UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42164 SIM Acquisition Corp. I (Exact name of registrant as specified in its charter) | Cayman Islands | 35-2838851 | | --- | -- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42164 SIM Acquisition Corp. I (Exact name of registrant as specified in its charter) | Cayman Islands | 35-2838851 | | --- | -- ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial information, including statements and management's analysis [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, showing increased net earnings driven by higher net interest income [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets and net loans increased slightly, while stockholders' equity grew due to net earnings and comprehensive income Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,578,589** | **$1,574,142** | | Loans, net | $1,061,696 | $1,039,221 | | Investment securities available-for-sale | $355,992 | $372,512 | | **Total Liabilities** | **$1,435,938** | **$1,437,927** | | Total deposits | $1,335,822 | $1,328,766 | | **Total Stockholders' Equity** | **$142,651** | **$136,215** | [Consolidated Statements of Earnings](index=5&type=section&id=Consolidated%20Statements%20of%20Earnings) Net earnings significantly increased to $4.7 million in Q1 2025, driven by higher net interest income and no provision for credit losses Q1 Earnings Comparison (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Interest Income | $13,119 | $10,747 | | Provision for credit losses | $0 | $300 | | **Net Earnings** | **$4,701** | **$2,778** | | Diluted Earnings Per Share | $0.81 | $0.48 | | Dividends Per Share | $0.21 | $0.20 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $1.6 million, with net cash provided by operating activities offsetting investing and financing uses Cash Flow Summary for Three Months Ended March 31 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $8,018 | $2,851 | | Net cash used in investing activities | ($424) | ($2,670) | | Net cash used in financing activities | ($5,988) | ($10,814) | | **Net increase (decrease) in cash** | **$1,606** | **($10,633)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed disclosures cover investment securities, loan portfolio, regulatory capital, and other key financial statement components - As of March 31, 2025, the investment portfolio included **$356.0 million** in available-for-sale securities and **$3.7 million** in held-to-maturity securities, with most unrealized losses deemed temporary[27](index=27&type=chunk)[28](index=28&type=chunk) - Gross loans increased to **$1.075 billion** at March 31, 2025, from **$1.052 billion** at year-end 2024, with the allowance for credit losses stable at **$12.8 million** and non-accrual loans at **1.24%** of gross loans[34](index=34&type=chunk)[37](index=37&type=chunk) - The Company and the Bank met all regulatory capital requirements as of March 31, 2025, with the Bank categorized as 'well capitalized'[81](index=81&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, highlighting increased net earnings, expanded net interest margin, strong asset quality, and robust liquidity Key Performance Ratios (Annualized) | Ratio | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Return on average assets | 1.21% | 0.72% | | Return on average equity | 13.71% | 8.88% | | Net interest margin (tax-equivalent) | 3.76% | 3.12% | - Net interest income increased by **$2.4 million (22.1%)** year-over-year, driven by higher loan interest income and lower total interest expense[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - Asset quality remained strong, with the allowance for credit losses at **$12.8 million (1.19% of gross loans)** and non-accrual loans stable at **1.24%**[114](index=114&type=chunk)[116](index=116&type=chunk) - Liquidity is strong, with **$381.8 million** in liquid assets and **$203.2 million** in FHLB borrowing capacity as of March 31, 2025[125](index=125&type=chunk)[126](index=126&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with simulations showing liability sensitivity to rising rates Net Interest Income Sensitivity Analysis (as of March 31, 2025) | Scenario | Percent Change in Net Interest Income | | :--- | :--- | | +300 basis points | (9.5)% | | +200 basis points | (6.7)% | | +100 basis points | (3.9)% | | -100 basis points | (0.3)% | - The company's operations largely depend on net interest income and its ability to manage interest rate risk from asset and liability repricing mismatches[133](index=133&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during Q1 2025 - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[139](index=139&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[140](index=140&type=chunk) [PART II – OTHER INFORMATION](index=40&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides additional information on legal proceedings, risk factors, equity sales, and other disclosures [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material pending legal proceedings beyond ordinary routine litigation incidental to its business - There are no material pending legal proceedings against the Company or its subsidiaries, other than ordinary routine litigation[142](index=142&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors previously disclosed in the Company's 2024 Annual Report on Form 10-K - No material changes have occurred in the risk factors from those disclosed in the Company's 2024 Form 10-K[143](index=143&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any equity securities in Q1 2025, with 157,456 shares remaining available for repurchase Share Repurchase Activity (Q1 2025) | Period | Total Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Jan 2025 | 0 | $ - | | Feb 2025 | 0 | $ - | | Mar 2025 | 0 | $ - | | **Total** | **0** | **$ -** | - As of March 31, 2025, **157,456 shares** were still available for repurchase under the March 2020 Repurchase Program[144](index=144&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the first quarter of 2025 - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the quarter ended March 31, 2025[147](index=147&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required certifications and interactive data files - The report includes required certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sarbanes-Oxley Act rules[148](index=148&type=chunk) - Interactive data files (Inline XBRL) are included as Exhibit 101, as required by SEC regulations[148](index=148&type=chunk)

☒ 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the transition period from ______________ to ______________ Commission File Number 001-41534 Citius Oncology, Inc. (Exact name of registrant as specified in its charter) | Delaware | 9 ...

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 Citius Oncology, Inc. (Exact name of registrant as specified in its charter) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Delaware | 99-4362660 | | --- | --- | | (State or other jurisdiction of | (IRS Employer | | incorporation or ...

Table of Contents 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 001-35770 CONTANGO ORE, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (907) 888-4273 (Registrant's telephone nu ...

Product Development - Capricor Therapeutics is focused on developing deramiocel for treating Duchenne muscular dystrophy (DMD), a significant market opportunity due to the lack of approved treatments [147][150]. - The company completed a Biologics License Application (BLA) submission in December 2024, with the FDA granting Priority Review and a target action date of August 31, 2025 [151]. - Clinical trials for deramiocel have shown promising results, with the Phase II trial HOPE-2 meeting its primary efficacy endpoint (p=0.01) and demonstrating improvements in cardiac function (p=0.002) [152]. - The ongoing Phase 3 trial (HOPE-3) has enrolled approximately 105 subjects, with a positive futility analysis outcome allowing the trial to continue as planned [154]. - Capricor is developing an exosome-based platform technology for various therapeutic applications, including a recombinant protein-based vaccine for COVID-19 [158]. Financial Performance - The company reported net losses of $24.4 million for the three months ended March 31, 2025, and an accumulated deficit of $224.2 million [160]. - Clinical development income for Q1 2025 was $0, compared to approximately $4.9 million in Q1 2024, with a total of $50.0 million in milestone payments recognized from Nippon Shinyaku [164]. - Total research and development (R&D) expenses for Q1 2025 were $18.9 million, a 70% increase from $11.1 million in Q1 2024, driven by significant increases in personnel and program-related expenses [166]. - General and administrative (G&A) expenses for Q1 2025 totaled $6.1 million, a 49% increase from $4.1 million in Q1 2024, primarily due to increased headcount and stock-based compensation [170]. - The company expects to spend approximately $40.0 million to $50.0 million in 2025 on the deramiocel program, focusing on CMC expansion and pre-commercial expenses [173]. Cash and Securities - As of March 31, 2025, Capricor had cash, cash equivalents, and marketable securities totaling approximately $144.8 million, following a $10 million milestone payment received in January 2025 [159]. - Cash and cash equivalents as of March 31, 2025, were $28.8 million, up from $11.3 million as of December 31, 2024 [179]. - Marketable securities decreased to $116.0 million as of March 31, 2025, from $140.2 million as of December 31, 2024 [179]. - As of March 31, 2025, the fair value of the company's cash, cash equivalents, and marketable securities was approximately $144.8 million [227]. Funding and Partnerships - The company is exploring partnerships for the development of its product candidates in the U.S. and other territories, while maintaining distribution agreements with Nippon Shinyaku [162]. - The U.S. Distribution Agreement with Nippon Shinyaku includes potential milestone payments totaling $80.0 million upon marketing approval and sales-based milestones of up to $605.0 million [187]. - Capricor received an upfront payment of $12.0 million under the Japan Distribution Agreement and may receive additional milestone payments of up to approximately $89.0 million [190]. - Capricor entered into a Binding Term Sheet with Nippon Shinyaku for the commercialization of deramiocel in Europe, with an upfront payment of $20.0 million and potential milestone payments of up to $715.0 million [191]. - The Company completed an underwritten public offering of 5,073,800 shares at a price of $17.00 per share, generating total gross proceeds of approximately $86.3 million [192]. - In a private placement, Capricor issued 2,798,507 shares at $5.36 per share, raising approximately $15.0 million [193]. - The Company sold an aggregate of 9,228,383 shares under the ATM Program at an average price of approximately $8.13 per share, resulting in gross proceeds of approximately $75.0 million [197]. - Capricor received a CIRM Award of approximately $3.4 million to fund its Phase I/II clinical trial, with a co-funding requirement of approximately $2.3 million [198]. - Capricor notified CIRM of its election to convert the CIRM Award into a loan, which could result in accrued interest of up to approximately $7.1 million [201]. Expense Management - Capricor anticipates significant increases in expenses as it develops deramiocel and other product candidates, necessitating substantial additional funding [161]. - The company anticipates additional non-cash compensation expenses in the future, which may be significant [163]. - Stock-based compensation expense in R&D increased by 177% to $2.7 million in Q1 2025 from $1.0 million in Q1 2024 [166]. - The company has issued stock options and restricted stock awards under its 2020 and 2021 Equity Incentive Plans, with stock-based compensation expense expected to be significant in the future [221][223]. Revenue Recognition - The Company has not achieved commercial sales of its drug candidates to date, but applies ASU 606 for revenue recognition in its distribution agreements [209]. - The revenue standard requires the Company to assess whether a significant financing component exists, which typically does not apply due to upfront payments from customers [213]. - The company recognizes grant income in the period expenses are incurred, with the transaction price varying based on incurred expenses [216]. - Research and development (R&D) expenses primarily consist of salaries, clinical trial costs, and other related expenses, which are expensed as incurred [217]. - The company accrues clinical trial expenses based on estimates of services received and efforts expended, with adjustments made if actual results differ from estimates [224]. - The company’s revenue recognition policy requires significant management judgment in determining the level of effort required under contracts [215].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41668 TRAILBLAZER MERGER CORPORATION I (Exact Name of Registrant as Specified in Its Charter) | Delaware | 87-3710376 | | --- | --- | | (St ...

Financial Position - Total assets increased by $2.8 million, or 0.8%, to $366.2 million at March 31, 2025, from $363.4 million at June 30, 2024[169]. - Total stockholders' equity decreased by $335,000, or 0.5%, to $75.7 million at March 31, 2025[177]. - Cash and cash equivalents increased by $1.3 million, or 4.8%, to $28.3 million at March 31, 2025[170]. - Securities held to maturity decreased by $1.1 million, or 0.7%, to $145.9 million at March 31, 2025[173]. - The allowance for credit losses for loans was $1.5 million, or 0.86% of total loans, at March 31, 2025, compared to $1.6 million, or 0.91% of total loans, at March 31, 2024[199]. Loan and Deposit Activity - Net loans increased by $2.8 million, or 1.6%, to $173.2 million at March 31, 2025, driven by a 33.9% increase in multi-family loans[171]. - Deposits increased by $3.0 million, or 1.1%, to $273.8 million at March 31, 2025, primarily due to a 4.4% increase in certificates of deposit[175]. - The average balance of certificates of deposit increased by $19.0 million to $140.1 million, influenced by a higher interest rate environment[181]. - The average balance of savings deposits decreased by $5.5 million, or 9.5%, to $52.1 million for the three months ended March 31, 2025[181]. - As of March 31, 2025, the company had $1.2 million of commitments to originate loans and $3.7 million of unadvanced funds under home equity lines of credit[231]. Income and Expenses - Interest and dividend income increased by $259,000, or 8.6%, to $3.3 million for the three months ended March 31, 2025[179]. - Net interest income increased by $115,000, or 7.0%, for the three months ended March 31, 2025[178]. - Non-interest income decreased by $7,000, or 4.2%, to $160,000, primarily due to a $4,000 decrease in customer service fees and other income[184]. - Total non-interest expense decreased by $61,000, or 3.2%, to $1.8 million, mainly due to a $79,000 reduction in salaries and employee benefits[185]. - Interest expense increased by $144,000, or 10.5%, to $1.5 million for the three months ended March 31, 2025, primarily due to a rise in the average rate on certificates of deposit to 3.90%[181]. Credit Losses and Provisions - The provision for credit losses increased by $86,000, or 430.0%, for the three months ended March 31, 2025[178]. - The provision for credit losses was recorded at $66,000, with a $97,000 provision for loans reflecting an increase in loan originations, while the allowance for credit losses for loans was $1.5 million, or 0.86% of total loans[183]. - The provision for credit losses recorded a reversal of $84,000 for the nine months ended March 31, 2025, reflecting strong asset quality[199]. Performance Metrics - The net interest rate spread increased by seven basis points to 1.42% for the three months ended March 31, 2025, compared to 1.35% for the same period in 2024[182]. - The net interest margin increased by nine basis points to 2.05% for the three months ended March 31, 2025, compared to 1.96% for the same period in 2024[182]. - The net interest margin for the nine months ended March 31, 2025, was 1.99%, compared to 2.07% for the same period in 2024, reflecting a decline of 8 basis points[206]. - The company reported a net interest rate spread of 1.31% for the nine months ended March 31, 2025, down from 1.52% in 2024, a decrease of 21 basis points[206]. Cash Flow and Financing Activities - Net cash provided by operating activities was $361,000 for the nine months ended March 31, 2025, compared to $96,000 for the same period in 2024, indicating a significant increase[227]. - Net cash used in investing activities was $1.6 million for the nine months ended March 31, 2025, compared to cash provided of $5.8 million for the same period in 2024, showing a decrease in cash inflow from investments[227]. - Net cash provided by financing activities was $2.5 million for the nine months ended March 31, 2025, down from $8.9 million for the same period in 2024, reflecting changes in deposit levels and treasury stock purchases[227]. Regulatory and Economic Considerations - The company exceeded all regulatory capital requirements as of March 31, 2025, indicating a strong capital position[229]. - The company is committed to maintaining a strong liquidity position and anticipates sufficient funds to meet current funding commitments[228]. - The primary impact of inflation on the company's operations is reflected in increased operating costs, with interest rates having a more significant impact on performance than inflation[235]. - The estimated economic value of equity (EVE) as of March 31, 2025, was $55,522,000, with a potential decrease of 20.5% if interest rates increased by 200 basis points[220][221].

Table of Contents FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41593 ISRAEL ACQUISITIONS CORP (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 87-3587394 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | inco ...