Financial Performance - Revenue for the three months ended March 31, 2025, was $129,000, a decrease of $17,000 (approximately 11.6%) compared to $146,000 for the same period in 2024[102]. - General and administrative expenses decreased by $57,000 (approximately 10.9%) to $464,000 in Q1 2025 from $521,000 in Q1 2024[102]. - Total operating expenses for Q1 2025 were $1,457,000, an increase of $93,000 (approximately 6.8%) compared to $1,364,000 in Q1 2024[102]. - The net loss for the three months ended March 31, 2025, was $1,307,000, an increase of $115,000 (approximately 9.6%) from a net loss of $1,192,000 in Q1 2024[102]. - Revenue from the 2022 NIH Grant recognized for Q1 2025 was $129,390, a decrease of approximately 11% from $145,880 in Q1 2024[104]. - Net loss for Q1 2025 was $1,306,523, compared to a net loss of $1,191,809 for Q1 2024, indicating an increase in losses year-over-year[115]. Research and Development (R&D) - Research and Development (R&D) expenses increased by $150,000 (approximately 17.8%) to $993,000 in Q1 2025 from $843,000 in Q1 2024[102]. - R&D expenses increased by approximately $150,000 to $993,475 for Q1 2025, compared to $842,600 in Q1 2024, primarily due to increased outside services for the LP-310 clinical trial[110]. - The company expects substantial increases in R&D expenses as it advances clinical trials for LP-10 and LP-310[121]. - The company anticipates continued operating losses and negative cash flows for the foreseeable future due to ongoing R&D activities[116]. - The company bases R&D expenses on estimates from contracts with vendors, which may lead to uneven payment flows[134]. - There have been no material differences between the company's estimates of R&D expenses and the actual amounts incurred to date[135]. Clinical Trials and Drug Development - The company is developing LP-10 and LP-310 for hemorrhagic cystitis and oral lichen planus, respectively, with no FDA-approved therapies currently available for these conditions[87][88]. - LP-310's Phase 2a clinical trial dosing was completed in Q4 2024, with no serious adverse events reported, and results are expected to be presented at a conference in May 2025[90]. - The company received "orphan drug" designation from the FDA for LP-410 for oral graft-versus-host disease on November 11, 2023[91]. Cash Flow and Financing - Cash and cash equivalents totaled $4,225,012 as of March 31, 2025, providing liquidity for ongoing operations[114]. - Net cash used in operating activities for Q1 2025 was approximately $1,426,000, slightly higher than $1,388,000 in Q1 2024[118]. - Net cash provided by financing activities for Q1 2025 was approximately $3,466,000, a significant increase from $200,000 in Q1 2024[120]. - The company entered into an At The Market Offering Agreement to sell shares with an aggregate sales price of up to $2,641,881[96]. Stock-Based Compensation and Accounting - Stock-based compensation expense is expected to increase due to unrecognized expenses and additional stock awards to attract and retain employees[137]. - The fair value of stock options is estimated using the Black-Scholes model, with inputs based on subjective assumptions such as expected volatility and risk-free interest rates[139]. - The company adopted ASU 2018-07 for non-employee stock awards, which did not materially affect financial statements[136]. - The estimated fair value of Common Stock prior to the IPO was determined using independent valuations and various methodologies, including the back-solve method[140]. - The company has elected to take advantage of the extended transition period for adopting new accounting standards as an emerging growth company[145]. - The company may utilize reduced disclosure requirements applicable to emerging growth companies, including R&D progress and market conditions affecting the biotechnology industry[146]. - Recent accounting pronouncements reviewed by the company are not expected to have a material impact on financial statements[149]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures[150]. Compliance and Regulatory - The company believes it regained compliance with Nasdaq's Stockholders' Equity Requirement as of April 14, 2025[100]. - The company has no off-balance sheet arrangements or material contractual obligations as of March 31, 2025[126][127].

Exhibit 99.1 Blaize Announces First Quarter 2025 Financial Results EL DORADO HILLS, Calif.—(BUSINESS WIRE)—May 14, 2025—Blaize Holdings, Inc. (NASDAQ: BZAI), a leader in energy-efficient AI inference at the edge for physical systems, today announced financial results for the quarter ended March 31, 2025. The company reported strong customer traction and continued commercial momentum across its key verticals in smart infrastructure, defense, and mobility. "This quarter proved we're executing where it counts. ...

Exhibit 99.1 Blaize Announces First Quarter 2025 Financial Results EL DORADO HILLS, Calif.—(BUSINESS WIRE)—May 14, 2025—Blaize Holdings, Inc. (NASDAQ: BZAI), a leader in energy-efficient AI inference at the edge for physical systems, today announced financial results for the quarter ended March 31, 2025. The company reported strong customer traction and continued commercial momentum across its key verticals in smart infrastructure, defense, and mobility. "This quarter proved we're executing where it counts. ...

Exhibit 99.2 - Stantec Inc.'s Unaudited Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statements of Financial Position (Unaudited) | | | March 31, | December 31, | | --- | --- | --- | --- | | | | 2025 | 2024 | | (In millions of Canadian dollars) | Notes | $ | $ | | ASSETS | | | | | Current | | | | | Cash and cash equivalents | | 254.0 | 228.5 | | Trade and other receivables | 4 | 1,194.3 | 1,323.8 | | Unbilled receivables | | 789.2 | 724.5 | | Contract assets | | 127.3 | ...

[PART I. Financial Information](index=5&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company reported a $1.7 million net loss and a severe decline in stockholders' equity, raising substantial doubt about its going concern status [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The company's balance sheet reflects a sharp deterioration in financial health, with total assets decreasing and liabilities increasing significantly Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,798,380 | $2,434,528 | | Total current assets | $2,305,086 | $2,987,562 | | Total assets | $2,339,392 | $3,022,974 | | Total liabilities | $2,277,526 | $1,511,279 | | Total stockholders' equity | $61,866 | $1,511,695 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's net loss remained stable at $1.7 million as decreased R&D expenses were offset by higher G&A costs Three Months Ended March 31 (Unaudited) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Research and development | $75,532 | $243,002 | | General and administrative | $1,643,163 | $1,528,613 | | Total operating expenses | $1,718,695 | $1,771,615 | | Net loss | $(1,709,533) | $(1,715,290) | | Loss per common share | $(1.03) | $(3.27) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations decreased, and financing activities provided cash, resulting in a smaller net decrease in cash reserves Cash Flow Summary for Three Months Ended March 31 (Unaudited) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,181,714) | $(1,353,955) | | Net cash (used in) provided by financing activities | $545,566 | $(172,750) | | Net decrease in cash and cash equivalents | $(636,148) | $(1,526,705) | | Cash, cash equivalents at end of period | $1,798,380 | $4,373,205 | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity collapsed to just $61,866 due to a significant net loss that outpaced funds raised from equity issuance - The company's **total stockholders' equity decreased to $61,866** as of March 31, 2025, down from $1,511,695 at December 31, 2024[25](index=25&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes highlight substantial going concern doubt, a pending merger with Decoy Therapeutics, and recent Nasdaq delisting notices - The company has entered into a merger agreement with Decoy Therapeutics, which is contingent upon certain conditions, including a **Qualified Financing of at least $6.0 million**[32](index=32&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - Management has concluded there is **substantial doubt about the company's ability to continue as a going concern**, as existing cash is insufficient to fund operations for one year[33](index=33&type=chunk)[34](index=34&type=chunk) - In March and April 2025, the company received **delisting notices from Nasdaq** for failing to meet the minimum stockholders' equity requirement of $2.5 million and the minimum bid price of $1.00 per share[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk) - During Q1 2025, the company sold common stock through an "at the market offering" (ATM) for gross proceeds of $0.4 million and under an Equity Line of Credit (ELOC) agreement for proceeds of $0.7 million[63](index=63&type=chunk)[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's critical financial condition, dependency on the Decoy merger, and operational results - The company's cash and cash equivalents of **$1.8 million** as of March 31, 2025, are only sufficient to fund operations into the later part of Q2 2025, raising **substantial doubt about its ability to continue as a going concern**[92](index=92&type=chunk)[117](index=117&type=chunk) - On January 10, 2025, Salarius entered into a merger agreement with Decoy Therapeutics, where legacy stockholders would own approximately **14.1%** and Decoy's stockholders would own **85.9%** of the combined company[95](index=95&type=chunk)[96](index=96&type=chunk) - If the merger with Decoy does not close, the company will likely need to **wind-down its operations** and possibly seek bankruptcy protection[94](index=94&type=chunk)[102](index=102&type=chunk)[117](index=117&type=chunk) - The decrease in R&D expenses is due to a cost-savings plan, while the increase in G&A expenses is primarily due to higher professional fees associated with the proposed merger[113](index=113&type=chunk)[115](index=115&type=chunk) Operating Expense Comparison (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Research and development | $75,532 | $243,002 | $(167,470) | | General and administrative | $1,643,163 | $1,528,613 | $114,550 | [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Salarius Pharmaceuticals is exempt from providing market risk disclosures - The company is a **smaller reporting company** and is not required to provide quantitative and qualitative disclosures about market risk[123](index=123&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no significant changes in internal controls - Based on an evaluation as of March 31, 2025, the principal executive and financial officers concluded that the company's **disclosure controls and procedures were effective**[125](index=125&type=chunk) - There were **no significant changes** in the company's internal control over financial reporting during the first quarter of 2025[126](index=126&type=chunk) [PART II. Other Information](index=26&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is **not currently involved in any material legal proceedings**[128](index=128&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the potential failure of the Decoy merger, insufficient cash reserves, and the threat of Nasdaq delisting - If the merger and associated financing are not completed, the company will likely pursue **dissolution and liquidation**, with no assurance of any cash distribution to stockholders[130](index=130&type=chunk)[135](index=135&type=chunk) - Cash resources of **$1.8 million** are only sufficient to meet needs into the later part of Q2 2025, creating **substantial doubt about the company's ability to continue as a going concern**[132](index=132&type=chunk)[138](index=138&type=chunk) - The company's common stock is **subject to delisting from Nasdaq** due to failure to meet minimum bid price and stockholders' equity requirements[139](index=139&type=chunk)[143](index=143&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company sold $740,500 of common stock through a private placement under its ELOC agreement - Under its ELOC Agreement, the company sold 283,933 shares of common stock for an aggregate purchase price of **$740,500** between January 13, 2025, and March 7, 2025[149](index=149&type=chunk) - The securities were issued in a **private placement** to an accredited investor, relying on exemptions from registration under the Securities Act[148](index=148&type=chunk) [Defaults Upon Senior Securities](index=29&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) None [Mine Safety Disclosures](index=29&type=section&id=Item%204%20Mine%20Safety%20Disclosures) Not Applicable [Other Information](index=30&type=section&id=Item%205%20Other%20Information) None [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Merger Agreement and related officer certifications

[Company Overview](index=3&type=section&id=Company%20Overview) Presidio Property Trust is an internally managed real estate company focused on commercial and model home properties with a total book value of $117.4 million [Corporate Information and Portfolio Summary](index=3&type=section&id=Corporate%20Information%20and%20Portfolio%20Summary) Presidio Property Trust is an internally managed real estate company with a portfolio of commercial and model home properties valued at $117.4 million - Presidio is an internally managed real estate company specializing in commercial real estate in regionally dominant markets, acquiring office and industrial assets[8](index=8&type=chunk) Portfolio Summary (as of March 31, 2025) | Property Type | Count / Square Footage | | :--- | :--- | | Office | 8 properties / 608,076 sqft. | | Retail | 1 property / 10,500 sqft. | | Industrial | 1 property / 150,099 sqft. | | Model Homes | 84 homes / 248,412 sqft | Portfolio Value & Debt | Metric | Value | | :--- | :--- | | Book Value | $117.4 million | | Existing Secured Debt | $93.7 million | [Portfolio Details](index=4&type=section&id=Portfolio%20Details) The company's commercial and model home portfolios are detailed, covering recent asset sales, value changes, and leasing activities [Commercial Portfolio](index=4&type=section&id=Commercial%20Portfolio) The commercial portfolio's net book value decreased to $78.5 million due to property sales that generated a $4.2 million net gain Commercial Portfolio Value Change | Date | Net Real Estate Assets Value | | :--- | :--- | | March 31, 2025 | $78,500,665 | | December 31, 2024 | $90,180,500 | - In February 2025, the company sold Union Town Center and Research Parkway for a combined **$16.95 million**, realizing a net gain of approximately **$4.2 million**[9](index=9&type=chunk) - The Dakota Center property is classified as held for sale to settle its non-recourse loan that matured in July 2024; an impairment charge of **$0.7 million** was recorded in Q3 2024[9](index=9&type=chunk) - The company is actively working to lease the remaining **46%** of space at Shea Center II, and approximately **54%** of the space has since been leased to other tenants[9](index=9&type=chunk) [Model Homes Portfolio](index=6&type=section&id=Model%20Homes%20Portfolio) The model homes portfolio comprises 84 properties generating $3.56 million in annual rent, with a heavy concentration in Texas Model Homes Portfolio Summary | State | No. of Properties | Aggregate Square Feet | % of Square Feet | Current Base Annual Rent | % of Aggregate Annual Rent | | :--- | :--- | :--- | :--- | :--- | :--- | | Alabama | 9 | 20,804 | 8.4% | $309,456 | 8.7% | | Arizona | 2 | 6,822 | 2.7% | $149,196 | 4.2% | | Florida | 2 | 5,337 | 2.2% | $89,844 | 2.5% | | Texas | 71 | 215,449 | 86.7% | $3,007,512 | 84.6% | | **Total** | **84** | **248,412** | **100.0%** | **$3,556,008** | **100.0%** | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the first quarter of 2025 [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets and liabilities decreased to $135.4 million and $98.9 million respectively, while total equity increased to $36.6 million Balance Sheet Summary (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Real estate assets, net | $117.4 | $127.6 | | **Total Assets** | **$135.4** | **$142.6** | | Mortgage notes payable, total net | $93.7 | $102.1 | | **Total Liabilities** | **$98.9** | **$107.6** | | **Total Equity** | **$36.6** | **$34.9** | - Real estate assets held for sale, net, decreased significantly from **$22.2 million** on December 31, 2024, to **$12.5 million** on March 31, 2025, reflecting property sales during the quarter[12](index=12&type=chunk) - Cash, cash equivalents and restricted cash increased from **$8.0 million** to **$12.0 million** during the first quarter of 2025[12](index=12&type=chunk) [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a Q1 2025 net income of $2.38 million, a significant turnaround from a loss in Q1 2024, driven by gains on real estate sales Q1 Performance Comparison (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | $4,125,184 | $4,790,061 | | Gain on sales of real estate, net | $4,453,968 | $2,018,095 | | Net (Loss) Income | $2,376,915 | ($3,737,795) | | Net Income (Loss) to Common Stockholders | $1,685,777 | ($5,763,695) | | Basic & Diluted EPS | $0.13 | ($0.47) | - The shift to profitability in Q1 2025 was primarily due to a **$4.45 million gain on real estate sales**, which more than compensated for lower rental income and a **$0.18 million net loss** on marketable securities[14](index=14&type=chunk) - General and administrative expenses decreased to **$1.66 million** in Q1 2025 from **$2.08 million** in Q1 2024[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash increased by $3.92 million in Q1 2025, driven by a $13.55 million inflow from investing activities, primarily real estate sales Q1 Cash Flow Summary (Three Months Ended March 31) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($118,905) | ($866,768) | | Net cash provided by investing activities | $13,553,064 | $9,168,562 | | Net cash used in financing activities | ($9,513,802) | ($7,652,790) | | **Net increase in cash** | **$3,920,357** | **$649,004** | - Net cash from investing activities was primarily driven by **$18.4 million** in proceeds from real estate sales, partially offset by **$4.3 million** in real estate acquisitions[16](index=16&type=chunk) - Financing activities included **$11.4 million** in mortgage repayments and **$0.58 million** in dividends paid to Series D Preferred Stockholders[16](index=16&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section reconciles non-GAAP metrics like EBITDAre and FFO and provides financial data by operating segment [EBITDAre Reconciliation](index=11&type=section&id=EBITDAre%20Reconciliation) EBITDAre improved significantly to $163,553 in Q1 2025 from a loss of ($879,905) in Q1 2024, indicating stronger operational performance EBITDAre Comparison (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net (loss) income to common stockholders | $1,685,777 | ($5,763,695) | | Net gain on sale of real estate | ($4,453,968) | ($2,018,095) | | **EBITDAre** | **$163,553** | **($879,905)** | [FFO and Core FFO Reconciliation](index=12&type=section&id=FFO%20and%20Core%20FFO%20Reconciliation) In Q1 2025, FFO declined to ($1.21 million) and Core FFO worsened to ($0.98 million) compared to the prior year FFO and Core FFO Comparison (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | FFO | ($1,209,945) | ($971,367) | | Core FFO | ($980,442) | ($429,445) | | Core FFO / Wgt Avg Share | ($0.076) | ($0.035) | [Segment Data](index=13&type=section&id=Segment%20Data) Q1 2025 Net Operating Income (NOI) was led by the Office/Industrial segment, though total NOI and segment assets declined year-over-year Net Operating Income (NOI) by Segment (Q1 2025 vs Q1 2024) | Segment | Q1 2025 NOI | Q1 2024 NOI | | :--- | :--- | :--- | | Retail | $162,710 | $413,435 | | Office/Industrial | $1,298,027 | $1,415,957 | | Model Homes | $865,610 | $1,227,721 | | **Total NOI** | **$2,512,542** | **$3,226,484** | Assets by Reportable Segment | Segment | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Office/Industrial Properties | $74,742,379 | $76,292,662 | | Model Home Properties | $39,778,198 | $38,166,964 | | Retail Properties | $4,772,995 | $16,673,605 | | **Total Segment Assets** | **$119,293,572** | **$131,133,231** | [Definitions – Non-GAAP Measurements](index=15&type=section&id=Definitions%20%E2%80%93NON-GAAP%20MEASUREMENTS) This section defines key non-GAAP financial measures used in the report, such as EBITDAre, FFO, and Core FFO [Definitions](index=15&type=section&id=Definitions) This section defines the non-GAAP measures EBITDAre, Funds from Operations (FFO), and Core Funds from Operations (Core FFO) - **EBITDAre:** Defined by NAREIT as earnings before interest, taxes, depreciation, amortization, gain/loss on asset disposal, and impairment write-offs[23](index=23&type=chunk) - **Funds from Operations (FFO):** Defined as net income excluding property sales gains/losses, plus depreciation and amortization, and impairment charges[24](index=24&type=chunk) - **Core Funds from Operations (Core FFO):** Calculated by adjusting FFO for non-core items such as acquisition costs, loss on debt extinguishment, and stock-based compensation amortization[26](index=26&type=chunk)

This presentation contains "forward-looking statements" within the meaning of the federal securities laws that involve risks and uncertainties, many of which are beyond our control. Our actual results could differ materially and adversely from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Quarterly Report on Form 10-Q. Forward-looking statements relate to matters such as our industry, business strategy, goals and expectations concerning ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ 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: 001-35068 TALPHERA, INC. (Exact name of registrant as specified in its charter) Delaware 41-2193603 (State or other jurisdiction of incorporat ...

Financial Performance - Total revenue for the three months ended March 31, 2025, was $27,000, compared to $0 for the same period in 2024, indicating a significant increase[18]. - Operating costs and expenses for the three months ended March 31, 2025, were $2,943,000, down 30.5% from $4,237,000 in the same period in 2024[18]. - Net loss for the three months ended March 31, 2025, was $2,593,000, an improvement from a net loss of $3,954,000 in the same period in 2024, representing a 34.4% reduction in losses[18]. - The accumulated deficit increased to $459,823,000 as of March 31, 2025, from $457,230,000 at the end of 2024, indicating ongoing financial challenges[15]. - The net loss for the three months ended March 31, 2025, was $2.6 million, compared to a net loss of $4.0 million for the same period in 2024, indicating a 35% improvement in losses year-over-year[80]. - For the three months ended March 31, 2025, net cash used in operating activities was $3.5 million, reflecting a net loss of $2.6 million[107]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $5,388,000 as of March 31, 2025, from $8,863,000 at the end of 2024, reflecting a cash outflow of $3,475,000 during the quarter[23]. - As of March 31, 2025, the total cash and cash equivalents amounted to $5.388 million, a decrease from $8.863 million as of December 31, 2024, representing a decline of approximately 39.5%[42]. - The company expects to incur significant losses in 2025 and may require additional capital to fund operations before the twelve-month anniversary of the filing date of this report[97][99]. - The company anticipates needing additional capital to fund operations for at least the next twelve months[111]. - Current capital is not expected to be sufficient to fund operations for the next twelve months, raising doubts about the company's ability to continue as a going concern[127]. Shareholder and Equity Information - The company reported a total of 26,268,209 shares used in computing net loss per share for the three months ended March 31, 2025, compared to 24,721,964 shares for the same period in 2024[18]. - The Company issued 3,405,118 shares of common stock at a price of $0.586 per share, generating approximately $4.9 million in gross proceeds from the first closing of the 2025 Private Placement[69]. - The second and third closings of the 2025 Private Placement are contingent upon the enrollment of at least 17 and 35 patients in the Niyad NEPHRO CRRT study, respectively[70]. - As of September 30, 2024, stockholders' equity was reported at $9.6 million, which is below Nasdaq's compliance requirement[104]. - The company expects that if the 2025 Private Placement had closed on March 31, 2025, stockholders' equity would have been adjusted to $10.0 million[104]. Research and Development - The company is focused on developing Niyad™ and LTX-608, with Niyad™ receiving Breakthrough Device Designation status from the FDA[28]. - Research and development expenses for the three months ended March 31, 2025, were $1.169 million, an 18% decrease from $1.433 million in 2024, primarily due to a reduction in employee compensation and related expenses[89]. - The company has entered into an agreement with the FDA to reduce the size of the Niyad registrational study to 70 patients from 166, which may expedite the regulatory review process[77]. - The company is developing Niyad™, which has received Breakthrough Device Designation from the FDA, and expects to submit a PMA application for commercialization in the U.S.[156]. Operational Challenges - Talphera, Inc. has incurred recurring operating losses and negative cash flows since inception, raising substantial doubt about its ability to continue as a going concern[30]. - The company has incurred significant net losses since inception and expects to continue incurring losses in 2025 and beyond, raising doubts about its ability to continue as a going concern[123]. - The company may face delisting from Nasdaq if it cannot regain compliance with continued listing requirements[121]. - The company relies on third-party manufacturers and suppliers, which poses risks to the development of its product candidates[122]. - The company may face significant delays in clinical trials due to challenges in patient enrollment, which could increase development costs and negatively impact the company's valuation[150]. Legal and Regulatory Risks - The company believes ongoing litigation is without merit and intends to vigorously defend against it, although it cannot estimate potential losses from these actions[56]. - The FDA's approval process for the company's product candidates is time-consuming and may be subject to unexpected delays, which could adversely affect the company's financial condition[155]. - The company may face claims of patent infringement from competitors, which could hinder its ability to commercialize products[212]. - Business operations are subject to healthcare laws, with potential penalties for non-compliance impacting financial results[190]. Market and Competitive Environment - The company faces intense competition in the biotechnology and pharmaceutical industries, which may hinder the commercial potential of its products[161]. - Future sales of DSUVIA to the Department of Defense (DoD) are unpredictable and may not meet expectations due to external factors beyond the company's control[137]. - Coverage and adequate reimbursement for the company's product candidates may not be available, impacting profitability and market acceptance[163]. - Legislative and regulatory changes in the healthcare system may negatively affect the reimbursement landscape for the company's products[166]. Intellectual Property and Product Liability - The company is pursuing a number of U.S. patent applications and foreign national applications for its product candidates, but there is no guarantee these will result in issued patents[205]. - The company relies on patents and other intellectual property protections, but third parties may challenge these patents, impacting business operations[208]. - Current product liability insurance may not be sufficient to cover potential claims, and exclusions in the policy could lead to significant financial exposure[203]. - The company faces risks related to product liability claims, which could result in substantial liabilities and damage to its business reputation[202].

Financial Performance - Revenue for the three months ended March 31, 2025, was $45.84 million, a 19.5% increase from $38.44 million in the same period of 2024[11] - Net loss for the nine months ended March 31, 2025, was $10.06 million, compared to a net income of $7.18 million for the same period in 2024[11] - For the nine months ended March 31, 2025, total revenue was $139,469,900, representing a 14.6% increase from $121,689,863 in the same period of 2024[37] - The company reported a net loss of $10.1 million for the nine months ended March 31, 2025, compared to a net income of $7.2 million for the same period in 2024[113] - Basic and diluted loss per share for the nine months ended March 31, 2025, was $(0.24), a decrease from earnings per share of $0.18 in the same period of 2024[99] Revenue Breakdown - Transportation services revenue increased to $93,102,755, up 10% from $84,664,603 in the prior year[37] - Warehousing services revenue rose to $46,323,372, reflecting a 26.5% increase from $36,606,859 in the previous year[37] - Revenue from transportation services increased by $3.5 million, or 13.8%, and revenue from warehousing services increased by $4.0 million, or 29.7%, during the three months ended March 31, 2025[117] Costs and Expenses - The company reported a total operating costs and expenses of $10.80 million for the nine months ended March 31, 2025, compared to $8.10 million for the same period in 2024, an increase of 33.4%[11] - Costs of sales for the three months ended March 31, 2025, increased by $10.5 million, or 30.0%, to $45.6 million, driven by higher freight expenses and increased lease and labor costs[116] - Costs of sales for the nine months ended March 31, 2025, increased by $36.9 million, or 35.0%, primarily due to higher freight expenses and increased operational costs[118] Assets and Liabilities - Total assets increased to $178.04 million as of March 31, 2025, from $167.03 million as of June 30, 2024, reflecting a growth of 6.1%[10] - Total stockholders' equity decreased to $30.18 million as of March 31, 2025, down from $39.24 million as of June 30, 2024, a decline of 23.1%[10] - Operating lease liabilities increased to $133.28 million as of March 31, 2025, from $117.34 million as of June 30, 2024, a rise of 13.6%[9] - The company has operating and finance lease liabilities totaling $133,283,706 and $216,373, respectively, as of March 31, 2025[141] Cash Flow - Cash and restricted cash at the end of the nine months period was $9.41 million, compared to $6.05 million at the end of the same period in 2024, an increase of 55.5%[15] - For the nine months ended March 31, 2025, net cash used in operating activities was $(5,641,142), compared to net cash provided of $3,954,416 for the same period in 2024, indicating a $9.6 million decrease in cash inflow[133] - For the nine months ended March 31, 2025, net cash provided by financing activities was $6.6 million, mainly from $8.1 million of net proceeds from the Pre-Paid Advance under the SEPA[138] Shareholder Information - The weighted average number of shares of common stock-basic and diluted increased to 41.71 million for the three months ended March 31, 2025, from 40 million in the same period of 2024[11] - The weighted average number of shares of common stock outstanding was 41,651,007 for the nine months ended March 31, 2025, compared to 40,000,000 for the same period in 2024[99] - The Company issued 434,879 shares of common stock at a price of US$1.73 per share in March 2025, raising US$750,000 through the conversion of the SEPA loan[88] Operational Highlights - The company operates as a third-party logistics provider, focusing on multi-modal transportation and logistics services primarily in the United States[17] - The company operates ten warehouses with a total gross floor area of approximately 3,925,020 square feet as of March 31, 2025[112] - The company has 100% ownership in several subsidiaries, including Armstrong Logistic Inc. and Armlogi Truck Dispatching LLC, incorporated in California[22] Compliance and Regulatory - The company filed its Articles of Incorporation and Bylaws on September 22, 2023, as part of its S-1 registration statement[3.1][3.3] - Certifications of the Principal Executive and Financial Officers were filed in accordance with the Sarbanes-Oxley Act of 2002[31.1][31.2] - The company is in compliance with the Securities Exchange Act of 1934, as indicated by the signatures of authorized representatives[162]