PART I. FINANCIAL INFORMATION [Unaudited Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Unaudited%20Consolidated%20Financial%20Statements) The company achieved a net income of **$76.6 million** in Q1 2025, largely due to **$109.2 million** in collaboration revenue recognition Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $51,865 | $58,441 | | Total investments | $133,969 | $161,669 | | Total current assets | $169,631 | $194,051 | | Total assets | $315,609 | $353,216 | | Deferred revenue, current | $0 | $109,164 | | Total liabilities | $75,170 | $191,854 | | Total stockholders' equity | $240,439 | $161,362 | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $109,164 | $855 | | Research and development | $26,580 | $23,421 | | General and administrative | $8,408 | $8,743 | | Income (loss) from operations | $74,176 | $(31,309) | | Net income (loss) | $76,560 | $(28,062) | | Net income (loss) per share, basic & diluted | $0.89 | $(0.45) | Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(34,623) | $(30,248) | | Net cash provided by investing activities | $27,930 | $11,541 | | Net cash provided by financing activities | $120 | $18,195 | | Net decrease in cash, cash equivalents, and restricted cash | $(6,573) | $(512) | [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail financial health, strategic changes, and obligations, including the Bristol-Myers Squibb collaboration termination and Clade Therapeutics acquisition - The company projects sufficient cash and financial resources, totaling **$185.8 million** as of March 31, 2025, to fund operations for at least the next 12 months[27](index=27&type=chunk) - Termination of the Bristol-Myers Squibb collaboration on March 12, 2025, led to a **$109.2 million** deferred revenue recognition in Q1 2025, with no future revenue expected[83](index=83&type=chunk)[86](index=86&type=chunk)[158](index=158&type=chunk) - The April 2024 acquisition of Clade Therapeutics added three preclinical programs, but its **$4.3 million** goodwill was fully impaired by December 31, 2024[62](index=62&type=chunk)[67](index=67&type=chunk) - Future contingent milestone payments include up to **$16.1 million** per product to Distributed Bio, up to **$74.25 million** to iCELL Inc., and **$30 million** related to Clade/Gadeta acquisitions[88](index=88&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) [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 pipeline re-prioritization, the impact of the Bristol-Myers Squibb collaboration termination, increased R&D expenses, and projected cash runway into Q4 2026 - The company re-prioritized its pipeline in March 2025, discontinuing the CNTY-101 lymphoma trial to focus on B-cell mediated autoimmune diseases and three core preclinical iT cell programs[131](index=131&type=chunk)[132](index=132&type=chunk)[135](index=135&type=chunk) - The Bristol-Myers Squibb collaboration termination on March 12, 2025, resulted in a **$109.2 million** revenue recognition in Q1 2025[141](index=141&type=chunk)[158](index=158&type=chunk) R&D Expense Breakdown (in thousands) | Component | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Personnel and related costs | $9,984 | $9,761 | $223 | | Facility and other allocated costs | $5,322 | $4,692 | $630 | | Research and laboratory | $9,475 | $8,042 | $1,433 | | Other | $1,799 | $926 | $873 | | **Total R&D Expense** | **$26,580** | **$23,421** | **$3,159** | - Cash, cash equivalents, and investments of **$185.8 million** as of March 31, 2025, are projected to fund operations into Q4 2026, supported by a **$60 million** private placement in April 2024[134](index=134&type=chunk)[162](index=162&type=chunk)[165](index=165&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity on its **$188.6 million** investment portfolio, with no material impact expected due to low-risk instruments - The company faces interest rate risk on its **$188.6 million** cash and investment portfolio, though material impact is not anticipated due to low-risk instruments[184](index=184&type=chunk)[186](index=186&type=chunk) - Potential disruptions in financial institutions pose a risk to the company's access to cash and cash equivalents[187](index=187&type=chunk) [Controls and Procedures](index=41&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 controls during the quarter - Disclosure controls and procedures were deemed effective at a reasonable assurance level by management as of March 31, 2025[189](index=189&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[190](index=190&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to materially impact its financial condition or operations - Management believes no pending claims or actions will materially adversely affect the company's operations, financial condition, or cash flows[192](index=192&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the Annual Report on Form 10-K for December 31, 2024 - No material changes to the company's risk factors have occurred since the Annual Report on Form 10-K for December 31, 2024[193](index=193&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company reported no unregistered sales or repurchases of equity securities during the first quarter of 2025 - No unregistered sales of equity securities occurred during the reporting period[194](index=194&type=chunk) - The company did not repurchase any of its equity securities during the quarter[195](index=195&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the first quarter of 2025 - No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended March 31, 2025[198](index=198&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and Inline XBRL data

[Company Overview and Strategy](index=3&type=section&id=Company%20Overview%20and%20Strategy) Century Therapeutics focuses on iPSC-derived cell therapies, prioritizing CNTY-101 for autoimmune disorders and advancing its preclinical pipeline with a cash runway into late 2026 [Strategic Focus and Financial Position](index=3&type=section&id=Strategic%20Focus%20and%20Financial%20Position) Century Therapeutics is concentrating its clinical efforts on CNTY-101 for autoimmune disorders, leveraging its unique iPSC-derived cell therapy platform. The company is advancing an enhanced preclinical pipeline featuring Allo-Evasion™ 5.0 technology and has secured a cash runway into the fourth quarter of 2026 to support key development milestones, including expected clinical data for CNTY-101 in 2025 - The company is concentrating its clinical focus on CNTY-101 for autoimmune disorders, highlighting its potential as a unique CD19-targeting iNK cell product[3](index=3&type=chunk) - Century is enhancing its preclinical pipeline with programs engineered with Allo-Evasion™ 5.0, focusing on iPSC-derived 'tunable' CD4+/CD8+ aß T cells[3](index=3&type=chunk) Financial Position and Key Milestones | Metric | Value / Milestone | | :--- | :--- | | **Cash Position (End Q1 2025)** | $185.8M (cash, cash equivalents, and investments) | | **Estimated Cash Runway** | Into 4Q 2026 | | **CNTY-101 Autoimmune Data** | Expected in 2025 | | **CNTY-308 Program** | Expected to enter IND-enabling stage in mid-2025 | [Technology Platform](index=4&type=section&id=Technology%20Platform) Century's technology platform leverages an iPSC foundation for scalable, reproducible cell therapy production, featuring proprietary Allo-Evasion™ engineering to enable immune evasion and potential repeat dosing [iPSC Platform and Allo-Evasion™ Engineering](index=4&type=section&id=iPSC%20Platform%20and%20Allo-Evasion%E2%84%A2%20Engineering) Century's core technology is built on an induced pluripotent stem cell (iPSC) platform, which allows for the creation of multiple, genetically engineered cell types from a single-cell clone master cell bank. This enables scalability, reproducibility, and consistency. A key feature is the proprietary Allo-Evasion™ engineering, which is designed to protect the allogeneic cell therapies from the patient's immune system (T-cells, NK-cells, and antibodies), potentially allowing for repeat dosing without the need for continuous lymphodepletion and driving durable responses - The iPSC platform enables the creation of multiple cell types from a fully characterized single-cell clone, ensuring reproducibility and large batch sizes for scalability[4](index=4&type=chunk) - Allo-Evasion™ engineering is designed to protect therapy cells from the host's native T-cells, NK-cells, and antibody immunity, enabling potential re-dosing[4](index=4&type=chunk)[5](index=5&type=chunk) - The technology has evolved, with CNTY-101 using Allo-Evasion™ 1.0 and newer programs like CNTY-308 incorporating Allo-Evasion™ 5.0, which adds protection from humoral immunity via an IgG degrading enzyme (IDP)[9](index=9&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) - Preclinical studies show the CD300a TASR ligand provides broad protection from host NK cells, and the IDP enzyme protects cells from complement-dependent (CDC) and antibody-dependent cellular cytotoxicity (ADCC)[11](index=11&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Clinical Pipeline](index=9&type=section&id=Clinical%20Pipeline) Century's clinical pipeline focuses on iPSC-derived cell therapies for autoimmune diseases and cancer, led by CNTY-101 in Phase 1 and advanced preclinical αβ iT cell programs [Pipeline Overview](index=9&type=section&id=Pipeline%20Overview) Century Therapeutics is advancing a focused pipeline of iPSC-derived cell therapies targeting autoimmune diseases and cancer. The lead clinical candidate, CNTY-101, is in a Phase 1 trial for B-cell-mediated autoimmune diseases. The preclinical pipeline includes next-generation αβ iT cell programs like CNTY-308 and CNTY-341, which utilize enhanced Allo-Evasion™ 5.0 technology for autoimmune and malignancy indications, alongside programs for solid tumors Century Therapeutics Product Pipeline | Product | Targets | Indications | Research | IND-enabling | Phase 1 | | :--- | :--- | :--- | :--- | :--- | :--- | | **CNTY-101** (iNK) | CD19 | B-cell-mediated autoimmune diseases | | | CALiPSO-1 | | **CNTY-308** (αβ iT) | CD19 | B-cell-mediated autoimmune diseases, B-cell malignancies | ✓ | | | | **CNTY-341** (αβ iT) | CD19 + CD22 | B-cell malignancies | ✓ | | | | **Solid Tumors** (iT) | Nectin-4/other | Solid tumors | ✓ | | | [CNTY-101 Program](index=10&type=section&id=CNTY-101%20Program) CNTY-101 is an off-the-shelf, CD19-targeted CAR-iNK cell therapy candidate featuring Allo-Evasion™ 1.0. It is currently in the CALiPSO-1 Phase 1 trial for moderate to severe autoimmune diseases (SLE, LN, IIM, dcSSc). Supporting data from the ELiPSE-1 study in B-cell lymphoma demonstrated a favorable safety profile, deep B-cell depletion, and sustained exposure, reinforcing its potential for autoimmune applications - CNTY-101 is an allogeneic CAR-iNK cell therapy with six gene edits, including a CD19 CAR, Allo-Evasion™ technology, secreted IL-15 for persistence, and a safety switch[22](index=22&type=chunk)[24](index=24&type=chunk) - The CALiPSO-1 Phase 1 study is enrolling up to 48 patients with moderate to severe SLE, LN, IIM, or dcSSc, with a dosing schedule of 1e9 cells per infusion[34](index=34&type=chunk)[35](index=35&type=chunk) - In vitro studies show CNTY-101 eliminates B-cells from SLE patients with greater potency than primary CAR-T cells[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) Key Findings from ELiPSE-1 Study (R/R B-cell Lymphoma) | Finding | Detail | | :--- | :--- | | **Safety Profile (n=23)** | Favorable; no DLTs, no GvHD. Majority of infusions in outpatient setting | | **Efficacy (DL 3B & 4B, n=9)** | 77% ORR, 22% CR | | **B-cell Depletion** | Demonstrated deep and rapid B-cell depletion | | **Pharmacokinetics (PK)** | Sustained exposure at dose levels intended for autoimmune study; similar PK with or without endogenous lymphocytes | [Next-Generation iT Cell Platform (CNTY-308, CNTY-341)](index=23&type=section&id=Next-Generation%20iT%20Cell%20Platform%20%28CNTY-308%2C%20CNTY-341%29) Century is developing a next-generation platform of iPSC-derived αβ T cells (iT) to address the ~$4.5B CAR-T market. The lead candidate, CNTY-308, is a CD19-targeted CAR-iT with Allo-Evasion™ 5.0, designed for B-cell mediated diseases. Preclinical data show it has functional characteristics similar to primary CAR-T cells, including high proliferation, cytokine secretion, and long-term persistence. CNTY-341 is a dual-targeting (CD19/CD22) candidate for B-cell malignancies, and the platform is also being applied to solid tumors - The platform aims to replace and expand the current **~$4.5B** autologous CAR-T market with an off-the-shelf product, addressing challenges like manufacturing time and patient access[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) - CNTY-308 is a CD19-targeted CD4+/CD8+ αβ iT-cell product with Allo-Evasion™ 5.0, which includes edits to evade T cell, NK cell, and humoral responses[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Preclinical studies demonstrate that Century's iPSC-derived CAR-αβT cells (CNTY-308) show comparable characteristics to primary CAR-T cells, including IL-2 secretion, repeat killing ability, and in vivo tumor control after rechallenge[68](index=68&type=chunk)[70](index=70&type=chunk)[75](index=75&type=chunk) - CNTY-341 is a dual-targeting (CD19/CD22) CAR-iT designed to reduce potential antigen escape in B-cell malignancies. The platform is also being developed for solid tumors with targets like Nectin-4, GPC3, and CD70[76](index=76&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Platform and Manufacturing](index=32&type=section&id=Platform%20and%20Manufacturing) Century's integrated platform enables the generation of diverse iPSC-derived immune effector cells through precise gene editing, supported by robust in-house cGMP manufacturing for scalability and consistency [iPSC Cell Foundry and Engineering](index=32&type=section&id=iPSC%20Cell%20Foundry%20and%20Engineering) Century's platform leverages the ability to generate multiple iPSC-derived immune effector cells (iNK, γδ iT, αβ iT) to match the optimal cell type to a specific disease. The company uses a precise, sequential CRISPR MAD7-mediated gene editing process on iPSCs. This creates a uniform, well-characterized engineered Master Cell Bank (MCB), which serves as the starting point for manufacturing, ensuring product consistency and avoiding issues from genetic aberrations - The platform can generate various cell types (CAR iNK, CAR γδ iT, CAR αβ iT), allowing the selection of the right cell for the right indication based on functional attributes like cytolytic capacity and proliferative potential[86](index=86&type=chunk)[87](index=87&type=chunk) - Century utilizes precise CRISPR MAD7-mediated sequential gene editing to create engineered iPSC Master Cell Banks (MCBs), ensuring a uniform and quality-controlled starting material for all products[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) [In-House Manufacturing and Scalability](index=36&type=section&id=In-House%20Manufacturing%20and%20Scalability) Century has established significant in-house manufacturing capabilities with a 53,000 sq. ft. cGMP facility, led by an experienced team. This vertical integration is designed to ensure product quality, consistency, and speed. The company is developing scalable production systems with the goal of achieving antibody-like scale and cost of goods, which would be disruptive for the cell therapy field - The company operates a **53,000 ft²** purpose-built cGMP facility with an experienced in-house team, providing control over priorities, learning, and proprietary know-how[92](index=92&type=chunk) - The manufacturing process, starting from a single-cell clonal master bank, is designed for consistency, batch-to-batch reproducibility, and high cell fitness[92](index=92&type=chunk) - Development shows progress in scalable, dynamic cell production systems, aiming for antibody-like cost and scale[94](index=94&type=chunk)[95](index=95&type=chunk) [Conclusion and Outlook](index=38&type=section&id=Conclusion%20and%20Outlook) Century Therapeutics maintains a clear strategic focus on advancing iPSC-derived cell therapies, prioritizing CNTY-101 clinical development and supported by a strong preclinical pipeline and financial runway [Summary of Strategy and Milestones](index=38&type=section&id=Summary%20of%20Strategy%20and%20Milestones) Century Therapeutics reiterates its clear strategic focus on advancing its unique iPSC-derived cell therapies. The company is prioritizing the clinical development of CNTY-101 in autoimmune diseases, with initial data expected in 2025. Supported by a strong preclinical pipeline featuring Allo-Evasion™ 5.0 and a cash runway into late 2026, Century is positioned to achieve key value-driving milestones - The company's core strategy is to concentrate clinical development on CNTY-101 for autoimmune disorders while advancing an enhanced preclinical pipeline with next-generation technologies[97](index=97&type=chunk) Forward-Looking Milestones and Financials | Item | Detail | | :--- | :--- | | **Clinical Focus** | CNTY-101 in autoimmune disorders (Phase 1 CALiPSO-1) | | **Key Data Readout** | CNTY-101 autoimmune clinical data expected in 2025 | | **Pipeline Advancement** | CNTY-308 (αβ T cell) program to enter IND-enabling stage in mid-2025 | | **Financial Runway** | Estimated into 4Q 2026, with $185.8M in cash at end of Q1 2025 |

Part I [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents KORE Group Holdings, Inc.'s unaudited Q1 2025 financial statements, highlighting a $14.9 million net loss and significant liabilities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $445.1 million, liabilities increased to $560.0 million, and stockholders' deficit widened to $114.9 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$445,134** | **$455,833** | | Total Current Assets | $80,534 | $79,963 | | Goodwill | $228,844 | $228,844 | | Intangible assets, net | $115,057 | $125,057 | | **Total Liabilities** | **$560,033** | **$555,433** | | Long-term debt and other borrowings, net | $295,528 | $295,661 | | Mandatorily redeemable preferred stock due to affiliate, net | $143,058 | $142,776 | | Accrued interest due to affiliate | $29,460 | $23,798 | | **Total Stockholders' Deficit** | **($114,899)** | **($99,600)** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2025 revenue decreased 5% to $72.1 million, operating loss narrowed, and net loss improved to $14.9 million Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $72,142 | $75,975 | | Operating Loss | ($2,456) | ($7,381) | | Net Loss | ($14,908) | ($17,587) | | Loss Per Share (Basic and Diluted) | $(0.77) | $(0.93) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 net cash from operations increased to $2.9 million, investing activities decreased, and cash ended at $20.0 million Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,874 | $1,904 | | Net cash used in investing activities | ($2,277) | ($4,685) | | Net cash used in financing activities | ($512) | ($1,180) | | Net (de)crease in cash and restricted cash | $249 | ($4,115) | | Cash and restricted cash, end of period | $19,950 | $23,322 | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, declining IoT Connectivity revenue, contingent tax liability, liquidity concerns, and a reduced Google Cloud Platform commitment Disaggregated Revenue by Service Line (in thousands) | Service Line | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | IoT Connectivity | $52,797 | $56,661 | | IoT Solutions | $2,634 | $2,979 | | **Total Services** | **$55,431** | **$59,640** | - As of March 31, 2025, the company had approximately **$37.7 million** of remaining performance obligations, with about **70%** expected to be recognized in 2025[28](index=28&type=chunk) - The company has identified a probable liability for sales and telecommunications taxes, with an estimated range of loss between **$4.2 million** and **$23.4 million**. A contingent loss of **$4.2 million** has been recorded[66](index=66&type=chunk) - The company faces liquidity challenges due to recurring operating losses. It plans to continue deferring preferred dividend payments to preserve cash, with approximately **$29.5 million** in accrued interest due to an affiliate as of March 31, 2025[78](index=78&type=chunk)[80](index=80&type=chunk) - Subsequent to the quarter end, on April 1, 2025, the company amended its Google Cloud Platform (GCP) commitment, reducing the total amount from **$22.0 million** to **$10.9 million**. This incurred a **$1.2 million** fee payable by May 1, 2025[72](index=72&type=chunk)[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 5% revenue decline, reduced SG&A, flat Adjusted EBITDA, ongoing liquidity challenges, and key operational metrics [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q1 2025 total revenue decreased 5% to $72.1 million, driven by a 7% decline in Services revenue, with SG&A expenses falling 22% Revenue by Type - Q1 2025 vs Q1 2024 (in thousands) | Revenue Type | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Services | $55,431 | $59,640 | $(4,209) | (7)% | | Products | $16,711 | $16,335 | $376 | 2% | | **Total Revenue** | **$72,142** | **$75,975** | **$(3,833)** | **(5)%** | - SG&A expenses decreased by approximately **$7.7 million (22%)** year-over-year, primarily due to reduced salaries and office-related expenses following restructuring events in 2024[107](index=107&type=chunk)[108](index=108&type=chunk) [Non-GAAP Financial Measures](index=28&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2025 Adjusted EBITDA was $14.5 million, Free Cash Flow improved to $0.6 million, and Non-GAAP Gross Margin slightly decreased Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(14,908) | $(17,587) | | EBITDA | $12,945 | $8,239 | | **Adjusted EBITDA** | **$14,455** | **$14,757** | Free Cash Flow (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,874 | $1,904 | | Purchases of property and equipment | $(126) | $(877) | | Additions to intangible assets | $(2,151) | $(3,808) | | **Free cash flow** | **$597** | **$(2,781)** | [Key Operational Metrics](index=31&type=section&id=Key%20Operational%20Metrics) Total connections grew to 19.8 million, DBNER improved to 99%, ARPU decreased, and eARR was introduced with a $52 million sales funnel Key Operational Metrics Comparison | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Number of Connections (period end) | 19.8 million | N/A | | Average Connections Count (for the period) | 19.7 million | 18.1 million | | DBNER (TTM) | 99% | 94% | | ARPU (for the quarter) | $0.91 | $1.05 | - The company adopted Estimated Annual Recurring Revenue (eARR) as a new key metric in 2025 and discontinued Total Contract Value (TCV). As of March 31, 2025, the sales funnel had an eARR of over **$52 million**[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is constrained, relying on deferred preferred dividend payments, with $19.7 million cash and a reduced GCP commitment - The company acknowledges it cannot meet short-term liquidity needs solely through operational cash flow and relies on its ability to defer preferred dividend payments to an affiliate (Searchlight) to maintain liquidity[142](index=142&type=chunk) - As of March 31, 2025, the company had **$19.7 million** in cash and **$25.0 million** available on its revolving credit facility[164](index=164&type=chunk) - The company owed approximately **$29.5 million** in accrued preferred dividends to Searchlight as of March 31, 2025, and plans to continue this arrearage to preserve cash[162](index=162&type=chunk) - On April 1, 2025, the company amended its Google Cloud Platform (GCP) commitment, reducing it from **$22.0 million** to **$10.9 million**, incurring a **$1.2 million** fee[163](index=163&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, KORE is not required to provide market risk disclosures - As a smaller reporting company, KORE is not required to provide information for this item[167](index=167&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective due to previously identified material weaknesses - The CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to material weaknesses in internal control over financial reporting previously identified in the Annual Report on Form 10-K[168](index=168&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control[170](index=170&type=chunk) Part II [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings, none expected to be material to its financial condition - As of the filing date, there are no pending legal proceedings that are expected to be material to the company[172](index=172&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K[173](index=173&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) In Q1 2025, 14,049 common shares were repurchased from employees to cover tax withholding on vested RSUs - In Q1 2025, **14,049** shares of common stock were surrendered by employees to pay for tax withholding on vested RSUs. These repurchases were not part of a publicly announced program[174](index=174&type=chunk) [Defaults Upon Senior Securities](index=40&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company is in arrears on Series A-1 preferred stock dividend payments, totaling $32.4 million as of May 15, 2025 - The company is in arrears on its Series A-1 preferred stock dividends, with the unpaid amount totaling **$32.4 million** as of May 15, 2025[176](index=176&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[177](index=177&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the first quarter of 2025[178](index=178&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data

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: 001-40738 RENOVORX, INC. (Exact name of registrant as specified in its charter) Delaware 27-1448452 (State or oth ...

PART I FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Financial statements show increased assets from stock offerings, a wider net loss of $4.38 million from declining revenues, offset by financing activities [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $19.6 million by March 31, 2025, driven by higher cash and equity from stock issuances Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,547,873 | $405,278 | | Total current assets | $9,970,851 | $7,118,233 | | Total Assets | $19,622,274 | $16,912,574 | | Total current liabilities | $5,009,212 | $4,906,816 | | Total Liabilities | $6,444,557 | $6,844,786 | | Total stockholders' equity | $13,177,717 | $10,067,788 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Revenues decreased 10.3% to $12.9 million, gross profit fell 45.4%, and net loss widened to $4.38 million for the nine months ended March 31, 2025 Statement of Operations Summary (Unaudited) | Metric | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Revenues | $12,909,928 | $14,388,123 | | Gross Profit | $2,605,247 | $4,773,324 | | Operating Loss | ($4,195,247) | ($1,367,982) | | Net Loss | ($4,377,689) | ($1,540,272) | | Loss Per Share (Basic & Diluted) | ($0.67) | ($0.25) | [Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased to $13.2 million from $6.2 million in stock offering proceeds, partially offset by a $4.38 million net loss - Issued 1,272,500 shares in a registered direct offering, raising **$5,065,594**[17](index=17&type=chunk) - Issued 265,868 shares in a registered direct offering, raising **$1,204,542**[17](index=17&type=chunk) - The net loss for the nine-month period was **$4,377,689**, which increased the accumulated deficit[14](index=14&type=chunk)[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to $3.0 million, offset by $5.3 million from financing activities, resulting in a $2.1 million net cash increase Cash Flow Summary (Unaudited) | Activity | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,978,165) | ($1,706,998) | | Net cash used in investing activities | ($149,837) | ($282,078) | | Net cash provided by (used in) financing activities | $5,270,597 | ($11,709) | | Net increase (decrease) in cash | $2,142,595 | ($2,000,785) | | Cash and cash equivalents, end of period | $2,547,873 | $925,067 | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail increased inventory, debt covenant waivers contingent on a $6.3 million equity raise, and subsequent lease agreements - Inventories increased to **$3.67 million** from **$2.87 million**, with raw materials rising from **$1.57 million** to **$2.00 million**[30](index=30&type=chunk) - The company obtained waivers for its annual debt service coverage ratio covenant for fiscal years 2024 and 2025, the latter contingent on a successful equity raise of at least **$4.5 million** completed in February 2025[32](index=32&type=chunk) - The company raised net proceeds of **$1,204,542** in August 2024 and **$5,053,000** in February 2025 from registered direct offerings[39](index=39&type=chunk)[40](index=40&type=chunk) - Subsequent to the quarter's end, the company extended its El Paso, Texas facility lease for 36 months and entered a new 8-year lease for a facility in South Portland, Maine[52](index=52&type=chunk)[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 10.3% revenue decrease driven by Engineering Design Services decline, gross margin contraction due to yield issues, and liquidity boosted by $6.3 million in stock offerings [Overview](index=16&type=section&id=Overview) The company specializes in advanced optical instruments, including 3D endoscopes and micro-precision lenses, expanding capabilities through acquisitions - The company designs and manufactures **3D endoscopes** and very small **Microprecision lenses** for minimally invasive surgery[60](index=60&type=chunk) - The Ross Optical division supplies custom optical components for military, defense, and medical applications[61](index=61&type=chunk) - The Lighthouse Imaging division is an industry leader in **chip-on-tip visualization systems** and provides expertise in electrical engineering and medical visualization device development[62](index=62&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Total revenue decreased 10.3% to $12.9 million, driven by Engineering Design Services decline, with gross margin contracting to 20.2% due to yield issues Revenue by Segment (Nine Months Ended March 31) | Segment | 2025 Revenue | 2024 Revenue | % Change | | :--- | :--- | :--- | :--- | | Engineering Design Services | $3,980,155 | $6,440,895 | (38.2)% | | Optical Components | $8,000,344 | $6,285,808 | 27.3% | | Finished Products and Assemblies | $929,429 | $1,661,420 | (44.1)% | | **Total Revenues** | **$12,909,928** | **$14,388,123** | **(10.3)%** | - Gross margin for the nine-month period decreased to **20.2%** from **33.2%** in the prior year[76](index=76&type=chunk) - R&D expenses for the nine-month period increased by **$302,389** to support product improvements and new technology development for single-use medical devices[77](index=77&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) Management believes current cash and capital access will fund operations for 12 months, with liquidity boosted by $6.3 million from stock offerings - Management believes available cash and ability to raise funds will be sufficient for at least **12 months**, but cash from operations alone may be insufficient[79](index=79&type=chunk) - Net cash used in operating activities increased to **$2,978,165** for the nine months ended March 31, 2025, from **$1,706,998** in the prior year period[80](index=80&type=chunk) - The company raised a net of **$6,270,136** from two registered direct offerings in August 2024 and February 2025[82](index=82&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=20&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[90](index=90&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with R&D cost capitalization weakness remediated and inventory valuation issues ongoing - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the quarter[91](index=91&type=chunk) - A material weakness related to improperly expensing certain R&D costs was remediated as of September 30, 2024[93](index=93&type=chunk) - A material weakness in inventory valuation was identified, with remediation steps including ERP system updates and new monitoring processes[92](index=92&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=22&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any pending or threatened litigation that could materially impact its operations or finances - The company may occasionally be involved in legal matters in the ordinary course of business, but management believes such matters are currently insignificant[96](index=96&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company identifies a risk that changes in U.S. tariff policy could adversely affect its international supply chain, costs, and competitive position - The company identifies a risk that changes in U.S. tariff policy could adversely affect its international supply chain, costs, and competitive position[98](index=98&type=chunk) - The company relies on a global supply chain for specialized optical components, and tariffs could increase the cost of goods sold and disrupt the availability of critical components[98](index=98&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - None[102](index=102&type=chunk) [Other Information](index=22&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the period[104](index=104&type=chunk) [Exhibits](index=23&type=section&id=Item%206.%20Exhibits) The report lists several exhibits filed with the Form 10-Q, including a Securities Purchase Agreement, a waiver letter, and officer certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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: 001-41767 Allurion Technologies, Inc. (Exact Name of Registrant as Specified in its Charter) | De ...

[LightPath Technologies Q3 Fiscal 2025 Earnings Release](index=1&type=section&id=LightPath%20Technologies%20Reports%20Third%20Quarter%20Fiscal%202025%20Financial%20Results) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Revenue grew 19.1% driven by the G5 Infrared acquisition, though net loss widened due to increased operating expenses Q3 FY2025 Financial Summary (YoY) | $ in millions | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $9.2 | $7.7 | 19.1% | | **Gross Profit** | $2.7 | $1.6 | 65.9% | | **Operating Expenses** | $6.0 | $4.2 | 44.3% | | **Net Income (Loss)** | ($3.6) | ($2.6) | 37.1% | | **Adj. EBITDA* (non-GAAP)** | ($2.0) | ($1.5) | 31.3% | - The acquisition of G5 Infrared is a key part of the strategy to become a leading provider in the **$9 billion infrared imaging market**[4](index=4&type=chunk)[5](index=5&type=chunk) - Significant new orders following the G5 acquisition validate the strategic move, including a **$4.8 million** initial order, a **$4.9 million** follow-on order, and a **$2.2 million** order from L3Harris[5](index=5&type=chunk)[7](index=7&type=chunk) - The company is **emphasizing its Germanium-free BlackDiamond™ infrared solutions** due to China's export ban on Germanium, which impacts competing products[6](index=6&type=chunk) - LightPath is **advancing with key defense programs**, including delivering flightworthy hardware to Lockheed Martin for a major U.S. Army missile program[8](index=8&type=chunk) [Detailed Financial Results (Q3 FY2025)](index=2&type=section&id=Third%20Quarter%20Fiscal%202025%20Financial%20Results) Revenue grew 19.1% and gross margin improved to 29.1%, but higher operating expenses led to a wider net loss of $3.6 million Revenue by Product Group (Q3 FY2025 vs Q3 FY2024) | Product Group Revenue ($ in millions) | Q3 FY2025 | Q3 FY2024 | % Change | | :--- | :--- | :--- | :--- | | Infrared Components | $3.6 | $3.6 | 0% | | Visible Components | $2.8 | $2.7 | 6% | | Assemblies & Modules | $1.9 | $0.8 | 123% | | Engineering Services | $0.8 | $0.5 | 54% | | **Total Revenue** | **$9.2** | **$7.7** | **19.1%** | - **Gross profit increased 65.9% to $2.7 million**, and gross margin improved to 29.1% of revenue from 20.9% in the prior year due to a more favorable product mix[9](index=9&type=chunk) - **Operating expenses rose 42.9% to $6.0 million**, primarily due to higher legal and consulting fees related to the G5 acquisition and increased product development spending[10](index=10&type=chunk) - **Net loss for the quarter was $3.6 million ($0.09 per share)**, an increase from the $2.6 million loss ($0.07 per share) in the prior year's quarter[11](index=11&type=chunk) - **Adjusted EBITDA loss was $2.0 million**, compared to a loss of $1.5 million for the same period of the prior fiscal year[11](index=11&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA to clarify core performance, reconciling a Q3 net loss of $3.6 million to an Adjusted EBITDA loss of $2.0 million - The company **uses EBITDA and Adjusted EBITDA to help investors understand period-over-period operating results** by excluding items that could have a disproportionate impact[16](index=16&type=chunk)[17](index=17&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (unaudited) | | Three Months Ended March 31, | Nine Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net loss** | **$ (3,560,349)** | **$ (2,597,534)** | **$ (7,795,091)** | **$ (5,653,573)** | | Depreciation and amortization | 1,463,150 | 1,042,850 | 3,356,752 | 2,985,850 | | Income tax provision | 100,031 | 5,798 | 160,192 | 121,402 | | Interest expense | 498,862 | 37,649 | 817,275 | 149,048 | | **EBITDA** | **$ (1,498,306)** | **$ (1,511,237)** | **$ (3,460,872)** | **$ (2,397,273)** | | Loss on extinguishment of debt | 418,502 | - | 418,502 | - | | Change in fair value of warrant liability | (904,694) | - | (904,694) | - | | **Adjusted EBITDA** | **$ (1,984,498)** | **$ (1,511,237)** | **$ (3,947,064)** | **$ (2,397,273)** | [Consolidated Financial Statements](index=4&type=section&id=LIGHTPATH%20TECHNOLOGIES,%20INC.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated balance sheets, statements of income, changes in equity, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $81.4 million and liabilities to $31.5 million due to the G5 acquisition, while stockholders' equity decreased Balance Sheet Comparison | Assets & Liabilities ($) | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total current assets** | 28,081,126 | 15,537,335 | | **Total assets** | **81,420,816** | **48,086,964** | | **Total current liabilities** | 12,230,541 | 8,036,348 | | **Total liabilities** | **31,452,128** | **17,887,299** | | **Total stockholders equity** | **15,569,066** | **30,199,665** | - The G5 acquisition significantly impacted the balance sheet, with **Intangible assets increasing to $21.5 million** and **Goodwill increasing to $9.7 million**[24](index=24&type=chunk) - A **new warrant liability of $4.1 million** was recorded on the balance sheet as of March 31, 2025[24](index=24&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q3 FY2025 revenue was $9.2 million with a net loss of $3.6 million, while the nine-month net loss reached $7.8 million Statement of Comprehensive Income (Loss) - Three Months Ended March 31 | ($) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue, net** | 9,167,627 | 7,699,175 | | **Gross profit** | 2,664,101 | 1,606,187 | | **Operating loss** | (3,323,289) | (2,583,196) | | **Net loss** | (3,560,349) | (2,597,534) | | **Loss per common share (basic & diluted)** | (0.09) | (0.07) | Statement of Comprehensive Income (Loss) - Nine Months Ended March 31 | ($) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue, net** | 24,992,837 | 23,092,060 | | **Gross profit** | 7,439,361 | 6,106,214 | | **Operating loss** | (7,184,436) | (5,617,147) | | **Net loss** | (7,795,091) | (5,653,573) | | **Loss per common share (basic & diluted)** | (0.19) | (0.15) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity declined to $15.6 million, impacted by a net loss and the issuance of $34.4 million in temporary equity - **Total stockholders' equity decreased from $30,199,665** at June 30, 2024, **to $15,569,066** at March 31, 2025[29](index=29&type=chunk)[30](index=30&type=chunk) - The company **issued Series G Convertible Preferred Stock valued at $34,399,622**, which is classified as temporary equity[25](index=25&type=chunk)[30](index=30&type=chunk) - **Common stock shares issued and outstanding increased from 39,254,643 to 42,893,563**, partly due to issuances for the acquisition of G5[29](index=29&type=chunk)[30](index=30&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was negative $5.4 million, but financing activities provided $29.3 million, increasing total cash by $3.0 million Cash Flow Summary (Nine Months Ended March 31) | ($) | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | (5,374,699) | 456,343 | | **Net cash used in investing activities** | (20,820,089) | (2,375,091) | | **Net cash provided by (used in) financing activities** | 29,265,538 | (2,069,670) | | **Change in cash and cash equivalents** | 2,998,617 | (3,985,538) | | **Cash and cash equivalents, end of period** | 6,478,885 | 3,158,952 | - The **acquisition of G5 was the primary use of cash in investing activities, costing $20,250,011**[35](index=35&type=chunk) - **Financing activities were a major source of cash**, driven by proceeds from the issuance of preferred stock ($18.8M), warrants ($4.3M), and new loans ($6.7M)[35](index=35&type=chunk) [Other Information](index=2&type=section&id=Other%20Information) This section contains investor call details and the safe harbor statement regarding forward-looking projections and associated risks - Management **hosted an investor conference call and webcast on May 15, 2025**, to discuss the Q3 FY2025 financial results[12](index=12&type=chunk) - The press release **contains forward-looking statements** concerning future events, which are subject to risks and uncertainties detailed in SEC filings[20](index=20&type=chunk)[21](index=21&type=chunk) - LightPath Technologies **is a vertically integrated provider of optics and imaging systems**, with manufacturing in Florida, Texas, New Hampshire, Latvia, and China[14](index=14&type=chunk)[15](index=15&type=chunk)

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 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: 001-42199 ADAGIO MEDICAL HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 99-1151466 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) 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 to Commission File Number 001-41383 INVESTCORP AI ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER 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 to Commission File Number 001-41383 INVESTCORP AI ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdict ...