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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______, 20___, to _____, 20___. Commission File Number 001-42538 JFB CONSTRUCTION HOLDINGS (Former name, former address and former fiscal year, if changed since last report) ...

Exhibit 99.1 STERIS Announces Financial Results for Fiscal 2025 Fourth Quarter and Full Year DUBLIN, IRELAND - (May 14, 2025) - STERIS plc (NYSE: STE) ("STERIS" or the "Company") today announced financial results for its fiscal 2025 fourth quarter and full year ended March 31, 2025. Total revenue from continuing operations for the fourth quarter of fiscal 2025 increased 4% to $1.5 billion compared with $1.4 billion in the fourth quarter of fiscal 2024. Constant currency organic revenue growth from continuin ...

☐ 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 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2025 Scilex Holding Company For the transition period from to Commission File Number 001-39852 (Exact Name of Registrant as Specified in Its Charter) Delaware 92-1062542 (State or Other Jurisdiction of Incor ...

PART I FINANCIAL INFORMATION This section covers the company's financial statements, management's analysis, market risk, and internal controls [Financial Statements](index=11&type=section&id=Item%201.%20Financial%20Statements) Q1 2025 financial statements show asset growth to **$513.9 million**, 18.8% revenue increase, but 8.7% net income decrease [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$513.9 million** by March 31, 2025, driven by real estate inventory and deposits, and liabilities rose Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $12,651 | $22,363 | ($9,712) | | Real estate inventory | $294,991 | $277,834 | $17,157 | | Deposits on real estate | $119,339 | $103,026 | $16,313 | | **Total Assets** | **$513,919** | **$475,901** | **$38,018** | | Notes payable | $42,648 | $3,060 | $39,588 | | **Total Liabilities** | **$106,756** | **$74,174** | **$32,582** | | **Total Equity** | **$407,163** | **$401,727** | **$5,436** | [Condensed Consolidated Statements of Income](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q1 2025 home closing revenue grew 18.8% to **$224.7 million**, but net income declined 8.7% to **$18.7 million** due to rising costs Condensed Consolidated Statements of Income (in thousands) | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Home closing revenue | $224,722 | $189,209 | +18.8% | | Cost of home closings | $171,192 | $139,749 | +22.5% | | **Home closing gross profit** | **$53,530** | **$49,460** | **+8.2%** | | SG&A costs | $32,999 | $27,541 | +19.8% | | Income before income taxes | $19,567 | $21,407 | -8.6% | | **Net income** | **$18,710** | **$20,486** | **-8.7%** | | Net income attributable to Smith Douglas Homes Corp. | $2,683 | $2,972 | -9.7% | | Diluted EPS | $0.30 | $0.33 | -9.1% | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to **$34.9 million** in Q1 2025, leading to a **$9.7 million** decrease in cash Summary of Cash Flows (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(34,905) | $(9,273) | | Net cash used in investing activities | $(2,106) | $(430) | | Net cash provided by financing activities | $27,299 | $22,704 | | **Net (decrease) increase in cash** | **$(9,712)** | **$13,001** | - The increased use of cash in operations in Q1 2025 was mainly due to a **$19.5 million** increase in real estate inventory and a **$17.0 million** increase in deposits on real estate under option or contract[202](index=202&type=chunk)[203](index=203&type=chunk) - Financing activities in Q1 2025 were driven by **$66.0 million** in borrowings under the revolving credit facility, partially offset by **$26.0 million** in repayments and **$13.9 million** in distributions[34](index=34&type=chunk)[35](index=35&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's IPO, Up-C structure, accounting policies, **$1.16 billion** in lot-option commitments, and financial facilities - The company completed its IPO on January 16, 2024, raising net proceeds of approximately **$172.8 million** and reorganizing into an Up-C structure where Smith Douglas Homes Corp. is the sole managing member of Smith Douglas Holdings LLC[41](index=41&type=chunk)[42](index=42&type=chunk) - As of March 31, 2025, the company had total lot option contracts with a remaining purchase price of **$1.16 billion**, secured by **$121.0 million** in deposits[69](index=69&type=chunk) - The company entered into a **$250 million** unsecured revolving credit facility in January 2024, maturing in January 2027. As of March 31, 2025, **$40.0 million** was outstanding[73](index=73&type=chunk)[77](index=77&type=chunk) - In connection with the IPO, the company entered into a Tax Receivable Agreement (TRA) and has recorded a TRA liability of **$10.4 million** as of March 31, 2025[113](index=113&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 revenue growth from increased home closings, gross margin decline due to rising costs, and liquidity [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2025 home closing revenue increased 18.8% to **$224.7 million**, but gross margin contracted to **23.8%** due to rising costs Q1 2025 vs Q1 2024 Operating Highlights (dollars in thousands) | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Home closing revenue | $224,722 | $189,209 | +18.8% | | Home closings (units) | 671 | 566 | +18.6% | | ASP of homes closed | $335 | $334 | +0.3% | | Home closing gross profit | $53,530 | $49,460 | +8.2% | | Home closing gross margin | 23.8% | 26.1% | -2.3 p.p. | | Net new home orders (units) | 768 | 765 | +0.4% | | Backlog homes (units) | 791 | 1,110 | -28.7% | | Contract value of backlog | $270,082 | $381,155 | -29.1% | - The decrease in home closing gross margin was primarily driven by a **3%** increase in the average cost of home closings while the ASP of homes closed remained constant[149](index=149&type=chunk) - The cancellation rate improved, decreasing to **8.1%** in Q1 2025 from **10.6%** in Q1 2024[142](index=142&type=chunk)[143](index=143&type=chunk) [Non-GAAP Financial Measures](index=37&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2025 non-GAAP measures include adjusted gross margin of **24.1%**, adjusted net income of **$14.7 million**, and adjusted EBITDA of **$22.6 million** Reconciliation of GAAP to Non-GAAP Measures (Q1 2025, in thousands) | Measure | GAAP Value | Adjustments | Non-GAAP Value | | :--- | :--- | :--- | :--- | | Home closing gross profit | $53,530 | $646 | $54,176 (Adjusted) | | Home closing gross margin | 23.8% | +0.3 p.p. | 24.1% (Adjusted) | | Net income | $18,710 | $(4,015) | $14,695 (Adjusted) | | EBITDA | $20,749 | $1,818 | $22,567 (Adjusted) | | EBITDA margin | 9.2% | +0.8 p.p. | 10.0% (Adjusted) | - Adjusted EBITDA decreased from **$24.1 million** in Q1 2024 to **$22.6 million** in Q1 2025, primarily due to a **$1.4 million** charge for real estate inventory impairment and lot option contract abandonment in 2025 that was not present in 2024[177](index=177&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, liquidity includes **$12.7 million** in cash and a **$250 million** credit facility, with future TRA payments reducing cash flow - The company's principal uses of cash are deposits on lot-option contracts, acquisition of finished lots, and home construction[181](index=181&type=chunk) - The company has a **$250 million** unsecured revolving credit facility maturing in January 2027. As of March 31, 2025, **$40.0 million** was outstanding, with availability of approximately **$194.6 million** under the borrowing base[187](index=187&type=chunk)[77](index=77&type=chunk) - The company is required to make cash payments under the Tax Receivable Agreement equal to **85%** of realized tax benefits, which are expected to be significant and will reduce available cash flow[197](index=197&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in the company's market risk disclosures regarding interest rates and inflation since its last Annual Report - There have been no material changes to the information regarding market risk from changes in interest rates and inflation since the company's Annual Report[217](index=217&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of March 31, 2025, due to a material weakness in IT general controls, with remediation underway - Management concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to a material weakness in internal control over financial reporting[219](index=219&type=chunk) - The material weakness relates to ineffective IT general controls (ITGCs) in user access, change management, and segregation of duties for key IT systems supporting financial reporting[220](index=220&type=chunk) - A remediation plan is in progress, which includes implementing regular reviews of privileged access, strengthening IT policies, reassessing roles and responsibilities, and hiring additional resources with IT control expertise[222](index=222&type=chunk)[223](index=223&type=chunk) PART II OTHER INFORMATION This section addresses legal matters, risk factor updates, and disclosures regarding equity security sales and use of proceeds [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal claims but anticipates no material impact on its business or financial condition - The company does not believe that any existing claims or legal proceedings will have a material effect on its business or financial condition[227](index=227&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors affecting the company since the filing of its Annual Report - No material changes have occurred in the risks affecting the Company since the filing of its Annual Report[228](index=228&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities, no use of proceeds, and no equity purchases during the period - There were no unregistered sales of equity securities or use of proceeds during the quarter[229](index=229&type=chunk)[230](index=230&type=chunk)

Part I - Financial Information [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for Q1 2025 reflect a net loss of $15.2 million, a decrease in total assets, and an increase in total liabilities, with $160.8 million in cash Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $160,754 | $168,229 | | Total assets | $171,915 | $177,542 | | Total liabilities | $32,819 | $26,082 | | Total stockholders' equity | $139,096 | $151,460 | Condensed Consolidated Statement of Operations Highlights (in thousands) | Account | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $9,974 | $9,952 | | General and administrative | $5,702 | $4,434 | | Loss from operations | $(15,676) | $(14,386) | | Net loss | $(15,169) | $(13,417) | | Net loss per share, basic and diluted | $(0.56) | $(0.76) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(16,556) | $(10,983) | | Net cash used in investing activities | $(24) | $(224) | | Net cash provided by financing activities | $9,127 | $134,559 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's clinical-stage biopharmaceutical business, its accumulated deficit of $153.6 million, and key financing activities including an amended $75.0 million loan and an $11.7 million convertible grant - The company is a clinical-stage biopharmaceutical firm developing personalized psychiatry treatments with **five clinical-stage assets** in its pipeline[28](index=28&type=chunk) - As of March 31, 2025, the company reported an **accumulated deficit of approximately $153.6 million**, primarily funded through equity financings including **$133.0 million net proceeds from its February 2024 IPO**[29](index=29&type=chunk)[30](index=30&type=chunk) - In January 2025, the company amended its loan agreement with K2 HealthVentures, increasing the total term loan facility to **$75.0 million** and drawing **$20.0 million**[46](index=46&type=chunk)[48](index=48&type=chunk) - A convertible grant agreement with The Wellcome Trust Limited, signed in July 2024, provides up to **$11.7 million** for ALTO-100 development, with **$1.3 million drawn** as of March 31, 2025[64](index=64&type=chunk) - The company holds multiple license and asset purchase agreements requiring potential future milestone and royalty payments upon achieving development, regulatory, and commercial targets[73](index=73&type=chunk)[77](index=77&type=chunk)[83](index=83&type=chunk)[89](index=89&type=chunk)[92](index=92&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 the company's clinical-stage biopharmaceutical operations, reporting a net loss of $15.2 million for Q1 2025, and projects sufficient cash resources of $161.3 million to fund operations into 2028 - The company's pipeline includes **five clinical-stage assets**: ALTO-100 (BPD), ALTO-300 (MDD), ALTO-203 (MDD with anhedonia), ALTO-101 (CIAS), and ALTO-202 (MDD)[140](index=140&type=chunk) Key Clinical Trial Updates and Expected Data Readouts | Product Candidate | Indication | Status | Expected Topline Data | | :--- | :--- | :--- | :--- | | ALTO-100 | BPD | Phase 2b Enrollment Ongoing | H2 2026 | | ALTO-300 | MDD | Phase 2b Enrollment Ongoing | Mid-2026 | | ALTO-203 | MDD | Phase 2 POC Enrollment Complete | Q2 2025 | | ALTO-101 | CIAS | Phase 2 POC | H2 2025 | - The company held **$161.3 million in cash, cash equivalents, and restricted cash** as of March 31, 2025, projected to fund operations into **2028**[160](index=160&type=chunk)[199](index=199&type=chunk) - Net loss for Q1 2025 was **$15.2 million**, an increase from **$13.4 million** in Q1 2024, primarily due to higher G&A costs and a **$0.7 million loss on debt extinguishment**[155](index=155&type=chunk)[173](index=173&type=chunk)[176](index=176&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Total operating expenses increased to $15.7 million in Q1 2025, driven by a $1.3 million rise in general and administrative expenses and a $0.7 million loss on debt extinguishment, while research and development costs remained stable Research and Development Expenses by Program (in thousands) | Program | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | ALTO-100 | $1,124 | $2,207 | $(1,083) | | ALTO-300 | $922 | $1,116 | $(194) | | ALTO-101 | $969 | $406 | $563 | | ALTO-203 | $737 | $620 | $117 | | Personnel-related costs | $5,093 | $4,353 | $740 | | **Total R&D** | **$9,974** | **$9,952** | **$22** | - General and administrative expenses increased by **$1.3 million**, from $4.4 million in Q1 2024 to **$5.7 million** in Q1 2025, primarily due to higher personnel costs and professional fees associated with public company operations[175](index=175&type=chunk) - Other income, net, decreased by **$0.5 million**, mainly due to a **$0.7 million loss on debt extinguishment** in Q1 2025[176](index=176&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held $161.3 million in cash, cash equivalents, and restricted cash, with operations funded by IPO proceeds and debt facilities, projected to be sufficient into 2028 - The company held **$161.3 million in cash, cash equivalents, and restricted cash** as of March 31, 2025[178](index=178&type=chunk) - In January 2025, the company amended its loan agreement, increasing the total facility to **$75.0 million** and drawing **$20.0 million**, with approximately **$10.0 million** used for refinancing[179](index=179&type=chunk)[182](index=182&type=chunk) - In July 2024, the company secured a convertible grant agreement with Wellcome for up to approximately **$11.7 million** to fund ALTO-100 development[190](index=190&type=chunk) - Net cash used in operating activities increased to **$16.6 million** in Q1 2025 from **$11.0 million** in Q1 2024, mainly due to timing of bonus payments and higher operational spending[195](index=195&type=chunk) - Net cash from financing activities was **$9.1 million** in Q1 2025 from new loan proceeds, compared to **$134.6 million** in Q1 2024 from the IPO[197](index=197&type=chunk)[198](index=198&type=chunk) - Management projects current cash and equivalents will sufficiently fund operating expenses and capital requirements into **2028**[199](index=199&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Alto Neuroscience, Inc. is not required to provide quantitative and qualitative disclosures about market risk[220](index=220&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2025[221](index=221&type=chunk)[222](index=222&type=chunk) - No material changes occurred in internal control over financial reporting during Q1 2025[223](index=223&type=chunk) Part II - Other Information [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business - As of the report date, the company is not involved in any legal proceedings expected to have a material adverse effect on the business[227](index=227&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have occurred to the risk factors previously disclosed in the company's Annual Report[228](index=228&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities and no material change in the planned use of **$133.0 million** net proceeds from its February 2024 IPO - The company's IPO closed on February 6, 2024, generating **$133.0 million in net proceeds** from the sale of **9,246,000 shares** at **$16.00 per share**[230](index=230&type=chunk)[231](index=231&type=chunk) - No material change has occurred in the planned use of IPO proceeds[231](index=231&type=chunk) [Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Other Information](index=45&type=section&id=Item%205.%20Other%20Information) Not applicable [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, financial agreements, and officer certifications

```markdown Part I. Financial Information [Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025 and 2024, covering balance sheets, operations, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) By March 31, 2025, total assets slightly increased, while a significant reduction in derivative liabilities drove down total liabilities, leading to a notable rise in stockholders' equity | Balance Sheet Highlights (In thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$266,227** | **$265,381** | | Cash and cash equivalents | $25,016 | $22,629 | | Inventories | $138,449 | $139,270 | | **Total Liabilities** | **$179,126** | **$198,514** | | Syndicated line of credit | $53,196 | $50,196 | | Derivative liabilities | $17,836 | $39,158 | | Term loan, net | $67,230 | $67,150 | | **Total Stockholders' Equity** | **$87,101** | **$66,867** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income for Q1 2025 decreased to $18.2 million from $24.9 million YoY, driven by lower revenue and a smaller gain from derivative liabilities, resulting in diluted EPS falling to $0.31 | Statement of Operations (In thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue, net | $87,001 | $100,838 | | Gross profit | $14,128 | $16,094 | | Net loss from operations | $(2,032) | $(960) | | Change in fair value of derivative liabilities | $21,209 | $26,380 | | **Net income** | **$18,180** | **$24,938** | | **Diluted EPS** | **$0.31** | **$0.44** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Total stockholders' equity increased from $66.9 million to $87.1 million by March 31, 2025, primarily driven by $18.2 million in net income and $2.0 million in stock-based compensation expense - Stockholders' equity increased from **$66.9 million** on Dec 31, 2024, to **$87.1 million** on March 31, 2025[19](index=19&type=chunk) - The primary drivers of the equity increase were **$18.2 million** in net income and **$2.0 million** in stock-based compensation[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly improved to $1.2 million generated in Q1 2025 from $17.9 million used in Q1 2024, contributing to an ending cash balance of $27.9 million | Cash Flow Summary (In thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $1,221 | $(17,898) | | Net cash from investing activities | $63 | $(12,752) | | Net cash from financing activities | $1,103 | $2,629 | | **Net change in cash** | **$2,387** | **$(28,021)** | | Cash, end of period | $27,936 | $28,651 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed accounting policies and disclosures for financial statement items, including the land-light strategy, segment reporting, and debt financing - The company operates with a **land-light strategy**, primarily constructing single-family homes in South Carolina, North Carolina, and Georgia[25](index=25&type=chunk) - UHG has three reportable segments: **GSH South Carolina** (entry-level and first move-up homes), **Rosewood** (second and third move-up homes), and **Other** (Raleigh, NC operations and a mortgage JV)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - As of March 31, 2025, the company had lot deposits of **$46.9 million** related to option contracts with an aggregate remaining purchase price of **$336.8 million**[36](index=36&type=chunk) - On December 11, 2024, the company redeemed its convertible notes and financed the transaction with a new **$70.0 million** term loan[67](index=67&type=chunk)[87](index=87&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, noting a challenging market with elevated mortgage rates that led to a 13.7% YoY revenue decrease and a 22.9% drop in net new orders, while liquidity remains sufficient | Key Metrics | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue, net | $87,001 K | $100,838 K | (13.7)% | | Home closings | 252 | 311 | (19.0)% | | Net new orders | 296 | 384 | (22.9)% | | Backlog (units) | 201 | 262 | (23.3)% | | Gross profit % | 16.2% | 16.0% | +0.2 p.p. | | Adjusted EBITDA | $2,873 K | $7,283 K | (60.6)% | - Market conditions in Q1 2025 were impacted by persistently elevated mortgage rates, macroeconomic uncertainty, and housing affordability concerns, leading to softer demand[111](index=111&type=chunk) - In response to market conditions, the company is utilizing sales incentives like mortgage rate buy-downs and executing operational improvements, including revising house plans and rebidding supplier contracts to reduce costs[112](index=112&type=chunk) - As of March 31, 2025, the company had **$25.0 million** in cash and cash equivalents and **$61.9 million** in unused capacity on its Syndicated Line, which management believes is sufficient for its needs[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity, which impacts housing demand and borrowing costs, with a 100 basis point rate increase estimated to reduce annual net income by $1.2 million - The company's operations are sensitive to interest rate changes, which affect both homebuyer affordability and its own borrowing costs on variable-rate debt[165](index=165&type=chunk)[166](index=166&type=chunk) - A **100 basis point** increase in interest rates would reduce net income by approximately **$1.2 million** annually, based on the **$53.2 million** outstanding on the syndicated line of credit and **$67.2 million** on the term loan as of March 31, 2025[167](index=167&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[168](index=168&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[169](index=169&type=chunk) Part II. Other Information [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ordinary course construction defect claims not expected to be material, though a specific lawsuit against Rosewood has a reasonably possible loss that cannot be estimated - The company is subject to ordinary course litigation, mainly consisting of construction defect claims, which are not expected to have a material adverse effect[84](index=84&type=chunk)[171](index=171&type=chunk) - The subsidiary Rosewood is a co-defendant in a lawsuit for which a loss is deemed reasonably possible, but the amount or range of loss cannot currently be estimated[85](index=85&type=chunk)[86](index=86&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Key risks, unchanged from the last annual report, include the cyclical nature of homebuilding, sensitivity to economic conditions, adverse weather events, and the impact of U.S. trade policies on costs - The residential homebuilding industry is highly cyclical and significantly affected by changes in general economic conditions, including interest rates, employment levels, and consumer confidence[173](index=173&type=chunk) - Adverse weather conditions, such as the abnormal snow events in South Carolina in early 2025, can harm business by decreasing buyer traffic and delaying construction[176](index=176&type=chunk) - Changes in U.S. trade policies, including tariffs on materials like lumber and steel, may significantly increase construction costs and negatively impact profit margins[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during Q1 2025 that were not previously disclosed in a Form 8-K - None[180](index=180&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the quarter - None[183](index=183&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[181](index=181&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) This section reiterates no unregistered sales of securities occurred during the quarter that were not previously reported on a Form 8-K - During the quarter ended March 31, 2025, there were no unregistered sales of the Company's securities that were not reported in a Current Report on Form 8-K[183](index=183&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications and Inline XBRL data files - The report includes an index of all exhibits filed, such as Sarbanes-Oxley certifications (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents (101 series)[188](index=188&type=chunk) ```

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 Delaware 85-3460766 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 917 Chapin Road Chapin, South Carolina 29036 (Address of principal executive offices) (844) 766-4663 (Registrant's telephone number) N/A o TRANSITION REPORT PU ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the 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: 001-42143 Alumis Inc. (Exact name of registrant as specified in its charter) Delaware 86-1771129 (State or other ...

[First Quarter 2025 Financial Results and Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results%20and%20Highlights) [Executive Summary](index=1&type=section&id=Executive%20Summary) Dyadic's Q1 2025 results highlight a strategic shift to commercialize Dapibus™ and C1 platforms for recurring revenue, supported by new grants - The company's primary focus is shifting to developing and commercializing scalable products with recurring revenue potential in sectors like life sciences, bioactives, and industrial markets, leveraging its C1 and Dapibus platforms[3](index=3&type=chunk) Q1 2025 Key Financial & Operational Highlights | Metric | Value | Source | | :--- | :--- | :--- | | Cash & Equivalents | **$7.3 million** | As of Mar 31, 2025 | | Q1 2025 Revenue | **$394,000** | +17.6% YoY | | Q1 2025 Net Loss | **($2.03 million)** | vs. ($2.01 million) in Q1 2024 | | Net Loss Per Share | **($0.07)** | Unchanged YoY | | CEPI Grant | Up to **$4.5 million** | For recombinant protein vaccine development | | Gates Foundation Grant | **$3.0 million** | For malaria and RSV antibody programs | [Recent Company Developments](index=1&type=section&id=Recent%20Company%20Developments) Dyadic is making significant progress in product commercialization, including key launches and promising results, bolstered by new CEPI and Gates Foundation grants [Product Commercialization Targets](index=1&type=section&id=Product%20Commercialization%20Targets) Dyadic advances its commercial pipeline in non-animal products, with key launches and promising results for recombinant proteins and industrial enzymes - **Human Serum Albumin**: In partnership with Proliant, a commercial launch is expected in **Q3 2025** for use in research, diagnostics, and cell culture media. A third milestone payment is anticipated in **Q2 2025**[6](index=6&type=chunk) - **Recombinant Transferrin & FGF**: Initial studies for both products demonstrated comparable performance to reference standards in growing animal muscle cells, with sampling for FGF expected to begin in **Q2 2025**[6](index=6&type=chunk)[7](index=7&type=chunk) - **Industrial Enzymes**: Fermbox Bio launched EN3ZYME, produced using Dyadic's Dapibus™ platform, and received an initial large purchase order in **Q1 2025**[11](index=11&type=chunk) - **DNase1 (RNase-free)**: Dyadic has partnered with an EU-based CDMO to validate the production process and manufacture research-grade material, with increased sampling and licensing discussions ongoing[11](index=11&type=chunk) [C1 Platform Development for Vaccines & Antibodies](index=3&type=section&id=C1%20Platform%20Development%20for%20Vaccines%20%26%20Antibodies) C1 platform gains significant non-dilutive funding from CEPI and Gates Foundation for vaccine and antibody development, with pandemic readiness evaluation - Dyadic's C1 platform is being advanced through a **$4.5 million CEPI grant** to accelerate recombinant protein vaccine development, with Dyadic receiving up to **$2.4 million** as a subcontractor[11](index=11&type=chunk) - In collaboration with the Gates Foundation, a **$3 million project** was initiated to develop low-cost monoclonal antibodies for malaria and RSV using the C1 platform, with promising initial data[11](index=11&type=chunk) - Dyadic's C1 technology will be evaluated as part of the European Vaccines Hub for Pandemic Readiness (EVH), an initiative backed by approximately **€100 million** in EU funding[11](index=11&type=chunk) [Animal and Human Health Applications](index=5&type=section&id=Animal%20and%20Human%20Health%20Applications) Dyadic develops animal and human health solutions, expanding Phibro partnership and advancing a C1-produced H5 Avian Influenza vaccine candidate - Dyadic expanded its partnership with Phibro Animal Health/Abic to develop vaccines and treatments for livestock[21](index=21&type=chunk) - A C1-produced H5 Avian Influenza vaccine candidate is being evaluated for diagnostics and vaccines for poultry, cattle, and humans, with early data showing cross-protection against multiple H5 strains[21](index=21&type=chunk) [Q1 2025 Financial Performance](index=5&type=section&id=Q1%202025%20Financial%20Performance) Dyadic's Q1 2025 revenue increased to **$394,000** due to new grant revenue, loss from operations narrowed, and cash stood at **$7.3 million** Q1 2025 vs Q1 2024 Financial Comparison | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | **$394,000** | **$335,000** | **+17.6%** | | - Grant Revenue | **$210,000** | **$0** | N/A | | - R&D Revenue | **$183,000** | **$335,000** | **-45.4%** | | Loss from Operations | **($2,002,000)** | **($2,126,000)** | **-5.8% (Improved)** | | Net Loss | **($2,028,000)** | **($2,010,000)** | **+0.9% (Widened)** | | G&A Expenses | **$1,596,000** | **$1,789,000** | **-10.8%** | - The increase in total revenue was driven by new grant revenue from the Gates Foundation and CEPI, which offset a decrease in R&D revenue resulting from fewer active collaborations (**four in Q1 2025 vs. nine in Q1 2024**)[14](index=14&type=chunk) - Cash, cash equivalents, and investment-grade securities decreased to **$7.3 million** as of March 31, 2025, from **$9.3 million** at the end of 2024[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Unaudited financial statements for Q1 2025 show a net loss of **($2.03 million)**, total assets of **$7.9 million**, and stockholders' equity of **$0.9 million** [Consolidated Statements of Operations (Unaudited)](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) For Q1 2025, total revenues increased to **$393,572**, loss from operations improved, and net loss was **($2,027,579)** or **($0.07)** per share Three Months Ended March 31, 2025 and 2024 | | 2025 | 2024 | | :--- | :--- | :--- | | **Revenues:** | | | | Research and development revenue | **$183,100** | **$334,617** | | Grant revenue | **$210,472** | **$—** | | **Total revenue** | **$393,572** | **$334,617** | | **Costs and expenses:** | | | | Total costs and expenses | **$2,396,047** | **$2,460,175** | | **Loss from operations** | **($2,002,475)** | **($2,125,558)** | | Total other income (expense), net | **($25,104)** | **$115,962** | | **Net loss** | **($2,027,579)** | **($2,009,596)** | | **Basic and diluted net loss per common share** | **($0.07)** | **($0.07)** | [Consolidated Balance Sheets (Unaudited)](index=8&type=section&id=Consolidated%20Balance%20Sheets%20%28Unaudited%29) As of March 31, 2025, total assets were **$7.9 million**, total liabilities **$7.0 million**, and stockholders' equity **$0.9 million**, reflecting a decrease in cash As of March 31, 2025 and December 31, 2024 | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | **$5,064,941** | **$6,506,750** | | Total current assets | **$7,805,212** | **$9,827,668** | | **Total assets** | **$7,894,878** | **$9,930,275** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | **$1,962,160** | **$2,448,017** | | Total liabilities | **$6,971,267** | **$7,459,985** | | Total stockholders' equity | **$923,611** | **$2,470,290** | | **Total liabilities and Stockholders' Equity** | **$7,894,878** | **$9,930,275** |

PART I FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Dyadic's Q1 2025 saw increased revenue from new grants, a slightly higher net loss, decreased assets, yet sufficient liquidity Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $5,064,941 | $6,506,750 | | Total current assets | $7,805,212 | $9,827,668 | | Total assets | $7,894,878 | $9,930,275 | | Total current liabilities | $1,962,160 | $2,448,017 | | Total liabilities | $6,971,267 | $7,459,985 | | Total stockholders' equity | $923,611 | $2,470,290 | Consolidated Statements of Operations Highlights (Unaudited) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $393,572 | $334,617 | | Total costs and expenses | $2,396,047 | $2,460,175 | | Loss from operations | ($2,002,475) | ($2,125,558) | | Net loss | ($2,027,579) | ($2,009,596) | | Basic and diluted net loss per common share | ($0.07) | ($0.07) | Consolidated Statements of Cash Flows Highlights (Unaudited) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,949,731) | ($1,112,979) | | Net cash provided by (used in) investing activities | $482,104 | ($654,907) | | Net cash provided by financing activities | $24,249 | $5,824,326 | | Net (decrease) increase in cash and cash equivalents | ($1,441,809) | $4,054,786 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses advancing C1 and Dapibus™ platforms, recent grants, and commercialization efforts, noting a slight Q1 2025 net loss increase but sufficient liquidity [Overview](index=30&type=section&id=Overview) Dyadic focuses on its C1 and Dapibus™ protein platforms, targeting both biopharmaceutical and non-pharmaceutical markets, with a successful C1 Phase 1 human study - A key validation milestone was the successful completion of a Phase 1 first-in-human study in **2024** for a vaccine antigen produced using the C1 platform, demonstrating its safety[146](index=146&type=chunk) - The company has a dual strategy: leveraging the Dapibus™ platform for near-term revenue in non-pharmaceutical markets and advancing the C1 platform for long-term value in biopharmaceuticals[147](index=147&type=chunk) [Recent Developments](index=30&type=section&id=Recent%20Developments) Recent developments include a **$4.5 million** CEPI grant, anticipated Q3 2025 commercial launch of Human Serum Albumin, and a **$3 million** Gates Foundation project for low-cost monoclonal antibodies - Received a **$4.5 million** CEPI grant (Dyadic's share up to **$2.4 million**) to accelerate recombinant protein vaccine development using the C1 platform[149](index=149&type=chunk) - Expects commercial launch of Human Serum Albumin with partner Proliant in **Q3 2025** for research, diagnostics, and cell culture media applications[150](index=150&type=chunk) - Partner Fermbox Bio launched EN3ZYME, an enzyme cocktail produced using the Dapibus™ platform, and received its first large purchase order in **Q1 2025**[150](index=150&type=chunk) - Initiated a **$3 million** project with the Gates Foundation to develop low-cost monoclonal antibodies for malaria and RSV[155](index=155&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q1 2025 total revenue increased due to new grant revenue, operating loss slightly improved, but net loss marginally increased due to higher interest expenses and a non-recurring gain Revenue and Cost of Revenue Comparison (Q1 2025 vs Q1 2024) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development revenue | $183,100 | $334,617 | | Grant revenue | $210,472 | $— | | Costs of research and development revenue | $126,480 | $143,955 | | Cost of grant revenue | $171,178 | $— | - Research and development expenses decreased to **$495,000** in Q1 2025 from **$523,000** in Q1 2024 due to a reduction in the number of internal research projects[176](index=176&type=chunk) - General and administrative expenses decreased by **10.8%** to **$1.60 million** in Q1 2025 from **$1.79 million** in Q1 2024, reflecting lower business development, incentive, and legal costs[177](index=177&type=chunk) - Other expenses were **$25,000** in Q1 2025, compared to other income of **$116,000** in Q1 2024. The change was mainly due to an **$81,000** increase in interest expense and a **$61,000** gain on the sale of Alphazyme in 2024 that did not recur[179](index=179&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, Dyadic held **$7.4 million** in cash and investments, deemed sufficient for the next 12 months, supported by **$5.8 million** from 2024 convertible notes - In March **2024**, the company raised **$5.8 million** in net proceeds from a **$6.0 million** issuance of **8.0%** Senior Secured Convertible Promissory Notes due **2027**[182](index=182&type=chunk) - The company had total cash, cash equivalents, and investment securities of **$7.4 million** as of **March 31, 2025**[188](index=188&type=chunk) - Management expects existing cash and investments to be sufficient to fund operations for at least the next **12 months** from the report's issuance date[188](index=188&type=chunk) - Net cash used in operating activities for **Q1 2025** was **$2.0 million**, primarily due to the net loss for the period[189](index=189&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Dyadic is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Dyadic is not required to provide quantitative and qualitative disclosures about market risk[193](index=193&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 - Management concluded that the company's disclosure controls and procedures were effective as of **March 31, 2025**[194](index=194&type=chunk)[195](index=195&type=chunk) - No material changes to the internal control over financial reporting occurred during the first quarter of **2025**[196](index=196&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material litigation that would adversely affect its financial condition or operations - The company reports no current material litigation[199](index=199&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No changes to the company's risk factors were reported since the 2024 fiscal year Annual Report filing - No changes to risk factors were reported since the **2024** Annual Report[200](index=200&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None[201](index=201&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended March 31, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement in **Q1 2025**[204](index=204&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including corporate documents, note amendments, and officer certifications