Financial Performance - Loss from operations for Q1 2025 totaled $3.5 million, a 41% decrease from $6.0 million in Q1 2024[140] - Total operating expenses for Q1 2025 were $3.525 million, down 41% from $5.989 million in Q1 2024[140] - Net loss applicable to common shareholders for the three months ended March 31, 2025, was $3.7 million, an improvement from a net loss of $5.6 million in the same period of 2024[159] - The company has substantial doubt regarding its ability to continue as a going concern within one year after the issuance of its financial statements due to recurring losses and the need for additional capital[178] Research and Development - Research and development expenses decreased by approximately $1.5 million, or 64%, from $2.279 million in Q1 2024 to $813,000 in Q1 2025[142] - HSCT-TMA clinical development expenses dropped by $571,000, or 90%, from $633,000 in Q1 2024 to $62,000 in Q1 2025 due to program suspension[143] - ADC preclinical development expenses increased by $17,000, marking a 100% increase from $0 in Q1 2024[142] - Future research and development expenditures will depend on future funding availability[149] - The company has not commercialized any products and expects substantial operating losses to continue for the foreseeable future due to ongoing research and development efforts[161] Funding and Capital - The March 2025 private placement raised approximately $6.0 million in net proceeds, with $4.0 million received in April 2025[133] - The company entered into a private placement in November 2024, raising approximately $3.2 million through the sale of 1,713,402 ADSs at a price of $2.26 per ADS[165] - In May 2024, the company raised approximately $7.0 million from a private placement involving 4,029,754 ADSs at a price of $1.885 per ADS[167] - The company is currently seeking additional funding through equity and/or debt securities to support its operations and obligations[172] Cash Flow and Expenses - For the three months ended March 31, 2025, net cash used in operating activities was $(2,150) thousand, a decrease from $(4,044) thousand for the same period in 2024[180] - Net cash provided by financing activities for the three months ended March 31, 2025, was $2,133 thousand, compared to $1,514 thousand in 2024[180] - The net change in cash for the three months ended March 31, 2025, was $(17) thousand, compared to $(2,535) thousand in 2024[180] - The decrease in cash used in operating activities was primarily due to deferrals of payables to preserve cash until additional capital is raised[180] Workforce and Restructuring - A reduction-in-force of approximately 67% of the workforce was implemented in May 2024 as part of an operational restructuring plan[136] Other Financial Information - As of March 31, 2025, the company had $2.6 million in cash and an accumulated deficit of $251.0 million, with no revenue generated to date[160] - The company recorded a non-cash revaluation loss of less than $0.1 million on warrant liabilities for the three months ended March 31, 2025, compared to a gain of $0.6 million in the same period of 2024[156] - The company incurred a total of $204,000 in placement agent fees related to the November 2024 private placement, with net proceeds of approximately $2.8 million after expenses[166] - As of March 31, 2025, principal payments expected from debt obligations assumed during the Merger amount to approximately $1.6 million[183] - The company entered into a short-term financing arrangement in January 2025, financing insurance premiums totaling $0.5 million[182] - There were no investing activities reported for the three months ended March 31, 2025 and 2024[181] - The company has not reported any material changes to its critical accounting policies and estimates since December 31, 2024[187] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[188]

[Financial Information](index=4&type=section&id=PART%20I%2E%20Financial%20Information) This section presents the company's condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls assessment [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201%2E%20Condensed%20Consolidated%20Financial%20Statements) Unaudited Q1 2025 financials show reduced net loss, but liquidity issues persist, raising going concern doubts Condensed Consolidated Balance Sheets (in thousands) | | (unaudited) March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **ASSETS** | | | | Cash | $1,017 | $1,389 | | Total current assets | $3,278 | $3,451 | | Total assets | $17,785 | $16,996 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $4,331 | $4,271 | | Total liabilities | $6,087 | $4,902 | | Total stockholders' equity | $11,698 | $12,094 | | Total liabilities and stockholders' equity | $17,785 | $16,996 | Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net sales | $4,929 | $3,432 | | Gross profit | $2,140 | $920 | | Operating loss | $(859) | $(2,074) | | Net loss | $(884) | $(2,079) | | Basic and diluted loss per common share | $(0.59) | $(1.46) | Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(44) | $(667) | | Net cash used in investing activities | $(138) | — | | Net cash used in financing activities | $(190) | $(59) | | Net change in cash | $(372) | $(726) | | Cash at end of period | $1,017 | $776 | - The company is a healthcare biotechnology firm focused on developing diagnostic products and services to address cancer misdiagnoses[19](index=19&type=chunk) - The company has incurred substantial operating losses, has a working capital deficit of **$1.1 million**, and an accumulated deficit of **$103.3 million** as of March 31, 2025, raising **substantial doubt about its ability to continue as a going concern**[26](index=26&type=chunk)[27](index=27&type=chunk) - In April 2025, the company received an initial payment of approximately **$0.4 million** related to an Employee Retention Credit (ERC) claim, which will be recorded as other income in Q2 2025[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2025 sales growth to increased diagnostic cases, improving gross margin, while addressing working capital and going concern risks Net Sales Comparison (in thousands) | | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | Change $ (in thousands) | Change % | | :--- | :--- | :--- | :--- | :--- | | Service revenue, net | $4,275 | $2,775 | $1,500 | 54% | | Product revenue | $654 | $657 | $(3) | -% | | **Net Sales** | **$4,929** | **$3,432** | **$1,497** | **44%** | - The increase in service revenue was driven by processing **3,021 cases** in Q1 2025, a **47% increase** from the **2,062 cases** processed in Q1 2024[142](index=142&type=chunk) Gross Profit and Margin Comparison | (Dollars in Thousands) | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Gross Profit | $2,140 | $920 | | Gross Margin % | 43% | 27% | - Operating expenses remained flat at **$3.0 million** for Q1 2025 compared to Q1 2024[145](index=145&type=chunk) Working Capital Position (in thousands) | | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :--- | :--- | :--- | :--- | | Current assets | $3,278 | $3,451 | $(173) | | Current liabilities | $4,331 | $4,271 | $60 | | **Working capital** | **$(1,053)** | **$(820)** | **$(233)** | - Net cash used in operating activities significantly decreased to **$44 thousand** in Q1 2025 from **$667 thousand** in Q1 2024, primarily due to a smaller net loss and changes in working capital[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative market risk disclosures - As a smaller reporting company, Precipio is not required to provide the information under this item[158](index=158&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls were effective with no material changes to internal controls during Q1 2025 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective at a reasonable assurance level** as of March 31, 2025[161](index=161&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[162](index=162&type=chunk) [Other Information](index=50&type=section&id=PART%20II%2E%20Other%20Information) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety disclosures, and a list of exhibits [Legal Proceedings](index=50&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is involved in a legal proceeding with a former employee, which management disputes and does not expect to have a material financial impact - The company is involved in a legal proceeding brought by a former employee alleging unfair dismissal, which it is defending vigorously and **does not expect to have a material financial impact**[168](index=168&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A%2E%20Risk%20Factors) No material changes to risk factors have occurred since the company's most recent Annual Report on Form 10-K - There have been no material changes from the risk factors disclosed in the company's most recent Annual Report on Form 10-K[171](index=171&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no sales of unregistered equity securities during the three months ended March 31, 2025 - During the three months ended March 31, 2025, the company did not have any sales of unregistered securities[173](index=173&type=chunk) [Defaults Upon Senior Securities](index=52&type=section&id=Item%203%2E%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[174](index=174&type=chunk) [Mine Safety Disclosures](index=52&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable[175](index=175&type=chunk) [Other Information](index=52&type=section&id=Item%205%2E%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or other trading plans during Q1 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading plan or a non-Rule 10b5-1 trading arrangement during the fiscal quarter[177](index=177&type=chunk) [Exhibits](index=53&type=section&id=Item%206%2E%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, SOX certifications, and Inline XBRL files - The report includes a list of filed exhibits, such as the Certificate of Incorporation, Bylaws, Sarbanes-Oxley certifications (31.1, 31.2, 32.1, 32.2), and Inline XBRL documents[180](index=180&type=chunk)

Financial Performance - The company has incurred significant net losses, with an accumulated deficit of $67.6 million as of March 31, 2025, and net losses of $9.3 million and $2.2 million for the three months ended March 31, 2025, and 2024, respectively [103]. - The total operating expenses for the three months ended March 31, 2025, were $10.5 million, compared to $2.2 million in 2024, resulting in a loss from operations of $10.5 million [125]. - The company reported a net loss of $9.3 million in Q1 2025, compared to a net loss of $2.2 million in Q1 2024 [138]. - The accumulated deficit as of March 31, 2025, was $67.6 million, with expectations of continued losses for the foreseeable future [133]. Funding and Capital - The company completed its IPO in February 2025, raising approximately $87.5 million from the sale of 6,120,661 shares at an IPO price of $16.00 per share [104]. - The company raised a total of $129.1 million in gross proceeds from the sale of convertible preferred stock prior to its IPO in February 2025, which generated net proceeds of $87.5 million from the sale of 6,120,661 shares at an IPO price of $16.00 per share [130]. - Net cash provided by financing activities was $88.9 million in Q1 2025, primarily from proceeds of $91.1 million from the IPO [140]. Cash and Investments - As of March 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $151.3 million, which is expected to fund operations into 2027 [104]. - The company had cash, cash equivalents, and short-term investments of $151.3 million as of March 31, 2025, which is expected to fund operations into 2027 [131]. - Net cash used in operating activities increased to $11.4 million for Q1 2025 from $2.2 million in Q1 2024, primarily due to a reported net loss of $9.3 million [138]. - Net cash used in investing activities was $112.6 million in Q1 2025, mainly due to the purchase of short-term investments [139]. Research and Development - The company has no products approved for sale and does not expect to generate revenue until regulatory approval is obtained for its product candidates [105]. - The lead product candidate, ARD-101, is currently in a Phase 3 clinical trial for hyperphagia associated with Prader-Willi Syndrome, with topline data anticipated in early 2026 [96]. - The company has focused on developing small-molecule therapeutics targeting Bitter Taste Receptors (TAS2Rs) to alleviate hunger, with ongoing research into additional product candidates [96]. - The company plans to continue its development of ARD-101 and other candidates, conduct ongoing clinical trials, and expand its clinical management and regulatory capabilities [107]. - Research and development (R&D) expenses for the three months ended March 31, 2025, were $7.8 million, a $6.5 million increase from $1.2 million in the same period of 2024, primarily due to increased external costs related to ARD-101 [126]. - The company anticipates substantial increases in R&D expenses as it continues ongoing R&D activities and clinical trials for its product candidates [116]. Operational Strategy - The company relies on third parties for the manufacture of its product candidates and plans to maintain this strategy to focus on research and development [106]. - The company expects to incur significant commercialization expenses if regulatory approval is obtained for its product candidates [103]. Economic and Market Conditions - Macroeconomic conditions, including inflation and geopolitical conflicts, may negatively impact the company's financial position and growth prospects [110]. - The impact of foreign currency costs on operations has been negligible, with no formal hedging program in place [146]. - Inflation has not had a material effect on the company's results of operations during the periods presented [147]. Future Outlook - Future capital requirements are uncertain and depend on various factors, including the costs and timing of clinical trials and regulatory approvals [134]. - The company does not believe that a hypothetical 100 basis point change in interest rates would have a material impact on its financial statements [145]. - There have been no material changes to contractual obligations and other commitments as of March 31, 2025 [141]. - The company continues to evaluate its critical accounting estimates and policies, with no material changes reported [144].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from _____ to _____ Commission File Number: 001-41690 U.S. GOLDMINING INC. (Exact name of registrant as specified in its charter) ☒ 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 Nevada 37-1792147 (State or other jurisdicti ...

Financial Performance - Quoin reported a net loss of approximately $3.8 million for Q1 2025, compared to a net loss of approximately $2.3 million for the same period in 2024, reflecting an increase in losses of about 65.2% year-over-year[11] - The net loss for the period was $3.81 million, compared to a net loss of $2.32 million in the previous year, indicating an increase in losses of approximately 64.1%[19] - Basic loss per ADS was $6.50, compared to $3.87 for the same period last year, reflecting a significant increase in loss per share[19] - Total revenue for the three months ended March 31, 2025, was $3.95 million, compared to $3.57 million for the same period in 2024, representing a growth of approximately 10.6%[19] - Operating expenses for the period were $3.95 million, with general and administrative expenses at $1.58 million and research and development expenses at $2.37 million[19] - Quoin's total assets decreased from approximately $15.7 million as of December 31, 2024, to approximately $12.96 million as of March 31, 2025[18] - Total liabilities increased from approximately $6.5 million at the end of 2024 to approximately $7.03 million by March 31, 2025[18] - The company reported a significant increase in accumulated deficit, rising to approximately $58.98 million as of March 31, 2025, compared to $55.17 million at the end of 2024[18] - The weighted average number of ADS outstanding was 586,331, compared to 609,094 in the previous year, showing a decrease in outstanding shares[19] Clinical Progress - The company achieved significant clinical progress with QRX003, showing almost complete skin healing and elimination of pruritus in patients, allowing for the discontinuation of multiple prior medications[2] - The interim results from the pediatric Investigator Study indicated improvement from "Severe" to "Mild" on the Investigator's Global Assessment after six weeks of treatment[4] - A newly FDA-cleared study will evaluate whole-body application of QRX003 in up to 12 patients, aiming to generate extensive clinical data for Netherton Syndrome[12] Intellectual Property and Initiatives - Quoin expanded its patent portfolio with new filings for novel formulations targeting several rare skin diseases, potentially extending intellectual property protection through 2045[9] - The company launched the NETHERTON NOW awareness initiative to support and engage with the Netherton community and advocacy groups[6] Cash and Financial Outlook - As of March 31, 2025, Quoin had approximately $11.6 million in cash, cash equivalents, and marketable securities, which is expected to support operations into Q1 2026[10]

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 001-40386 ONEMEDNET CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 86-2076743 (State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Delaware 86-2076743 (State or other jurisdiction of incorporation or organization) 6385 Old Shady Oak Road, Suite 250 Eden Prairie, Minnesota 55344 (Address of principal executive offices) (Zip Code) ☒ 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 A ...

Financial Performance - Revenue for the six months ended March 31, 2025, was $2,424,000, a 6.7% increase from $2,272,000 in the same period of 2024[17] - Gross profit for the three months ended March 31, 2025, was $713,000, compared to $680,000 for the same period in 2024, reflecting a growth of 4.9%[17] - The net loss attributable to the company for the six months ended March 31, 2025, was $8,088,000, compared to a loss of $3,868,000 in the same period of 2024, representing a 109% increase in losses[17] - For the six months ended March 31, 2025, the net loss was $8,126 thousand, compared to a net loss of $3,868 thousand for the same period in 2024, representing a 110% increase in losses[23] - Basic and diluted net loss per share of common stock was $0.08 for the six months ended March 31, 2025, compared to $0.06 for the same period in 2024[17] - The company reported a consolidated net loss of $8,126 thousand for the six months ended March 31, 2025, compared to a net loss of $3,868 thousand for the same period in 2024[75] Operating Expenses - Operating expenses surged to $10,684,000 for the six months ended March 31, 2025, compared to $4,498,000 in the prior year, indicating a significant increase of 137%[17] - General and administrative expenses increased by $6,801 thousand, or approximately 275.9%, to $9,265 thousand for the six months ended March 31, 2025, compared to $2,464 thousand for the same period in 2024[93] - Research and development expenses for the six months ended March 31, 2025, were $804,000, down 35.6% from $1,247,000 in the same period of 2024[17] Cash Flow and Assets - Cash and cash equivalents decreased to $11,126,000 as of March 31, 2025, down from $14,566,000 on September 30, 2024, a decline of 23%[15] - Cash provided by operating activities was negative $8,076 thousand for the six months ended March 31, 2025, compared to negative $2,540 thousand for the same period in 2024[23] - The company reported cash, cash equivalents, and restricted cash of $11,126 thousand at the end of the period, down from $14,566 thousand at the beginning of the period[23] - As of March 31, 2025, cash and cash equivalents totaled $11.1 million, a decrease of approximately $3.5 million from $14.6 million at the end of the prior fiscal year[104] Investments and Financing - The company raised $19,792 thousand from the issuance of ordinary shares during the financing activities for the six months ended March 31, 2025[23] - Net cash provided by financing activities totaled $19,766 thousand for the six months ended March 31, 2025, compared to $10,339 thousand for the same period in 2024[110] - The company generated gross proceeds of approximately $3,644,726 from the exercise of warrants for 2,699,797 shares of Class B common stock in February 2025[45] Assets and Equity - Total assets increased to $57,179,000 as of March 31, 2025, up from $42,651,000 on September 30, 2024, representing a growth of 34%[15] - Total stockholders' equity increased to $55,859,000 as of March 31, 2025, from $41,738,000 on September 30, 2024, marking a growth of 33.8%[15] - The allowance for credit losses decreased to $103 thousand as of March 31, 2025, from $197 thousand as of September 30, 2024, indicating improved credit risk management[37] Revenue Streams - For the six months ended March 31, 2025, product revenue increased by $744 thousand, or approximately 111.0%, to $1,414 thousand, compared to $670 thousand in 2024[88] - Service/Rental revenue decreased significantly, reflecting the ongoing strategic shift towards the RaaS model[83] - Leasing revenue showed a notable increase over the six-month period, demonstrating the growing adoption of the RaaS model[83] Strategic Initiatives - The company has implemented robotic solutions in over 80 cities across the United States, addressing labor shortages in various service sectors[26] - The company aims to be a long-term partner to clients by providing a range of robotic solutions to enhance operational efficiency[26] - The company signed a Master Services Agreement (MSA) in April 2025 with a car retailer group with over 150 locations, marking a significant milestone in the expansion of its Robotics-as-a-Service (RaaS) strategy[70] - A new joint venture named Boyu Artificial Intelligence (Beijing) Technology Co., Ltd. was established in December 2024, focusing on the Asian market for service robots[65] Compliance and Reporting - The registrant filed various certifications in accordance with the Sarbanes-Oxley Act of 2002, including those from the Principal Executive Officer and Principal Financial Officer[31.1][31.2][32.1][32.2] - The report includes Inline XBRL Instance Document and Taxonomy Extension Documents for enhanced data presentation and analysis[101.INS][101.SCH][101.CAL][101.DEF][101.LAB][101.PRE] - The report was signed by the Chief Executive Officer and Chief Financial Officer on May 14, 2025, indicating compliance with regulatory requirements[130][131]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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: 001-37619 EDESA BIOTECH, INC. (Exact name of registrant as specified in its charter) British Columbia, Canada N/A (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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 Commission File Number 001-40789 Calidi Biotherapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 86-2967193 (State or other jurisdiction of incorporation or organization) ...