PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Q1 2025, showing a significant revenue decrease and an increased net loss [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, shows a decrease in total assets to $34.0 million from $37.7 million at year-end 2024 Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $16,516,929 | $22,252,552 | | Cash | $11,711,301 | $15,703,579 | | **Total Assets** | **$33,984,265** | **$37,745,567** | | **Total Current Liabilities** | $14,229,336 | $14,209,502 | | Asset-based loan liability | $9,794,642 | $6,902,636 | | **Total Liabilities** | **$14,229,336** | **$14,209,502** | | **Total Stockholders' Equity** | **$19,754,929** | **$23,536,065** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, the company reported a 77% year-over-year revenue decrease, a gross loss of $1.6 million, and a 68% wider net loss Consolidated Statements of Operations Highlights (Unaudited) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenue** | $238,494 | $1,050,155 | | **Gross Profit (Loss)** | $(1,628,478) | $84,064 | | **Net Loss from Operations** | $(6,072,920) | $(3,561,519) | | **Net Loss** | **$(6,414,627)** | **$(3,810,500)** | | **Basic and Diluted Loss per Share** | $(0.35) | $(1.42) | | Weighted Avg. Shares Outstanding | 18,228,267 | 2,719,812 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity decreased to $19.8 million as of March 31, 2025, driven by a net loss partially offset by capital from warrant exercises - The ending balance of stockholders' equity was **$19,754,929** as of March 31, 2025[13](index=13&type=chunk) - Key changes during Q1 2025 included a **net loss of $6,414,627** and the issuance of Class A common stock for warrant exercises, which added **$2,381,247 to equity**[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company used $3.2 million in cash from operations and $3.0 million in investing, resulting in a net cash decrease of $4.0 million Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Cash used in Operating Activities** | $(3,207,213) | $(5,418,294) | | **Net Cash used in Investing Activities** | $(2,978,308) | $(2,230,118) | | **Net Cash provided by Financing Activities** | $2,193,243 | $12,604,064 | | **Net change in cash** | $(3,992,278) | $4,955,652 | | **Cash, end of period** | **$11,711,301** | **$6,171,759** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business verticals, consolidation of an entity, an increased loan facility, stock grants, and high customer concentration - The company's business is structured across several verticals: Satellite Design and Manufacturing, Technology Design and Integration, AI-driven Space-based Data Solutions, Mission Planning Operations, AI/ML Products and Services, and Space and Defense Manufacturing[20](index=20&type=chunk) - The asset-based revolving line of credit was increased from $7 million to **$10.5 million** in January 2025, with an outstanding balance of **$9.8 million** as of March 31, 2025[67](index=67&type=chunk) - On February 1, 2025, the company granted **265,000 stock options** and **265,000 Restricted Stock Units (RSUs)** to employees[86](index=86&type=chunk)[90](index=90&type=chunk) Customer Concentration (Q1 2025) | Customer | Percentage of Revenue | Percentage of Accounts Receivable | | :--- | :--- | :--- | | Bechtel | 25% | 13% | | Craig Technologies | 23% | 58% | | Xiomas Technologies | 15% | 2% | | **Total (as a group)** | **63%** | **82%** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 77% revenue decline due to contract timing, an increased net loss, and a decrease in cash to $11.7 million [Overview of Operations and Key Achievements](index=25&type=section&id=Overview%20of%20Operations%20and%20Key%20Achievements) Sidus Space operates as a vertically integrated space mission enabler, highlighted by the successful launch of three LizzieSat® satellites - Successfully launched LizzieSat®-1, LizzieSat®-2, and LizzieSat®-3, establishing a **micro-constellation** for delivering near real-time data solutions[132](index=132&type=chunk) - Signed an extended preliminary contract valued at **$120M** to design and build a lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings[132](index=132&type=chunk) - Received **FCC approval** for operation of a micro constellation and for Space-to-Space Data Relay Capability for LizzieSat®[132](index=132&type=chunk) - The LizzieSat® platform is differentiated by its ability to collect coincident data from multiple sensors and analyze data on-orbit using the **Sidus Orlaith™ AI ecosystem**[133](index=133&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q1 2025 revenue fell 77% due to milestone contract timing, while costs rose 93% from increased satellite depreciation Financial Performance Comparison (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $238,494 | $1,050,155 | $(811,661) | (77)% | | **Cost of revenue** | $1,866,972 | $966,091 | $900,881 | 93% | | **Gross Profit (Loss)** | $(1,628,478) | $84,064 | $(1,712,542) | (2037)% | | **SG&A expense** | $4,444,442 | $3,645,583 | $798,859 | 22% | | **Net loss** | $(6,414,627) | $(3,810,500) | $(2,604,127) | 68% | - The increase in SG&A was primarily due to a **$1.2 million rise in labor costs and benefits**, which included increased headcount, equity-based compensation accruals, and severance costs[172](index=172&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on external financing, with cash at $11.7 million and working capital at $2.3 million as of March 31, 2025 Working Capital Summary | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current assets | $16,516,929 | $22,252,552 | | Current liabilities | $14,229,336 | $14,209,502 | | **Working capital** | **$2,287,593** | **$8,043,050** | Cash Flow Summary (Q1 2025 vs Q1 2024) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cash used in operating activities | $(3,207,213) | $(5,418,294) | | Cash used in investing activities | $(2,978,308) | $(2,230,118) | | Cash provided by financing activities | $2,193,243 | $12,604,064 | - Cash on hand decreased from **$15.7 million** at the end of 2024 to **$11.7 million** at the end of Q1 2025[179](index=179&type=chunk) [Critical Accounting Policies and Estimates](index=40&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Key accounting policies involve significant judgment in revenue recognition, inventory valuation, and stock option valuation - Critical accounting policies include **Revenue Recognition, Inventory, Credit Losses, Lease Accounting, and Stock Option and Warrant Valuation**[192](index=192&type=chunk) - Revenue from manufacturing contracts is recognized over time using the **percentage-of-completion method**, while revenue from satellite contracts with milestones is recognized at the **point in time a milestone is met**[193](index=193&type=chunk)[194](index=194&type=chunk) - The company is an "emerging growth company" and has elected to use the **extended transition period** for complying with new or revised accounting standards under the JOBS Act[204](index=204&type=chunk)[205](index=205&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from this disclosure as a "smaller reporting company" under SEC rules - As a **"smaller reporting company,"** Sidus Space is exempt from the disclosure requirements of this item[207](index=207&type=chunk) [Item 4. Controls and Procedures](index=42&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 - The CEO and CFO concluded that the company's disclosure controls and procedures are **effective**[209](index=209&type=chunk) - **No material changes** to internal control over financial reporting were identified during the first quarter of 2025[210](index=210&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any legal proceedings that would materially impact its business or financial condition - The company is **not currently involved in any material litigation**[212](index=212&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors disclosed in the 2024 Annual Report on Form 10-K - There have been **no material changes in risk factors** from those disclosed in the 2024 Annual Report on Form 10-K[213](index=213&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the reporting period - **No unregistered sales of equity securities** were made during the quarter[214](index=214&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during Q1 2025 - **No directors or officers adopted or terminated** any Rule 10b5-1 trading arrangements during the quarter[217](index=217&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the report, including officer certifications and Inline XBRL files - The exhibits filed include **CEO and CFO certifications** pursuant to Sarbanes-Oxley Sections 302 and 906, as well as Inline XBRL documents[218](index=218&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q 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: 001-39473 TUHURA BIOSCIENCES, INC. (Exact Name of Registrant as Specified in its Charter) Nevada 99-0360497 ( State or other jurisdiction of incorporation or organization) 10500 University Center Dr., Suite 110 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Financial Performance - For the three months ended March 31, 2025, the company incurred a net loss of $6.7 million, compared to a net loss of $4.8 million for the same period in 2024, reflecting an increase in operating expenses [81]. - As of March 31, 2025, the company had an accumulated deficit of $117.8 million, indicating significant ongoing financial challenges [81]. - The net loss for the three months ended March 31, 2025, was $6.7 million, compared to a net loss of $4.8 million for the same period in 2024, reflecting an increase of $1.8 million [108]. - The company incurred net losses of $22.6 million and $29.3 million for the years ended December 31, 2024, and 2023, respectively [117]. - Total operating expenses for the three months ended March 31, 2025, were $7.0 million, compared to $4.6 million in 2024, an increase of $2.4 million [108]. Cash Position and Funding Needs - The company had cash and cash equivalents of $6.2 million as of March 31, 2025, highlighting the need for additional funding to support operations [84]. - Cash and cash equivalents as of March 31, 2025, were $6.2 million, with cash flows from operating activities showing a net outflow of $4.7 million for the three months ended March 31, 2025 [119][129]. - The company anticipates needing at least $20 million in gross proceeds from a financing transaction to complete the Kineta merger [135]. - The company expects to finance cash needs through public or private equity offerings, debt financings, and collaborations, which may dilute existing stockholder ownership [137]. - The company expects existing cash and cash equivalents to meet anticipated cash requirements through late into the fourth quarter of 2025, excluding cash needed for the Kineta merger [134]. Research and Development - The company is preparing to initiate a Phase 3 trial for its lead product candidate, IFx2.0, as an adjunctive therapy to Keytruda® for advanced Merkel Cell Carcinoma patients, utilizing the FDA's accelerated approval pathway [79]. - The company is developing tumor microenvironment modulators targeting Myeloid Derived Suppressor Cells (MDSCs) to enhance the efficacy of immunotherapies [79]. - Research and development expenses increased to $4.6 million for the three months ended March 31, 2025, up from $3.6 million in the same period of 2024, representing a $1.0 million increase [111]. - The company plans to significantly increase research and development expenses in the foreseeable future to support product candidate development [102]. Mergers and Acquisitions - The company completed a merger with Kintara Therapeutics on October 18, 2024, which included a 1-for-35 reverse stock split and resulted in Legacy TuHURA becoming a wholly-owned subsidiary of Kintara [85]. - The company has entered into a Clinical Trial Funding Agreement with Kineta, agreeing to fund up to $900,000 in clinical trial expenses for KVA12123, with approximately $852,000 already paid [95]. - The company has entered into an Exclusivity Agreement with Kineta for the potential acquisition of KVA12123, paying a total of $5 million in fees [90]. - The TuHURA Notes financing raised an aggregate principal amount of $31.3 million, with a maturity date of December 1, 2025, and an interest rate of 20% per annum [122][123]. Operational Challenges - The company anticipates that operating losses will increase substantially as it advances product candidates through clinical development and seeks regulatory approvals [82]. - The company has not generated any revenue from product sales and does not expect to do so in the near future [99]. - The company has not experienced any material differences between estimates of accrued expenses and actual amounts incurred [142]. - The company is exposed to interest rate and inflation risks, but does not believe inflation has materially affected its results of operations [150][152].

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 ______________ to ______________ Commission File Number 001-40621 MOBIX LABS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of in ...

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 001-39312 PLBY Group, Inc. (Exact name of registrant as specified in its charter) Delaware 37-1958714 (State or other jurisdiction o ...

Company Focus and Technology Development - Renovaro Inc. focuses on developing advanced allogeneic cell and gene therapies for long-term cancer remission and serious infectious diseases, contingent on obtaining necessary funding[126]. - The acquisition of GEDi Cube Intl. Ltd. on February 13, 2024, has shifted the company's primary focus to Renovaro Cube technologies[126]. - Renovaro Cube's AI platform utilizes a multi-omics approach to analyze genetics for early cancer detection, aiming to identify biomarkers even in asymptomatic patients[136]. - The company is developing multi-cancer early detection (MCED) blood tests to analyze cell-derived molecules for early-stage cancer detection[141]. - Renovaro Cube aims to assist in clinical trials by providing multi-omic data analysis to track patient responses and optimize patient cohort selection[142]. - The company plans to expand its diagnostic tests and test kits for non-invasive liquid biopsy samples across Europe and the United States[144]. - Renovaro Cube's technology is designed to enhance the accuracy and sensitivity of early cancer detection, potentially improving patient outcomes[145]. - The allogeneic cell therapy platform has completed the pre-IND and IND-enabling phase, focusing on long-term remission of solid tumors[131]. - Renovaro Biosciences is developing genetically modified dendritic cell therapeutic vaccines targeting pancreatic tumors and triple-negative breast cancer[133][134]. - The company aims to leverage AI technologies to provide insights into disease characterization and improve treatment protocols for cancer and other diseases[143]. - Renovaro Cube's AI technology focuses on cancer diagnosis, providing insights for effective recurrence monitoring and utilizing blood sequencing to detect cancer recurrence[146]. - The company aims to enhance biomarker panels by incorporating multi-omics data, targeting high accuracy in sensitivity and specificity for cancer detection[146]. - Renovaro Cube has identified biomarker panels for various cancers, including bladder, breast, and lung cancer, leveraging DNA methylation data[148]. - The AI platform supports comprehensive pan-cancer analysis, enabling swift cross-referencing of biomarkers across multiple tumor types[149]. Financial Performance and Concerns - The company has incurred a net loss of $51,275,253 for the nine months ended March 31, 2025, with an accumulated deficit of $383,730,334[173]. - As of March 31, 2025, Renovaro Cube had cash and cash equivalents of $923,002 and a working capital deficit of $25,173,586, raising concerns about its ability to continue as a going concern[173]. - Operating expenses for the three months ended March 31, 2025, decreased by $47,218,348 or approximately 92% compared to the same period in 2024, primarily due to a reduction in intangible asset impairment and general and administrative expenses[179]. - General and administrative expenses for the three months ended March 31, 2025, were $4,224,590, a decrease of $3,427,789 or approximately 45% from $7,652,379 in 2024[181]. - Research and development expenses for the three months ended March 31, 2025, were $(94,073), representing a decrease of $1,181,229 or approximately 109% compared to $1,087,156 in 2024[183]. - Net income for the three months ended March 31, 2025, was $189,176, a change of $59,179,246 or approximately 100% from a net loss of $(58,990,070) in 2024[187]. - Total assets as of March 31, 2025, were $117,726,120, a decrease from $163,129,450 as of June 30, 2024, primarily due to goodwill impairment of $47,614,729[192]. - Total liabilities as of March 31, 2025, were $29,339,269, a decrease from $31,152,306 as of June 30, 2024, mainly due to a reduction in contingent consideration liability[193]. - Cash used in operating activities for the nine months ended March 31, 2025, was $(6,063,511), compared to $(8,557,649) in 2024, indicating improved cash flow management[194]. - Cash provided by financing activities during the nine months ended March 31, 2025, was $8,204,415, primarily from the issuance of notes payable and private placements[197]. - The company had a working capital deficit of $25,173,586 as of March 31, 2025, compared to a deficit of $28,312,274 as of June 30, 2024, reflecting a decrease of 22%[191]. - The company has historically relied on funding from stockholders and debt financing, with no revenue generated to support operations until product approvals are obtained[189]. Future Plans and Partnerships - Renovaro Cube is actively pursuing partnerships with academic cancer centers and pathology centers to validate its multi-omic capabilities using liquid biopsies[157]. - The company plans to hire additional staff and build infrastructure to support the development and commercialization of its AI platform[160]. - Renovaro Cube's AI platform includes Explainable AI features, ensuring traceability and transparency in its diagnostic processes[168]. - The company intends to secure additional funding through equity or debt financing to support its operations and product commercialization[174].

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-38758 Renovaro Inc. (Exact name of registrant as specified in its charter) Delaware 45-2259340 (State or other jurisdiction of (I. ...

Revenue and Expenses - For the three months ended March 31, 2025, the company generated revenues of $23,732, primarily from RNK Health, which provided non-clinical services amounting to $22,552[120] - Operating expenses for the same period increased by $371,569, or 35.6%, totaling $1,415,427 compared to $1,043,858 in the prior year[121] - General and administrative expenses totaled $1,194,438, reflecting an increase of $332,909, or 38.7%, compared to $861,529 in the previous year[123] - Research and development fees rose to $220,989, an increase of $38,660, or 21.2%, primarily due to costs associated with Gaxos Health[122] Net Loss and Cash Flow - The net loss for the three months ended March 31, 2025, was $1,232,062, an increase of $319,917, or 35.1%, from $912,145 in the same period of 2024[130] - The company reported a loss from operations of $1,391,695 for the three months ended March 31, 2025, an increase of $347,856, or 33.3%[128] - For the three months ended March 31, 2025, the net cash used in operations was $1,297,485, primarily due to a net loss of $1,232,062[134] - For the three months ended March 31, 2024, the net cash used in operations was $1,099,417, resulting from a net loss of $912,145[135] Investments and Financing Activities - For the three months ended March 31, 2025, net cash used in investing activities was $10,529,274, mainly from the purchase of short-term investments of $12,171,293[136] - For the three months ended March 31, 2024, net cash provided by investing activities was $349,602, resulting from proceeds from the sale of short-term investments of $2,616,619[137] - For the three months ended March 31, 2025, there were no cash flows from financing activities[138] - For the three months ended March 31, 2024, net cash provided by financing activities was $3,037,382, from a private placement of common stock and warrants[139] Future Outlook and Capital Needs - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead and R&D costs[133] - The company believes existing working capital will meet operating needs and debt requirements for the next twelve months[133] - The company plans to pursue research and development of products, requiring additional capital from third-party sources[140] New Initiatives - The company launched Gaxos Labs in September 2024, focusing on generative AI services for game developers and publishers[109] - Gaxos Health, initiated in 2024, aims to provide AI-powered health optimization solutions, integrating biometric data with personalized wellness strategies[111] Accounting Standards - The company does not expect the adoption of new accounting standards to have a material impact on its consolidated financial statements[142]

PART I FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Q1 2025, showing total assets increased to **$12,462,673** due to IPO proceeds and a new note receivable, but a net loss of **$528,475** resulted from increased general and administrative expenses, reversing prior-year net income of **$111,090** [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | **Total Current Assets** | $3,435,745 | $2,247,285 | | **Total Assets** | **$12,462,673** | **$4,985,912** | | **Total Current Liabilities** | $1,786,089 | $1,778,344 | | **Total Liabilities** | $2,388,554 | $2,444,038 | | **Total Shareholders' Equity** | $10,074,119 | $2,541,874 | Condensed Consolidated Statement of Operations (Unaudited) | Account | Three Months Ended Mar 31, 2025 ($) | Three Months Ended Mar 31, 2024 ($) | | :--- | :--- | :--- | | **Revenues** | **$3,811,610** | **$3,733,896** | | Total costs and expenses | $4,218,727 | $3,586,001 | | (Loss) income from operations | ($407,117) | $147,895 | | **Net (loss) income** | **($528,475)** | **$111,090** | | Basic and diluted net (loss) income per share | ($0.03) | $0.01 | Condensed Consolidated Statement of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Three Months Ended Mar 31, 2025 ($) | Three Months Ended Mar 31, 2024 ($) | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($884,443) | $15,689 | | Net cash used in investing activities | ($6,392,574) | ($22,918) | | Net cash provided by (used in) financing activities | $8,459,232 | ($211,276) | | **Net increase (decrease) in cash** | **$1,182,215** | **($218,505)** | | **Cash, end of period** | **$1,739,834** | **$1,237,471** | [Notes to Financial Statements](index=9&type=section&id=Notes%20to%20Financial%20Statements) - The company is a truckload services provider for the recycling export supply chain, with a significant market share in New Jersey (**34%**) and Philadelphia (**30%**) ports for waste paper. It completed its IPO on January 23, 2025, with gross proceeds of **$10,000,000**[23](index=23&type=chunk)[24](index=24&type=chunk) Disaggregation of Revenues by Commodity (Q1 2025 vs Q1 2024) | Commodity | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Paper | $2,588,015 | $2,748,819 | | Import | $870,714 | $612,673 | | Metal | $213,643 | $211,218 | | Log | $83,448 | $76,225 | | Plastic | $55,790 | $84,963 | | **Total** | **$3,811,610** | **$3,733,896** | - On January 27, 2025, the company lent **$6,000,000** to Golden Bridge Capital Management Limited as a temporary debt investment. The loan terms were later amended, increasing the interest rate from **5%** to **7%** annually[48](index=48&type=chunk)[49](index=49&type=chunk) - The company is involved in two legal matters: a settled lawsuit with Trend Intermodal resulting in a **$150,000** payment obligation, and an ongoing class-action lawsuit from drivers alleging misclassification as independent contractors, for which no loss is currently deemed probable[62](index=62&type=chunk) - On January 23, 2025, the company closed its IPO of **2,500,000** shares at **$4.00** per share, receiving net proceeds of approximately **$8.28 million**[67](index=67&type=chunk) - The company has significant related-party transactions, including a loan from the CEO with an interest rate increased to **55%** per annum, and payments to a family member for dispatch services and truck chassis purchases[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - Subsequent to the quarter end, on May 8, 2025, the company entered into a **$328,500** term loan with M&T Bank, maturing in May 2030[82](index=82&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, highlighting a **2%** revenue increase to **$3.8 million** driven by import growth, but a **173%** surge in G&A expenses led to a net loss of **$528,475** compared to a **$111,090** profit in Q1 2024, though IPO proceeds of **$8.28 million** bolster liquidity [Overview and Recent Developments](index=25&type=section&id=Overview%20and%20Recent%20Developments) - The company is a key truckload services provider for the recycling export supply chain and has expanded its footprint into Florida, Maryland, and Ensenada, Mexico[91](index=91&type=chunk) - Recent 2025 developments include new partnerships expected to drive significant revenue growth: Import Drayage partnership expected to add over **$1 million** in 2025 revenue; Recycling & Waste Management expanded service with Waste Management to add up to **$2 million** in additional annual revenue; Vietnam Freight Operations new partnership expected to drive **30%** YoY revenue growth in 2025[93](index=93&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q1 2025 vs Q1 2024 Performance | Metric | Q1 2025 ($) | Q1 2024 ($) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $3,811,610 | $3,733,896 | $77,714 | 2% | | Costs of revenues | $3,313,567 | $3,254,946 | $58,621 | 2% | | General and administrative | $905,160 | $331,055 | $574,105 | 173% | | (Loss) income from operations | ($407,117) | $147,895 | ($555,012) | (375)% | | **Net (loss) income** | **($528,475)** | **$111,090** | **($639,565)** | **(576)%** | - Revenue growth was driven by the import vertical, which increased by **$258,041** (**42.1%**) YoY, offsetting a **$160,804** (**5.8%**) decrease in the waste paper vertical[100](index=100&type=chunk)[101](index=101&type=chunk) - The **173%** increase in General and administrative expenses was primarily due to higher professional fees related to the IPO, travel expenses for business development, and depreciation[107](index=107&type=chunk) [Other Performance Indicator (NLC)](index=29&type=section&id=Other%20Performance%20Indicator%20(NLC)) Number of Loads Completed (NLC) by Commodity | Commodity | Q1 2025 NLC (Loads) | Q1 2024 NLC (Loads) | Change (Loads) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Waste Paper | 3,929 | 4,094 | (165) | (4.0)% | | Import | 1,164 | 848 | 316 | 37.3% | | Waste Metal | 244 | 226 | 18 | 8.0% | | Forestry | 68 | 74 | (6) | (8.1)% | | Plastic | 77 | 118 | (41) | (34.8)% | | **Total** | **5,482** | **5,360** | **122** | **2.3%** | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2025, the company had cash of **$1,739,834**, primarily financed through operations and net proceeds of approximately **$8.28 million** from its January 2025 IPO[118](index=118&type=chunk)[126](index=126&type=chunk) - In Q1 2025, net cash used in operating activities was **$884,443**, a significant decrease from **$15,689** provided in Q1 2024, mainly due to the net loss and changes in operating assets and liabilities[120](index=120&type=chunk) - Net cash used in investing activities increased to **$6,392,574** in Q1 2025 from **$22,918** in Q1 2024, primarily due to the issuance of a **$5.7 million** note receivable and purchases of property and equipment[121](index=121&type=chunk) - Net cash provided by financing activities was **$8,459,232** in Q1 2025, from the issuance of common stock in the IPO[122](index=122&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states this section is not applicable, indicating it does not have significant exposure to market risks that would require quantitative disclosure under SEC rules for the period - The company has determined that this disclosure is not applicable[140](index=140&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were ineffective as of March 31, 2025, due to significant deficiencies in formal financial reporting policies for SEC disclosures, with remediation efforts underway - Management concluded that disclosure controls and procedures were not effective as of March 31, 2025[142](index=142&type=chunk) - The ineffectiveness is due to significant deficiencies related to a lack of formal financial reporting policies and procedures to address SEC disclosure requirements[143](index=143&type=chunk) - Remediation efforts are underway, including engaging external financial consultants and developing new internal control processes[144](index=144&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no awareness of legal proceedings with a material adverse effect on its business, with further details on current litigation in Note 7 of the financial statements - The company reports it is not aware of any legal proceedings that would have a material adverse effect on the business[148](index=148&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable for a Form 10-Q, and the company directs investors to its most recent Annual Report on Form 10-K for a comprehensive discussion of risk factors - The company has determined that this disclosure is not applicable[149](index=149&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During the quarter ended March 31, 2025, the company did not have any unregistered sales of equity securities, other than those previously disclosed, and no repurchases of its common stock were made during this period - There were no unregistered sales of equity securities during the period covered by this report, other than as previously disclosed[150](index=150&type=chunk) - No repurchases of common stock were made during the three months ended March 31, 2025[151](index=151&type=chunk) [Other Items (3, 4, 5, 6)](index=37&type=section&id=Other%20Items%20(3,%204,%205,%206)) This section covers standard disclosure items, reporting no defaults on senior securities, inapplicable mine safety disclosures, no Rule 10b5-1 trading plan changes by directors or officers, and lists filed exhibits - Item 3: No defaults upon senior securities[152](index=152&type=chunk) - Item 4: Mine safety disclosures are not applicable[153](index=153&type=chunk) - Item 5: No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the quarter[154](index=154&type=chunk)

Revenue and Expenses - For the three months ended March 31, 2025, the company generated revenues of $23,732, primarily from RNK Health, which provided non-clinical services totaling $22,552[120]. - Operating expenses for the same period increased by $371,569, or 35.6%, totaling $1,415,427 compared to $1,043,858 in the prior year[121]. - General and administrative expenses totaled $1,194,438, reflecting an increase of $332,909, or 38.7%, compared to $861,529 in the previous year[123]. - Research and development fees rose to $220,989, an increase of $38,660, or 21.2%, primarily due to costs associated with Gaxos Health[122]. Net Loss and Cash Flow - The net loss for the three months ended March 31, 2025, was $1,232,062, an increase of $319,917, or 35.1%, from $912,145 in the same period of 2024[130]. - The company reported a loss from operations of $1,391,695 for the three months ended March 31, 2025, an increase of $347,856, or 33.3%[128]. - For the three months ended March 31, 2025, the net cash used in operations was $1,297,485, primarily due to a net loss of $1,232,062[134]. - For the three months ended March 31, 2024, the net cash used in operations was $1,099,417, resulting from a net loss of $912,145[135]. Investments and Financing - For the three months ended March 31, 2025, net cash used in investing activities was $10,529,274, mainly from the purchase of short-term investments of $12,171,293[136]. - The company sold 1,449,277 common shares at $3.45 per share in December 2024, generating net proceeds of $4,449,055[132]. - For the three months ended March 31, 2024, net cash provided by financing activities was $3,037,382, following a private placement of common stock and warrants[139]. Future Outlook and Plans - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead and research and development costs[133]. - The company believes existing working capital will be sufficient to meet operating needs for the next twelve months[133]. - The company plans to pursue research and development of products, requiring additional capital from third-party sources[140]. Company Initiatives - The company launched Gaxos Labs in September 2024, focusing on generative AI services for game developers and publishers[109]. - Gaxos Health, initiated in 2024, aims to provide AI-powered health optimization solutions, integrating biometric data with personalized wellness strategies[111]. Accounting and Compliance - The company did not have any off-balance sheet arrangements for the three months ended March 31, 2025 and 2024[141]. - The company intends to rely on exemptions under the JOBS Act until certain revenue or debt thresholds are met[146]. - The company does not expect the adoption of new accounting standards to have a material impact on its consolidated financial statements[142].