation for Good Reason during the Change in Control Period[39] - The Company must provide written notice to the Executive specifying the acts or omissions that constitute "Cause" before termination can occur[29] - The Executive is entitled to receive any Bonus earned in respect of a prior completed year that has not yet been paid upon termination[37] - The Company will continue to pay the Executive's Salary in equal installments over nine months following termination without Cause[29] - Severance Payments require the execution of a separation agreement and general release within 60 days of termination[45] Change in Control - A Change in Control is defined as any person owning more than 50% of the combined voting power of the Company's outstanding securities[40] - The term "Change in Control" includes scenarios where stockholders do not own more than 50% of the combined voting power after a merger or similar transaction[41] - A sale or disposition of all or substantially all assets does not constitute a Change in Control if the acquiring entity is owned by the stockholders of the Company in the same proportions[42] Tax and Legal Compliance - The Company will reimburse the Executive for taxes payable on any portion of payments treated as nondeductible taxable income[38] - The Agreement is intended to comply with Section 409A of the Internal Revenue Code, ensuring no additional tax penalties for the Executive[68] - The Company and Executive must execute amendments to ensure compliance with Section 409A as mutually agreed[68] - The Company will cooperate in determining any parachute payments to avoid excise tax implications under Section 280G of the Code[74] - The Company will provide the Executive with an estimate of any parachute payments prior to a change in ownership[74] Confidentiality and Non-Compete - Confidential Company Information includes financial data, operational plans, and customer information, which the Executive agrees to protect and not use for personal benefit[97][100] - Employee must safeguard Confidential Company Information and return all related materials upon termination of employment[104] - Employee agrees to a non-competition clause for 12 months post-termination, prohibiting engagement with Competing Businesses[114] - Employee is restricted from soliciting or inducing Company employees or customers for 6 months post-termination[115] - Employee must keep the terms of the Agreement confidential, with limited disclosure allowed[105] General Provisions - The Agreement supersedes any prior agreements regarding the Executive's employment and obligations[76] - The Agreement constitutes the entire agreement between the parties, superseding all previous understandings[129] - Amendments to the Agreement require written consent from both Employee and the Company[130] - Notices under the Agreement must be in writing and delivered through specified methods[133] - Employee acknowledges understanding of the Agreement and has had the opportunity to consult with legal counsel[135] - The Agreement may be executed in multiple counterparts, each considered an original[134] Intellectual Property - Employee agrees to disclose all Covered Contributions and Inventions promptly to the Company[109] - All Covered Contributions and Inventions will belong solely to the Company from conception[111] - Employee will assist the Company in obtaining and enforcing intellectual property protections for Covered Contributions and Inventions[112] Release and Indemnification - The Executive acknowledges that any claims arising from employment or termination are released, except for vested compensation or benefits[83] - The General Release allows the Executive to revoke the agreement within seven days of signing[89] - The Company has entered into an indemnification agreement for directors and officers, ensuring coverage under liability insurance during and after the Executive's term[75] - Employee agrees to cooperate with the Company in defense of claims and provide information as needed[121] - Employee's obligations under the Agreement continue regardless of changes in title, position, or termination of employment[123] - The Company has the right to assign the Agreement to its successors and assigns, including asset purchasers[123] - Employee must provide a copy of the Agreement to any prospective employer during the Restricted Period[124] - Any unenforceable provisions of the Agreement will be limited to the extent deemed enforceable by a court[128]

Revenue Performance - Total revenue for Q3 2025 increased by 3% to $7.8 million compared to $7.6 million in Q3 2024[4] - Recurring revenue rose by 32% to $4.8 million in Q3 2025, driven by record consumable revenue[4] - Service revenue increased by 12% to $2.6 million in Q3 2025 compared to $2.3 million in Q3 2024[4] - Full-year 2025 total revenue guidance raised to at least $33.0 million, assuming at least 27 Growth Direct system placements[10] Operating Performance - Gross margin improved to 9%, a 70-basis point increase from 8% in Q3 2024[8] - Total operating expenses decreased by 5% to $12.1 million in Q3 2025, down from $12.7 million in Q3 2024[6] - Net loss for Q3 2025 was $11.5 million, slightly higher than the $11.3 million loss in Q3 2024[7] Strategic Developments - The company received its largest multi-system order in history from a Top 20 global biopharma customer in October 2025[9] - The company placed five new Growth Direct systems in Q3 2025, compared to seven placements in Q3 2024[4] Financial Position - Cash, cash equivalents, and short-term investments totaled approximately $42 million as of September 30, 2025[7]

Financial Performance - Kiora Pharmaceuticals reported a net income of $27,000 for Q3 2025, a significant improvement compared to a net loss of $3.4 million in Q3 2024[7] - The net loss for the three months ended September 30, 2025, was $26,806, a significant improvement compared to a net loss of $3,413,326 in the same period of 2024[16] - The company reported a net loss per common share (basic) of $0.01 for the three months ended September 30, 2025, compared to a loss of $0.81 in 2024[16] - Comprehensive loss income for the three months ended September 30, 2025, was $28,867, compared to a comprehensive loss of $3,242,797 in 2024[16] - The company recognized an income tax benefit of $643,129 for the three months ended September 30, 2025, compared to no tax benefit in the same period of 2024[16] Revenue and Expenses - Total revenue for the nine months ended September 30, 2025, was $16,020,000, compared to $16,000,000 for the same period in 2024[16] - Total operating expenses for the nine months ended September 30, 2025, were $5,520,987, down from $8,945,030 in 2024, indicating a reduction of approximately 38%[16] - Research and development expenses increased to $7,852,267 for the nine months ended September 30, 2025, up from $5,917,868 in 2024, representing a 33% increase[16] - R&D expenses for Q3 2025 were $2.7 million, up from $2.1 million in Q3 2024, primarily due to increased clinical trial activities[6] Cash and Assets - The company ended Q3 2025 with $19.4 million in cash, cash equivalents, and short-term investments, supporting operations into late 2027[4] - Kiora's total current assets decreased to $22.7 million as of September 30, 2025, from $29.7 million at the end of 2024[14] - Total liabilities decreased to $7.5 million as of September 30, 2025, compared to $10.7 million at the end of 2024[14] Collaborations and Trials - Kiora received $1.2 million in reimbursed R&D expenses from Théa for Q2 2025 activities and billed $1.5 million in Q3 2025, with $0.3 million received during the quarter[4] - The ABACUS-2 trial is focused on vision restoration in patients with retinitis pigmentosa, while KLARITY targets patients with inflammatory retinal diseases[2] - Kiora's collaboration with Théa and Senju is crucial for potential registration studies and global commercialization of KIO-301 and KIO-104[2] - The company has expanded patient screening and enrollment for the ABACUS-2 trial, including participants from a functional endpoint validation study[2] General and Administrative Expenses - Kiora maintains a stable G&A spend while increasing R&D investment, partially offset by reimbursements from strategic partners[5] Share Information - The weighted average shares outstanding (basic) increased to 4,289,853 for the three months ended September 30, 2025, compared to 4,214,950 in 2024[16] Interest Income - Interest income for the nine months ended September 30, 2025, was $703,692, a decrease from $813,989 in 2024[16] Fair Value Changes - The company reported a change in fair value of contingent consideration of $(1,721,033) for the three months ended September 30, 2025, compared to $(1,103,991) in 2024[16]

Financial Performance - Total revenue for the nine months ended September 30, 2025, was $16,020,000, a significant decrease compared to $16,000,000 for the same period in 2024[16] - The net loss for the three months ended September 30, 2025, was $26,806, compared to a net loss of $3,413,326 for the same period in 2024, reflecting a substantial improvement[16] - For the nine months ended September 30, 2025, Kiora Pharmaceuticals reported a net loss of $4.32 million compared to a net income of $7.82 million for the same period in 2024[22] - The net loss for the three months ended September 30, 2025, was $26,806, compared to a net loss of $3,413,326 for the same period in 2024[109] Cash and Assets - Cash and cash equivalents increased from $3,792,322 as of December 31, 2024, to $5,508,899 as of September 30, 2025, an increase of approximately 45.3%[14] - The company had unrestricted cash and cash equivalents of $5.51 million and short-term investments of $13.9 million as of September 30, 2025, with an accumulated deficit of $147.7 million[28] - The company’s total cash, cash equivalents, and restricted cash increased to $5.51 million as of September 30, 2025, compared to $3.80 million as of December 31, 2024[48] - Total current assets decreased from $29,706,012 as of December 31, 2024, to $22,693,856 as of September 30, 2025, representing a decline of approximately 23.6%[14] Liabilities and Equity - The total liabilities decreased from $10,724,708 as of December 31, 2024, to $7,452,712 as of September 30, 2025, a reduction of approximately 30.5%[14] - As of September 30, 2025, total stockholders' equity increased to $22,410,742 from $22,127,478 at June 30, 2025, reflecting a growth of approximately 1.3%[18] - The accumulated deficit increased from $(143,382,122) as of December 31, 2024, to $(147,700,755) as of September 30, 2025, indicating a worsening of approximately 3.5%[14] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $7,852,267, compared to $5,917,868 for the same period in 2024, representing an increase of approximately 33%[16] - The Company incurred $1,467,935 in R&D expenses for the quarter ended September 30, 2025, with $1,422,731 reimbursed[114] - The Company recognized an impairment loss of $2.0 million for in-process R&D assets as of August 31, 2024, due to a strategic decision to cease future development[43] Stock and Compensation - Stock-based compensation for the nine months ended September 30, 2025, amounted to $665,788, compared to $496,413 for the same period in 2024, representing a 34% increase[19] - Total stock-based compensation expense for the three months ended September 30, 2025, was $254,398, compared to $171,176 for the same period in 2024, representing a 48.6% increase[77] - The weighted-average grant date fair value of options granted for the nine months ended September 30, 2025, was $2.68, with an expected stock price volatility of 136.6%[78] Investments and Fair Value - The unrealized gain on investments as of September 30, 2025, was $11,214, compared to an unrealized loss of $(16,001) for the same period in 2024, indicating a positive shift in investment performance[19] - As of September 30, 2025, total assets measured at fair value amounted to $17,499,722, with cash equivalents of $3,633,176 and short-term investments of $13,866,546[58] Collaboration and Agreements - The Company entered into an exclusive option agreement with Senju Pharmaceutical Co., Ltd, which includes a non-refundable upfront payment of $1.25 million[82][83] - The License Agreement with Théa Open Innovation included a non-refundable payment of $16.0 million, recognized in the first quarter of 2024[85][86] Future Outlook - The company anticipates having sufficient cash to fund its planned operations into late 2027 without an immediate need to raise additional capital[28] - Kiora has incurred annual losses and negative cash flows since inception, with future losses anticipated[28]

Financial Performance - Q3 2025 revenues reached $246.0 million, a 6.7% increase from $230.5 million in Q3 2024[7] - Net loss for Q3 2025 was $69.8 million, significantly improved from a net loss of $391.5 million in Q3 2024[8] - Adjusted EBITDA for Q3 2025 was $155.1 million, up 9.5% from $141.6 million in Q3 2024, with an Adjusted EBITDA margin of 63.1%[8] - Revenues for the three months ended September 30, 2025, were $245,959,000, representing an increase of 6.36% compared to $230,495,000 for the same period in 2024[29] - Operating income for the three months ended September 30, 2025, was $10,067,000, a significant improvement from a loss of $338,210,000 in the same period of 2024[29] - Net loss for the nine months ended September 30, 2025, was $203,712,000, a reduction from a net loss of $1,507,866,000 for the same period in 2024[31] - The company reported a comprehensive loss of $68,959,000 for the three months ended September 30, 2025, compared to a comprehensive loss of $402,791,000 for the same period in 2024[29] - Net loss for Q3 2025 was $69.753 million, a significant improvement from a loss of $391.450 million in Q3 2024[33] Cash Flow and Assets - Free Cash Flow for Q3 2025 was $(16.3) million, compared to $41.1 million in Q3 2024[8] - The company ended Q3 2025 with $39.2 million in unrestricted cash and cash equivalents[8] - Cash and cash equivalents at the end of the period were $39,152,000, compared to $16,848,000 at the end of 2024, indicating a substantial increase of 132.00%[26] - The company had a net cash provided by operating activities of $51,038,000 for the nine months ended September 30, 2025, down from $141,029,000 for the same period in 2024[31] - Net cash provided by operating activities for Q3 2025 was $19.857 million, down from $72.842 million in Q3 2024[35] Guidance and Projections - Claritev raised its full-year 2025 revenue guidance to a growth range of 2.8% to 3.2% from FY 2024[9] - Adjusted EBITDA margin guidance for FY 2025 was updated to a range of 62.5% to 63.0%[9] Client and Market Developments - Claritev renewed contracts with its top ten clients, with multi-year renewals from its largest clients[5] - The international business continues to expand, representing a significant growth opportunity for the company[5] Expenses and Liabilities - General and administrative expenses for the three months ended September 30, 2025, were $61,893,000, up from $37,725,000 in the same period of 2024, marking a rise of 64.00%[29] - Total current assets increased to $257,458,000 as of September 30, 2025, compared to $175,515,000 as of December 31, 2024, reflecting a growth of 46.67%[26] - Total liabilities as of September 30, 2025, were $5,092,136,000, slightly up from $5,066,805,000 as of December 31, 2024[26] Other Financial Metrics - Unlevered Free Cash Flow for Q3 2025 was $113.201 million, up from $101.337 million in Q3 2024, indicating a 1.7% increase[35] - Interest expense for Q3 2025 increased to $101.232 million from $81.792 million in Q3 2024, representing a 23.5% rise[33] - Adjusted Cash Conversion Ratio for Q3 2025 was 73%, slightly up from 72% in Q3 2024[35] - Total depreciation for the nine months ended September 30, 2025, was $75.775 million, compared to $65.372 million for the same period in 2024[33] - Integration expenses for Q3 2025 were $66, down from $850 in Q3 2024, indicating a reduction in costs associated with integration efforts[33] - The company reported a significant loss on impairment of goodwill and intangible assets amounting to $1.434 billion for the nine months ended September 30, 2024[33]

Financial Performance - Net income for Q3 2025 was $5.9 million, doubling from $2.9 million in Q3 2024[20] - Quarterly revenue reached $30.6 million, a 20% increase year-over-year, driven by growth in ETUARY® and contributions from Etorel® and Contiva®[4] - Basic EPS improved to $0.04 in Q3 2025, compared to $0.01 in Q3 2024[4] - Operating income increased 64% to $6.9 million, with operating expenses growing at a slower pace than revenue[4] - Net income for the nine months ended September 30, 2025, was $11.2 million, a decrease from $17.3 million in 2024, primarily due to a $5.6 million increase in operating expenses[6] - Non-GAAP adjusted net income for the nine months ended September 30, 2025, was $14.6 million, down from $15.7 million in 2024, mainly due to a $3.3 million increase in operating expenses[6] - Non-GAAP adjusted net income for the first nine months of 2025 was $14,618 million, compared to $15,737 million in the same period of 2024, indicating a decrease of 7.1%[39] Revenue and Sales - Sales of ETUARY® for Q3 2025 were $27.7 million, compared to $25.3 million in Q3 2024[7] - Etorel® generated $1.5 million in sales during its first full quarter of launch[7] - Contiva® sales amounted to $1.2 million for Q3 2025[8] - Revenues for the nine months ended September 30, 2025, were $79.4 million, compared to $77.9 million in 2024, reflecting a $1.5 million increase[34] - Gyre Pharmaceuticals' flagship product, ETUARY®, achieved net sales of $105.8 million in 2024, maintaining a prominent market share[28] Expenses and Costs - For the nine months ended September 30, 2025, research and development expenses increased to $8.9 million from $8.3 million in 2024, primarily due to a $1.0 million rise in clinical trial costs[6] - General and administrative expenses rose to $14.1 million for the nine months ended September 30, 2025, compared to $10.6 million in 2024, driven by a $2.8 million increase in personnel and stock compensation costs[6] - Income from operations decreased to $11.4 million for the nine months ended September 30, 2025, down from $15.5 million in 2024, attributed to a $5.6 million increase in total operating expenses[6] - Stock-based compensation expenses increased to $1,147 million in Q3 2025 from $237 million in Q3 2024, reflecting a rise of 384%[39] Cash and Assets - Cash and cash equivalents totaled $80.3 million as of September 30, 2025, up 57% year-to-date[15] - Cash and cash equivalents increased significantly to $40.4 million as of September 30, 2025, from $11.8 million at the end of 2024[36] - Total assets grew to $159.4 million as of September 30, 2025, compared to $125.4 million at the end of 2024[36] Corporate Developments - The company completed patient enrollment in a 52-week Phase 3 trial for pirfenidone, involving 272 patients across 18 sites[4] - Gyre Therapeutics increased its indirect majority interest in Gyre Pharmaceuticals from 65.2% to 69.7% in Q3 2025 through additional capital contributions[28] Tax and Liabilities - Provision for income taxes for Q3 2025 was $1,693 million, up from $1,074 million in Q3 2024, marking an increase of 57.7%[39] - The loss from the change in fair value of warrant liability was $23 million in Q3 2025, a decrease from a gain of $228 million in Q3 2024[39]

Financial Performance - Net income for Q3 2025 was $5.9 million, doubling from $2.9 million in Q3 2024[20] - Basic EPS improved to $0.04 in Q3 2025, compared to $0.01 in Q3 2024[4] - Net income for the nine months ended September 30, 2025, was $11.2 million, a decrease from $17.3 million in 2024, primarily due to a $5.6 million increase in operating expenses[6] - Non-GAAP adjusted net income for the nine months ended September 30, 2025, was $14.6 million, down from $15.7 million in 2024, mainly due to a $3.3 million increase in operating expenses[6] - Non-GAAP adjusted net income for the nine months ended September 30, 2025, was $14,618 million, slightly down from $15,737 million in the same period of 2024, reflecting a decrease of 7.1%[39] Revenue and Sales - Quarterly revenue reached $30.6 million, a 20% increase year-over-year, driven by growth in ETUARY® and contributions from Etorel® and Contiva®[4] - Sales of ETUARY® for Q3 2025 were $27.7 million, compared to $25.3 million in Q3 2024[7] - Etorel® generated $1.5 million in sales during its first full quarter of launch[7] - Contiva® sales amounted to $1.2 million for Q3 2025[8] - Revenues for the nine months ended September 30, 2025, were $79.4 million, compared to $77.9 million in 2024, reflecting a $1.5 million increase[34] - Gyre Pharmaceuticals' flagship product, ETUARY®, achieved net sales of $105.8 million in 2024, maintaining a prominent market share[28] Expenses and Costs - For the nine months ended September 30, 2025, research and development expenses increased to $8.9 million from $8.3 million in 2024, primarily due to a $1.0 million rise in clinical trial costs[6] - General and administrative expenses rose to $14.1 million for the nine months ended September 30, 2025, compared to $10.6 million in 2024, driven by a $2.8 million increase in personnel and stock compensation costs[6] - Income from operations decreased to $11.4 million for the nine months ended September 30, 2025, down from $15.5 million in 2024, attributed to a $5.6 million increase in total operating expenses[6] - Stock-based compensation expenses increased to $1,147 million in Q3 2025 from $237 million in Q3 2024, marking a rise of 384%[39] Cash and Assets - Cash and cash equivalents totaled $80.3 million as of September 30, 2025, up 57% year-to-date[15] - Cash and cash equivalents increased significantly to $40.4 million as of September 30, 2025, from $11.8 million at the end of 2024[36] - Total assets grew to $159.4 million as of September 30, 2025, compared to $125.4 million at the end of 2024[36] Corporate Developments - The company completed patient enrollment in a 52-week Phase 3 trial for pirfenidone pneumoconiosis with 272 patients across 18 sites[6] - The anticipated U.S. IND filing for Hydronidone is expected in 2026, following the completion of ongoing regulatory interactions[10] - Gyre Therapeutics increased its indirect majority interest in Gyre Pharmaceuticals from 65.2% to 69.7% in Q3 2025 through additional capital contributions[28] Tax and Liabilities - Provision for income taxes for Q3 2025 was $1,693 million, compared to $1,074 million in Q3 2024, indicating an increase of 57.7%[39] - The loss from the change in fair value of warrant liability was $23 million in Q3 2025, a decrease from a gain of $228 million in Q3 2024[39]

Revenue and Sales Performance - For the three months ended September 30, 2025, total revenues increased by 20% to $112.67 million compared to $94.08 million in the same period of 2024[155]. - Oil sales for the three months ended September 30, 2025, were $91.96 million, an increase of 8% from $85.50 million in 2024, driven by a 28% increase in production[155]. - Natural gas revenues surged by 142% to $20.71 million for the three months ended September 30, 2025, compared to $8.57 million in 2024, due to a 93% increase in realized prices[155]. - For the nine months ended September 30, 2025, total revenues increased by 26% to $344.82 million compared to $273.72 million in 2024[156]. Pricing and Market Conditions - Average NYMEX oil pricing for the three months ended September 30, 2025, was $65.78 per barrel, which is 14% lower than the $76.43 per barrel in the same period of 2024[150]. - Average realized oil price per barrel after reflecting settled derivatives was $61.64 for the three months ended September 30, 2025, down from $73.99 in 2024[150]. - Average NYMEX natural gas pricing for the three months ended September 30, 2025, was $3.03 per Mcf, a 44% increase from $2.11 per Mcf in 2024[151]. - The oil price differential to the NYMEX benchmark price was a discount of $(4.16) per barrel for the three months ended September 30, 2025, compared to $(2.99) per barrel in 2024[144]. Production and Operational Metrics - The number of net producing wells increased from 195.88 on September 30, 2024, to 235.27 on September 30, 2025, reflecting successful drilling and acquisitions[157]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $92.08 million, up from $74.11 million in 2024, reflecting increased lease operating expenses and depletion[153]. - Lease operating expenses for Q3 2025 were $23.6 million ($8.03 per Boe), an 81% increase from $13.0 million ($5.62 per Boe) in Q3 2024[158]. - For the nine months ended September 30, 2025, lease operating expenses totaled $60.0 million ($7.10 per Boe), a 42% increase from $42.2 million ($6.40 per Boe) in the same period of 2024[159]. - Production taxes for Q3 2025 were $5.4 million ($1.83 per Boe), slightly up from $5.3 million ($2.29 per Boe) in Q3 2024, representing 5% of oil and natural gas sales for both periods[160]. - Total general and administrative expenses for Q3 2025 were $7.0 million ($2.38 per Boe), a 25% increase from $5.6 million ($2.41 per Boe) in Q3 2024[166]. Financial Performance - The company recorded a gain on equity investments of $0.5 million for Q3 2025, compared to a loss of $18.3 million in Q3 2024[171]. - Net cash provided by operating activities for the nine months ended September 30, 2025 was $231.9 million, an increase from $207.5 million in the same period of 2024[183]. - Net cash used in investing activities for the nine months ended September 30, 2025 was $280.8 million, primarily due to $233.1 million in capital expenditures and $57.0 million in acquisitions[187]. Debt and Liquidity - As of September 30, 2025, the company had $300.0 million of debt outstanding under its Credit Agreement and $86.5 million of liquidity[175]. - Interest expense for Q3 2025 was $6.1 million, an increase from $4.8 million in Q3 2024, primarily due to a higher average outstanding balance on the revolving credit facility[169]. - As of September 30, 2025, the Company had outstanding borrowings of $300.0 million and $0.3 million of letters of credit, with availability of $74.7 million under the Credit Agreement[191]. - The borrowing base was increased from $325.0 million to $375.0 million on April 29, 2025, and reaffirmed on November 5, 2025[194][200]. - The Company had total indebtedness of $300.0 million under the Credit Agreement as of September 30, 2025, with a potential $3.0 million increase in annual interest expense for a 1% rise in interest rates[219]. Capital Expenditures and Future Plans - The Company issued $350.0 million of 8.875% senior unsecured notes on November 5, 2025, at 96.0% of par, with a maturity date of November 5, 2029[201]. - For 2025, the Company is budgeting approximately $400 million to $420 million in total planned capital expenditures, including $120 million for acquisitions of oil and natural gas properties[206]. - The Company plans to fund capital expenditures with cash generated from operations and, if necessary, borrowings under the Credit Agreement[206]. Compliance and Financial Covenants - The Credit Agreement includes financial covenants requiring a leverage ratio not greater than 3.00 to 1.00 and a current ratio of not less than 1.00 to 1.00[198]. - As of September 30, 2025, the Company was in compliance with all covenants required by the Credit Agreement[199].

Financial Performance - Operating revenues for Q3 2025 were $4,971 million, a decrease of 20.9% compared to $6,288 million in Q3 2024[19] - Net income for Q3 2025 was $652 million, down 64.5% from $1,837 million in Q3 2024[20] - Operating income for the nine months ended September 30, 2025, was $1,432 million, a decline of 58.8% from $3,482 million in the same period of 2024[19] - Net income attributable to Vistra common stock for Q3 2025 was $604 million, a decrease of 67.2% from $1,840 million in Q3 2024[19] - The net income for the quarter ending June 30, 2025, was $652 million, a significant increase from a net loss of $268 million in the previous quarter[33] - The net income for the quarter ending June 30, 2024, was $1,888 million, a substantial increase compared to the previous year's performance[34] Assets and Liabilities - Total current assets increased to $8,381 million as of September 30, 2025, compared to $8,119 million at the end of 2024[22] - Total liabilities rose to $32,797 million as of September 30, 2025, up from $32,187 million at the end of 2024[22] - As of March 31, 2025, the total stockholders' equity was $4,838 million, down from $5,570 million at December 31, 2024, reflecting a decrease of approximately 13.2%[33] - The total equity, including noncontrolling interest, was $5,223 million as of September 30, 2025, down from $5,836 million at March 31, 2025[33] Cash Flow and Expenditures - Cash provided by operating activities for the nine months ended September 30, 2025, was $2,638 million, down from $3,210 million in 2024[28] - Capital expenditures for the nine months ended September 30, 2025, were $1,916 million, compared to $1,648 million in 2024[28] - The company reported a net change in cash, cash equivalents, and restricted cash of $(584) million for the nine months ended September 30, 2025[30] Stock and Dividends - The weighted average shares of common stock outstanding for Q3 2025 were 338,749,454, compared to 342,969,916 in Q3 2024[19] - The company declared dividends of $79 million on common stock and $39 million on preferred stock for the quarter ending June 30, 2025[33] - Stock repurchases totaled $190 million for the quarter ending June 30, 2025, contributing to a cumulative reduction in treasury stock[33] Mergers and Acquisitions - The Energy Harbor Merger resulted in a total purchase price of $4,596 million, with an acquisition date fair value of Energy Harbor at $5,407 million[66] - The company issued $747 million in equity to acquire Energy Harbor, significantly impacting the additional paid-in capital[34] - The company completed the acquisition of seven natural gas generation facilities totaling 2,600 MW for a base purchase price of $1.9 billion, enhancing its geographic diversification[62][63] Incident and Remediation Costs - The company incurred a write-off of approximately $400 million for the net book value of the Moss Landing 300 facility due to the incident, moving the asset to the Asset Closure segment[45] - The estimated total cost for remediation activities related to the Moss Landing 300 site is approximately $110 million, with $29 million already incurred as of September 30, 2025[46] - The total incident expense related to the Moss Landing and Martin Lake incidents was approximately $526 million for the nine months ended September 30, 2025[52] Revenue and Growth - Total revenue from contracts with customers for the nine months ended September 30, 2025, was $12,781 million, an increase from $11,099 million in the same period of 2024, representing a growth of approximately 15.1%[84] - Retail energy charge in ERCOT generated $6,890 million in revenue for the nine months ended September 30, 2025, compared to $6,241 million in 2024, reflecting an increase of 10.4%[84] - Wholesale generation revenue from ISO/RTO reached $2,031 million for the nine months ended September 30, 2025, compared to $1,290 million in 2024, marking a significant increase of 57.5%[84] Debt and Financing - Long-term debt, including amounts due currently, was $15,988 million as of September 30, 2025, compared to $16,298 million as of December 31, 2024[119] - The company has $431 million in Energy Harbor Revenue Bonds, with various due dates extending to 2047[120] - The company has a total of $7,300 million in Senior Unsecured Notes, with significant amounts maturing between 2026 and 2034[120] Derivative Instruments and Fair Value - The company reported a net gain on derivative instruments of $174 million for the three months ended September 30, 2025, compared to a gain of $1.771 billion in the same period of 2024[177] - The fair value of derivative contract liabilities was $(1,432) million, a decrease from $(1,587) million on December 31, 2024[181] - The gross credit risk exposure to derivative contract counterparties was $3,653 million, with a net exposure of $740 million as of September 30, 2025[184] Legal and Regulatory Matters - The company intends to vigorously defend against various legal proceedings, including antitrust and regulatory investigations related to Winter Storm Uri[217] - The company has established adequate reserves for legal proceedings, with potential material impacts on results of operations and financial condition[211]